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Its A Buyers Market, So They Say....


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You have to find the desperate/forced seller. Its these who accept offers and change the market prices. They are the only properties selling at present.

I am now living in my dream house, have been here for one month. I offered 20% under asking. Stuck my heels in, vendor finally gave in, as had no choice but to sell. Took one year. Similar house did sell for the 20% higher amount one year ago.

Local builder, finally slashed same 20% off and instantly two out of six properties sold. Others finally getting viewings. All his money tied up, contractors paid, needed cash flow.

Same for second local builder. No matter what the statistics say, Berkshire has dropped by 20% in the half million region in one year. New properties coming on books are priced lower that a year ago, but not yet low enough. Vendors still in denial.

Not sure how much further they will fall, but having been in the last crash and bought at the right time, this is similar to 1991/1992. The crash was only seen and pinpointed as 1989/1990 through the rear view mirror. It is difficult to identify during the drop period.

20% drops are here now. Is just being hushed up. Find those forced sellers (divorce, illness, job relocation, redundancy) This is not cruel, they need the cash. Anyone who will sell and clear their mortgage, as opposed to negative equity, is fair game to target. There are forced sellers. Let you estate agents know you are serious, and they may identify the forced sellers to you.

Cheers

SC

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Had a long discussion with one of the agents around here today. Another property that I had my eye on, but put a low offer in (actually, not that low, £570k for a £600k asking price) a couple of months ago, has come back on the market.

The vendor refuses to let me view because of my amazingly low <_< offer & won't allow me through unless I am willing to go over 600k now that they've spent the last 5 weeks painting & recarpeting.

For what is probably about £8k of work, they've now upped the asking price to £640k!!!!!

I'm not usually with you lot when you make comments about greedy sellers, but in this case it seems you might be right.

But I am also right, there are no fr**king desperate sellers in my neck of the woods!!!

I did a 2nd viewing on another house today though. On at £595 & a little more tired than I remembered from my first viewing several weeks ago, I offered £540k, but the agent wasn't hopeful.

:(

Edited by Time to raise the rents.
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TTRTR,

That is interesting info.

One question though. Are you putting in these offers because you think you can get them (10% or more below asking) or because you think that is what the property is worth?

I ask because it seems your "on the ground" info broadly tallies with what other people here say - you can't find properties at prices you are willing to pay (and you are obviously more bullish than most here).

You've said before that there just aren't enough properties available but I suspect you mean there aren't at the price level you want.

If the property is genuinely "worth" £595k, based on solid rental yields etc, (unlikely I'd said since everyone asks more than they think the property is worth these days, expecting to get beat down) then all you are telling us is that people aren't desperate enough to offer you genuine "BMV" properties. No surprise there.

Or, as I said, you're confirming what we already believe - that sellers are holding out for unrealistic prices. The general consensus here is that sellers will blink before buyers do.

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  • 441 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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