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Asking Prices Detatched From Reality


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Over the last 6 months i've noticed asking prices becoming more and more detached from reality.

We are back to 2007 peak prices mostly.

This is s**t

But will they sell at those prices?? I'm seeing more and more drops through PB in the Bournemouth area (unfortunately not to sensible prices yet tho) and I'm thinking that most vendors are beginning to "price in" the fact that it is a buyers market and that their selling price will be beaten down from their asking price. Pre-2007 I think it was a case of putting it on the market and letting potential buyers 'bid-up' but now it is a different game.

End of the day it is the buyer who will determine the selling price. The rest is just fantasy,

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Asking price of what?.....in years gone by, if you didn't start off renting you moved into your first property a one bed at the age of about 23 to 25 then moved into a larger first child two bed 27 to 29 then into a freehold family home 3 bed.....today the average 1st time buyer is in their 30's so would desire to skip the bottom couple of rungs and buy something they can settle into longer term......costs of buying and moving are so high, why buy something that is only going to be suitable for a short time......save and go for a home that will suit for a reasonable length of time......there is no ladder, buy what you need, not what will not make you money. ;)

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Over the last 6 months I've noticed asking prices falling on a regular basis and becoming less detached from reality,

It all depends on the area you live.

The crash in Northern Ireland probably accounts for most of the general fall across the UK.

Not much price plunging action on the mainland at the moment.

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But will they sell at those prices?? I'm seeing more and more drops through PB in the Bournemouth area (unfortunately not to sensible prices yet tho) and I'm thinking that most vendors are beginning to "price in" the fact that it is a buyers market and that their selling price will be beaten down from their asking price. Pre-2007 I think it was a case of putting it on the market and letting potential buyers 'bid-up' but now it is a different game.

End of the day it is the buyer who will determine the selling price. The rest is just fantasy,

ive been watching houses on rm for a few years now lately alot of the ones ive been watching have gone up 10k

its definately in an attempt to reduce on offer to make it look a better deal, dont these people realise a savy buyer will know this lol

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I'm watching a drawn area on RM that covers around half of Wales and half of the West Midlands, plus another drawn area covering most of North Yorkshire and bits of Cumbria (there aren't too many smallholdings around, so I'm casting my net wide...).

I haven't seen a single price hike in the pre-owned properties I'm looking at (rural, with land); the only price increases I've seen in the last three months have been on new homes and even then, there've only been a handful. I have seen huge numbers of drops, mostly of around 5-10%.

But new properties coming on with silly asking prices, yes... They'll learn :rolleyes:

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