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right_freds_dead

A Guide To The Current Sellers Mindset

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here we go. classic uk housing market stuff. my friends parents are selling their house.

its an ex council 3 bed semi in NW. not the prettiest one on the block. not the best town in the world. low area wages of 14k-18k and nothing to do. they paid around 40k in around 95. she worked part time at asda. he had a string of blue collar jobs and they smoked roll ups for 40 years ect. ordinary northern people from bullseye. they are nice, butid say the house was a bit minging.

its sitting on the market for £140k. not even any viewings. not a sausage. they have bought a static dormahome thingy on some retirement park. got it all planned. the dorma thing was 40k. they are retiring and calling it a day. they havent got a pension. or savings. kids have gone.

conversation bits went like this....

ah, so no viewings eh ?

-ea says its really quiet.

have you thought about reducing ?

-im not giving it away. we need the money for our future.

well you might have to lower it. prices are down.

-i know. we would take offers.

id say try it at 120k to sell fast.

-hurumph.!! all offended and quiet.

went on to explain how area wages wouldnt support a mortgage of £800+poll tax. she agreed. she knew she wouldnt have been able to pay this had the shoe been on the other foot, but still has little concept of who then, is going to be able to buy this house. she just thinks its worth X and nothing less. we talked more and accepted its a stand off. in the end she was more clued up. she still would not consider changing the price. and the price IS the problem. anything but that.

the boomers are under the impression that the young are going to fully fuel their retirements. a cunning plan. ramp up the house and regular as clockwork along comes one of those young ftb IT city professionals with large amounts of funds to throw about. easy !!!

its so obviously not going to last its stupid.

the greed and blindness are in equal terms.

dont care if the economy craps out - as long as they get their £100k

dont care about the future of the young - as long as they get their £100k

didnt bother about savings or pension - as long as they get their £100k

what a nasty lot of boomers they are.

Edited by right_freds_dead

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There's a static dormahome thingy for sale in my village for more than double that!

http://search.estate-software.co.uk/(fvrcv...rtyID=464172083

The world's gone mad I tell you. Epicentre 11 Downing St.

Regarding these crap ex-council homes now "worth" over £100k - I'd rather poke my own eye out with a stick.

Unfortunately there ARE still a small handful of FTB out there who will take on second jobs, repayment only mortgages and parents' MEW to Live The Dream.

Those of us who are single, no rich parents for our first deposit, too financially savvy to take on a 25 year debt and think about only paying the interest - and only have our measley >£30k a year in the northwest to fund ourselves with can't even afford an effing ex-council house in a crap area.

The sooner the situation is redressed the better - if there is no real change by this time next year I'm emigrating. Seriously.

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here we go. classic uk housing market stuff. my friends parents are selling their house.

its an ex council 3 bed semi in NW. not the prettiest one on the block. not the best town in the world. low area wages of 14k-18k and nothing to do. they paid around 40k in around 95. she worked part time at asda. he had a string of blue collar jobs and they smoked roll ups for 40 years ect. ordinary northern people from bullseye. they are nice, butid say the house was a bit minging.

its sitting on the market for £140k. not even any viewings. not a sausage. they have bought a static dormahome thingy on some retirement park. got it all planned. the dorma thing was 40k. they are retiring and calling it a day. they havent got a pension. or savings. kids have gone.

conversation bits went like this....

ah, so no viewings eh ?

-ea says its really quiet.

have you thought about reducing ?

-im not giving it away. we need the money for our future.

well you might have to lower it. prices are down.

-i know. we would take offers.

id say try it at 120k to sell fast.

-hurumph.!! all offended and quiet.

went on to explain how area wages wouldnt support a mortgage of £800+poll tax. she agreed. she knew she wouldnt have been able to pay this had the shoe been on the other foot, but still has little concept of who then, is going to be able to buy this house. she just thinks its worth X and nothing less. we talked more and accepted its a stand off. in the end she was more clued up. she still would not consider changing the price. and the price IS the problem. anything but that.

the boomers are under the impression that the young are going to fully fuel their retirements. a cunning plan. ramp up the house and regular as clockwork along comes one of those young ftb IT city professionals with large amounts of funds to throw about. easy !!!

its so obviously not going to last its stupid.

the greed and blindness are in equal terms.

dont care if the economy craps out - as long as they get their £100k

dont care about the future of the young - as long as they get their £100k

didnt bother about savings or pension - as long as they get their £100k

what a nasty lot of boomers they are.

I might have had some sympathy for them *but* they are clearly well into their 50s at least, and if they have left it until the last 10yrs to think about their pensions, then they have to accept it is a risky strategy. In fact, it seems implausible that they even bought the house in 95 thinking "we might make a bit of money out of this to fund our retirements"... so quite frankly, they should be grateful for whatever they can get.

Harsh?

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There's a static dormahome thingy for sale in my village for more than double that!

http://search.estate-software.co.uk/(fvrcv...rtyID=464172083

The world's gone mad I tell you. Epicentre 11 Downing St.

Regarding these crap ex-council homes now "worth" over £100k - I'd rather poke my own eye out with a stick.

Unfortunately there ARE still a small handful of FTB out there who will take on second jobs, repayment only mortgages and parents' MEW to Live The Dream.

Those of us who are single, no rich parents for our first deposit, too financially savvy to take on a 25 year debt and think about only paying the interest - and only have our measley >£30k a year in the northwest to fund ourselves with can't even afford an effing ex-council house in a crap area.

The sooner the situation is redressed the better - if there is no real change by this time next year I'm emigrating. Seriously.

Just had a look on www.rightmove.co.uk in your area. (Blackpool?)

I can see what you mean. I thought Blackpool was a cheap area to buy (not any more!)

There seems to be an awful lot of houses for sale in Blackpool on Rightmove BTW.

Is everyone trying to escape?

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Just had a look on www.rightmove.co.uk in your area. (Blackpool?)

I can see what you mean. I thought Blackpool was a cheap area to buy (not any more!)

There seems to be an awful lot of houses for sale in Blackpool on Rightmove BTW.

Is everyone trying to escape?

The number of houses for sale in Blackpool continues to grow. If you put in our postcode area - I won't say what it is, just trust me ;-) - and look through the first two pages of results, every single house on there - except for one - has now been on there for over a year, some of them two years, they have over time all graduated to the "top of the list" as they are the dearest. Hence no sales.

This is because the prices are pie in the sky prices: case in point, this estate full of four bed detached homes at prices similar or above those in the South East. None ever actually sell, nobody has found the right price level yet two years on, reductions have failed to have any effect.

Interestingly this Estate is heavily populated by people who moved up from the South East to get rid of their mortgages. This probably helped drive up prices. Now that seems to have stopped, local salaries just don't support the levels that prices have been driven to, and those pricing their 3 bed semis optimistically so as to make the jump to the 4 bed detached are going nowhere.

If you page through the full result set both here and in the other areas I've been watching, the only ones SOLD STC or UNDER OFFER are the "cheap" ones. For example, the 3 bed semis for 115k still sell. The ones for 185k don't.

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There's a static dormahome thingy for sale in my village for more than double that!

http://search.estate-software.co.uk/(fvrcv...rtyID=464172083

That one is hilarious. For everyone elses benefit: Poulton is a lovely little village on the outskirts of Blackpool, and is priced much higher than Blackpool is.

For that money you could get a good condition 2 bed semi or terrace in Blackpool.

A developer put up some 2 bed flats in Poulton and it took a year to sell the first phase through reduced from 179k to 129k.

If a 2 bed flat is 129k I don't see a dorma home being 90k.

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here we go. classic uk housing market stuff. my friends parents are selling their house.

its an ex council 3 bed semi in NW. not the prettiest one on the block. not the best town in the world. low area wages of 14k-18k and nothing to do. they paid around 40k in around 95. she worked part time at asda. he had a string of blue collar jobs and they smoked roll ups for 40 years ect. ordinary northern people from bullseye. they are nice, butid say the house was a bit minging.

its sitting on the market for £140k. not even any viewings. not a sausage. they have bought a static dormahome thingy on some retirement park. got it all planned. the dorma thing was 40k. they are retiring and calling it a day. they havent got a pension. or savings. kids have gone.

conversation bits went like this....

ah, so no viewings eh ?

-ea says its really quiet.

have you thought about reducing ?

-im not giving it away. we need the money for our future.

well you might have to lower it. prices are down.

-i know. we would take offers.

id say try it at 120k to sell fast.

-hurumph.!! all offended and quiet.

went on to explain how area wages wouldnt support a mortgage of £800+poll tax. she agreed. she knew she wouldnt have been able to pay this had the shoe been on the other foot, but still has little concept of who then, is going to be able to buy this house. she just thinks its worth X and nothing less. we talked more and accepted its a stand off. in the end she was more clued up. she still would not consider changing the price. and the price IS the problem. anything but that.

the boomers are under the impression that the young are going to fully fuel their retirements. a cunning plan. ramp up the house and regular as clockwork along comes one of those young ftb IT city professionals with large amounts of funds to throw about. easy !!!

its so obviously not going to last its stupid.

the greed and blindness are in equal terms.

dont care if the economy craps out - as long as they get their £100k

dont care about the future of the young - as long as they get their £100k

didnt bother about savings or pension - as long as they get their £100k

what a nasty lot of boomers they are.

Yeah, along comes one of those flashy young IT city pros.... just looking to buy a council house in a northern town :lol::lol:

140K! SERIOUSLY?

I think that EA's been snorting too much charlie through his nostrils... :lol:

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well sound advice dr b, but i dont think ill pass it on. i did my bit. i dont want to get involved or blamed when the anger phase hits them.

they just love the idea of someone else paying for their retirement.

im not going to spoil the dream....

on top of that is a really grubby one. greasy food and former smokers.

i wouldnt even buy it for 75k. well possibly, but youd have to gut it.

makes me laugh as they put down new cream carpet for the viewrs and included a beat up washing machine and grubby fridge as 'appliances'. there nice people, but fairly grubby. stone fireplace with built in video machine slot. collection of cheap china ornaments. 100k is like their dreams coming true. what was wrong with 80k ? - NOPE theve seen 140k on telly - they want it too.

Edited by right_freds_dead

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- has now been on there for over a year, some of them two years...

Mark, on www.rightmove.co.uk is there a way to find out how long the houses have been on the market for?

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This is the sort of mindset that will make the crash much harder for people like this. They are in denial and by the time they face up to reality it will be too late. Then they will get angry as they realise the market has crumbled around them.

Be prepared for plenty of TV programmes about people handing the keys back to the BS, people walking away from 'worthless' properties and people trapped in property because they can not afford to move up/down the ladder. Those who bought council houses hoping to make a profit will be especially hard hit.

For those who lived through the last HPC it will be like groundhog day

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I earn a decent amount of money a year, and am sickened to find that all i could buy is a 1 bed flat in the most horrible parts of Bristol.

Problem with Bristol is that it's a university city and a posh one at that, so rich parents don't think twice at spending £150K on a 1 bed flat for little Tabitha/Rufus...thus not helping prices in Bristle.

Rachel

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here we go. classic uk housing market stuff. my friends parents are selling their house.

its an ex council 3 bed semi in NW. not the prettiest one on the block. not the best town in the world. low area wages of 14k-18k and nothing to do. they paid around 40k in around 95. she worked part time at asda. he had a string of blue collar jobs and they smoked roll ups for 40 years ect. ordinary northern people from bullseye. they are nice, butid say the house was a bit minging.

its sitting on the market for £140k. not even any viewings. not a sausage. they have bought a static dormahome thingy on some retirement park. got it all planned. the dorma thing was 40k. they are retiring and calling it a day. they havent got a pension. or savings. kids have gone.

conversation bits went like this....

ah, so no viewings eh ?

-ea says its really quiet.

have you thought about reducing ?

-im not giving it away. we need the money for our future.

well you might have to lower it. prices are down.

-i know. we would take offers.

id say try it at 120k to sell fast.

-hurumph.!! all offended and quiet.

went on to explain how area wages wouldnt support a mortgage of £800+poll tax. she agreed. she knew she wouldnt have been able to pay this had the shoe been on the other foot, but still has little concept of who then, is going to be able to buy this house. she just thinks its worth X and nothing less. we talked more and accepted its a stand off. in the end she was more clued up. she still would not consider changing the price. and the price IS the problem. anything but that.

the boomers are under the impression that the young are going to fully fuel their retirements. a cunning plan. ramp up the house and regular as clockwork along comes one of those young ftb IT city professionals with large amounts of funds to throw about. easy !!!

its so obviously not going to last its stupid.

the greed and blindness are in equal terms.

dont care if the economy craps out - as long as they get their £100k

dont care about the future of the young - as long as they get their £100k

didnt bother about savings or pension - as long as they get their £100k

what a nasty lot of boomers they are.

Is there anyway of making sure the Expats forum guys read this?

I think it may explain why they are getting, what they call, silly offers on their homes.

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Mark, on www.rightmove.co.uk is there a way to find out how long the houses have been on the market for?

Not that I know of. I just know how long they've been there relative to when we moved up here (actually slightly before, because I remember the FOR SALE boards)

However some properties have a PDF attachment which is dated, quite often showing a previous price as well.

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This is the sort of mindset that will make the crash much harder for people like this. They are in denial and by the time they face up to reality it will be too late. Then they will get angry as they realise the market has crumbled around them.

Be prepared for plenty of TV programmes about people handing the keys back to the BS, people walking away from 'worthless' properties and people trapped in property because they can not afford to move up/down the ladder. Those who bought council houses hoping to make a profit will be especially hard hit.

For those who lived through the last HPC it will be like groundhog day

Yes I can remember the TV programmes. Whole streets on newish estates with virtually everyone in negative equity. At the time I felt sympathy for those people.

I'm not so sure I will if those type of programmes come back.

Not sure why.

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I earn a decent amount of money a year, and am sickened to find that all i could buy is a 1 bed flat in the most horrible parts of Bristol.

Problem with Bristol is that it's a university city and a posh one at that, so rich parents don't think twice at spending £150K on a 1 bed flat for little Tabitha/Rufus...thus not helping prices in Bristle.

Rachel

Annoying isnt it. I earn good money too, have a reasonable deposit and all I could afford is a house

in one of the grubby nasty areas of town. No thanks. The decent areas I'd be looking at a mortgage

of over 4 times my salary for a 2 bed semi. I want to factor in pay cut incase of job loss too.

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if your on good money - what are the average waged going to do ?

binge drink and get angry probably.

then the government offers to build casinos ????

Edited by right_freds_dead

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Yes I can remember the TV programmes. Whole streets on newish estates with virtually everyone in negative equity. At the time I felt sympathy for those people.

I'm not so sure I will if those type of programmes come back.

Not sure why.

I felt sympathy for some of them because they had been effected by external forces. When interest rates shot up and unemployment was rising a lot of people got in a mess. Now there is an argument that says you should always be prepared for the worst but your average Joe Bloggs just want to get on with their lives. If you always prepared for the worst ever case scenario no one would ever take any risks or chances in life (how dull).

This time it's different...I have no sympathy, whats so ever, for young, educated people who have taken out self certificate mortgages at 8x their income to buy shoe box apartments that they then fully furnish with plasma T.V's, leather sofas and dishwashers.

They made their designer bed...let them lie in it.

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Guest rigsby II
makes me laugh as they put down new cream carpet for the viewrs and included a beat up washing machine and grubby fridge as 'appliances'. there nice people, but fairly grubby. stone fireplace with built in video machine slot. collection of cheap china ornaments. 100k is like their dreams coming true. what was wrong with 80k ? - NOPE theve seen 140k on telly - they want it too.

Nasty baby boomers, nasty nasty nasty boomers, draws back phlegm and drops a dockers oyster in disgust...

Has your mates MILF's house got a mini-bar too, with red vinyl padding and drambuie bottles ?

Just look at the history of Vera Duckworths house prices over the years...

9.gif

I mean £10K back in 1983 - no way...

http://www.corrie.net/profiles/places/9.html

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its was like that but bigger and had a abbey cavalier caravan on the drive with a flat tyre.

no drambuie, but lots of tia maria minatures in a collection which turns the eye to the mirrored wall unit with spent lights and misaligned smoked glass doors. once trapped your line of vision is drawn lower to the medal for the 100m swimming grade that hangs temptingly between the ornamental porcilain cats, spanning the gap with a ribbon of red, blue and 2 shades of richmond tar cream.

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That one is hilarious. For everyone elses benefit: Poulton is a lovely little village on the outskirts of Blackpool, and is priced much higher than Blackpool is.

For that money you could get a good condition 2 bed semi or terrace in Blackpool.

A developer put up some 2 bed flats in Poulton and it took a year to sell the first phase through reduced from 179k to 129k.

If a 2 bed flat is 129k I don't see a dorma home being 90k.

lets be honest here, to be called a village it realy has to be independently standing with perhaps fields around it, to mark the boundaries.

poulton/thornton/cleveleys/st annes/lytham and even fleetwood are not, they are suburbs of blackpool, there all joined onto blackpool from every direction.there suburbs.

the whole fylde coast for 10 miles along the coast and 5 miles inland at the furthest is one big populated area.wrea green /hableton/frecklton ect are villages you pass fields to get to them not housing developments.

do a search for this whole area you wont find anything under 100k so anyone at all not earning at least 30k should not be able to afford the cheapest property here at todays prices, and 9/10 of the people that sit in these houses couldnt have afforded them if they had to buy now.

The whole situation here is totaly out of wack, like many popular areas to move to have become, its more outta wack than even london or the se is.And everyone i speak to here about property and thats many many people as i do building work and thus go do jobs all over the place say the same thing, and many have self cert mortgages.It gotta be the self cert capital of the uk.This area is a high self employed area.

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PSYCHOLOGY OF THE BUYERS

RFD,

This is an interesting and very true-to-life situation. But if a vendor wants to be successful, they NEED to think about it from the Buyer's point of view. The world and his wife are now hearing and believing that Property prices are softening. There is NO URGENCY for the buyers, since if they use common sense, they will realise there are more properties coming on the market every day. Ther only way that a buyer is going to be motivated to buy, is if he is seeing a bargain- something that appears to be below market.

So the way to sell is to put the placer on the market, and slightly over what an EA is suggesting, and let the EA know that you are open to lower offers. So you may put it on at 5-10% over market, and let the EA know that you are prepared to sell it 10% cheaper. If an offer comes it at 20% below your offer, grab it. The buyer will think he is buying at 20%BMV, mand you mnay get a quick sale.

Remember, if you donty sell now, you may have to sell much cheaper later...

BECAUSE: Today's bargain is tomorrow's market price

Absolute tosh. If you price above the ea valuation how do you expect to get any viewings when every buyer now knows prices are likely to fall.

If you want to sell today price below the average to generate viewings and hope to get a reasonable offer from a naive FTB.

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As someone waiting to be a FTB, I am fully aware of the market tricks to obtain the best prices for stuff. Its a commonly known sales tactic to place the product on the market over valued and then offer a X% discount, the buyer thinks they are getting a blinding deal and this practive is mirrored in all walks of life especially the highstreet.

What I suspect you under estimate is the intelligence of the buyers, the smart buyers step in and buys when they feel the price is right.

Exactly!

I have seen plenty of house in my area (even now), that are marketed £10,000 to £20,000 more than the one next door. These properties usually have to have their asking price dropped later, I've rarely seen one come off the market before this happens. Yet, like lemmings on a cliff top, they still do it.

Bearing in mind that most people buying in recent years have usually had to offer the asking price in order to get the property, you may find that some buyers find that they won't even look at a place if it is more than a few grand over their limit. For those buyers who only search on the internet, a house marketed above the market value might also not fall under their radar (you market at £160,000 and the buyer's search only goes up to £150,000).

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  • 301 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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