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Are we nearly there yet? Is it cheeky offer time?


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I was speaking to someone today who knows someone looking to market there house in the Bracknell area.  It’s a nice area but I’m not familiar with the prices myself. The estate agents valued it at 475k which he was very disappointed with, he then advised him if no offers come in the first few weeks be aggressive and drop the price to 450k to show you are a serious seller, as properties that don’t sell in the first few weeks sit there for months.  

It’s now time to prove you are a serious seller?

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5 minutes ago, 2rocketman said:

I was speaking to someone today who knows someone looking to market there house in the Bracknell area.  It’s a nice area but I’m not familiar with the prices myself. The estate agents valued it at 475k which he was very disappointed with, he then advised him if no offers come in the first few weeks be aggressive and drop the price to 450k to show you are a serious seller, as properties that don’t sell in the first few weeks sit there for months.  

It’s now time to prove you are a serious seller?

i have been to bracknell  and it is not a nice place 

450k are you sure ?  is it a mansion ?

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46 minutes ago, longgone said:

i have been to bracknell  and it is not a nice place 

450k are you sure ?  is it a mansion ?

Must be because they actually valued it at 475k, he was expecting 550k apparently, but everyone thinks there house is worth millions these days! 

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3 hours ago, longgone said:

i have been to bracknell  and it is not a nice place 

450k are you sure ?  is it a mansion ?

Believe it or not, there are actually some very expensive areas, mainly north of Bracknell - Binfield, out-of-town parts of Warfield and Winkfield are all nice. Bracknell has a bad reputation but I would say Reading and Slough are much worse places. Many people who live in Winkfield say that they are in "Windsor" and won't admit that they are part of Bracknell Forest ?.

https://www.rightmove.co.uk/property-for-sale/property-73595795.html

 https://www.rightmove.co.uk/property-for-sale/property-53672429.html Bracknell Forest. Stretching the truth a little. 

More "normal": https://www.rightmove.co.uk/property-for-sale/property-66483532.html

On the other hand, there are parts of Bracknell that live up to the bad reputation and and one or two terrible schools. 

 

Edited by FedupTeddiBear
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On 09/08/2018 at 20:02, 2rocketman said:

Must be because they actually valued it at 475k, he was expecting 550k apparently, but everyone thinks there house is worth millions these days! 

They do and when they sell they are selling their pension and self esteem at the same time....thus get upset with low offers.

On 09/08/2018 at 21:55, FedupTeddiBear said:

Believe it or not, there are actually some very expensive areas, mainly north of Bracknell - Binfield, out-of-town parts of Warfield and Winkfield are all nice. Bracknell has a bad reputation but I would say Reading and Slough are much worse places. Many people who live in Winkfield say that they are in "Windsor" and won't admit that they are part of Bracknell Forest ?.

https://www.rightmove.co.uk/property-for-sale/property-73595795.html

 https://www.rightmove.co.uk/property-for-sale/property-53672429.html Bracknell Forest. Stretching the truth a little. 

More "normal": https://www.rightmove.co.uk/property-for-sale/property-66483532.html

On the other hand, there are parts of Bracknell that live up to the bad reputation and and one or two terrible schools. 

 

I was thinking £475k is  almost reasonable if a family home (things are that bad). 

In Norfolk homes are often this much + and apparently you have these things called "well paid jobs" down there.

Reading area £655 pw 360k average rm sold price 10x 

Norwich Area £450 pw 235k average em sold price 10.2x

Both an absolute joke and if you consider the basic cost of living essentials it shows what a shit show Norwich housing is.

 

 

Edited by Fromage Frais
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On 08/08/2018 at 19:28, 2rocketman said:

P.s I have my eye on one house in a much sort after area which has boomed. It came to the market at 650k which was actually probably already mark down 50k from the peak. Never sold so they dropped it 50k in one go to 600k it made no impact at all. The estate agent wrote to me the other day and said they would consider an offer between 525 - 550k. Which from the sellers point of view is a lot of money to concede. I know what they paid from land registry and they are still quids in but they’ve owned it a while. If it’s still on the market in the new year and I can buy it for a price that starts with the number four I would be able to buy a house that would never have been possible at any other time for me. The thing is will that be a shrewd move, opportunist or will I be looking back in a year or so kicking myself. I know it’s a home and all that stuff but when you have waited as long as we have it would hurt thinking one more year and we could of had a mortgage for 50-100k less. It could easily happen because that is the position I would be in now if I bought a year or so ago because it has happened to them.

 

 

They have reduced the property I was talking about here another 25k today so now on at 575k and open to offers. 

This would 100% of sold the same week in 2015 for the original asking price of 650k. The estate agent has hinted they would take 525k so 125k saving on the table already. Roll on 2019

 

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1 hour ago, 2rocketman said:

They have reduced the property I was talking about here another 25k today so now on at 575k and open to offers. 

This would 100% of sold the same week in 2015 for the original asking price of 650k. The estate agent has hinted they would take 525k so 125k saving on the table already. Roll on 2019

 

My theory 

People in the area you're interested in actually have good jobs and previously access to credit that let them blow 650k in 2015 

People in my area cannot afford the prices and they are paid for by people coming in from outside hence why we are still holding up we are a ripple market.

As soon as that/those houses in "high wage" areas goe sub 500 it will not make any sense moving to Norfolk at the current prices.

I am reassured by comments from an old agent i knew "Norfolk falls last but falls furthest"

Edited by Fromage Frais
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11 minutes ago, Fromage Frais said:

My theory 

People in the area you're interested in actually have good jobs and previously access to credit that let them blow 650k in 2015 

People in my area cannot afford the prices and they are paid for by people coming in from outside hence why we are still holding up we are a ripple market.

As soon as that/those houses in "high wage" areas goe sub 500 it will not make any sense moving to Norfolk at the current prices.

I am reassured by comments from an old agent i knew "Norfolk falls last but falls furthest"

Yes correct it’s London commuter belt and the price drop in the city has had a big impact on the area. I think you are right, when it reaches you sentiment will be on the floor .. Ocean village in Southampton, the flats were selling for crazy prices at one point, they have tumbled now reality has set in! Loads of empty reduced flats. They can’t even rent any of the shops out. Ridiculous prices were all supported by HTB. 

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On 08/08/2018 at 14:36, doomed said:

I phoned on Monday morning and offered 350 on a house that is currently up for 400. I have just phoned the estate agent back and asked if he had spoken to vendors and his response was, “oh yeah they want about 400.” 

I find it beyond belief that the estate agent can’t even be bothered to phone me back, never mind trying to create a dialogue between 2 parties who are less than 15% apart. This house has been on market currently for 4 months and the agent is Entwistle Green.

That doesn't slightly surprise me. If they wanted 350 they would ask for 350, or maybe 360. Of course they wouldn't accept 350. You are wasting your time and the estate agents are right not to waste the sellers' time. 

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On 09/08/2018 at 17:50, Gigantic Purple Slug said:

After all, something is worth what someone is willing to pay for it.

That's a dumb thing to say. Price is what you pay. Value us what you get. 

For example, some one buys a house for 100k and puts it back on the market immediately to only be offered a maximum of 50k. Was it ever worth 100k? 

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3 minutes ago, bushblairandbrown said:

That doesn't slightly surprise me. If they wanted 350 they would ask for 350, or maybe 360. Of course they wouldn't accept 350. You are wasting your time and the estate agents are right not to waste the sellers' time. 

Rubbish!

The true value of a house is what someone is willing to pay. They may think it is worth 400k but that don’t mean a thing. I would of gone in at 320k. Even most estate agents expect an offer -15% in the current climate but always worth starting with 20%.

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3 minutes ago, bushblairandbrown said:

That's a dumb thing to say. Price is what you pay. Value us what you get. 

For example, some one buys a house for 100k and puts it back on the market immediately to only be offered a maximum of 50k. Was it ever worth 100k? 

It was to the 100k buyer but obviously not to the person offering 50k. 

If 50k is the only offer, then that’s what it’s worth at that point in time. 

You kinda answered your own question there. 

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