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Chasing the market down

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14 hours ago, longgone said:

The 70s house I did up for my mum had that terrible warm air krap installed.cost a fortune to run and blew dust and muck around the house. Fun removing all the ducting and asbestos sheets. If copper was expensive then I see why they installed it. Although looking at the deeds the first purchaser paid 44k for the house in 1970 so was expensive then.

44k in 1970....must be the size of Southfork or be  central London..thats a lot then... iremeber parents talking about neigbours 3 beds semi being sold around that time maybe bit later ....nowhere near that.....i remember a 3 bed house in shepperton being sold in 1986 for 60k and they  bought a bungalow 2 bed detached for around 40k....

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1 hour ago, Spindler said:

...but that aside you didn't actually get even an offer .... hence no price discovery actually happened because your listing price was obviously too high..everything will find a price if it is marketed correctly....

 

I guess asking too much initially for reasons given prev. was our mistake.  We'd reduced asking by 20% before giving up which was less than slightly inferior places had exchanged for at the peak.  Oh well, perhaps next time we'll offer it cheap.  Luckily we have other funds, I feel sorry for anyone with all their eggs in one mortgaged basket.. 

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23 hours ago, spyguy said:

Get the street name, put it in houseprices.io, print out and give tio the selling EA and ask them why they think the price is correct.

MMR is a big change. Massive.

Now housing is being priced to what people earn - after regular outgoing, which can be fing huge thee days.

Pick an area. Look at how much people 25-45 earn - and youll find 80% of people dont earn more  than 30% more than the local median wage. Times it by 4. Thats how much mortgage finance is available. Thats your selling market.

 

 

Is it true that spyguy is an MI5 agent who manages the secret services interests in domestic housing? ;)

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4 hours ago, Spindler said:

44k in 1970....must be the size of Southfork or be  central London..thats a lot then... iremeber parents talking about neigbours 3 beds semi being sold around that time maybe bit later ....nowhere near that.....i remember a 3 bed house in shepperton being sold in 1986 for 60k and they  bought a bungalow 2 bed detached for around 40k....

neither really it is detached 4 bed.  i was surprised they paid 44k back then as the house i grew up in london was only 30k in 1975 another 4 bed detached. 

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6 hours ago, hotblack42 said:
 

I guess asking too much initially for reasons given prev. was our mistake.  We'd reduced asking by 20% before giving up which was less than slightly inferior places had exchanged for at the peak.  Oh well, perhaps next time we'll offer it cheap.  Luckily we have other funds, I feel sorry for anyone with all their eggs in one mortgaged basket.. 

Better to take the house off the market, wait 6 months then re-list with a different agent at what could be a more realistic price than keep doing "small"(still thousands of pounds!) reductions.  That way it doesn't go "stale". 

(I've done this in the past when initially I had 3 wildly different valuations from 3 different EAs and stupidly went with the highest and then wasted 4 months without a single viewing! )

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25 minutes ago, janch said:

Better to take the house off the market, wait 6 months then re-list with a different agent at what could be a more realistic price than keep doing "small"(still thousands of pounds!) reductions.  That way it doesn't go "stale". 

(I've done this in the past when initially I had 3 wildly different valuations from 3 different EAs and stupidly went with the highest and then wasted 4 months without a single viewing! )

Mitch Feierstein and his comment about houses are assets but not an asset class because they are so illiquid to buy and sell was bang on.....buying and selling houses is a royal pain in the derriere.......before exchange the whole process can end in a moment with a text and thats after you've had and accepted an offer.....from a viable buyer......and as for no viewings ...no offers....no interest....youre not even really on the market......just kite flying........

 

Sometimes  you see cars on autotrader that are so far out of whack.price wise....hoping for some mug to come along......its rare really....but the housing market at this time seems to be in a state of kite flying and wondering where the buyers are......and won;t look in the mirror.....to see where the problem is...anything but understand the goose is cooked..there are so many signs of downward pressure...perfect storm doesnt cover it......but most sellers don't understand jack....the knowledge on this forum is light yers from where your average vendors head is at

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  • 142 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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