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viewing a property tomorrow


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I seem to view a property every 6 months or so over the last 5 years. Tend to be doer-uppers, which come into our budget (including refurb costs). Never had an offer accepted or even discussed .... I don't consider them cheeky/unreasonable offers - 10-15% off asking usually.

Another one tomorrow .... £290k, 3 bed semi. A fully refurbed one has just sold (asking price £350k). I'm going to offer .£260k.... lets see how this goes!

 

 

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2 minutes ago, Sausage said:

I seem to view a property every 6 months or so over the last 5 years. Tend to be doer-uppers, which come into our budget (including refurb costs). Never had an offer accepted or even discussed .... I don't consider them cheeky/unreasonable offers - 10-15% off asking usually.

Another one tomorrow .... £290k, 3 bed semi. A fully refurbed one has just sold (asking price £350k). I'm going to offer .£260k.... lets see how this goes!

 

 

Have you tracked what they eventually sold for?

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10 hours ago, Sausage said:

I seem to view a property every 6 months or so over the last 5 years. Tend to be doer-uppers, which come into our budget (including refurb costs). Never had an offer accepted or even discussed .... I don't consider them cheeky/unreasonable offers - 10-15% off asking usually.

Another one tomorrow .... £290k, 3 bed semi. A fully refurbed one has just sold (asking price £350k). I'm going to offer .£260k.... lets see how this goes!

 

 

You're going to offer, yet you haven't seen it yet. 

Things are getting desparate. Don't waste your time. Don't bother turning up and let the EA waste an hour of his time :)

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20 hours ago, Sausage said:

I seem to view a property every 6 months or so over the last 5 years. Tend to be doer-uppers, which come into our budget (including refurb costs). Never had an offer accepted or even discussed .... I don't consider them cheeky/unreasonable offers - 10-15% off asking usually.

Another one tomorrow .... £290k, 3 bed semi. A fully refurbed one has just sold (asking price £350k). I'm going to offer .£260k.... lets see how this goes!

 

 

Which area is this? 


Depends on how much activity is in your local region.

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Anecdotally, we've been viewing a lot of properties recently - about half are landlords looking to sell up. If they were holding on to their savvy investments instead, there would be a lot less supply out there. All the tax changes starting to hit home I wonder?

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21 hours ago, Sausage said:

A fully refurbed one has just sold (asking price £350k). I'm going to offer .£260k.... lets see how this goes!

So you have decided what to offer when you have not even seen the house.  90K is a lot of updating for what is I imagine a kitchen bathroom heating and electrics.  Developers work on a Build cost of around £150 a foot including bricks foundations roof - the whole kaboosh.  No wonder you have not had any offer accepted.  The question is do you want a home or to make a financial; investment? 

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46 minutes ago, rantnrave said:

Anecdotally, we've been viewing a lot of properties recently - about half are landlords looking to sell up. If they were holding on to their savvy investments instead, there would be a lot less supply out there. All the tax changes starting to hit home I wonder?

That logically is the plan.

Hearing whispers in the press that Javid went over mansion tax etc.

Cummings wants to hit rich homeowners.

It looks pretty clear to me The Tories are now the party of outside London + who are rich home owners going to vote for instead?

Landlords, Properties over 5 million and foreign non resident owners dont have the friends in power they need.  I expect them to be in the crosshairs.  

I dont agree with it (prefer a free market) but it does not suit Boris to just allow the low turnover cranking up of prices which we are seeing now. I was reading a post on here which suggested that last year the property market actually took money out of the economy people paid down dept on housing overall.

I was under the impression that what gets things going great guns is banks creating money out of thin air to pay expensive prices... not having expensive prices on paper with little selling and the actual net effect is nobody moving and paying down the debt?

Better to keep the credit taps on and then put pressure on the aforementioned second home owners, holiday home owners and foreign investors (and empty properties) to increase their cost of carry to take some froth out and increase turnover in the market if at all possible.

Despite the high prices I still feel that those buying do not actually have the money in the main they are just swapping one asset for another and maybe a small mortgage.  I am minded to think that any empty property/holiday home business rates change/tax on expensive homes will have a big impact on volume around here either directly or via trickle down.

Whilst still expensive the end of last year saw prices come in a bit and deals started to be done the new year has seen silly asking prices better to pursue the "beautiful deleveraging strategy" and fire a shot over the bow of some vendors.

 

Edited by Fromage Frais
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On 14/02/2020 at 11:04, mallish said:

So you have decided what to offer when you have not even seen the house.  90K is a lot of updating for what is I imagine a kitchen bathroom heating and electrics.  Developers work on a Build cost of around £150 a foot including bricks foundations roof - the whole kaboosh.  No wonder you have not had any offer accepted.  The question is do you want a home or to make a financial; investment? 

Sorry I should clarify: my budget for renovations includes £60k extension. I reckon these houses are worth £260k un-refurbed, through to £350k refurbed with extension. If the one that sold went for £350k (I've only seen asking price) then I have very different idea of value for money.

 

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Just anecdotally  I went to view 2 x houses over the weekend, both estate agents rang me early Monday morning to ask if I was interested in making an offer, not exactly the behaviour of someone who doesn't need the business/interest/in demand.

Oh and also anecdotally both properties were previous rentals/owned by landlord scum, in fact I would say 60/70% of the houses I've (approx a dozen different 3-bed semis) have been former rentals.

Burn landlord scum...burn mwuahahahaha.

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Depends on how long it has been on the market.

If it has come on in the last couple of weeks then I wouldn't waste my time - although 10% isn't a massive amount under.

if it is priced inappropriately people normally need a few months to have the market teach them some sense.

If someone has it in their head that it is "worth" 10% more than you are willing to give then it is unlikely they will compromise after a short time on the market. After all, would you fancy giving away 30K ?

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  • 439 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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