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BTman

Testing The Water

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I know of 2 people selling their house's at the moment.

Both people I questioned said they were "just testing the water" and would not accept much under asking price. Both claim to want to buy further up the ladder if they get their asking price.

One property is up for 250,000. The seller turned down an offer 10K under asking price and claims he will not drop a penny and is "not bothered" if he can not sell.

How many house's up for sale at the moment are really "for sale", and how many owners are just trying their luck in the currently inflated market?

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I think *lots* of people are just testing the water. If they don't get close to their asking price, they will not sell and pull their place off the market. Maybe this is partially behind some of the very high-priced houses that haven't sold for months.

HPC can't happen until people are *forced* to sell out of necessity. Typical reasons would be recession / job loss, not finding renters for one or more BTL properties (and not being able to bear the cost of the voided property), interest rates rising and therefore not being to carry the cost of mortgage.

Until the economy starts turning more obviously negative, home owners will wait and wait until they can't wait anymore.

Patient FTBs can only out-wait them. Who will blink first?

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Patient FTBs can only out-wait them. Who will blink first?

Precisely.

Remember, no one ever has to be a BUYER, but plenty have to be SELLERS.

Edited by Red Baron

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Patient FTBs can only out-wait them. Who will blink first?

Exactly correct.

Just sit tight as the number of bankruptcies rockets. We will know when the crash has happened when the figure plateaus.

Most people who bought their property as an investment will not bail out unless it goes into free fall or they have to sell.

I feel many people will soon have to sell as bills mount and jobs become more scarce.

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How many house's up for sale at the moment are really "for sale", and how many owners are just trying their luck in the currently inflated market?

I think HIPS will stop this!! Can you imagine any 'testers' paying out £800 or whatever it is to test the water?

Edited by OzzMosiz

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All sounds about right to me.

I'm looking at present but only well below current prices.

If someone wants to sell to me at a big discount now (so I can lock in at low fixed IRs) then all well and good, if not then I'll keep looking.

Some people really are testing the water though. Asking prices vary between 10% below up to 30% above ceiling price, within the area I am looking.

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Some people just can't resist it. When we bought our house there were 4 properties for sale in the road and we offered on each one and each one was withdrawn from the market. Similar things giing on at the moment with properties on at stupidly high amounts (compared to last price paid) and then taken off.

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I think HIPS will stop this!! Can you imagine any 'testers' paying out £800 or whatever it is to test the water?

I totally agree. The HIPS thing will sort the sheep from the goats. One of two things could happen:

1: People will have to price realisically or risk having to get a revised HIPS pack after a period of time. or

2: Available housing will become more scarce thus driving up prices.

I personally think the former because prices have nowhere left to go.

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I know of 2 people selling their house's at the moment.

Both people I questioned said they were "just testing the water" and would not accept much under asking price. Both claim to want to buy further up the ladder if they get their asking price.

One property is up for 250,000. The seller turned down an offer 10K under asking price and claims he will not drop a penny and is "not bothered" if he can not sell.

How many house's up for sale at the moment are really "for sale", and how many owners are just trying their luck in the currently inflated market?

A freind of the famlily has a house for sale in Chingford for 270K. The agent told him 220K tops in this market, but he says it is worth 270K and he not going to accept anything lower. He does not care if it sells or not.

A large percentage of houses for sale are just testing the water.

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Pluto,

Why is the house on the market then? Doesn't he really want to move? Or is he going to downsize and cash in?

Just seems to be a bit of a waste of time....

Thanks

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2 houses down my road have been on sale since May last year.

I can't honestly believe they are testng the market ! :(

My friend took 9 months to sell her home and had to drop the price by 50 grand !

She was definitley NOT testing the market.

I can't honestly believe that anyone could be bothered to do this.

But there are some dopey people around I guess. :D

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Pluto,

Why is the house on the market then? Doesn't he really want to move? Or is he going to downsize and cash in?

Just seems to be a bit of a waste of time....

Thanks

He is thinking of moving to Epping and wants the same size house there. He's not bothered if it happens or not.

Estate agents windows are full of houses like his. Forced sales are what is required to get the market on an even keel.

Young people, do not give up hope. The market will correct - it always does.

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He is thinking of moving to Epping and wants the same size house there. He's not bothered if it happens or not.

Estate agents windows are full of houses like his. Forced sales are what is required to get the market on an even keel.

Young people, do not give up hope. The market will correct - it always does.

OK then. Thanks.

And yes - young people - don't blink first... The fun is only just beginning! ;)

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Precisely.

Remember, no one ever has to be a BUYER, but plenty have to be SELLERS.

quite right.lots of folks seem to have been blissfully happy when the money was(on paper),rolling in.

now it isn't I can name you two marriages within my work/social circle which are DEFINITELY on the rocks,and two more which don't look promising.......all this is in stark contrast to two years ago.

anybody else spot the connection?

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One property is up for 250,000. The seller turned down an offer 10K under asking price and claims he will not drop a penny and is "not bothered" if he can not sell.

Idiot :rolleyes: In the current climate anyone with an ounce of sense will try to drop it below the stamp duty band.

Incidentally, our next door neighbour started off at about 265K early last year, then the last I heard went down to below 250K. According to the latest nethouseprices figures, it eventually sold for 230K.

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Young people, do not give up hope. The market will correct - it always does.

I think they'll be prematurely middle aged having gone through all this.

Years ago cavemen found a nice crevice got a few sticks of wood and there you go, problem solved, he'd be confused by all these modern befuddled bears.

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Personnally I think its just bravado.

NO one wants to show people round their house unless they want to sell it.

No one wants to say they are desparate to sell either.

Its either they are lying, or simply don't believe the current prices are real, therefore they are potential STRers.

The more STRers, the quicker the crash IMHO.

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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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