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1800s

Estate Agents Totaly Out Of Touch

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Two years ago my Gran died and my Mother was left the house in the will. A three bedroom detatched 1930,s bay windowed. You know the sort. The house was in a very sorry state of repair and infact wasn't habitable and needed totaly stripping and redoing. Even the wiring was the original lead so that shows how dangerous the house was.

My Mother hasn't got much idea about doing a house up so was tempted to sell as is. My Brother and I sat down and 18 months ago to see how much it would cost to do up and how much it would be worth to sell to give me an idea of what to pay for the house in its current state. The market was just starting to turn so we added in a 10% fall knowing it would take at least six to twelve months finishing the job doing as much our selfs as possible.

We came up with a realistic figure of £135,000 to buy, allowing for £30,000 for renovation and a final sale price of £185,000 which seemed about right knowing that the only real buyers at the time would have been a developer as the house was not habitable.

Next door was on the market with an estate agents for £210,000 and was empty as the owner had died some time ago. the house had been on the market for nearly a year.

So my thoughts were that £210,000 to take £200,000 hasn,t happened so the best price would be no more than £190,000. The house next door was in very nice clean condition with the benefit of a single story extension at the back, meaning my Mothers house was worth no more than £185,000 at best when renovated.

We got the estate agents who was selling next door to value the house fifteen months ago and i was absolutely gobsmacked when the women gave a valuation of £165,000 to £170,000 in it's delapadated condition. I was so shocked that i paused and then challenged the valuation pointing out next doors situation. I was so angry at such a stupidly overvaluation it started an argument and i told her what i thought. I think she was gobsmacked at my response when they are probably used to people arguing the other way but she was adament her valuation was right and tried bullying me into believing next door would achieve £200,000

Next door finaly sold for £172,000, nearly £40,000 less than they valued it at. We decided to renovate and have nearly finished. My Mother said that we should have sold before the work but i pointed out that we would still be stuck with it as my Mother would have put it up for what the estate agents said and slowly lowered the price, so would have been in a worse position.

My Mother has two flats that she rents out as well and she is getting to an age where she doesnt want the hassle so got a valuation on those a couple of weeks ago. It is a terrace house converted to two flats. The rental for both is £720 a month for the pair Now to me a valuation is simple on this type of property. A buyer would want at least 8 to 10% yield on there investment or the rent wants to be at least 125% of the mortgage.

That values the flats at around £100,000 for the pair and that,s if you can find a buyer.

We got a valuation only two weeks ago for £150,000.

WHAT IS GOING WRONG HERE. THESE PEOPLE ARE TOTAL IDIOTS. I AM NO FINANCIAL WIZ KID. IT'S COMMON SENSE. I DON'T KNOW HOW THESE ESTATE AGENTS ARE GOING TO SURVIVE WITH THIS KIND OF BEHAVIOUR. THEY ARE ABSOLUTELY MILES OUT EVEN WHEN THE VALUATION AS A GUIDE CAN BE WORKED OUT. I THINK ESTATE AGENTS NEED TO BE SENT TO SCHOOL ALL TOGETHER AND SHOWN HOW TO VALUE!!!

All this idiosy and the market is still falling further than my own valuations which are more realistic and we still wouldn't be able to sell at my valuation.

It will be interesting what other people think or am i a total twit

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I don't hold EA's in very high regard but believe it or not houses with loads of work needed are selling better than the lovely developed ones.

The idiots still think they'll make money tarting the houses up and selling them on, so maybe you would have been better selling before the work.

Get another EA round if you don't like that one, some of them know what they are talking about.

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I don't hold EA's in very high regard but believe it or not houses with loads of work needed are selling better than the lovely developed ones.

The idiots still think they'll make money tarting the houses up and selling them on, so maybe you would have been better selling before the work.

Places that need work doing might be selling but they are selling very much cheaper - and I dont think that really applies here. The house in question was not fit for habitation, it didnt just need a lick of magnolia, an argos kitchen and some laminate flooring.

Heres an example of a house not fit for habitation

http://www.rightmove.co.uk/viewdetails-160...=1&tr_t=buy

Its actually been on the market since at least end November 2007. That sure isnt selling.

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IMPO you Mother was right - you should have sold your Gran's house straight away.

Apart from not having the additional hassle, stress and cost of doing it up you would have had the money in the bank straight away earning interest.

Secondly, Girly Girl is right - houses that need work sell better as they attract people who want to do the house up exactly the way they want and, at the time that you obtained this house in your Gran's Will two years ago, you would have had no shortage of those who wished to get on board all that nonsense of buying and doing up houses to sell them on.

I sold a family home last year that needed loads of doing up - about 30K worth of work - and I was inundated with builders wanting to buy it and all told me they had no interest in places already 'done up'. If 'done up' I was told the house might be worth 40K - 45K more but the time, hassle, stress and worry of doing it up would mean it was not worth it for the possible 15K extra and, if I had done so, I would have just completed the work around June to find myself selling in a dead market.

I have to say, IMPO, from reading your post that I don't see the fault with the EAs but rather with you and your brother.

You say that your Mother was tempted to sell but that 18 months ago you and your brother sat down to work out how much it would cost to do up - does that mean you talked your Mum out of selling? Are you a professional house buyer/builder and seller on or is this something that suddenly just came to you out of the blue at the height of a bubble when every Tom, Dick and Harry seemingly was a property developer? Was it a whim?

Rather than blame the EAs I suggest that you look in the mirror and I am someone who have very little good to say about EAs.

It will be interesting what other people think or am i a total twit

Um, do you want an answer to that?

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do-er up ers often sell faster and for more, went to see a wreak of a place a couple of years back and the house was swarming with developers, young couples, and parents. The house sold for almost the same as the house would in perfect condition!

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I don't mean to be uncharitable but I agree you seem to have misjudged this one:

You say that you actually believed the peak of the bubble had been reached and were expecting price falls, yet instead of grabbing what you could and running, you committed to a renovation project. You judged it would take 6-12 months, but anyone who's seen even a single episode of renovation porn knows that the majority of amateur renovations go over time and budget. Yours is still unfinished after more than 18 months; you don't mention whether it has kept to budget. Meanwhile the market has rolled on its back and died.

Could you reasonably have foreseen this outcome?

I believe you could.

Anyway, best of luck with it.

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IMPO you Mother was right - you should have sold your Gran's house straight away.

Apart from not having the additional hassle, stress and cost of doing it up you would have had the money in the bank straight away earning interest.

Secondly, Girly Girl is right - houses that need work sell better as they attract people who want to do the house up exactly the way they want and, at the time that you obtained this house in your Gran's Will two years ago, you would have had no shortage of those who wished to get on board all that nonsense of buying and doing up houses to sell them on.

I sold a family home last year that needed loads of doing up - about 30K worth of work - and I was inundated with builders wanting to buy it and all told me they had no interest in places already 'done up'. If 'done up' I was told the house might be worth 40K - 45K more but the time, hassle, stress and worry of doing it up would mean it was not worth it for the possible 15K extra and, if I had done so, I would have just completed the work around June to find myself selling in a dead market.

I have to say, IMPO, from reading your post that I don't see the fault with the EAs but rather with you and your brother.

You say that your Mother was tempted to sell but that 18 months ago you and your brother sat down to work out how much it would cost to do up - does that mean you talked your Mum out of selling? Are you a professional house buyer/builder and seller on or is this something that suddenly just came to you out of the blue at the height of a bubble when every Tom, Dick and Harry seemingly was a property developer? Was it a whim?

Rather than blame the EAs I suggest that you look in the mirror and I am someone who have very little good to say about EAs.

Um, do you want an answer to that?

Just to put the record straight. My Mother still owns the house and i am doing most of the work for next to nothing as it's for my Mother. She is paying for the costs but my labour is between zero and five quid an hour, depending on what work i am doing. I am also making most of the desisions, not for my benefit but for hers. If she sells at the end, it will be her money not mine so i believe there was a hint of something nasty in your response

The house would not have sold like i said as she would have tried to sell at the overinflated price. You seem to think that this bubble has only just burst. Have you been watching the market. Nothing has been selling for at least two years unless you was clever enough to price it right or lucky enough to find a buyer. The credit crunch may have just started but people have been wise to the price for a long time. Thats why i was angry with the estate agent. It does read that i was trying to get the house cheap. Not true, i am not a developer but there was a chance to have a go at doing a place up and hopefully making a bit at the end. I wasn't going to pay more than it was worth. Looking back i know i wasn't far off the mark because if it hadn't sold which was unlikely, it would be in a worse state and my Mother would still be stuck with an unhabitable property. I believe we made the right desision to restore. There may not be any more money to be made and there has been hassle for me but i have learnt alot from this project which hopefully can be used in the future. I get the feeling you have a bit of a jelous mind and wanted a rant. My Mother will be the only winner financialy, i will have gained invaluable skills

Edited by 1800s

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You would have got more for it 18 months ago in unhabitable condition as you would for it now in habitable condition. But you should have priced it for a quick sale at the time so it sold before the market died. The market is so dead now that you may not be able to sell it.

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Two years ago my Gran died and my Mother was left the house in the will. A three bedroom detatched 1930,s bay windowed. You know the sort. The house was in a very sorry state of repair and infact wasn't habitable and needed totaly stripping and redoing. Even the wiring was the original lead so that shows how dangerous the house was.

My Mother hasn't got much idea about doing a house up so was tempted to sell as is. My Brother and I sat down and 18 months ago to see how much it would cost to do up and how much it would be worth to sell to give me an idea of what to pay for the house in its current state. The market was just starting to turn so we added in a 10% fall knowing it would take at least six to twelve months finishing the job doing as much our selfs as possible.

We came up with a realistic figure of £135,000 to buy, allowing for £30,000 for renovation and a final sale price of £185,000 which seemed about right knowing that the only real buyers at the time would have been a developer as the house was not habitable.

Next door was on the market with an estate agents for £210,000 and was empty as the owner had died some time ago. the house had been on the market for nearly a year.

So my thoughts were that £210,000 to take £200,000 hasn,t happened so the best price would be no more than £190,000. The house next door was in very nice clean condition with the benefit of a single story extension at the back, meaning my Mothers house was worth no more than £185,000 at best when renovated.

We got the estate agents who was selling next door to value the house fifteen months ago and i was absolutely gobsmacked when the women gave a valuation of £165,000 to £170,000 in it's delapadated condition. I was so shocked that i paused and then challenged the valuation pointing out next doors situation. I was so angry at such a stupidly overvaluation it started an argument and i told her what i thought. I think she was gobsmacked at my response when they are probably used to people arguing the other way but she was adament her valuation was right and tried bullying me into believing next door would achieve £200,000

Next door finaly sold for £172,000, nearly £40,000 less than they valued it at. We decided to renovate and have nearly finished. My Mother said that we should have sold before the work but i pointed out that we would still be stuck with it as my Mother would have put it up for what the estate agents said and slowly lowered the price, so would have been in a worse position.

My Mother has two flats that she rents out as well and she is getting to an age where she doesnt want the hassle so got a valuation on those a couple of weeks ago. It is a terrace house converted to two flats. The rental for both is £720 a month for the pair Now to me a valuation is simple on this type of property. A buyer would want at least 8 to 10% yield on there investment or the rent wants to be at least 125% of the mortgage.

That values the flats at around £100,000 for the pair and that,s if you can find a buyer.

We got a valuation only two weeks ago for £150,000.

WHAT IS GOING WRONG HERE. THESE PEOPLE ARE TOTAL IDIOTS. I AM NO FINANCIAL WIZ KID. IT'S COMMON SENSE. I DON'T KNOW HOW THESE ESTATE AGENTS ARE GOING TO SURVIVE WITH THIS KIND OF BEHAVIOUR. THEY ARE ABSOLUTELY MILES OUT EVEN WHEN THE VALUATION AS A GUIDE CAN BE WORKED OUT. I THINK ESTATE AGENTS NEED TO BE SENT TO SCHOOL ALL TOGETHER AND SHOWN HOW TO VALUE!!!

All this idiosy and the market is still falling further than my own valuations which are more realistic and we still wouldn't be able to sell at my valuation.

It will be interesting what other people think or am i a total twit

Where is this house ?

and which month/year did next door sell for £172,000

Edited by goldman

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It will be interesting what other people think or am i a total twit

If you want to sell something, sell it... no point faffing around for a few years and leaving it empty or spending time doing it up when you could be earning interest on the capital from the sale instead.

Cut price, person buys, stick money in a nice hefty 8-9% savings account. Sorted. You don't have to be a "financial wizkid" to figure that one out.

Edited by DementedTuna

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Just to put the record straight. My Mother still owns the house and i am doing most of the work for next to nothing as it's for my Mother. She is paying for the costs but my labour is between zero and five quid an hour, depending on what work i am doing. I am also making most of the desisions, not for my benefit but for hers. If she sells at the end, it will be her money not mine so i believe there was a hint of something nasty in your response

The house would not have sold like i said as she would have tried to sell at the overinflated price. You seem to think that this bubble has only just burst. Have you been watching the market. Nothing has been selling for at least two years unless you was clever enough to price it right or lucky enough to find a buyer. The credit crunch may have just started but people have been wise to the price for a long time. Thats why i was angry with the estate agent. It does read that i was trying to get the house cheap. Not true, i am not a developer but there was a chance to have a go at doing a place up and hopefully making a bit at the end. I wasn't going to pay more than it was worth. Looking back i know i wasn't far off the mark because if it hadn't sold which was unlikely, it would be in a worse state and my Mother would still be stuck with an unhabitable property. I believe we made the right desision to restore. There may not be any more money to be made and there has been hassle for me but i have learnt alot from this project which hopefully can be used in the future. I get the feeling you have a bit of a jelous mind and wanted a rant. My Mother will be the only winner financialy, i will have gained invaluable skills

There was nothing nasty in my post.

I read your first post.

Your Mother wanted to sell the house.

You and your brother appear to have talked her out of it because you wanted to do it up.

Now you are posting on here appearing to blame the EA. Have I read that wrong - if so, please post the real story?

I read nothing in your original post about you trying to get the house cheap as you have now written in your last post. Maybe that is your inner voice trying to get out?

As for:

You seem to think that this bubble has only just burst.

LMAO!

Have you been watching the market.

Are you kidding me?

Nothing has been selling for at least two years unless you was clever enough to price it right or lucky enough to find a buyer.

Um, 18 months ago houses were still selling like hot-cakes and Spring 2007 was, to many people, the height of the bubble frenzy.

The credit crunch may have just started but people have been wise to the price for a long time.

Well, the numerous statistics on here would appear to suggest that the Public were oblivious to the Credit Crunch prior to Northern Rock happening and even then many continued to be in denial re debt, credit and house prices. Anyhow, if what you say is true why did you go ahead and decide to do up a house? Were you not one of those "wise to the price for a long time"?

I wasn't going to pay more than it was worth.

What does this mean - did you buy it off your Mother?

I get the feeling you have a bit of a jelous mind and wanted a rant.

Yeah, sure. Of course I am jealous. Anyone who reads your post is no doubt jealous of your superb business accumen!? The only reason I post here is so that I can reflect in the awe of the brilliance of the thousands of property speculators who post on this site daily. :rolleyes:

My Mother will be the only winner financialy,

If you can sell the house above what it was worth when it was left to her plus whatever it has cost to do it up plus the cost of outlay in things like Council Tax, insurances, etc, plus the cost of lost interest in a high-interest bank account plus the cost of any third party tradesmen that you have had to get in to do specialised work.

I ain't going to mention the health costs of stress and worry.

i will have gained invaluable skills

I hope it was not too expensive for your Mum to get you these invaluable skills.

If you have come here to get reassurance that you have done the right thing then you have come to wrong the place. There are other forums where, perhaps, you will get patted on the back for what you have done.

If you have genuinely done what you have done in order to help your Mum then you are to be commended. However, if you are seeking justification for obtaining your 'invaluable skills' or for your desire to do up a house then, again, you have come to the wrong place to seek absolution.

Only you know the answer to this deep down inside of yourself.

Right, my next big decision of the day is whether I buy a wholemeal or a white crusty loaf in the bakers.

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There was nothing nasty in my post.

I read your first post.

Your Mother wanted to sell the house.

You and your brother appear to have talked her out of it because you wanted to do it up.

Now you are posting on here appearing to blame the EA. Have I read that wrong - if so, please post the real story?

I read nothing in your original post about you trying to get the house cheap as you have now written in your last post. Maybe that is your inner voice trying to get out?

As for:

LMAO!

Are you kidding me?

Um, 18 months ago houses were still selling like hot-cakes and Spring 2007 was, to many people, the height of the bubble frenzy.

Well, the numerous statistics on here would appear to suggest that the Public were oblivious to the Credit Crunch prior to Northern Rock happening and even then many continued to be in denial re debt, credit and house prices. Anyhow, if what you say is true why did you go ahead and decide to do up a house? Were you not one of those "wise to the price for a long time"?

What does this mean - did you buy it off your Mother?

Yeah, sure. Of course I am jealous. Anyone who reads your post is no doubt jealous of your superb business accumen!? The only reason I post here is so that I can reflect in the awe of the brilliance of the thousands of property speculators who post on this site daily. :rolleyes:

If you can sell the house above what it was worth when it was left to her plus whatever it has cost to do it up plus the cost of outlay in things like Council Tax, insurances, etc, plus the cost of lost interest in a high-interest bank account plus the cost of any third party tradesmen that you have had to get in to do specialised work.

I ain't going to mention the health costs of stress and worry.

I hope it was not too expensive for your Mum to get you these invaluable skills.

If you have come here to get reassurance that you have done the right thing then you have come to wrong the place. There are other forums where, perhaps, you will get patted on the back for what you have done.

If you have genuinely done what you have done in order to help your Mum then you are to be commended. However, if you are seeking justification for obtaining your 'invaluable skills' or for your desire to do up a house then, again, you have come to the wrong place to seek absolution.

Only you know the answer to this deep down inside of yourself.

Right, my next big decision of the day is whether I buy a wholemeal or a white crusty loaf in the bakers.

Live dangerously, buy a white crusty loaf.

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I don't hold EA's in very high regard but believe it or not houses with loads of work needed are selling better than the lovely developed ones.

The idiots still think they'll make money tarting the houses up and selling them on, so maybe you would have been better selling before the work.

Get another EA round if you don't like that one, some of them know what they are talking about.

Girly girl, you are spot on, I have just seen two building plots sell at auction for not far of what a house would sell for. People think that they can build or repair a house into a value far beyond where the market ever was, even at it's highest.

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Guest sillybear2

Regardless of the in's and outs, this proves that houses are basically deprecating liabilities and certainly not 'assets' in a falling market.

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Developers premium.

It might have been on here I saw someone theorise you could make money buying done houses and trashing/dirtying them up.

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Live dangerously, buy a white crusty loaf.

I chickened out and went for the wholemeal. Now the next decision is whether to make a salmon (John West's finest wild alaskan) or a lined caught cod fish finger sarnie with lashings of ketchup and some saladie stuff just in case.

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I chickened out and went for the wholemeal. Now the next decision is whether to make a salmon (John West's finest wild alaskan) or a lined caught cod fish finger sarnie with lashings of ketchup and some saladie stuff just in case.

do you even need to ask.......

(the fish fingers...obviously)

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do you even need to ask.......

(the fish fingers...obviously)

NO, NO, no he should get the salmon with salad.

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I interpreted this as an explanation of idiocy in the general population rather than a moan about losing some money in the fall. It also explains why prices still aren't falling, just not selling. If agents are still ramping (and they were 3 months ago - I was told that there definitely would not be a crash - I think the line is now "its close to the bottom"). The thing to do is get it to the market as soon as possible and price it at 25% less than the valuation ("165 you say, hmmm. I'm feeling generous. put it on for 140"). It will probably be snapped.

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Good for the guys trying to help their mother out, but have they considered the capital gains tax liabilities in bothering to develop the property? (Assuming it is no ones principlal private residence)

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I went for the fish fingers - they were Birds Eye and not line caught - in a sarnie with a big heap of salad and lashings of some tomato beefburger type relish from M&S on them.

I washed it all down with a glass of apple juice and for afters I had a bowl of vanilla ice cream with a broken up flake sprinkled all over it.

Tomorrow, I will be eating cornflakes - crunchy ones - for my brekkie assuming that I am still around to have brekkie.

Good for the guys trying to help their mother out, but have they considered the capital gains tax liabilities in bothering to develop the property? (Assuming it is no ones principlal private residence)

Very good point Mousaka... I mean, Muskoka. (Food on the brain at the moment)

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There seems to be alot of hate in peoples minds on this forum. My reason for explaining in detail was to try to show you that estate agents were and still are overvalueing properties. The next door neighbour proved this. the estate agents valued next door at £210,000 in 2006. It sold about six months ago before the credit crunch for £172,000 and may be worth less now. If my Mother had put the house on the market she would have put it on for what the estate agents thought it would make at around £165,000. Unfotunately that is what people do, which has proved to be totaly rediculous. It was my Mothers wish for myself to restore the house in the end as she didn't know weather she wanted to move into it after it was completed.

People seem to think that if she had put the house on the market eighteen months ago it would have sold and alls well. Well i can tell you fact, Lincoln has totaly ground to a halt and has been for at least two years, as people haven't realised the values are grossely overpriced.

As for the comment on houses selling better that need work. They may sell better who knows but i've had my eye on a couple of houses that need work near me and they haven't sold and are still for sale after two years as they were overvalued and now they probably wont sell unless they are rediculously cheap.

Come on guys stop trying to find every little piece of evidence and try twisting it round to make yourselves feel better. We are all very happy that the house is now being renovated and just to add about time and costs, We should come in at £10,000 under budget simply because we estimated the maximum price if we needed more proffessional help which has been to the minimum. It has taken six months longer than expected and yes its been a hard old struggle to keep motivated sometimes but it's nearly there and will make either my mum or someone else a very nice comfortable home and we are hopefully making it a more saleable home at the same time.

I have no doubts we made the right choice even though the house is loseing value. It would be loseing more value sat there with the grass eight foot high and a delapidated forsale sign hanging outside with vandels still trying thier best to destroy it further.

So come on chaps lets see what else you can say. If it gets it off your chest and makes you feel better for picking at every detail so beit.

Look forward to your moans. At least i've got off my backside and got on with it not like some who would rather spend all day moaning.

Regards....1800s

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Sounds like you've done most of the labour work yourselves. Um, now if you had used purchased labour, you may (just may) have been able to offset that against the capital gains, but by doing the work yourself, you have just given the taxman an even larger 18% of any profit margin! But then again if you have only replaced things in the house, i.e. windows/kitchen/bathroom/etc then Mr Taxman will have 18% of all of it anyway - um ah well - takes all sorts.

Acutally on a serious note, you do need to check your CGT liabilities, otherwise you may be dropping your mom in lots of doggy poo!! Please look into this as I'm sure you dont want a good percentage of your profit going to the taxman

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There seems to be alot of hate in peoples minds on this forum. My reason for explaining in detail was to try to show you that estate agents were and still are overvalueing properties. The next door neighbour proved this. the estate agents valued next door at £210,000 in 2006. It sold about six months ago before the credit crunch for £172,000 and may be worth less now. If my Mother had put the house on the market she would have put it on for what the estate agents thought it would make at around £165,000. Unfotunately that is what people do, which has proved to be totaly rediculous. It was my Mothers wish for myself to restore the house in the end as she didn't know weather she wanted to move into it after it was completed.

People seem to think that if she had put the house on the market eighteen months ago it would have sold and alls well. Well i can tell you fact, Lincoln has totaly ground to a halt and has been for at least two years, as people haven't realised the values are grossely overpriced.

As for the comment on houses selling better that need work. They may sell better who knows but i've had my eye on a couple of houses that need work near me and they haven't sold and are still for sale after two years as they were overvalued and now they probably wont sell unless they are rediculously cheap.

Come on guys stop trying to find every little piece of evidence and try twisting it round to make yourselves feel better. We are all very happy that the house is now being renovated and just to add about time and costs, We should come in at £10,000 under budget simply because we estimated the maximum price if we needed more proffessional help which has been to the minimum. It has taken six months longer than expected and yes its been a hard old struggle to keep motivated sometimes but it's nearly there and will make either my mum or someone else a very nice comfortable home and we are hopefully making it a more saleable home at the same time.

I have no doubts we made the right choice even though the house is loseing value. It would be loseing more value sat there with the grass eight foot high and a delapidated forsale sign hanging outside with vandels still trying thier best to destroy it further.

So come on chaps lets see what else you can say. If it gets it off your chest and makes you feel better for picking at every detail so beit.

Look forward to your moans. At least i've got off my backside and got on with it not like some who would rather spend all day moaning.

Regards....1800s

Hey 1800's!

It is very difficult to get a balanced view on here, remember this is House Price Crash!

I buy / sell property in Lincolnshire / Notts including Lincoln in the past. Lincoln really is in dire straits at the moment largely because the Dean of the Uni has stated that 90% of students are to be housed in the newly built student accommodation. This has sent many BTL investors running for the hills hence the huge number of west end terraces for sale.

To cheer you up however a good bungalow realistically priced will sell! If your in North Hykeham even better!

It is true to some extent that houses in need of work are still more popular, but as someone else mentioned it really has to be cheap! Remember there are people like myself who need to stay in business and so there will always be demand from the professionals for a house in the right location.

However demand is still high for properties in walk in condition, in a falling market people don't need to take on properties that need work as they can pick and choose, you need to have the best bungalow in your area at a lower price than your direct competition.

Don't be too put of by people on here, i have had no troubles so far selling this year BUT the price must be 10-15% below the highs seen last year, if you can afford a 5% vendor gifted deposit then this is sensible but with bungalows buyers tend to have cash!

In bad times people tend to take the view that nothing will sell and the sky is falling in, the reality is however that the right type of property, in walk in condition and realistically priced will still sell, there are still people locally selling houses within a week!. In my experience it is better to price low and get the interest than leave it sat on the market for months on end whilst it depreciates further!

As a further note you are absolutely right to judge the price yourself, many estate agents are still valueing at levels seen last year to get the business, however there are many good estate agents that actually want to stay in business and will be completely honest! Mundy's is your best bet in Lincoln, try to stick to the independent estate agents that have been in business for years, corporate estate agents (Haart, Bairstow etc) are governed by targets and will screw you over to make a sale if needs be.

If you ask me you have done exactly the right thing to make your property saleable, standing out from the crowd is what it is all about in these hard times. That usually means being the best or the cheapest, if you can manage both then you'll do just fine!

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Hey 1800's!

It is very difficult to get a balanced view on here, remember this is House Price Crash!

I buy / sell property in Lincolnshire / Notts including Lincoln in the past. Lincoln really is in dire straits at the moment largely because the Dean of the Uni has stated that 90% of students are to be housed in the newly built student accommodation. This has sent many BTL investors running for the hills hence the huge number of west end terraces for sale.

To cheer you up however a good bungalow realistically priced will sell! If your in North Hykeham even better!

It is true to some extent that houses in need of work are still more popular, but as someone else mentioned it really has to be cheap! Remember there are people like myself who need to stay in business and so there will always be demand from the professionals for a house in the right location.

However demand is still high for properties in walk in condition, in a falling market people don't need to take on properties that need work as they can pick and choose, you need to have the best bungalow in your area at a lower price than your direct competition.

Don't be too put of by people on here, i have had no troubles so far selling this year BUT the price must be 10-15% below the highs seen last year, if you can afford a 5% vendor gifted deposit then this is sensible but with bungalows buyers tend to have cash!

In bad times people tend to take the view that nothing will sell and the sky is falling in, the reality is however that the right type of property, in walk in condition and realistically priced will still sell, there are still people locally selling houses within a week!. In my experience it is better to price low and get the interest than leave it sat on the market for months on end whilst it depreciates further!

As a further note you are absolutely right to judge the price yourself, many estate agents are still valueing at levels seen last year to get the business, however there are many good estate agents that actually want to stay in business and will be completely honest! Mundy's is your best bet in Lincoln, try to stick to the independent estate agents that have been in business for years, corporate estate agents (Haart, Bairstow etc) are governed by targets and will screw you over to make a sale if needs be.

If you ask me you have done exactly the right thing to make your property saleable, standing out from the crowd is what it is all about in these hard times. That usually means being the best or the cheapest, if you can manage both then you'll do just fine!

Nice to see a more structured answer. I have been watching the market in Lincoln for some time. Years infact, in the hope of finding something to have a go at. But the last few years all i have seen is property that was in my opinion totaly overpriced and i have been watching them slowly lower the price but they still seem to be trying to sell at the top end of the valuations. Below is a link to a property i have had my eye on for over two years. It started life on the market for £156,000. My own valuation at the time (two years ago) was more like £125,000. The price is now £132,000 which i believe the value to be around £110,000 in my opinion or maybe less!!

http://212.50.188.105/cgi-win/vebra.cgi?de...1/BUNKE/11455/1

What do people think out there if anyone knows the prices for that area

Edited by 1800s

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  • 399 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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