House prices - not here they're not
Discussion
Ahh the lovely, always right, Daily Mail.
I remember as an IFA reading the article about the woman who had not taken any advice invest 250k in an investment bond and wanted to pull out after a year. She was complaining about the initial charge and was unhappy that no one called her to explain even though they were all over her policy documents. The lovely mail supported her cause.
The crappest financial advisers by far: The Daily Mail. Always wrong.
I remember as an IFA reading the article about the woman who had not taken any advice invest 250k in an investment bond and wanted to pull out after a year. She was complaining about the initial charge and was unhappy that no one called her to explain even though they were all over her policy documents. The lovely mail supported her cause.
The crappest financial advisers by far: The Daily Mail. Always wrong.
smutbag said:
Stupidity.
My estate agent has informed me that I have probably lost about £30k of value in the last 4-6 months. And it could get worse.
Three viewings......fecking hell.
Thats alright then, cos we all know estate agents are salt of the earth types who are highly trained and qualified in their field.My estate agent has informed me that I have probably lost about £30k of value in the last 4-6 months. And it could get worse.
Three viewings......fecking hell.
Hoppy2008 said:
smutbag said:
Stupidity.
My estate agent has informed me that I have probably lost about £30k of value in the last 4-6 months. And it could get worse.
Three viewings......fecking hell.
Thats alright then, cos we all know estate agents are salt of the earth types who are highly trained and qualified in their field.My estate agent has informed me that I have probably lost about £30k of value in the last 4-6 months. And it could get worse.
Three viewings......fecking hell.
But, yes..salt of the earch indeed.
13% is suh a misleading figure. If you marketed your house at ANY figure right now buyer would want at least that amount off the asking price as well as a tempting valuation in the first place.
To get people in the door you have to be aggressive in your asking price as theres so few buyers and so many properties for sale. To get an offer you have to expect the asking price to be reduced significantly.
Then by the time they cone to excahneg its time for a reverse gazump tactic - - gazunder? to seal the deal.
I'd suggest that to actually get a sale anytime quick you'd have to be looking at 20% under current valuation to attract a buyer that can actually proceed. And thats the issue isnt it? No one can proceed unless they got cash in the bank.
To get people in the door you have to be aggressive in your asking price as theres so few buyers and so many properties for sale. To get an offer you have to expect the asking price to be reduced significantly.
Then by the time they cone to excahneg its time for a reverse gazump tactic - - gazunder? to seal the deal.
I'd suggest that to actually get a sale anytime quick you'd have to be looking at 20% under current valuation to attract a buyer that can actually proceed. And thats the issue isnt it? No one can proceed unless they got cash in the bank.
smutbag said:
Hoppy2008 said:
smutbag said:
Stupidity.
My estate agent has informed me that I have probably lost about £30k of value in the last 4-6 months. And it could get worse.
Three viewings......fecking hell.
Thats alright then, cos we all know estate agents are salt of the earth types who are highly trained and qualified in their field.My estate agent has informed me that I have probably lost about £30k of value in the last 4-6 months. And it could get worse.
Three viewings......fecking hell.
But, yes..salt of the earch indeed.
I hope it doesnt look like I was having a go at you there SB, I wasnt.
Its the estate agents I hate. Especially the 21 year old "Sales Manager" types.
21 Years old FFS!!
leon_t said:
"Just 5 per cent of people said they thought the value of their property would decrease significantly during the period"
Indeed 
I bet they're the ones saying "Ahh, house prices are plumeting but not in my area/street".
People also mistake asking prices for selling prices. A few years ago, asking prices were about he same as selling prices give or take. Now they're much lower. People quoting asking prices in their area are now just being stupid, look at some websites that tell you what it actually went for, some surprises to be had! A local house up for £400k actually sold for £320 earlier this year.....
We're still at a point where many people still have houses up for sale with unrealistic prices, as every week/month goes by the value is falling so there's an even bigger gap. If they'd been more realistic early on, they'd price lower and get the sale.
All their excuses come out "well, I'll keep it high as I don't really need to move". You either need/want to move or you don't, being unrealistic just means you won't get good money for the house.
e.g. House A is worth £200k in January, buyer puts it up at £250k.
March comes and no interest so he puts it down to £230k. However, the value is now £180k so he's still asking £50k too much. If he'd put it up at £210k in January in the first place, he may have got interest and offers.
Basically, he could have got £200k by pricing it appropriately in the 1st place. Because he waited in the hope of a high price (which was never really gonna happen) he now stands to only get £180k, if that.
In a falling market, it's like selling cars. For every month that you don't sell the car, you lose even more money in depreciation.
Edited by Dracoro on Friday 17th October 10:00
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