Just put house up for sale...

[Sibley 10]

Where is your property? Me and my girlfriend have been looking at loads of places in crookes/walkley area. Despite the drop in house values, we're finding many that we consider to be overpriced. It appears that many people are trying to fight the true market.

 

Or maybe some are trying to talk down the true market.

 

With all due respect if you don't have enough money to buy a house in Crookes/Walkley then you should look at an area you can afford.

 

 

It's pointless believing all the price crash hype. A month ago the papers were saying 30% off etc. Have you seen or do you know anyone who's had a bargain like that? Of course not.

 

People don't need to give away their biggest asset.

[numbercrunch 10]

People don't need to give away their biggest asset.

 

And likewise people don't need to overpay for the biggest single purchase they will ever make.

 

This thread is full of people with their heads in the sand.

 

A house is worth what someone is willing AND able to pay for it.

 

The able bit comes down to how much they can borrow. With Lehmans bank on the brink this weekend, if you think the mortgage market is going to turn any time soon, you may find your self sadly mistaken (and regretting your blind optimism).

 

With all due respect, Sibley, the current state of the market is not all down to 'talk', its the inevitable consequence of the credit binge we have had for the last 10 years.

 

In todays Telegraph, Sarah Beeny says that any idiot could see this coming as far back as 2005 (as a result she has only been buying houses to do up and sell since then, not keeping them to rent out).

 

Perhaps it was just the clever ones that didn't see it coming..............

[Munch 10]

Or maybe some are trying to talk down the true market.

 

With all due respect if you don't have enough money to buy a house in Crookes/Walkley then you should look at an area you can afford.

 

 

It's pointless believing all the price crash hype. A month ago the papers were saying 30% off etc. Have you seen or do you know anyone who's had a bargain like that? Of course not.

 

People don't need to give away their biggest asset.

 

With all due respect I think your comment is a bit of a conclusion jump! I never indicated that we did'nt have enough money, just think theres some real dumps for sale which are ridiculously overpriced even considering the expensive area. We are intelligent enough to have done much research into knowing which area is right for us and what we can buy for our budget in those respective areas.

 

Admittedly, I don't know anyone who has had a bargain recently although I know people who have bought places which are right for them. I understand that people always want to make a profit and expect to sell for considerably more than they bought for, which is fair enough when they have done a lot of work and added value but not when they have done nothing apart from add to age deterioration.

 

I'd like to hear back from the OP regarding their property though. Maybe it has just not been very well advertised e.g on net etc.. If it adds anything to the discussion by giving my view as a 'buyer', we don't want to be next door or too close to student/rented properties and want an average to nice garden. Maybe that puts people looking to settle down off a little although I obviously realise that may not be teh case for the OP's house. Thats why im interested to know where abouts it is as some parts of crookes are lovely and others not so.

[Sibley 10]

This thread is full of people with their heads in the sand.

 

 

I think you really mean people who don't want to sell their house cheap when the market is bad and would rather wait until prices pick up.

 

It might not suit you but that's the way it is.

 

The government will have to bail the banks out with the mortgage gaurantee scheme very soon. Once lendings relaxed you have no chance of seeing property prices drop further.

 

The banks have already started offering decent rates again.

 

I'd be really sorry to see people losing money because of hyped up crash talk. If you sold cheap now you would regret it for the rest of your life.

 

Better just sit tight.

 

If you own a decent property in a nice area you won't lose out.

 

All these crash talkers ought to buy what they can actually afford. They are just wasting estate agents and sellers time with silly offers. 10 years from now they still won't be on the ladder.

[Cyclone 10]

Are any houses selling around you? We're also on the market, and as far as I know no other houses around here are getting many, if any viewings, so in a way the asking price is less relevant - if and when people start dipping their toe back into the marketplace and looking to buy, surely they'll start viewing and then making offers, whether at "silly" prices or otherwise..? Only then, IMO, will we get an idea of the correct market value of houses, and until then reducing prices too much will just give buyers a lower price point to bargain down from, which might end up in them getting a bargain, but sellers being stuffed even further.

Just my opinion though (albeit an optimistic one!)

 

I think you're confusing cause and effect.

The reason people aren't buying is that the mortgage situation has changed and they can't borrow as much. So if you lower your price and they see that they can afford it then you'll get viewings.

The asking price is the key thing that determines whether you'll get any interest, if it's cheap enough then someone will be interested in buying it, if it isn't then they won't. So that 'cheap enough' price is the true market value.

[Cyclone 10]

Hopskotch,

 

Bertiebasset has given you some excellent advice there and I'd take it.

There are no genuine buyers in the market right now, only dreamers living in bedsits making silly offers that nobody is taking.

 

There isn't a housing market at the moment so just waiting a while will net you the right price when things go back to normal.

 

Don't be down in the dumps. Thousands are doing the same.

 

If you sell at 10% off now you will kick yourself next year.

 

Where does the blind optimism that things will "go back to normal" come from.

 

Normal has changed, this is the new normal. Mortgages are back to more sensible multiples, the interest rate isn't going to fall much as inflation is only barely under control and we are officially in a recession.

Market volumes will pick up again once the average selling price has fallen to the average amount that someone can borrow. And until the economy in general recovers (which could be anything from 6 months to 4 years) the upper end of the housing market will be depressed.

[Cyclone 10]

I can see a house out of the window on Kirkstone Rd that's been for sale for 6 months now at 115k. I have a look occasionally to see if they've dropped the price, but they obviously aren't in a rush to sell. Haven't seen anyone view it for quite a while now though.

[BertieBasset 10]

you sound so sure of yourself, we should all listen up because Cyclone is here with all the answers....I don't think you even understand what inflation is!

 

Where does the blind optimism that things will "go back to normal" come from.

 

Normal has changed, this is the new normal. Mortgages are back to more sensible multiples, the interest rate isn't going to fall much as inflation is only barely under control and we are officially in a recession.

Market volumes will pick up again once the average selling price has fallen to the average amount that someone can borrow. And until the economy in general recovers (which could be anything from 6 months to 4 years) the upper end of the housing market will be depressed.

[Cyclone 10]

you sound so sure of yourself, we should all listen up because Cyclone is here with all the answers....I don't think you even understand what inflation is!

 

So is that the extent of your counter argument? The best you can do is point out that I sound sure of myself, whereas the predictions you made, you sounded so unsure? And then insult my intelligence, yeah, that makes you're arguments sound much more convincing.

[BertieBasset 10]

Your comments highlight that you use terms very loosely and without really understanding their meaning

 

So is that the extent of your counter argument? The best you can do is point out that I sound sure of myself, whereas the predictions you made, you sounded so unsure? And then insult my intelligence, yeah, that makes you're arguments sound much more convincing.

[BertieBasset 10]

Cyclone's nuggets of advice...listen up everyone, Cyclone says all this so it must be true! Hang economic theory and behavioural science in these matters, the voice of truth speaks!

 

"The reason people aren't buying is that the mortgage situation has changed and they can't borrow as much.

 

So if you lower your price and they see that they can afford it then you'll get viewings.

 

The asking price is the key thing that determines whether you'll get any interest,

 

Normal has changed, this is the new normal.

 

interest rate isn't going to fall much

 

we are officially in a recession

 

And until the economy in general recovers (which could be anything from 6 months to 4 years) the upper end of the housing market will be depressed." pmsl

[neeeeeeeeeek 10]

Sorry, not read all the thread but did you get a few valuations? have you got a link to the property?