JimmyRB5PRO

Sorry if its been said b4 but I currently have my house for sale at £169,950 and have been gettin offers at £155-£160 ish and have one at the mo at £162,000 and have a fair bot of equity but the house we wanna buy is around the £350,000 ish mark so the question is how much should i be able to knock them down ? and what is going to happen at this end of the market things appear to be coming down at the mo so i want to make sure i don't get carried away and pay over the odds???

Cheers

davegtt

well I'd be accepting the last offer considering its only a small percentage drop in price compared to the asking price. Always be prepared to drop the asking price when selling jsut how much by depends on your house and your stubborness.....

should be able to know a nice 10k off the other house too (more movement in a more expensive place, always will be)

ALi-B

iTrader: (1)

Ask your estate agent if anything is selling. They are finding it quite hard the moment. The market has slowed down quite a bit in some areas

Petem95

You should be looking for at least 10% the new place, and more if its a new build on an estate.

House prices are only going to be going one direction for the next few years at least however, and thats down - probably at increasing rates. London house prices are down almost 5% now over the last 12months, and the rest of the country always follows suit.

We are almost certainly in for a recession too, so dont overstretch yourself!

OllyK

House prices will be staying about the same over the next 6 months, except for the ones that go up or down

Seriously, accept the higher offer you have and haggle on the purchase of the new one. Only you can decide how stretched you will be at that price. It may be worth working out at what interest rate things are going to get uncomfortable for you and decide if you think those rates are likely to re-occur. Assuming you are in for the longer haul and can service the loan, the actual house prices and what they are doing isn't that important.

warrenm2

I reckon lower priced houses will rise in April next year due to A day (property can be bought with SIPPs)

vaughant

i doubt that you`ll see a significant drop in house prices over the next few years as Mr. Blair wants us all too work on until were 70/75 , you`ll see more and more people taking out mortgages over longer terms ( 30- 35 years). Another interest rate drop will see housebuyers rushing back out to Ikea etc!! Labour know that if they try the boom or bust mentality that`s exactly what will happen to them, bust big time.Don`t forget about the higher rate of stamp duty( over 250K) and use this as a good bargaining tool. That offer on your house sounds very good, it shows that the couple are keen enough not too take a stab in the dark at any old price.

Petem95

This is yet another attempt by the government to keep house prices up, but smart investors will know there are better ways to invest their SIPPS money.

It may well cause a blip, but the overall trend will no doubt continue downwards. I expect we'll hear the government, estate agents and mortgage lenders like the Halifax talking it up, but if you read into it in details its not as good as it first appears.

R1916v

They're definitely slowing. A nice place near me was up for 180k a month or two ago, since then it's come down twice to 169k now. Not a huge drop percentage wise but enough to make me happier as I can't buy till this time next year

As for agents talking it up, maybe the **** crap ones who are pooing themselves, my folks own one and they reckon prices will come down, but then they don't really have any competition where they are.

DanTheMan

My mate has his 1 bed flat up for £169K and hes just accepted £162.5K which is not too bad, he knew he would take a hit but he's happy

R1916v

That's not too bad I'd have said.

Terminator X

iTrader: (7)

Sold + bought back in Dec 2004 - got knocked by a few grand on the sale (1%) but got £6k off the new house (2%) so quite happy. If you get knocked by £x then just look to do the same or better on the house that you buy.

House prices will be pretty steady methinks + will keep rising by a few % a year until salaries catch up, no big crash in my view. Interest rates seem set to be low in the long term which is great for mortgages + house prices but bad for savings. Life's too short to save anyway, the Government will only spend it for you when you get old ...

TX.

MikeCardiff

iTrader: (2)

With the new house, check how long its been on the market at £350K and what similar houses have sold for since it was put on - a lot of estate agents seem to be trying to make up for the poor sales by giving stupid valuations on houses, and the sellers believe them in the hope some idiot comes along.

House down the road from me was on at £290K - sat there for 3 months without a viewing, they dropped the price to £250K as they were desperate to move, and still no takers - eventually sold a few weeks back for £240K, which is about what it was actually worth compared to others around the area.

SPEN555

How do you know what a house sells for though? You can only go my the last price it sold for?

For example, you put up a house at £350k and have no interest and six months later one person views and makes an offer of £300k and is accepted. True sale is £300k but the only info you have it was at £350k?

davegtt

Beacause there are web sites that let you know the sale value plus he might know the seller?

JimmyRB5PRO

Update : made on offer of £337K to test the water - got knocked back so am now looking to make another offer.
Its on at £360K and has been for 3months and had quite a few viewing but no offers so what do u think is a reasonable offer - think we are going to go back at £345K and see what happens.

fingers crossed ......................

merlin

http://www.nethouseprices.com/ - very useful...

davegtt

I reckon if you pay more than 350k you'd be a little on the silly side, should easily get 10k knocked off on a house at that value

JimmyRB5PRO

Yep dont really want to pay £350K - but i now they would say yes to that - really think its only worth £345K and maybe an extra 1or 2 k if needed.

MikeCardiff

iTrader: (2)

Re my post about the house near me - was next door neighbour of one of our friends, and she had had to sit through the sellers telling her the whole ordeal.

With the OP's house - I would offer 340 and tell them that the offer will stand for 7 days - if they dont want to take it, you'll forget about the house and look elsewhere. Give them time to let it sink in that a number of people have come to look at their house in the last 3 months, and NONE have thought it was worth what they were asking for it.

Nethouseprices is very good, but make sure you only look at houses that have sold in the last 3 months, if you look what one sold for 12 months ago when the market was still rising, it wont give a true representation.

Re Terminators post - salaries only go up by a few percent a year - they are NEVER going to catch up with house prices until the prices come down - hence so many first time buyers now cant afford to buy ANYTHING in a lot of areas.

My prediction, I reckon a drop of up to a couple of percent a month over the next 12 to 18 months ( say 20 to 25 % overall in that period ), possibly not in certain areas where people will always pay a premium, but for normal houses in normal areas that have increased in value by stupid amounts this isnt that far fetched.

Until first time buyers can afford to get on the property ladder again, the whole market will stagnate and houses will lose value as it effects sellers all the way up the ladder.

R1916v

MY folks place was up for 350 and they took an offer of 340k. They didn't sell in the end as the sellers were ***** and messed them about, called them liars etc.

They turned up on the doorstep a month later offering the extra 10k, they told them to **** off and can't be arsed to sell now.