Flippin housing market what's going on at all.
Jul 10th 2005, 8:35 pm
#46
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Thread Starter
Joined: Aug 2004
Location: Buderim on the Sunshine Coast.
Posts: 812
Re: Flippin housing market what's going on at all.
Originally Posted by Hughesjohn
We have also had some difficulty selling our house in North London. We put it on the market last summer for £305,000 after having it valued by the local Estate Agent. He said that it would sell in a few weeks.
We had quite a few viewings in September and October, but the offers were around 15% less than the asking price. We decided that we would hold out for something closer to the asking price.
In January, we went multiple agents after speaking to our friends. 2% commission seemed like a small price to pay to get our sale and enabling us to move to Perth.
Virtually no viewings and in March, the agent recommended reducing the price to £290k, which we reluctantly did. No real interest - we have just been asked to reduce to £275k which we have done. Interest level has gone up, so we have our fingers crossed now.
Sending Karma to you, but please return it with some more, as we need to sell up by August ideally to make our move.
We had quite a few viewings in September and October, but the offers were around 15% less than the asking price. We decided that we would hold out for something closer to the asking price.
In January, we went multiple agents after speaking to our friends. 2% commission seemed like a small price to pay to get our sale and enabling us to move to Perth.
Virtually no viewings and in March, the agent recommended reducing the price to £290k, which we reluctantly did. No real interest - we have just been asked to reduce to £275k which we have done. Interest level has gone up, so we have our fingers crossed now.
Sending Karma to you, but please return it with some more, as we need to sell up by August ideally to make our move.
Jul 10th 2005, 8:40 pm
#47
Joined: May 2005
Posts: 2,873
Re: Flippin housing market what's going on at all.
Originally Posted by clairey
Hi
This is my first post on here,would've liked it to be a positive one but reading all these messages about selling houses is something I can really relate to so I can empathise with you all. We had our visa granted in March and put the house up in April.We've had about 10 viewings and two offers but practically everyone that comes hasn't even put their house on the market yet!! We had a second viewing from 1st time buyers on Friday who said they would email and let us know their decision the day after,we haven't heard a thing!
We're so incredibly stressed and fed up that we are seriously considering just selling it cheap to a company that buys houses for cash.We will still make a profit but won't have a decent amount of money left over for a deposit on a new house.It's a last resort,especially since we have offers in at the full asking price but we can't hang around forever waiting for them to sell theirs first. I really hope it's worth all this stress,our excitement is starting to dampen now.
Claire
This is my first post on here,would've liked it to be a positive one but reading all these messages about selling houses is something I can really relate to so I can empathise with you all. We had our visa granted in March and put the house up in April.We've had about 10 viewings and two offers but practically everyone that comes hasn't even put their house on the market yet!! We had a second viewing from 1st time buyers on Friday who said they would email and let us know their decision the day after,we haven't heard a thing!
We're so incredibly stressed and fed up that we are seriously considering just selling it cheap to a company that buys houses for cash.We will still make a profit but won't have a decent amount of money left over for a deposit on a new house.It's a last resort,especially since we have offers in at the full asking price but we can't hang around forever waiting for them to sell theirs first. I really hope it's worth all this stress,our excitement is starting to dampen now.
Claire
Jul 10th 2005, 9:45 pm
#48
Vi
Joined: Jul 2005
Location: Prince Edward Island
Posts: 343
Re: Flippin housing market what's going on at all.
Originally Posted by zx10r_aus
Hi Paula,
This is something I don't understand. Here in Scotland the houses seem to sell quickly. Our flat sold with in a week, and 4 people bid atleast 20,000 over the asking price. And 2 other places in the same area had the same ordeal. Then I read stories like yours about having houses on the market for so long and then getting £1,000's taken off just to sell. It seems to be a lot different in Scotland. Anyway, I wish you good luck with the house sale, let us know soon how it turns out.
If you have any more troubles with the house sale let me know and I'll pull your house up to Scotland. It'll sell with in a week....
Jim
P.S. Karma sent.
This is something I don't understand. Here in Scotland the houses seem to sell quickly. Our flat sold with in a week, and 4 people bid atleast 20,000 over the asking price. And 2 other places in the same area had the same ordeal. Then I read stories like yours about having houses on the market for so long and then getting £1,000's taken off just to sell. It seems to be a lot different in Scotland. Anyway, I wish you good luck with the house sale, let us know soon how it turns out.
If you have any more troubles with the house sale let me know and I'll pull your house up to Scotland. It'll sell with in a week....
Jim
P.S. Karma sent.
Our house has been on the market for several months..........lots of offers but all way under the asking price there seems to be a glut of houses in the scottish borders.a buyers market i'm told fingers crossed.
Know anyone who would like to buy a 3 bedroom detached in village.
Jul 13th 2005, 9:52 pm
#49
Just Joined
Joined: Jul 2005
Posts: 3
Re: Flippin housing market what's going on at all.
Originally Posted by cantwait
Good luck, and lots of Karma sent too.
Are these buyers nuts! Will we ever be able to make our move?
Worse still, the Australian Dollar has been getting stronger, so in effect we are getting poorer (assuming that we move)!
I am not a happy bunny.
Jul 13th 2005, 10:43 pm
#50
Forum Regular
Joined: Jan 2005
Posts: 30
Re: Flippin housing market what's going on at all.
Originally Posted by Hughesjohn
This is getting ridiculous. We had an offer today at £240k!!! £35k less than the asking price which was in turn reduced from £305k!
Are these buyers nuts! Will we ever be able to make our move?
Worse still, the Australian Dollar has been getting stronger, so in effect we are getting poorer (assuming that we move)!
I am not a happy bunny.
Are these buyers nuts! Will we ever be able to make our move?
Worse still, the Australian Dollar has been getting stronger, so in effect we are getting poorer (assuming that we move)!
I am not a happy bunny.
Sack your agent and try another one.
Jul 14th 2005, 5:48 am
#51
Loving it in Bundy
Joined: Sep 2003
Location: Bundaberg, Australia
Posts: 1,775
Re: Flippin housing market what's going on at all.
Originally Posted by brisnick
was it really a 20k loss, or was the house overvalued by 20k?
really, if you sold the house for more than you bought it for taking into account inflation, then you haven't made a loss at all!
really, if you sold the house for more than you bought it for taking into account inflation, then you haven't made a loss at all!
The agents tried to overprice our house to start with but we wouldn't agree to it. It was actually cheaper than most around here to start with.
Our house was completely renovated just over 2 years ago and had we paid someone to do it, would have cost around 25k for all work etc. We did everything ourselves over a period of 3 months, everynight after work and weekends etc and spent around 12k and had to live with the MIL, :scared: . So you are right in one sense, we haven't actually made a loss. Just been a nightmare being on the market 11 months before getting any offers and having to pay massive amounts of interest on the money we borrowed for our bond. We owe more now than we actually borrowed, but I'm sure it will all be worth it when we eventually sign on the dotted line.
Sarah
Jul 14th 2005, 6:47 am
#52
Forum Regular
Joined: Sep 2003
Location: Noosa, Sunshine Coast
Posts: 38
Re: Flippin housing market what's going on at all.
[QUOTE=cantwait]Hi everyone.
We were in the same predicament as you. We topped up the mortgage rented the house and have been living in Noosa sunshine coast for 20 months now. We"ll forget about the house until such a time in the future when the housing market picks up. Surely this has got to be a better option rather over 4mths later anthan letting all that hard earned cash go down the drain.
.
rob and kim
We were in the same predicament as you. We topped up the mortgage rented the house and have been living in Noosa sunshine coast for 20 months now. We"ll forget about the house until such a time in the future when the housing market picks up. Surely this has got to be a better option rather over 4mths later anthan letting all that hard earned cash go down the drain.
.
rob and kim
Jul 17th 2005, 7:17 am
#53
Forum Regular
Joined: Aug 2004
Location: Portsmouth
Posts: 58
Re: Flippin housing market what's going on at all.
From financial articles I have read in the Guardian, FT, Telegraph and BBC Online recently, the consensus from economists is that interest rates are highly likely to drop quarter percent on 7 August and this will be the start of a gradual drop. Apparently this is because of a lack of consumer spending - accentuated now by the London bombings - and this drop will encourage consumer confidence.
What I am not sure of is how long this news will take to boost the property market. We need to sell by November and have had hardly any viewings so far. The interest rate drop (if it does happen) can only be good news but will it give the market an immediate kick up the bum or will it take until next year to have any sort of profound effect? Was anyone selling the last time they started dropping interest rates by quarter percent every few months who can comment?
Anyone wanting to read pieces then do a search on the online broadsheets and tap in 'Bank of England interest rates' - lots of stuff on there people like us want to hear!
Chaley
&kim]
What I am not sure of is how long this news will take to boost the property market. We need to sell by November and have had hardly any viewings so far. The interest rate drop (if it does happen) can only be good news but will it give the market an immediate kick up the bum or will it take until next year to have any sort of profound effect? Was anyone selling the last time they started dropping interest rates by quarter percent every few months who can comment?
Anyone wanting to read pieces then do a search on the online broadsheets and tap in 'Bank of England interest rates' - lots of stuff on there people like us want to hear!
Chaley
&kim]
Originally Posted by cantwait
Hi everyone.
We were in the same predicament as you. We topped up the mortgage rented the house and have been living in Noosa sunshine coast for 20 months now. We"ll forget about the house until such a time in the future when the housing market picks up. Surely this has got to be a better option rather over 4mths later anthan letting all that hard earned cash go down the drain.
.
rob and kim
We were in the same predicament as you. We topped up the mortgage rented the house and have been living in Noosa sunshine coast for 20 months now. We"ll forget about the house until such a time in the future when the housing market picks up. Surely this has got to be a better option rather over 4mths later anthan letting all that hard earned cash go down the drain.
.
rob and kim
Jul 17th 2005, 7:45 am
#54
Guest
Posts: n/a
Re: Flippin housing market what's going on at all.
Originally Posted by cantwait
Hi everyone.
We really need some good luck Karma for Sunday, we've got a couple coming round for a second viewing, they came last Saturday and the agent rang yesterday to say they want to come back at the weekend he also said they looked at quite a lot of properties but said they liked our's the best, i cant help but get exited.
We put the house for sale 1st March, and the agent said at the time it should sell very quickly, good area, and we've got a really large plot, but over 4mths later and we are still hear, (with the visa in our hands waiting.)
Can't really bear the thought of the kids going back to school in September, my son said all the kids at school have been saying "are you not going to Australia now".
So last week we decided to drop the price not something we wanted to do but we thought it might help or save us a trip out to validate the visa at the end of the year, since we dropped it £18,000 we've had more viewing's.
The estate agent said nothing's really selling at the moment only the bargain's, last month a couple made an offer £45,000 grand under the asking price we told them were to stick the offer.
Any one else in the same boat??
Paula.
Warrington, Cheshire. Brisbane soooooon please.
We really need some good luck Karma for Sunday, we've got a couple coming round for a second viewing, they came last Saturday and the agent rang yesterday to say they want to come back at the weekend he also said they looked at quite a lot of properties but said they liked our's the best, i cant help but get exited.
We put the house for sale 1st March, and the agent said at the time it should sell very quickly, good area, and we've got a really large plot, but over 4mths later and we are still hear, (with the visa in our hands waiting.)
Can't really bear the thought of the kids going back to school in September, my son said all the kids at school have been saying "are you not going to Australia now".
So last week we decided to drop the price not something we wanted to do but we thought it might help or save us a trip out to validate the visa at the end of the year, since we dropped it £18,000 we've had more viewing's.
The estate agent said nothing's really selling at the moment only the bargain's, last month a couple made an offer £45,000 grand under the asking price we told them were to stick the offer.
Any one else in the same boat??
Paula.
Warrington, Cheshire. Brisbane soooooon please.
Jul 17th 2005, 8:12 am
#55
BE Enthusiast
Joined: Feb 2004
Posts: 987
Re: Flippin housing market what's going on at all.
Originally Posted by cantwait
Hi everyone.
We really need some good luck Karma for Sunday, we've got a couple coming round for a second viewing, they came last Saturday and the agent rang yesterday to say they want to come back at the weekend he also said they looked at quite a lot of properties but said they liked our's the best, i cant help but get exited.
We put the house for sale 1st March, and the agent said at the time it should sell very quickly, good area, and we've got a really large plot, but over 4mths later and we are still hear, (with the visa in our hands waiting.)
Can't really bear the thought of the kids going back to school in September, my son said all the kids at school have been saying "are you not going to Australia now".
So last week we decided to drop the price not something we wanted to do but we thought it might help or save us a trip out to validate the visa at the end of the year, since we dropped it £18,000 we've had more viewing's.
The estate agent said nothing's really selling at the moment only the bargain's, last month a couple made an offer £45,000 grand under the asking price we told them were to stick the offer.
Any one else in the same boat??
Paula.
Warrington, Cheshire. Brisbane soooooon please.
We really need some good luck Karma for Sunday, we've got a couple coming round for a second viewing, they came last Saturday and the agent rang yesterday to say they want to come back at the weekend he also said they looked at quite a lot of properties but said they liked our's the best, i cant help but get exited.
We put the house for sale 1st March, and the agent said at the time it should sell very quickly, good area, and we've got a really large plot, but over 4mths later and we are still hear, (with the visa in our hands waiting.)
Can't really bear the thought of the kids going back to school in September, my son said all the kids at school have been saying "are you not going to Australia now".
So last week we decided to drop the price not something we wanted to do but we thought it might help or save us a trip out to validate the visa at the end of the year, since we dropped it £18,000 we've had more viewing's.
The estate agent said nothing's really selling at the moment only the bargain's, last month a couple made an offer £45,000 grand under the asking price we told them were to stick the offer.
Any one else in the same boat??
Paula.
Warrington, Cheshire. Brisbane soooooon please.
We have only had ours on the market for 2 months but we have only had two viewings total time wasters.
We have decided to go out in August to validate as my hubby's work shuts down then for two weeks.
Could do without the added expense but at least the pressure will be off us.
The market really is slow never thought we would be in this position.
My son's the same even the teachers have asked will he be starting back in September and at this rate I think he will.
Infact dread the thought but we may even be here at Christmas.
We have dropped the price of our house but there's no way we are going to give it away we need every penny when we get over to Oz its gonna be hard enough as it is .
So moan over but believe me I am sure there are loads of us in the same situation.
I suppose we have waited this long we are all used to the wait by now.
Good Luck I am sure someone will buy your house soon,its just getting the right person through the front door at the end of the day.
Jul 17th 2005, 8:15 am
#56
BE Enthusiast
Joined: Feb 2004
Posts: 987
Re: Flippin housing market what's going on at all.
Originally Posted by Hughesjohn
This is getting ridiculous. We had an offer today at £240k!!! £35k less than the asking price which was in turn reduced from £305k!
Are these buyers nuts! Will we ever be able to make our move?
Worse still, the Australian Dollar has been getting stronger, so in effect we are getting poorer (assuming that we move)!
I am not a happy bunny.
Are these buyers nuts! Will we ever be able to make our move?
Worse still, the Australian Dollar has been getting stronger, so in effect we are getting poorer (assuming that we move)!
I am not a happy bunny.
Jul 17th 2005, 5:40 pm
#57
Just Joined
Joined: Jul 2005
Location: Mt Eliza,Vic
Posts: 20
Re: Flippin housing market what's going on at all.
Hi
When I last relied to this thread i was pretty down with all this selling houses business.Well,I just wanted to say you never know what's going to happen.After 11 weeks on the market,12 viewings and 3 offers all from people yet to sell their houses we'd nearly given up.Then last week we had a couple come round who've sold their house and need to move fast,we accepted their offer and it's all go now. We're just now completely stressed out with what to ship and who to use.
Don't give up,it will happen!!
Claire
When I last relied to this thread i was pretty down with all this selling houses business.Well,I just wanted to say you never know what's going to happen.After 11 weeks on the market,12 viewings and 3 offers all from people yet to sell their houses we'd nearly given up.Then last week we had a couple come round who've sold their house and need to move fast,we accepted their offer and it's all go now. We're just now completely stressed out with what to ship and who to use.
Don't give up,it will happen!!
Claire
Jul 25th 2005, 9:22 pm
#58
exexpat
Joined: Jul 2005
Posts: 1
Re: Flippin housing market what's going on at all.
Hi All,
I registered specially to post this.
I feel for you people trying to sell in a falling market, I
am quite old, and never yet been a homeowner, though
for the past five years or so, I would have liked to have
been.
Each time I thought about it prices jumped 20%, but my
salary didn't jump with it.
I ought to be watching with glee, but know that the
spiv estate agents and attendant housing market
parasites are the only real winners here.
All the easy money has been made that is going to be for a while.
Having watched the market move out of reach, I have had time to hear all the spin (supply and demand, it sooo affordable, interest rates are hisorically low yadda, yadda), but also had a crash course in economics.
(Apparently, objects have no value - it is given to them by humans.
an object is worth precisely what somebody will pay for it. Some guy called Keynes?)
Right now property values are all askew, so if you want to
sell quick you gotta cut the price - quite a lot.
Bear in mind that property is widely held to be 20-30% overvalued (whatever that means
), and prices are falling faster than the spin merchants want us to believe.
I also was an expat for a bit, but was renting, so never been n your situation. However, if I were holding the visa, I wouldn't let any shifty EA stop me from getting on with my life.
Anyhow, the guy who posted ealier made a good point.
Figure out how much you _paid_ for it, subtract cost of moving etc,and see how much profit you have at 'market value'.
If you have lived there any length of time (5yrs+), chances are you have made a lot of cash, and can afford to drop the price to a level that will get you off the hook, and release you from those monthly mortgage payments.
Also, bear in mind that if your gaff doesn't sell, the EA gets nothing, but if it goes off his books, even at 'below market value', he gets some (albeit not as fat as last year) comission.
Good news (?) is that Oz seems to be going through the same and
they seem to be a few months deeper in to it than us - predctions are it could last a good while.
So, the boot will be on the other foot once you get there.
My (admittedly inexpert) advice is to cut and run, put the money somewhere safe (into gold?), and rent when you get to the
sunny side of the planet.
Why put yourselves through months of stress, only to find you cut
the price anyway.
BTW if you want the low down on global house price challenges, go to
www.globalhousepricecrashcom - don't rely on hearsay, or the press
I really ought to be making cheeky offers to you folks, but really
I'm quite jealous (wouldn't mind Oz myself one day) - and I quite
fancy a cottage in the countryside at knock down price - sadly, the borders is a bit of a commute.
Anyhow, be rational, and don't take any cr#p from the vested
interests in the housing market.
Hope you all get there soon
ABB
I registered specially to post this.
I feel for you people trying to sell in a falling market, I
am quite old, and never yet been a homeowner, though
for the past five years or so, I would have liked to have
been.
Each time I thought about it prices jumped 20%, but my
salary didn't jump with it.
I ought to be watching with glee, but know that the
spiv estate agents and attendant housing market
parasites are the only real winners here.
All the easy money has been made that is going to be for a while.
Having watched the market move out of reach, I have had time to hear all the spin (supply and demand, it sooo affordable, interest rates are hisorically low yadda, yadda), but also had a crash course in economics.
(Apparently, objects have no value - it is given to them by humans.
an object is worth precisely what somebody will pay for it. Some guy called Keynes?)
Right now property values are all askew, so if you want to
sell quick you gotta cut the price - quite a lot.
Bear in mind that property is widely held to be 20-30% overvalued (whatever that means
), and prices are falling faster than the spin merchants want us to believe.I also was an expat for a bit, but was renting, so never been n your situation. However, if I were holding the visa, I wouldn't let any shifty EA stop me from getting on with my life.
Anyhow, the guy who posted ealier made a good point.
Figure out how much you _paid_ for it, subtract cost of moving etc,and see how much profit you have at 'market value'.
If you have lived there any length of time (5yrs+), chances are you have made a lot of cash, and can afford to drop the price to a level that will get you off the hook, and release you from those monthly mortgage payments.
Also, bear in mind that if your gaff doesn't sell, the EA gets nothing, but if it goes off his books, even at 'below market value', he gets some (albeit not as fat as last year) comission.
Good news (?) is that Oz seems to be going through the same and
they seem to be a few months deeper in to it than us - predctions are it could last a good while.
So, the boot will be on the other foot once you get there.
My (admittedly inexpert) advice is to cut and run, put the money somewhere safe (into gold?), and rent when you get to the
sunny side of the planet.
Why put yourselves through months of stress, only to find you cut
the price anyway.
BTW if you want the low down on global house price challenges, go to
www.globalhousepricecrashcom - don't rely on hearsay, or the press
I really ought to be making cheeky offers to you folks, but really
I'm quite jealous (wouldn't mind Oz myself one day) - and I quite
fancy a cottage in the countryside at knock down price - sadly, the borders is a bit of a commute.
Anyhow, be rational, and don't take any cr#p from the vested
interests in the housing market.
Hope you all get there soon
ABB
Jul 25th 2005, 10:07 pm
#59
Just Joined
Joined: Jul 2005
Posts: 1
Re: Flippin housing market what's going on at all.
Hi all,
Don't want to be negative about this but UK interest rates going down is not something to look forward to if you intend selling your GBP for AUDs in the future.
The UK dropping rates will be a clear sign that our economy is a lame duck without a housing boom fuelled consumer spending spree. Oz is in a much better position due to its mining, commodities and its role in feeding Chinas insatiable appetite for raw materials.
If the MPC and Crash Gordon fly in the face of rising interest rates in the US, the forseable future for sterling is pretty bleak. I was in the US a few months ago and since then sterling has already dropped from 1.92 to 1.75.
In all honesty it may be worth taking a big hit now as you may have the double whammy of dropping prices and very weak sterling to worry about pretty soon.
Don't want to be negative about this but UK interest rates going down is not something to look forward to if you intend selling your GBP for AUDs in the future.
The UK dropping rates will be a clear sign that our economy is a lame duck without a housing boom fuelled consumer spending spree. Oz is in a much better position due to its mining, commodities and its role in feeding Chinas insatiable appetite for raw materials.
If the MPC and Crash Gordon fly in the face of rising interest rates in the US, the forseable future for sterling is pretty bleak. I was in the US a few months ago and since then sterling has already dropped from 1.92 to 1.75.
In all honesty it may be worth taking a big hit now as you may have the double whammy of dropping prices and very weak sterling to worry about pretty soon.
Aug 6th 2005, 2:34 am
#60
Guest
Posts: n/a
Re: Flippin housing market what's going on at all.
Originally Posted by bleugh
.............thats not the point.
by looking on the market at SOLD houses broadly similar to your own, you can see what you're likley to get.
IF your huose is on the market for 18 months, thats going to be 10-20k for some of you in mortgage payments.
drop that off the house now, then voila, quick sale :-)
by looking on the market at SOLD houses broadly similar to your own, you can see what you're likley to get.
IF your huose is on the market for 18 months, thats going to be 10-20k for some of you in mortgage payments.
drop that off the house now, then voila, quick sale :-)
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