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Offline llllllllllll llll lllllll

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Property Values
« on: May 04, 2010, 10:34 »
This could be interesting!
http://business.timesonline.co.uk/tol/business/industry_sectors/construction_and_property/article7115196.

Considering when you look around in just one small area and compare two almost identical houses that are for sale and note a huge difference in asking price between the said properties! I wonder how long it will be before the Estate Agents decide to be a bit more honest with the prospective seller about the value of their home, rather than advertise the house at the price which the property owner wants/needs to clear the mortgage, just so they can get the property in their shop window. I think if many of the Estate Agents look at this thoroughly? They will get the shock of their lives when they realise that it could be “their” futures on the line rather than the sellers! A wake up call methinks! i.e. Overvalue the property? And you more than likely will be in court.
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Offline flooky

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Re: Property Values
« Reply #1 on: May 04, 2010, 10:43 »
I think as people become more aware of property value search websites, this problem may start to disappear.
There are sites now that will show, not only the asking price, but also the sold price as well.
I bet the estate agents hate them.

When this information was not available it could depend on where the buyer was from as to what price they were prepared to pay for a property, as if you live in London, prices for a 3 bed terrace for £90,000+ is not a rip off, whereas if you are from the area you know this is unrealistic.
There are a couple of 3 bed terrace houses near me that went for £89,000 and £101,000 around 3 years ago, looking at those sites now the average selling price is £55,000 to £65,000, anyone doing a bit or research before buying can now find the truth rather than relying on the word of an estate agent.

Offline Victoria Sponge

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Re: Property Values
« Reply #2 on: May 04, 2010, 12:24 »
I was having a look through the estate agent properties in Ferryhill a couple of weeks ago to find that
terrace properties had raised to about £90k,
semi's were down by £30k to £110k -£130k
as were the older detached detached and
the new detached properties remained at £250k (ish)

So it would appear to be the mid range family homes that are a bargin at the moment
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Offline llllllllllll llll lllllll

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Re: Property Values
« Reply #3 on: May 04, 2010, 15:56 »
I think the point is being missed! The Estate Agents seem to be advertising the price that the seller WANTS and not the actual REAL value of the properties. This in turn could see them in hot water if a seller who is behind in their mortgage and desperately needs to sell to lessen the hit of negative equity, but is encouraged to in their own belief of hanging on for a higher price and risking losing a sale rather than cutting there losses earlier and taking a lesser financial hit. In the case of a seller being repossessed after waiting too long before dropping the price to something more realistic! The seller could bounce back and blame the Agent/Valuer for misleading them as to the actual value at the time the property went up for sale. I for one would not like to be the agent that was accused of this.
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Offline flooky

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Re: Property Values
« Reply #4 on: May 05, 2010, 08:11 »
People have never trusted Estate Agents over values or passing on offers to the seller, as seller or buyer should always do research themselves before choosing an estate agent that tells them the least lies.

The true selling prices are out there if sellers look, just take the value the estate agent gives you with a pinch of salt ........... well OK, with a whole tub of salt.

Before the issues with MP's blew up, surveys said that Estate Agents were the least trustworthy of business people even more so that car salesmen, now they come behind MP's and Bankers.

When it all comes down to it, to find an approximate valuation have a look at the true selling prices of those around you not those you see in the Estate Agents windows, that's like looking at the prices in a holiday companies window and expecting to pay those, very rarely happens.

There are a few Estate Agents that will tell the seller the truth, but what happens to them ........ the seller will choose the one that tells them the highest figure then will be disappointed when they don't get anywhere near.
Yes, Estate Agents need to be more truthful but sellers need to be more realistic too.

As you both said, if you look at some Estate Agents windows they have terrace houses for up to £90,000 but if you look at the actual sale prices they are only around £55,000, some going for less or more depending on where they are and the condition of them.

Offline llllllllllll llll lllllll

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Re: Property Values
« Reply #5 on: May 08, 2010, 11:06 »
Now I am reading that the house market is picking up because more properties are for sale????
As for properties going up in value! Check this....
http://rightmove.digi-page.net/?id=durham
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Offline anonymous

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Re: Property Values
« Reply #6 on: May 08, 2010, 11:11 »
Surely a property is worth what a buyer will offer? It doesn't have to be the asking price.

Offline llllllllllll llll lllllll

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Re: Property Values
« Reply #7 on: May 08, 2010, 11:28 »
How many people have the opportunity to buy a house in cash? No mortgage company will lend anyone who wants to buy a property that is valued less than the price they are willing to pay for it. IE if you see your dream home for sale at £200,000 and a valuer comes in and says it is only worth £150,000, then you need to find the extra £50,000 plus the deposit. How many people have access to that kind of finance? The property is worth what you CAN pay for it and how MUCH a lender is willing to give you to buy for it. On top of that you have the vicious circle of a potential buyer being in the same position as the prospective seller and so on! And I do mean circle, because when you take a look at the big picture, the idea of a property ladder is not true any more, it is now a property circle.
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Offline Victoria Sponge

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Re: Property Values
« Reply #8 on: May 08, 2010, 18:24 »
Now I am reading that the house market is picking up because more properties are for sale????
As for properties going up in value! Check this....
http://rightmove.digi-page.net/?id=durham

Can I please  move to anywhere on page 20
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Offline anonymous

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Re: Property Values
« Reply #9 on: May 08, 2010, 19:02 »
Don't you get preapproved for a mortgage that you can afford? That being said you can then make an offer on a house no matter what the asking price is.

Offline Victoria Sponge

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Re: Property Values
« Reply #10 on: May 08, 2010, 19:16 »
Don't you get preapproved for a mortgage that you can afford? That being said you can then make an offer on a house no matter what the asking price is.

You need a pre approved arrangement with a mortgage lender before you can make the offer, but a rep from the mortgage lender then employes a surveyor to check over the property safeguarding their investment before they hand over the cash.
The only exception to this, if you're staying in the same property and swapping lenders, where you have a large amount of equity already in the property then the lender may do a book valuation or a "drive past" instead of a full survey
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Offline llllllllllll llll lllllll

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Re: Property Values
« Reply #11 on: May 12, 2010, 13:53 »
http://www.moneymarketing.co.uk/mortgages/investors-face-huge-buy-to-let-losses-after-valuation-errors/1011267.article

The Buy to let gang are getting their just rewards for their blind greed over the last few years The unfortunate thing is there will be a knock on effect for existing home owners who bought in good faith and find they are massively into negative equity as more repossessed properties come onto the market, therefore driving down house prices even further.
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Offline llllllllllll llll lllllll

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Re: Property Values
« Reply #12 on: May 12, 2010, 14:48 »
I think as people become more aware of property value search websites, this problem may start to disappear.
There are sites now that will show, not only the asking price, but also the sold price as well.
I bet the estate agents hate them.

When this information was not available it could depend on where the buyer was from as to what price they were prepared to pay for a property, as if you live in London, prices for a 3 bed terrace for £90,000+ is not a rip off, whereas if you are from the area you know this is unrealistic.
There are a couple of 3 bed terrace houses near me that went for £89,000 and £101,000 around 3 years ago, looking at those sites now the average selling price is £55,000 to £65,000, anyone doing a bit or research before buying can now find the truth rather than relying on the word of an estate agent.
Interesting if not dire...
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Offline llllllllllll llll lllllll

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Offline llllllllllll llll lllllll

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Re: Property Values
« Reply #14 on: Jun 24, 2010, 14:34 »
Given that house price figures are being deliberately manipulated by the Media, I was inclined to search beyond them and go into searching for REAL house prices, and it seems to boil down to one thing! House prices through the years have had a steady climb on a graph apart from one or two blips or booms if you prefer, but the line on the graph has always got back on track to it's original direction. Now considering that low interest rates are keeping peoples heads above water when it comes to paying there mortgage, it just begs the question what is going to happen when the inevitable increase in interest rates comes about? Add the fact the Government have put a stop to the stimulus that kept the banks from pushing for repossessions of defaulters, then it becomes clear that there is going to be a mad scramble to sell in the near future, especially when the message hits home that the real value of  houses is nowhere near the price the owners want it to be.
It is as simple as this: North East average house hold income of £19,130. Times that by what the banks are prepared to lend at 3.5 times income, and that leaves a real average house value at approx £66,500. That is without taking into account the deposit needed by 1st time buyers or the cut backs that are headed our way. All in all, the message needs to get across that people need to face up to the truth and cut their losses, otherwise when the Banks are forced to repossess, they owners will be left with debts much higher than if they had acted earlier and put a REAL asking price for the property, rather than ask for enough to clear the debts. In the long run if people keep burying their heads in the sand, then they will ultimately lose their property with the added weight of huge debts as well.
Click on the link to check  Mortgage calculators
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Offline Stromboli

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Re: Property Values
« Reply #15 on: Jun 24, 2010, 22:58 »
I just tried the mortgage calculator link above.

I put in that I earned 35k and my wife earns 20k, then i put in I hadd 100,000 deposit. It said i could get 165000.

?? not good if you want a decent home in my village, or up the dale...

I thought it was 3 x my wage plus her wage plus the deposit. Must have changed coz that would be 225k

Offline Victoria Sponge

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Re: Property Values
« Reply #16 on: Jun 25, 2010, 00:03 »
I just tried the mortgage calculator link above.

I put in that I earned 35k and my wife earns 20k, then i put in I hadd 100,000 deposit. It said i could get 165000.

?? not good if you want a decent home in my village, or up the dale...

I thought it was 3 x my wage plus her wage plus the deposit. Must have changed coz that would be 225k

try again - does it not say that you can get a mortgage of £165,000 plus you already have the £100,000 deposit so the house you could buy would be £265,000


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Offline llllllllllll llll lllllll

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Re: Property Values
« Reply #17 on: Jun 29, 2010, 16:28 »
Here is a fantastic free tool that the Estate Agents must really hate! It shows the true extent of the problems facing the Market.
http://www.property-bee.com/

Samples...

http://i49.tinypic.com/2rmqz45.jpg

http://i45.tinypic.com/2rrmdza.jpg

http://i44.tinypic.com/16jq3rq.jpg
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Offline llllllllllll llll lllllll

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Offline llllllllllll llll lllllll

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Re: Property Values
« Reply #19 on: Aug 06, 2010, 14:37 »
The news is saying once again that house prices are on the up?

This property sold in January 2008 for £250,000 !!!
http://www.rightmove.co.uk/property-for-sale/property-27139696.html
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Offline llllllllllll llll lllllll

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Re: Property Values
« Reply #20 on: Oct 07, 2010, 15:00 »
According to latest figures, Property is losing value at a staggering £200 per day! :shock:

http://www.moneysupermarket.com/c/news/has-the-double-dip-started/0010261/
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Offline Boris the Spider

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Re: Property Values
« Reply #21 on: Aug 17, 2016, 08:47 »
I think things are now rock bottom and should start to improve. There are still good yields to be had if you are looking to BTL and less chance you'll end with negative equity
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