[Mike & Nicola]

Seems to be a real buyers market at the moment!!!!

A friend of mine has just bought a house for $510K when the asking price was $630 :eek:

I've seen a great house with a guide price of $490 (is it just me or are more agents actually displaying prices nowadays???). Has anyone any experience of putting cheeky bids in? I'm thinking of offering $410. What kind of reaction should I expect from an agent? I guess it all comes down to circumstances etc.. but I'm not too keen on being spat at :D

Also, any mortgage companies you'd recommend/avoid?

Has anyone any experience of playing mortgage companies off eachother to reduce the %/incentives?

Cheers

Mike

[Milliemoo]

Hi Mike,

We're been in Devonport a year now and have been watching the property market all that time. For the first 6 months we were keen to buy, but now I'm just watching out of interest.

I've noticed a few things in the last 3 months in Devo:

* There's lots more property being advertised, especially in the $600k-$800k bracket that was missing a year ago and only fueled the boom in prices.
* Property is taking longer to sell. I've been watching several (just in Devonport) that have been on for 6 months+
* I've seen a few properties lower there asking prices
* I've seen lots go past there tender date without selling and then advertise a price.
* Likewise with auctions.

It's definitely turned into a buyers market, but in areas like Devonport where people will refuse to believe/accept that prices can/will drop, I doubt you'll get many people accepting silly offers. Lower offers yes (if they've over committed) ....give it a few months though and it'll be interesting to see what happens.

Personally, there's no way I'd buy at the moment. We're going to sit back and wait and see what the situation's like in the Autumn.

Just my humble opinion. :o

Milliemoo

[Familyofmonkeys]

We were going to buy in Auckland, but noticed the same thing about houses sitting on the market for absolutely ages and dropping their price alot. There are alot of unrealistic expectations out there from people selling. They seem convinced they can get a little bit more for their house, when another one sold down the road. But.....looking in West Harbour and also several areas of North Shore, they are not selling very fast. Like Milliemoo said, there are alot of houses that do not sell at Auction...one up the road from us did not meet the reserve price even at Auction, then they advertised as tender and by negotiation, but still not sold. It is a nice house, but people cannot seem to believe that the market is slowing down and in some cases dropping a bit.

I don't think it is at all cheeky, putting in a much lower offer. But be careful not to get drawn into prolonged negotiations...they will try it on! You could always do what TiaMaria did and jst give one offer...take it or leave it style. Walk away if they don't accept. They may get back to you, if no one else bites.

[andrewandjane]

we put in an offer on a house in waiheke that was about 50 K less, the estate agent refused to put it to the buyer!! they still seem to be in denial that sthings are slowing down or reducing in some areas

[Familyofmonkeys]

[QUOTE=andrewandjane;164286 the estate agent refused to put it to the buyer!! [/QUOTE]

Did you report them....that is against the rules!