Property Prices

[fletch]

Are property prices in the area really suffering that much? Our estate agent has just informed us of a received offer for our property of 25% less than the asking price. The asking price is well in line with other properties on their books and is in fact lower than most equivalent specification.

The thing that has made me ask the question is that the estate agent hasn't even tried to negotiate with the potential buyer and has advised us that we should accept. I thought it was the Euro zone that was in trouble? of course there must be a backlash on other countries and I'm sure Turkey is one of them but when prices have risen in the capital by 1% it shows that they might not be affected as much.

The Euro zone is now becoming so expensive that people will soon flock to the likes of Turkey where they will get so much more for their money. The exchange rate @ 2.8TL to the £1 should encourage holiday makers to at the very least give Turkey a go!

Maybe things are that bad there and I am just unaware but it sure looks like I will be a property owner for a little longer. I just feel a little let down by the estate agent in that they haven't pointed out the positives for this particular client but instead have taken the attitude that we should be grateful of an offer and just accept it.

Never mind, onwards and upwards!!

[Scunner]

Sadly everyone is trying it on in these testing times fletch - the Turkish never want to pay the asking price for anything and the Brits and other Europeans are quickly joining them in that respect when it comes to property. My belief is that people who make an offer on a property are either 1% into it or 99% there already - rejecting their first offer finds out if their heart is already sold on it or whether it's just another nob who thinks he's Donald Trump.

[nichola]

quote:Originally posted by Scunner

 rejecting their first offer finds out if their heart is already sold on it or whether it's just another nob who thinks he's Donald Trump.

PMSL

[col]

I'm in exactly the same position. Mine has been up for sale for well over a year. Most offers have been for far less than I paid, despite having security bars, leaving air con, newly decorated, water heater, phone line all put in, and i'm stil asked what other goods am I leaving. Which is none, as I want to get another place somewhere in Turkey.  I've had 3 offers close to my very minimum, but i'm holding out. Also unfortunate to say, some agents have even told  possible buyers my very minimum price even before a viewing. It seems many buyers think we must be desperate. Some of the reasons given for offering such a low price is beyong belief, such as.....but my car has lost value in the last 4 years or I can buy a bigger and newer place for less just round the corner. I won't repeat my replies to those.

quote:Originally posted by fletch

Are property prices in the area really suffering that much? Our estate agent has just informed us of a received offer for our property of 25% less than the asking price. The asking price is well in line with other properties on their books and is in fact lower than most equivalent specification.

The thing that has made me ask the question is that the estate agent hasn't even tried to negotiate with the potential buyer and has advised us that we should accept. I thought it was the Euro zone that was in trouble? of course there must be a backlash on other countries and I'm sure Turkey is one of them but when prices have risen in the capital by 1% it shows that they might not be affected as much.

The Euro zone is now becoming so expensive that people will soon flock to the likes of Turkey where they will get so much more for their money. The exchange rate @ 2.8TL to the £1 should encourage holiday makers to at the very least give Turkey a go!

Maybe things are that bad there and I am just unaware but it sure looks like I will be a property owner for a little longer. I just feel a little let down by the estate agent in that they haven't pointed out the positives for this particular client but instead have taken the attitude that we should be grateful of an offer and just accept it.

Never mind, onwards and upwards!!

[Scunner]

There is a good point in all of this - agents do tend to find reasons why your property is not selling, what needs doing to it to make it sell, why it is no longer worth what you are asking. In other words, spend more money on it so you can get an offer of less than you wanted! I wonder if that takes up more of their thinking (and therefore how they project it to potential customers) rather than seeking out it's unique and positive points and having great answers ready to buyer's objections.

[Ovacikpeedoff]

It is supply and demand. There are too many houses for sale. A few years ago it was mainly new developments and now there is also a growing secondhand market. Developers are very keen to get rid of the properties that they have built and been unoccupied for a number of years. Near where we lived in Ovacik there is a development that has houses that were built four years ago and never been sold. They are on the market for around £140k but an estate agent friend told me last week if I offered over £100k they would bite my hand off.

Although some Russians and Turks are buying property the void left by the British has never been filled. The Fethiye market is very much linked to the UK economy and people do not have the funds or the confidence to purchase abroad.Turkey is like most other European countries. The Brits in France and Spain trying to sell their properties have to take serious drops in prices and finish up in loss situations.

[corbindallas]

As Gerry said it is probably the fact that there are so many places up for sale that it gives the impression everyone is desperate to sell in such a buyers market and to try it on with offers. I sometimes think half of Fethiye is up for sale by the amount of 'For Sale' signs posted around the various places and it's is even worse in some certain areas with competition. The truth is a lot of places are being built with a for no particular market by builders and then lay empty as they cannot sell them. Yes some sales go through at cut throat prices and then everyone is on the look for the same bargain deal.In the UK it is now a very norm in some areas to knock 20k of any asking price and agents tell you this up front and price market it with a knowledge to expect this, maybe thats what we will see in Turkey as well particularly with English buyers adopting the same market attitude, the problem is the properties are not being marketed in Turkey with this mark up in the first place thus the cheeky bids are even more cheeky!

[Supacabby]

quote:Originally posted by corbindallas

In the UK it is now a very norm in some areas to knock 20k of any asking price

I had my flat on the market recently, asking price of £129,950 which was "priced to sell" as I wanted to bring my pennies to Turkey, after 3 months the single offer was £100k & that was from a "landlord" to add to his buy to let portfolio.

The UK suffers as well however looking at some of the ads on here I think nowhere near as much as Turkey, can't believe stuff on here for that length of time & reduced but not selling, certainly a buyers market in 2011.

[loz]

We have had our place on the market for ages but only seriously pushed for the last 18months (wrong time). we have had offers, I am not playing the silly mind games, if it takes forever then so be it, When the market kicks back in and property prices rise then ours will remain the same, we are in no hurry, although it would be nice, it owes us nothing, no mortgage or loan, in the meantime I still have my home in Turkey.

[Scunner]

Yes there definitely is a world of difference between wanting to sell and needing to sell. I also find property is like buses - I have had properties on the books hang around for months and sometimes a year or two - then it gets sold, and immediately afterwards everyone seems to want one the same and there aren't any for sale. That might not be like buses now I have thought about it, but you get the idea.