Is anyone moving now?
Discussion
Blown2CV said:
we've just had an offer accepted on a place, and almost feels too good to be true because our offer was 10k UNDER asking price. One case isn't statistically significant sample however... but it could be that things are turning a bit.
Made an (asking price) offer on a place today - between us and another party - given the (lack of material) chain and being 4 weeks into or sale already (committed to breaking) we're the recommended purchaser - should find out tomorrow!Blown2CV said:
we've just had an offer accepted on a place, and almost feels too good to be true because our offer was 10k UNDER asking price. One case isn't statistically significant sample however... but it could be that things are turning a bit.
We got £35k off the price of ours this year. I do think it was overpriced to begin with mind!Fast Bug said:
Blown2CV said:
we've just had an offer accepted on a place, and almost feels too good to be true because our offer was 10k UNDER asking price. One case isn't statistically significant sample however... but it could be that things are turning a bit.
We got £35k off the price of ours this year. I do think it was overpriced to begin with mind!Blown2CV said:
Fast Bug said:
Blown2CV said:
we've just had an offer accepted on a place, and almost feels too good to be true because our offer was 10k UNDER asking price. One case isn't statistically significant sample however... but it could be that things are turning a bit.
We got £35k off the price of ours this year. I do think it was overpriced to begin with mind!
mikees said:
Blown2CV said:
Fast Bug said:
Blown2CV said:
we've just had an offer accepted on a place, and almost feels too good to be true because our offer was 10k UNDER asking price. One case isn't statistically significant sample however... but it could be that things are turning a bit.
We got £35k off the price of ours this year. I do think it was overpriced to begin with mind!
Well after 5 days on the market we have had an asking price cash offer from someone living in Hong Kong currently.
House has gone up 27% in 20 months and we have spent circa 4-5% of the purchase price on it redocrating and changing the flooring etc.
We are still waiting to hear back from a few other viewings yet as we had another 5 today so it may even go to sealed bids if we are lucky.
I think we may rent a bit until things calm down.
House has gone up 27% in 20 months and we have spent circa 4-5% of the purchase price on it redocrating and changing the flooring etc.
We are still waiting to hear back from a few other viewings yet as we had another 5 today so it may even go to sealed bids if we are lucky.
I think we may rent a bit until things calm down.
Edited by greggy50 on Monday 5th July 21:17
greggy50 said:
Well after 5 days on the market we have had an asking price cash offer from someone living in Hong Kong currently.
House has gone up 27% in 20 months and we have spent circa 4-5% of the purchase price on it redocrating and changing the flooring etc.
We are still waiting to hear back from a few other viewings yet as we had another 5 today so it may even go to sealed bids if we are lucky.
I think we may rent a bit until things calm down.
this is the issue mate tbh. It may not calm down. I am not trying to panic you, but it's 10x easier to sell right now, but then 10x more difficult/challenging to buy. So, you've done the easy, happy bit. House has gone up 27% in 20 months and we have spent circa 4-5% of the purchase price on it redocrating and changing the flooring etc.
We are still waiting to hear back from a few other viewings yet as we had another 5 today so it may even go to sealed bids if we are lucky.
I think we may rent a bit until things calm down.
Edited by greggy50 on Monday 5th July 21:17
Blown2CV said:
greggy50 said:
Well after 5 days on the market we have had an asking price cash offer from someone living in Hong Kong currently.
House has gone up 27% in 20 months and we have spent circa 4-5% of the purchase price on it redocrating and changing the flooring etc.
We are still waiting to hear back from a few other viewings yet as we had another 5 today so it may even go to sealed bids if we are lucky.
I think we may rent a bit until things calm down.
this is the issue mate tbh. It may not calm down. I am not trying to panic you, but it's 10x easier to sell right now, but then 10x more difficult/challenging to buy. So, you've done the easy, happy bit. House has gone up 27% in 20 months and we have spent circa 4-5% of the purchase price on it redocrating and changing the flooring etc.
We are still waiting to hear back from a few other viewings yet as we had another 5 today so it may even go to sealed bids if we are lucky.
I think we may rent a bit until things calm down.
Edited by greggy50 on Monday 5th July 21:17
230 - 295k (potentially more) in 20 months basically is a great result for us and as we only stuck 5% deposit down at the time we can move up a house and not pay much more a month due to current mortgage rates.
I do think after Xmas prices and the market may settle and unless the right house comes up we are happy to wait. I won't be paying over the market rate just to save a bit of stamp duty...
Edited by greggy50 on Monday 5th July 21:27
anonymous said:
[redacted]
A few years renting. So let’s guess £15k a year rent so £30k spent.
Plus maybe storage costs for all your clobber
Plus your gambling your home on this……..
Also if there is a “crash” people simply sit on their house. It’s only those who have to sell (divorce /relocation/loss of income) - we saw it all before in 2008-2012 supply nada no one listed (or at least in my area of interest) instead same old stock hanging around nothing coming on.
Maybe it will be different. But given so many houses are owned outright or with tiny mortgages or no need to sell individuals opportunity might not be as big as those who want a proce fall want/expect.
All I would expect is houses to go for asking price and not over rather than a "crash" per say.
People just appear to be panic buying anything at the moment and paying well over what something is work. At our end of the market £350-450k I honestly thing some are determined to get the cheaper stamp duty for some reason even now. I could understand when it was free but to just save £3k or whatever seems silly.
Just because the supply is limited doesn't mean you should just buy the first thing you see...
People just appear to be panic buying anything at the moment and paying well over what something is work. At our end of the market £350-450k I honestly thing some are determined to get the cheaper stamp duty for some reason even now. I could understand when it was free but to just save £3k or whatever seems silly.
Just because the supply is limited doesn't mean you should just buy the first thing you see...
Frik said:
Might be worth having a good look at the rental market before you make a decision. Round here it's not easy to find a property to rent either.
They are plenty for our budget, we will live with a friend for a couple of months if necessary. We have no chance getting the money we can atm for this house. It was on the market 8 months before we purchased it.
Welshbeef said:
anonymous said:
[redacted]
Also if there is a “crash” people simply sit on their house. It’s only those who have to sell (divorce /relocation/loss of income) - we saw it all before in 2008-2012 supply nada no one listed (or at least in my area of interest) instead same old stock hanging around nothing coming on. Maybe it will be different. But given so many houses are owned outright or with tiny mortgages or no need to sell individuals opportunity might not be as big as those who want a price fall want/expect.
Round here I am seeing a lot of the houses that have been sat empty for years (5 bed houses, just left after the owners died so the family were just riding the bubble), they all mostly getting dressed up for sale (the first "sold" sign went up about 2 weeks ago), as are the recently inherited houses previously owned by those who died of covid, or old age (four houses within 200 meters of me
)PiesAreGreat said:
Round here I am seeing a lot of the houses that have been sat empty for years (5 bed houses, just left after the owners died so the family were just riding the bubble), they all mostly getting dressed up for sale (the first "sold" sign went up about 2 weeks ago), as are the recently inherited houses previously owned by those who died of covid, or old age (four houses within 200 meters of me )
Where abouts is that happening? I’m aware of one house just sitting there but I believe probate is proving complicated. Everything else seems to come to market smartly. Leaving it until now seems a risky strategy.)Welshbeef said:
anonymous said:
[redacted]
A few years renting. So let’s guess £15k a year rent so £30k spent.
Plus maybe storage costs for all your clobber
Plus your gambling your home on this……..
Also if there is a “crash” people simply sit on their house. It’s only those who have to sell (divorce /relocation/loss of income) - we saw it all before in 2008-2012 supply nada no one listed (or at least in my area of interest) instead same old stock hanging around nothing coming on.
Maybe it will be different. But given so many houses are owned outright or with tiny mortgages or no need to sell individuals opportunity might not be as big as those who want a proce fall want/expect.
The interesting thing for me is that vendors and agents seem more jittery at the bottom end of the market than higher up and I’ve seen more in the past couple of weeks where there’s a deal to be done (usually probate, where a vendor has been messed around, or the vendor understands there’s work needed that is hard to price/schedule with the building market busy) than there were say six weeks ago. Also an increasing number of properties being reduced on rightmove (usually where they weren’t well presented, are in that tricky zone of being neither recently improved or bad enough to merit refurb, or were a bit ambitiously priced).
I can see the sense in sitting it out for a while and seeing if it cools a bit but if wanting to buy somewhere to live longterm I’m not sure I’d want to bet on it becoming too much of a buyer’s market with prices in free fall.
greggy50 said:
Well after 5 days on the market we have had an asking price cash offer from someone living in Hong Kong currently.
House has gone up 27% in 20 months and we have spent circa 4-5% of the purchase price on it redocrating and changing the flooring etc.
We are still waiting to hear back from a few other viewings yet as we had another 5 today so it may even go to sealed bids if we are lucky.
I think we may rent a bit until things calm down.
Hmm. Ours went up on Friday, so nearly as long as yours, but not a jot of interest so far. It's a 1 bed detached former chapel, so it's pretty niche, and as the asking price is...ambitious, shall we say. I'd feel more comfortable that we're not wasting our time once we have at least one viewing.House has gone up 27% in 20 months and we have spent circa 4-5% of the purchase price on it redocrating and changing the flooring etc.
We are still waiting to hear back from a few other viewings yet as we had another 5 today so it may even go to sealed bids if we are lucky.
I think we may rent a bit until things calm down.
Edited by greggy50 on Monday 5th July 21:17
Gassing Station | Homes, Gardens and DIY | Top of Page | What's New | My Stuff