Offer accepted on a house at 2003 price

mrsjanejane

I know some people will say that I should not be buying but I am and I need too.

Using property bee on rightmove I noticed that a house a couple of months ago had dropped it by 30k. I went to look at the property and then went back with a offer of another 30k less(they would have gone with 25k less as they just wanted there money back for what they paid in 2003) but eventually came back to me and accepted the 30k less. They paid £186 in 2003 and I got it for £180. I offered quite a bit less(14% less) to allow for further drops in the market. Also do not forget the 30k drop that they owners had already done a couple of months ago(EA reckons that it was nearly 10k over valued then anyway so I look at it like 20k that they dropped it in August. I am going ahead with it anyway as it is to live in longer term.

Just out of curiosity do people think it is a good deal to get a property for the price that it was paid for in 2003?

People on here that are waiting for the market to drop further, would this opportunity made you think about buying now?

themaccas

I guess, I don't know.....we sold our house in May for around the same price it was valued in 2003 and we bought our new property in May this year for the same price the owners bought new in 2003. WHo knows what is the right price in these days, if you can get and afford the mortgage and the monthly cost is no more than a third of your or your joint salary then it's probably right. Enjoy your new home.

LillyJ

mrsjanejane wrote: »

I know some people will say that I should not be buying but I am and I need too.

Using property bee on rightmove I noticed that a house a couple of months ago had dropped it by 30k. I went to look at the property and then went back with a offer of another 30k less(they would have gone with 25k less as they just wanted there money back for what they paid in 2003) but eventually came back to me and accepted the 30k less. They paid £186 in 2003 and I got it for £180. I offered quite a bit less(14% less) to allow for further drops in the market. Also do not forget the 30k drop that they owners had already done a couple of months ago(EA reckons that it was nearly 10k over valued then anyway so I look at it like 20k that they dropped it in August. I am going ahead with it anyway as it is to live in longer term.

Just out of curiosity do people think it is a good deal to get a property for the price that it was paid for in 2003?

People on here that are waiting for the market to drop further, would this opportunity made you think about buying now?

We bought ours for 2003-2004 price this year. I am very happy with it, but the fact is we can afford (and very comfortably too) our mortgage. That is just as important. It is all very well getting a bargain but if you aren't comfortable with the repayments then it's not a bargain at all.

Paley71

Sounds good to me, I'm still not seeing these drops yet that people are talking about, someone recently said we were back to 2001/2 prices.
I'd love to know where?
My parents sold their house in South Manchester for 98k in 2001, the same properties are still selling for around 170k!!

GDB2222

How do you know the price paid in 2003 was market value at the time? The buyers might have over-paid.

SABJ

i think like a poster said earlier the main thing is can you afford the repayment then if you can its worth it to you, are you planning on staying there a long time if you are what does it matter if they drop even more they will eventually come up again if your buying a house to be a home it shouldnt matter to you so much how much it will be worth but what its worth to you now and if you can afford to buy it
Good luck in what evr you decide to do

hethmar

I think at the moment its anyones guess what a good deal is - if it suits you and you can afford it comfortably then its a good deal

One of my sons just had an offer accepted 50% below 2006 price (i.e. £150k lower) - I dont know if this is a good deal or not either

LillyJ

hethmar wrote: »

I think at the moment its anyones guess what a good deal is - if it suits you and you can afford it comfortably then its a good deal

One of my sons just had an offer accepted 50% below 2006 price (i.e. £150k lower) - I dont know if this is a good deal or not either

Unless something very weird went on in 2006 round there that seems like the 2006 price was either fiddled, or he is buying a city centre apartment! 50% off 2006 prices is at the top end of even the real house price crash enthusiasts.
Many people think 50% of 2007 prices, at the bottom, but 50% off 2006 prices already would make me wonder what was going on!

domcastro

sounds very good to me. well done

hethmar

Lilly - repossessed London docklands On the face of it, a good buy but how do we know what may happen in the next year.

lethal0r

I would buy a 2003 price house tomorrow if I could. that would be about 40% lower than 2007 price here. I think you have found a great deal.