Had an offer....what is this a joke?!!

daveb975

carolt wrote: »

Oh just had a look - there are currently 4 2-bed flats in the area (plus more under offer) asking 250K or less.

Know which I'd go for in a falling market (those or yours) - not yours! - 1 bed flats always fall faster, as people realise they can afford somewhere bigger instead.

No-one ever wants to buy a 1 bed flat, even if they're single - people always want a spare room or study or storage room.

If I do the same search in my area (SW London), I can find quite a few 2 bed flats (and 3 bed houses!) cheaper than a decent 1 bed flat.

I agree with the sentiment, but I still think that some people will buy a 1 bed flat in a nice area over a 2 bed in a poor one. The downturn will hit this as more people will start to value size over location, but there will still be some who are the other way around.

QTPie

suckers2008 wrote: »

gee thanks everyone
I hope you all live happy and prosperous lives

Don't worry about what people say, just get on with your viewings and hopefully you will have a handful of offers to consider by the beginning of next week

The property market is not all about statistics - all you need is one or two people to fall in love with your place and...

Good luck
QT

suckers2008

thanks QTpie your comments have always been both helpful and informative/constructive
x

daveb975

QTPie wrote: »

The property market is not all about statistics - all you need is one or two people to fall in love with your place and...

QT

I agree. The points made are very valid, but if someone is on the lookout for specifically that type of place they may come in with a good offer. The point being made is that a large 1 bed flat is quite a niche purchase (compared to a small 2 bed for the same price, so it may take a little longer to find a buyer.

Don't chase the market down, though. A flat locally to me has been on the market for over a year, and reduced from £350k to £285k, with the price going down by £10k evety couple of months.. I bet that they would have been upset about a £285k offer last year, but that is now their target.

Good luck whatever you decide to do.

QTPie

daveb975 wrote: »

I agree. The points made are very valid, but if someone is on the lookout for specifically that type of place they may come in with a good offer. The point being made is that a large 1 bed flat is quite a niche purchase (compared to a small 2 bed for the same price, so it may take a little longer to find a buyer.

Don't chase the market down, though. A flat locally to me has been on the market for over a year, and reduced from £350k to £285k, with the price going down by £10k evety couple of months.. I bet that they would have been upset about a £285k offer last year, but that is now their target.

Good luck whatever you decide to do.

Agreed, since the OP has had one offer and has 13 viewings over the next few days, I would be surprised if she doesn't get a few more offers. Most people who view a property, at the moment, are generally serious viewers (even if they only intend a cheeky offer...). So hopefully the OP will either get an offer she likes OR be in a good position to re-assess by early next week... If I was her, I would expect some constructive feedback, from the estate agent, on the viewings too.

It is great to have THAT many viewings scheduled in the current climate

Definitely good luck.

QT

puddy

yes, but not just that, it sounds as if its fairly easy to turn it back into a 2 bed, therefore solving both problems, the family can stay there for longer, meaning she doesnt have to sell right now, and then later, it will be back at a 2 bed in order to sell, so more attractive to buyers.

i also agree with buying for location, especially if theres extra room to make it more bedrooms

jackieb

Last year we sold our house with planning permission for an extension. Our estate agent said it wouldn't make our house worth any more but it might make it more attractive to buyers.

vlad_the_impaler

suckers2008 wrote: »

yes thats right I did get a nortgage at 22 - sold a year later and made £60K profit then brought a house in the country that was in a right mess and sold that 2 years later and made a nice profit and then after a bit went off travelling for a year and a half and spend a bit but invested the rest, then had to pay towards mums healtn stuff and my nan into a nursing home

Yup, prices on property have always gone up for you, through your entire adult life; just the same for me.

You need to come to terms with the fact that it was a bubble. House prices have never done this before, and they were always going to correct. You will probably not make money on your next purchase. This is the norm; making money from constant market rises is not the norm, even though to you (and a great many others) this is hard to accept. The economy simply cannot support prices rises going on and on. It had to stop, and now it has.

Be happy that you are getting viewings and offers, but don't follow the market down by letting your previous experiences of property prices cloud your judgement. We are getting back to normal after 12 years of non-normality. The market will drop by at least another 15%, time is an issue with this, so don't hold out for too long. The buyers have all the cards now.

Good luck with the sale. :beer:

Woby_Tide

suckers2008 wrote: »

yes thats right I did get a nortgage at 22 - sold a year later and made £60K profit then brought a house in the country that was in a right mess and sold that 2 years later and made a nice profit and then after a bit went off travelling for a year and a half and spend a bit but invested the rest, then had to pay towards mums healtn stuff and my nan into a nursing home

If you had made such profits how come you ended up with a 100% mortgage on a 1 bed flat? Did you end up using all your savings to pay for the Mum/Nan stuff?

abaxas

This thread is amazing.

Just goes to show you what greed does to people.