To those buying in difficult times....

puddy

to be honest i dont know why estate agents dont say to their clients, look, its not selling at x price, put it on at y and hope to get z, other wise dont make us work for what is never going to come

pawpurrs

What happened re the bungalow that you found? Was that one that you offered on?
You will find somewhere....eventually, Im sure.

stolt

similar situation as OP, i had a thread up here at the beginning of the week, house on for 450k 2007 price, Offered 405k based on 10%, yes on 10%, rejected. Offered 410k, rejeced told vendors looking for 420k lowest price. Personally still thought it was overpriced. Went to 417k....... nope.

I think i've spent too much time on these forums reading up because i thought i would have been welcomed in due us being in rental and have a big deposit and can move at any time. Plus there are hardly any houses coming on the market, if there are they werent really what we were looking for.

Long and short of it is that I spoke to the EA and said i found a better fix rate which over the course 5 years gives me an extra 2k to play with and would he reduce his fees to hep me secure the house with the vendors. EA kept me waiting til 5.30 today to advise that finally they have said yes.

poppysarah

plan to rent for a year or two but keeping an eye on the property market. (property bee installed for a rightmove viewing once a week and not more frequently)

kunekune

We've had the same experience - in a town (as you can tell from my details) that probably has a lot of worried residents. Offer of 185 on 209 (unchanged for a year) turned down, they "want" at least 195. Offer of 180 on 200 (down from 220) turned down despite desperation (empty, up for rent as well). Offer of 170 on 175 turned down because someone else offered more (that one was down from 200). Another we viewed has sold this week, had an asking of 180, started at 225. But eventually had an offer of 172 on an asking price of 180 accepted. We have reasons for buying now, to do with being able to get a mortgage at 1% with no fees and no early repayment (so that we can refinance once rates are going up). If we weren't we would not have bothered.

puddy

pawpurrs wrote: »

What happened re the bungalow that you found? Was that one that you offered on?
You will find somewhere....eventually, Im sure.

yep, he put the price up, now im in love with bungalows and am very upset, i had big plans for that

puddy

kunekune wrote: »

We've had the same experience - in a town (as you can tell from my details) that probably has a lot of worried residents. Offer of 185 on 209 (unchanged for a year) turned down, they "want" at least 195. Offer of 180 on 200 (down from 220) turned down despite desperation (empty, up for rent as well). Offer of 170 on 175 turned down because someone else offered more (that one was down from 200). Another we viewed has sold this week, had an asking of 180, started at 225. But eventually had an offer of 172 on an asking price of 180 accepted. We have reasons for buying now, to do with being able to get a mortgage at 1% with no fees and no early repayment (so that we can refinance once rates are going up). If we weren't we would not have bothered.

its unbelivable isnt it, i just dont know what to say

spuds_2

Part of the problem may be that vendors don't see the houses they want to buy coming down in asking price. If they need say, 50k more than their mortgage is to move to the next house up, they will wait until they get that amount. They don't want to sell for a low offer and then find they can't move on themselves.

There does seem to be a stagnation in the market, in that vendors won't drop their price and only those who have to move, or repo's, are selling 'cheaply'.

QTPie

poppysarah wrote: »

plan to rent for a year or two but keeping an eye on the property market. (property bee installed for a rightmove viewing once a week and not more frequently)

This is what we are doing... We are under offer now (to a cash buyer) - ok it could still fall through, but I have EVERYTHING crossed - and will move into rented accomodation for 6/12/18/24 months (I am thinking 6 to 12 months, but we will see).

We are looking for a LARGE family house. There are not many of these on the market around here and most of them are "optimistically" priced (2007 + a bit prices!). We could JUST ABOUT put a good offer (within 5 to 10% of the asking price) in on one of these - as things stand - though there is no gaurantee that it would be accepted. BUT if we paid that we really would be paying peak prices and there is still no guarantee that our offer will be accepted...

So we just don't want to rush buying. I am hoping that the next house will be our house for the next 30ish years - so we need to get it right...

As others have said - you cannot dictate that someone SHOULD sell their house for the current market value. Some people are just on the market in case they "get lucky": as the stocks of houses available dwindle, someone MAY well come along who is desperate (or even ignorant enough) and offer very close to their unrealistic asking price... and, in the mean time, they aren't motivated enough to sell for anything else.

Property buying and selling is all a big game. There are possible risks and rewards. A bit like buying/selling shares. Selling in the current climate we (you, me and others) are risking that we might not be able to buy what we want straight away (i.e. that the people selling the houses that we want are not motivated enough to reduce their prices...). It is ALWAYS "buyer and seller beware". To be honest I find that one of the REALLY interesting things about this forum: you get to see ALL types of opinions (sellers, buyers, investors etc). The important thing is to read things on here with "balance": there are lots of differing opinions here and they can't all be right...

QT

poppysarah

It is a big game and it's about being the best player - being able to hold a 8 and a 4 and bluff your way to win the pot.

They don't drop price on their house - their loss. Find a cheaper better one.