House Prices Up - Do i cancel my sale?

izzybusy23

plzsm wrote: »

I am about to complete the sale of my house next week
its taken a year to be get this point
we went on the market at £245K (possibly too much)
reduced to £230, then £220 finally agreed a sale at £210K (we bought it 5 years ago at £215K)
the plan is to go into rented while the prices drop further
but now we have an increase !
have we sold at the bottom of the market? maybe
but we plan to rent for 6 months (need to sign the contract tomorrow)
but I am worried prices will have risen in 6 months and the timing of all this could cost us big time !

any thoughts?
we could pull out of the sale but that seems a bit drastic

to add we live in the east midlands
and we really want to move from where we live, long commute and not the desireable location we had hoped for

What a *****!!! You cannot be serious. Get a life man!!

PasturesNew

lostinrates wrote: »

STR is sold to rent (people who sold to rent forecasting the drop).

Of which I am one. When I did it I got into all sorts of rows with people (family) who told me I was mad, I'd never get another house ever again, I was off the "ladder" forever. I was stupid, ridiculous, completely barmy.

The price of the house I sold would now be about £80-90k less than I got for it.

Now who is the loony .... oh, of course now THEY are all telling ME that prices are dropping... having completely forgotten that's why I did it and the names they called me.

Dan:_4

izzybusy23 wrote: »

What a *****!!! You cannot be serious. Get a life man!!

Play nice izzy

mewbie_2

To the OP - which may or may not be a wind up, but I'll take it at face value. It is easy to see why people are scared about stepping off the ladder, when it has often been a fast moving escalator. Step off in 2001, and be unable to get back on.

But I think now it is a safe time to step off and hang around for a bit. Look at stuff and take your time. Despite todays frightening 1% hike I think the relatively sane forecasts still range between 10 - 30% more drops to come.

So to the OP - don't be scared. Just get on with your life for a bit.

tomterm8

plzsm wrote: »

any thoughts?

I put it into the category of guzzumping, guzzundering and etc. It shows a lack of integrity. I was taught that once you make a deal, you stick to it.

Dr_DiNg_DoNg

So is that it then? are we back to normal now?

I must say, although its very disappointing for the people who want to get on the ladder and wont be able to (((((((((hugs)))))))) , I am very relieved for the people who could have been in terrible negative equity , nobody deserves that.

At least there is lots of nice rental places available at low prices for the renters to choose from, which is a silver lining for them

izzybusy23

Dan: wrote: »

Play nice izzy

I am! I'm telling him to get a life instead of being silly and playing games with people's (including his own) livelihoods!!

Dan:_4

izzybusy23 wrote: »

I am! I'm telling him to get a life instead of being silly and playing games with people's (including his own) livelihoods!!

okay......:beer:

Dr_DiNg_DoNg

Maybe ask the purchaser to up their money a bit, 2 months out of the last 3 prices have gone up.

carolt

Good luck with making that call.

Ultimately, you have to do what you think is right. I can't see 6 months either way making much difference, by the time you've added in moving costs and hassles.

It seems a bit late to pull out now, but you have to do what's right for you.