Hiding for Nothing - viewing an over-priced over-budget house...

QTPie

I know, patience, patience, patience... Unfortunately NOT one of my skills... :A

The area around the RUH IS coming down, reluctantly... There is a larger family house on Penn Lea Road that is becoming more reasonable (recently had a price drop). Would require quite a lot of work and extending though (loft conversion plus extension to give something other than a galley kitchen) and I am still not conviced. Don't find gutting and doing up the right house (at the right place), but would really like most of the structural layout to be right from the start (i.e. good room sizes). Nice houses (have friends who own one), nice quiet road (apart from being a RUH overflow carpark :rotfl:), but not really what I want at the moment. I know, fussy... The one that is one sale, would probably want to knock another £50k+ off the price anyway.

Nenen, I feel your pain . We have only been renting 5 weeks AND we are renting back the house that we sold - so things could be a LOT worse . I am being too impatient... more properties WILL come onto the market: I do live in a city and there are quite a lot of larger family homes and they must come onto the market SOME TIME. Hopefully some will come on with some urgency to sell...

Like you, I groan when I see an "aspirationally" priced house come onto the market: it may well drop, but it may take 6 months or a year before the seller is open to realistic offers (and still someone might get in there higher than you). At the end of the day a house is worth what it will sell for: the specific house in this thread was just out of our reach (the EA knew wat sort of figure I thought it was worth and was willing to negotiate around). All that remains to be seen (but will take a frustratingly long time to see) is how much out of reach it was...

Nenen are you still interested in the house that came back onto the market?

longleggyblonde will PM you... although maybe I should state it out loud - maybe one of the posters here will just happen to have a large family house in the area that they HAVE to get rid of quickly to a chain-free buyer...

QT

franklee

QTPie wrote: »

So asking price was 6% OVER what an identical property (actually on a plot that was 50% larger) sold for in August 2007 :rolleyes:

Wonder what they got for it...

If the buyers require a mortgage that could be a sticking point and the lender's valuation is bound to notice any overpricing so unless the buyer has a stonking big deposit I'd expect the price will need to come down.

Nenen

QTPie wrote: »

I know, patience, patience, patience... Unfortunately NOT one of my skills... :A

Nenen are you still interested in the house that came back onto the market?

QT

Patience isn't one of my qualities either QT! Last year, when we offered on the (then) 275K house we really thought that, although it certainly wasn't a 'dream home', it was the best we could afford in this area (Cambridge + 5 mile radius). Now some much nicer properties are starting to appear just over the horizon of our budget I am in even more of a dilemma. We could go back and offer around 200K (or maybe less) as it is now being marketed for 215K and that would mean we had a much smaller mortgage which would be lovely. Alternatively, we could wait and see if the sort of houses we have previously only dreamed of come into our price bracket. I would be kicking myself if we bought the 'good enough' house (which due to our age is likely to be our final resting place ) and then prices fell significantly and we lost the opportunity to have a house we really loved. Obviously the other side of that gamble is that if this doesn't happen we could also lose the 'good enough' house. Hence my wish for a crystal ball!

QTPie

Think that is a common dilemna...

If we had to, there are a couple of houses that we COULD buy at the moment, but I know that I wouldn't be happy... so will wait. What we end up with doesn't need to be our "dream home", but I want it to be the right sized house (planning permission in this area can be problematic) on the right plot in a pretty nice location (the latter two you can't change). I would really love this next house to be our home for the next 25/30+ years... so don't want to be outgrowing it of "wishing for something else) in 5 years time.

As for price-wise, would just LOVE to be able to buy in the same market that we sold ours in... very frustrating (we are staying in the same area, just looking at a type of house that is in short supply and high demand :rolleyes: ). All self-inflicted...

If you find a crystal ball, can I borrow it please? I think that good things come to people with patience, but I can't help doubting myself some times!

QT

Nenen wrote: »

Patience isn't one of my qualities either QT! Last year, when we offered on the (then) 275K house we really thought that, although it certainly wasn't a 'dream home', it was the best we could afford in this area (Cambridge + 5 mile radius). Now some much nicer properties are starting to appear just over the horizon of our budget I am in even more of a dilemma. We could go back and offer around 200K (or maybe less) as it is now being marketed for 215K and that would mean we had a much smaller mortgage which would be lovely. Alternatively, we could wait and see if the sort of houses we have previously only dreamed of come into our price bracket. I would be kicking myself if we bought the 'good enough' house (which due to our age is likely to be our final resting place ) and then prices fell significantly and we lost the opportunity to have a house we really loved. Obviously the other side of that gamble is that if this doesn't happen we could also lose the 'good enough' house. Hence my wish for a crystal ball!

QTPie

franklee wrote: »

If the buyers require a mortgage that could be a sticking point and the lender's valuation is bound to notice any overpricing so unless the buyer has a stonking big deposit I'd expect the price will need to come down.

Fingers crossed! (I know that is evil... hoping that it will fall through... ).

I would imagine that any buyer would have a stonking big deposit, but I could be wrong: would be INSANE to take on a house that expensive with a HUGE mortgage... will wait and see.

You just never know...

QT

lostinrates

QT I know exactly how you feel.

Something has come up over our budget too, but annoyingly, next year we'd be able to afford it, or the debt at least. In the short term in would cost us less, and its very lovely. But its going to auction: and its certain to sell, so I don't even have ny relistic hope with this one that it will fall through and they'd accept the maximum we could pay right now: which would be 20% off n already very good price.

ShelleyC_2

One of my wackier friends suggested I visit a psychic to help me decide when to buy! I did think what the heck I can't work out what might happen so might give it a go.

Maybe I could boost my deposit by setting up a dodgy scam called Psychic Shell's Property Predictions :rotfl: