Why are houses going so quickly these days!!?...

oopsydaisydoo

Hello!

Feel really deflated!....as 2 of the properties we've seen last week are already sold!! I can't believe they have gone so quickly! We made an offer on one of the houses at £205k (asking for £225k), but it was rejected, but called up today to increase on offer, to be told it has sold to someone with a closer offer! (not informed of this, until I actually called up the EA!!)

These 2 houses were only up from new last week!!!! Guess it's a good sign that things are selling!..but can't help thinking there is too much competition for the houses at the moment!!!

Anyone else noticed round your way, that houses are going quickly!?...

Back to the search for me!....getting tired of looking now!!!

Debras_Angel

Yep,

exactly the same in my area, 2 houses went up and within days had the sold signs up. Although some of the older ones on for the last year still sitting there!!

Debs

deano72_2

yep,,i tried to view 2,but they was both sold in 1st day of coming on the market..not sure why they seem to be gone quick,but people are still loosing there jobs!

Beancounter

I am keeping an eye on the market with a view to selling our house and one or two seem to be going under offer in a few days. Meanwhile, stock from months ago remain for sale. Must be soul destroying for the vendors.

QTPie

There is a real "bounce" in the air: cash rich (or at least proceedable) buyers who have been holding off for a year or so... if something desirable comes on the market and is reasonably priced (or willinf to accept "reasonable" offers) then it is going "under offer" VERY quickly...

Of course, you may also notice a lot of properties that go "under offer" become available again...

I am sure it IS a bounce... you will see a busy two/three months, then things will cool off again in August. Don't panic: if you see something that you REALLY like and can get for a reasonable price, then great... if not, then it isn't meant to be and you will probably find a much "cooler" market in September...

That is my theory, anyway...

QT

oopsydaisydoo

So, it's the same for other areas too! It gets abit frustrating that sales are happening so quickly!!...to the point where I feel like I don't even have a chance to "properly think" about it!!!..before they get sold! I know under offer might not neccessarily mean it fully completes!...but round here, there doesn't seem to be too many that go back on the market.

Maybe it is just a bounce like you say QT....we have waited this long already, so another few months isn't going to make much difference! The only downside is we might lose our agreed mortgage rate if we take too long to find a house!! Though if we do see another house that we reeeally like, I think I would be tempted to go in with near the asking price straightaway!!...to avoid the risk of losing it!!

GracieP

If they price is right it will sell, it's as simple as that. There are potential buyers about so if the house is the cheapest on the market it will attract viewings and offers. Also if the house has been reasonably priced you can't just assume that a lowball offer would be accepted.

That doesn't mean that in a year's time a similar house won't be cheaper. It just means that particular house will have sold.

PJD

Don't feel pressured into making a decision quickly because you think the property will get snapped up by someone else.

Property sales always go up at this time of year.

cronos

I've noticed a fair bit more movement of properties over the past month or so. Some on and off the market within a week! As far as I can make out it's the properties that are realistically priced and / or those that are very well presented that are getting snapped up quickly.

There are still a number of houses in the bracket / area I've been looking at that have been on the market for up to a year and are still not shifting, largely because the vendors are being unrealistic with their asking price and expecting top of the market prices.

FoxtonsRIP

oopsydaisydoo wrote: »

Hello!

Feel really deflated!....as 2 of the properties we've seen last week are already sold!! I can't believe they have gone so quickly! We made an offer on one of the houses at £205k (asking for £225k), but it was rejected, but called up today to increase on offer, to be told it has sold to someone with a closer offer! (not informed of this, until I actually called up the EA!!)

These 2 houses were only up from new last week!!!! Guess it's a good sign that things are selling!..but can't help thinking there is too much competition for the houses at the moment!!!

Anyone else noticed round your way, that houses are going quickly!?...

Back to the search for me!....getting tired of looking now!!!

I've noticed quite a bit of ramping from new members of MSE lately. Ho hum......maybe estate agents at a loose end ?

QTPie

PJD wrote: »

Don't feel pressured into making a decision quickly because you think the property will get snapped up by someone else.

Property sales always go up at this time of year.

Agreed... Any decision made MUST be right for you and your situation... don't get rushed into "panic buying" (I think that a few people are!).

I could be completely wrong, but I really do think this is a bounce and that prices will very likely fall further (whether it is 5%, 10%, 20%.... who knows!) or, at worst, stagnate for a good year or two... So don't panic that prices will go shooting back up...

The downsides that are more likely is even less housing stock on the market (and much of what IS available will be the less desirable stuff) and maybe interest rates going up (and less long term fixed rates available). There will always be a fight for the well priced desirable houses - there always is

So it is a gamble really... you have to weigh up the pros and cons and what is right for you. IF you buy now, prices may well drop further (possibly a little, maybe quite a bit) and - if so - you will loose equity. If you wait, you may need patience for the house you want to come onto the market and still have a scrap to get it (and you may not get such a good deal on a mortgage). Throw job losses and inflation into the mix... But who knows - a LOT of guess work.

If you are stable financially and don't over-stretch yourself, then go for the right house at the right price and time for you

QT