OK guys, a bit of help here please

michaels

27/9 - Edit Thanks everyone for opinions

I know I am in the 'W' camp when it comes to the economy and house prices but the Mrs is determined we should move up the ladder.

We are looking at this property and similar - anyone want to come up with a sensible purchase value? http://www.rightmove.co.uk/property-for-sale/property-13230399.html

Our house went on the market yesterday. We told the agents we were getting some decorating done this week and didn't want any viewings till next weekend but they said they had a guy who was interested and was going on holiday who wanted to see it today so I did a mad de clutter and clean starting at 7pm last night, viewing was at 10AM and an offer was made immediately for 8% below asking (asking was about 2.5% above 2007 peak sale price) but buyer is in rented with 30%+ deposit and agreement in principal. Seems an ok offer from a good buyer but only having had one viewing of the property 'unimproved' it is hard to judge if it is the best I will get.

mbga9pgf

If I were you, I would stick out for full asking, or even try and get a bit of a bidding war on. use the amount saved over what you got on initial asking to move into rented for 12 months, with the rest spread out amongst banks in 50K chunks, in the name of whoever pays less tax. Pay 12 months rent downpayment as a goodwill gesture to the LL.

Wait until post election then hopefully pick up a bargain. You could make a deal with the missus that as soon as the extra cash is burned up in rent, you will commit to buy.

As for the property, nearly half a mill forTHAT??? are they delluded?

Personally, I could find a much nicer property for the cash, do you work in the city or around hertfordshire?

carolt

Oh, you're near me - my MIL lives in St Albans.

Desperately overpriced for the size/location IMHO. By about 100K, at least.

Still, each to their own.

Are you looking for specific school catchments or anything?

PasturesNew

The hottest buyers are the ones the agent already has on their books.
They've already seen everything going and the dross and now they're ready to make a firm commitment.

As he was on the list, it would make sense to take his offer because he's in a strong position to not !!!! you about.

michaels

Yes, specific schools. Yes work locally and in London

Looked at this 1/4 mile away: http://www.rightmove.co.uk/property-for-sale/property-23251912.html

Sold within 3 days at asking price.

Family houses in the catchment area of the two local secondary s are like gold dust and are making correspondingly high prices - but then mine also seems to be getting close to 2007 peak so it looks like the whole town may be a hot spot.

Renting would cost 1200 pm compared to mortgage which is currently 350 pm making str an expensive bet (although I also see a second dip but would not be looking to move again - ever)

whathavewedone

Overpriced in your opinion Carol but in line with the current market.

I wish I could have bought my house for half price but as I didn't have a time machine taking me back to 1995 I had to pay 4k under the asking price.

We sold our old house for 75k more than we paid for it 9 months after buying it (admittedly after carrying out 30k of work to it) so we were in a position to put down a healthy deposit on our current house.

If the OP can get a good price for his own house and barter the next house down a bit then he'll probably be all right in the long run.

House prices will almost certainly fall a bit over the winter but I doubt it will be as dramatic as the fall that we had last winter. Also interest rates are likely to be higher in 12 months.

Honestly Carol, do you really think that house is going to stay on the market until it comes down by 100k?

carolt

I have no idea what that house's vendors ae going to do. I can only speak as a potential buyer, not a specific seller.

I wouldn't buy it for more than 300K.

carolt

michaels wrote: »

Yes, specific schools. Yes work locally and in London

Looked at this 1/4 mile away: http://www.rightmove.co.uk/property-for-sale/property-23251912.html

Sold within 3 days at asking price.

Fairly houses in the catchement area of the two local secondarys are like gold dust and are making correspondingly high prices - but then mine also seems to be getting close to 2007 peak so it looks like the whole town may be a hot spot.

Renting would cost 1200 pm compared to mortgage which is currently 350 pm making str an expensive bet (although I also see a second dip but would not be looking to move again - ever)

Which schools, michaels? - I'm looking at secondary schools at the moment, though I think St Albans is too far for us.

HAMISH_MCTAVISH

carolt wrote: »

I wouldn't buy it for more than 300K.

I rather suspect you will never be buying it then.;)

michaels

Sandringham and Beaumont - you have to live very close to get in (currently live 1.25 miles away and this is too far)

michaels

Would love to find a house in the catchment area for this money

carolt wrote: »

I have no idea what that house's vendors ae going to do. I can only speak as a potential buyer, not a specific seller.

I wouldn't buy it for more than 300K.