Buying/selling in January?

pelethecat

Wondering whether people are thinking about buying or selling in January. Have been prompted to think about this as we've pulled out of our house purchase after the seller wouldn't renegotiate to take account of damp/roofing problems.The seller's argument is that if he puts the house back on the market in January he'll get a higher offer than he had from us, so even if he then needs to knock off money for repairs, he'll still make more.

Only two properties on that street had ever sold for more than what we offered (in summer 2007) and two surveyors valued our offered price as 'top of the market' and recommend we negotiate costs of repairs off the initially offered price. Sellers only offered to drop by £2k when we had quotes of £8k for the work so we pulled out.

So the seller's gambling on fairly fast rises in the new year (and solicitor and EA say they are rushed off their feet at the moment), and we're gambling on finding somewhere cheaper where we can add value if we do work to a place. We're the second buyer he's lost, so he's clearly not in a rush - maybe holding on for more rises? Guess we'll see who's right fairly soon...

Was wondering whether others were gambling on price rises in January too?

DVardysShadow

The market is only crazy now for the frenzy to get in before SD goes up. Often the market goes horribly flat after people rush to get in before some deadline. When multiple Mortgage Interest relief was ended by Lawson [I think], it was not long before the benefit of the relief was wiped out by the price falls.

When this happens, the professionals will only tell you they are rushed off their feet,they won't confess to knowing full well what to expect. I would say don't worry, pull out, plenty more fish - and who knows, if you take your time, you may find that your present seller will bite your arm off for an offer £12k down

pie81

I'm hoping to buy in the new year... just waiting for the right thing to come on the market, hopefully there will be more in Jan.

To be honest I really cannot tell whether prices will fall, rise or stay the same in the area I'm looking. I can think of arguments for each!

As we are looking for a long term family home I have decided that slight falls or rises here or there are not a massive issue as even if we overpay slightly now it won't matter too much in the long run, what really matters is getting the right place.

With that in mind my question to you would be how perfect for you is this house... if you think you are unlikely to find anything as nice in the new year then grit your teeth and pay up, but if you think there will be "plenty more fish" then hold out.