Waiting for a buyer... Anyone want to join me?

cashbackproblems

You have to think the market is only going to get worse, I think a lot of sellers will accept a lower offer now e.g. 10% as you just don't know how low prices will go and how many years they will take to recover...if a correction you are looking 5-10 years to recover.

My partner is an EA and buyers are reducing offers 15% or pulling out all together. One flat went from 400k last month and now selling for 300k OIRO!

NewHomeOwner_2

cashbackproblems wrote: »

You have to think the market is only going to get worse, I think a lot of sellers will accept a lower offer now e.g. 10% as you just don't know how low prices will go and how many years they will take to recover...if a correction you are looking 5-10 years to recover.

My partner is an EA and buyers are reducing offers 15% or pulling out all together. One flat went from 400k last month and now selling for 300k OIRO!

Do you want to tell us what your area is so we can all witness these £100,000 reductions first hand on right move?

Jox

I guess it depends on how desperate someone is to move...I would like to buy a house so my 2 year old can have his own room and a garden to run around in but I guess he'll have settle for sharing a room with me and going to the park for a little while longer!

My flat isn't over-priced so I wouldn't want to drop the price too much more, unless the 3 bed house prices drop too!

9ja4life

I think I have to join you here!

House went on the market in April. Tenants happily moved as another one came up 2 doors down that they could rent. Offer accepted a few days later.

Buyer has just pulled out today after requesting a £20k drop in price. We've said no. House back on the market. We may decide to just rent it out for a year and see how the market performs.

Slinky

Arrgghhh, I'm in the opposite camp. We've offered within 4% of the asking price today, with nothing to sell and totally flexible on completion to suit the vendor, and they've rejected it.

smallholdingsister

Slinky I would worry if we see any evidence of these huge price drops.

smile88egc

Slinky that's a shame! How long had the house been on the market? My bet's they'll be reconsidering in a week or 2 when the brexit reality sinks in.

Must take a while to come to terms with your biggest asset depreciating overnight.

kilby_007

Slinky wrote: »

Arrgghhh, I'm in the opposite camp. We've offered within 4% of the asking price today, with nothing to sell and totally flexible on completion to suit the vendor, and they've rejected it.

They're going to regret not accepting that, nearly as much as you might've regretted having it accepted! Are you a FTB?

Slinky

smile88egc wrote: »

Slinky that's a shame! How long had the house been on the market? My bet's they'll be reconsidering in a week or 2 when the brexit reality sinks in.

Must take a while to come to terms with your biggest asset depreciating overnight.

Only been on the market for 3 weeks and there's been quite a lot of interest apparently. It's a very individual property in a very nice street so it's not just a case of waiting for another to pop up that we could buy.


As I said to the agent, why would you wait for a sale with a chain below you with potentially several jittery purchasers, when you've got somebody able to proceed with no chain, to achieve another 3.8%.


I said to the agent I'll leave the offer on the table for them.

Slinky

kilby_007 wrote: »

They're going to regret not accepting that, nearly as much as you might've regretted having it accepted! Are you a FTB?

No this is a home we intend to retire to but would rent out in the meantime. So we'd have a huge amount of extra stamp duty to pay out too that we're unlikely to move in time to recover.


We thought long and hard about the Brexit situation, but decided we'd be brave and carry on regardless.