I was about to put in an offer but now what?

jimpix12

dexterwolf wrote: »

I don't understand why people think that the housing market is going to drop drastically.

The market is built on sentiment. If the sentiment ebbs away, prices come down. I'm sorry you cannot understand that, but that's reality.

cashbackproblems

spunko2010 wrote: »

The market is built on sentiment. If the sentiment ebbs away, prices come down. I'm sorry you cannot understand that, but that's reality.

Agreed anyone who cant see prices will fall is a deluded seller or has their head in the sand.

jimpix12

Bossworld wrote: »

I'm absolutely gutted at the result, but even more so given we're in the middle of moving house.

Accepted an offer on ours, had our offer accepted and returned the purchase docs just on Weds. Still waiting on NatWest to provide the full mortgage offer (survey was meant to be done this week).

Have absolutely no idea what's going to happen, I'm anticipating our buyers trying to drop their price, don't know what we'll do for the one we're trying to buy. Drops, crashes etc. could be weeks, months or even years away, all that anyone can do is speculate.

What a horrible jingoistic mess this whole thing has started.

Let me guess, you're in London?

SaverDave

Reports today from relatives (downsizing) and friends (moving up the ladder), of buyers pulling out today. Both were selling in Belfast. Obviously a reaction to Brexit but will be interesting to see what happens longer term.

I'll be keeping a close eye on things as ironically I have a meeting with Santander next week to talk about First Time Buyer mortgages. Half a mind to wait a few months and see what happens.

Bossworld

spunko2010 wrote: »

Let me guess, you're in London?

No, couldn't be any more wrong, I'm in the North East. Perhaps you could clarify the point you're trying to make?

solidpro

Seriously why would you do such a thing in the week of such a huge referendum?

Because I love you.

GaleSF63

House prices are largely controlled by supply and demand. The supply hasn't altered (yet) but demand seems to have dropped considerably today.

So is it the panicking buyers that are bringing the prices down?

Next, sellers will realise they can't get what they want for their houses and will take them off the market. Smaller supply puts prices back up as the competition between buyers increases.

Back to square one (yesterday).

The people who have decided to reduce their offers by 10% - who decided on 10% being the right figure?

saverbuyer

OP if the house is near the border I would definitely be looking at reducing the offer or taking a bit of time for a few weeks and see what happens. Not much happened with supply and demand here and we still got a 50% crash. I can see the gains of the last few years getting wiped out.

ruelle

GaleSF63 wrote: »

House prices are largely controlled by supply and demand. The supply hasn't altered (yet) but demand seems to have dropped considerably today.

So is it the panicking buyers that are bringing the prices down?

A house is only worth what someone will pay for it. If collectively we all decide they aren't worth as much as the ridiculous prices that we've been having these past few years then of course they will go down.

bigfreddiel

Stuart788 wrote: »

I am going to reduce my offer and hope their worry will get me a good price.

Don't do that now, wait until you're just about to exchange contracts and do it then, you'll get a much bigger discount, hehehehe!