Does anyone want to join me waiting to find a house to buy?

katebl

mrnmrsFTB wrote: »

Hi all,

Well after 2 years of saving, finally getting in a position to by our first family home, we now see ourselves priced out of the market where we live. Nothing more we can do, other than hope for a house price correction in the coming months (doubtful this will happen).
So we are no longer looking to buy (this year anyway). I really don't know what else to say, we are gutted that no matter how hard we work and save, house price growth outweighs what we save/earn. Oh well, here's to plenty more years paying someone else's mortgage. Good luck to everyone, and I hope you all get the home that you want

Where are you looking? We've not bothered viewing in about 3 months now as everything is so expensive, but the market is definitely turning... In the meantime we're making the most of adding as much as possible to our deposit so we're in the best possible position when something worthwhile comes up! A 10% fall in prices even would give us do many more options

Pumpkim

katebl wrote: »

Where are you looking? We've not bothered viewing in about 3 months now as everything is so expensive, but the market is definitely turning... In the meantime we're making the most of adding as much as possible to our deposit so we're in the best possible position when something worthwhile comes up! A 10% fall in prices even would give us do many more options

A 10% fall:eek: I hope not, I'm trying to sell as well as buy:D
People keep saying prices are falling but no evidence of it near me yet.

Pumpkim

toc25 wrote: »

The same thing has happened to us, while we were getting ready to sell there were one after another properties we loved coming on the market. Now there is nothing! Well just one we thought was our dream house but when we viewed it was an actual nightmare house :eek:

Same here, we're relocating and I've been watching the market there for over a year and I've seen so many perfect houses come and go, one of which was on the market 2 years (overpriced and tenanted), finally reduced to a sensible price last month and sold in a week. Gutted. There are three I quite like which I think will be worth a look assuming they don't sell in the next week or so. We've got the added difficulty of distance to travel for viewings as well as needing a firm offer on our own property. Two of the houses I like are nextdoor to each other, wonder how that is for them ...

katebl

Pumpkim wrote: »

A 10% fall:eek: I hope not, I'm trying to sell as well as buy:D
People keep saying prices are falling but no evidence of it near me yet.

But surely if you both buy and sell at 10% less than today's prices, unless you are downsizing, it doesn't make much difference to you?

Pumpkim

katebl wrote: »

But surely if you both buy and sell at 10% less than today's prices, unless you are downsizing, it doesn't make much difference to you?

We bought at the height of the market in 2007 and have been in negative equity for the best part of the last 10 years which didn't matter as we weren't going anywhere but now we're relocating and a 10% drop would mean negative equity that does matter.
I take your point though, it's all relative, we're just in a delicate situation

katebl

Pumpkim wrote: »

We bought at the height of the market in 2007 and have been in negative equity for the best part of the last 10 years which didn't matter as we weren't going anywhere but now we're relocating and a 10% drop would mean negative equity that does matter.
I take your point though, it's all relative, we're just in a delicate situation

Fingers crossed you pull it off - are you relocating far? In the area I'm in house prices have gone up at least 30% in only 3 years, so maybe so as not to cause alarm/lynching I'm best stating I hope for at least a 10% local fall...

kilby_007

Went to view 2 houses today. Estate Agent didn't turn up to show us around the first one! On viewing the second property, the vendors said as soon as we walked through the door "we've just had a lovely young couple in 10 mins ago and they've made a firm offer but you can look around if you want" so we had a look around. The house wasn't for us (too small) but as we were leaving the couple were almost in tears telling us about how their previous sale fell through (they backed out of their sale because they were "getting too many questions form the solicitor"!), they've found another house that they really want and now they don't think they'll find a proceed-able buyer. Turns out their "firm offer" was from a couple around the corner who's house wasn't yet on the market!

Isn't it funny how some people get all bolshy and stroppy where money is involved, as though that's going to work. Pretend they're not bothered and they can take it or leave it, but when you scratch below the surface they reveal their desperation in all it's glory!

phoebe1989seb

So, less than a week after increasing the asking price by £100k, the vendor of the house we were somewhat smitten with has today dropped it by £50k :rotfl:

Someone needs to tell him its a serious business, not a game, lol!

Having done further research, we've moved on and have now discounted that area entirely, so (aside from the subsidence he helpfully pointed out ) even were he to drop it back to the price it was when we viewed it at Easter it would be a no.

The other two areas we're looking at - opposite side of the country - houses seem to be going SSTC relatively quickly, but to be fair, we're only looking at complete fixer uppers with land and to those like us who are used to the expensive south of England they represent good value for money even if they are currently uninhabitable

In a couple of weeks we're planning another road trip to check out the [STRIKE]beaches[/STRIKE] areas on our short list.

Wishing everyone well with their search!

mrnmrsFTB

Hi Katebl,

We are looking in Hampshire (PO15). House prices just seem to have rocketed in the last 12 months. Feels a bit depressing but all we can to is wait and save a bit more.

Where are looking to buy?

kilby_007

We found a house (a do-er upper) yesterday on the market at 315K that we wanted to buy. Offered 95% of the asking price as a lot of work is required. The estate agent then came back to me an hour later saying the asking price had been achieved. We matched the offer and now she's saying it's going to "best offers" by Wednesday, so I said they can consider that my best offer. What a load of messing about! The house isn't worth more than 315K. They sell for 325-340K when renovated and this one needs about 20-25K spending on it.