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I think we've really sold this time!
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Annabee
Posts: 653 Forumite
After having our house on the market for 3 months, and had only one offer (from someone yet to sell their own place), we have just swapped agents and dropped the price and immediately received a not-too-bad offer from firsttime buyers. Yes!!!
Now we are in a dilema (sp?) The houses we would really like for ourselves would mean we really have to stretch ourselves with the mortgage, and we need higher income multiples etc. I'm wondering whether we should go into rented for a bid, anticipating the famous house price crash. If after six months or so that hasn't happened, we wouldn't have lost anything as we would have the equity in the bank and would be chain-free, if you see what I mean.
The area we live in and would buy in again is a popular suburb with a good reputation for schools, so maybe prices wouldn't drop that much anyway?
What do you reckon?
Now we are in a dilema (sp?) The houses we would really like for ourselves would mean we really have to stretch ourselves with the mortgage, and we need higher income multiples etc. I'm wondering whether we should go into rented for a bid, anticipating the famous house price crash. If after six months or so that hasn't happened, we wouldn't have lost anything as we would have the equity in the bank and would be chain-free, if you see what I mean.
The area we live in and would buy in again is a popular suburb with a good reputation for schools, so maybe prices wouldn't drop that much anyway?
What do you reckon?
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Comments
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Can you provide all the numbers?
Eg, asking price of your house, offered price, and the price of house you're moving to....Happiness is buying an item and then not checking its price after a month to discover it was reduced further.0 -
After having our house on the market for 3 months, and had only one offer (from someone yet to sell their own place), we have just swapped agents and dropped the price and immediately received a not-too-bad offer from firsttime buyers. Yes!!!
Now we are in a dilema (sp?) The houses we would really like for ourselves would mean we really have to stretch ourselves with the mortgage, and we need higher income multiples etc. I'm wondering whether we should go into rented for a bid, anticipating the famous house price crash. If after six months or so that hasn't happened, we wouldn't have lost anything as we would have the equity in the bank and would be chain-free, if you see what I mean.
The area we live in and would buy in again is a popular suburb with a good reputation for schools, so maybe prices wouldn't drop that much anyway?
What do you reckon?
Congrats on selling your house in a tricky environment.
We're not really supposed to talk on this board about the possibilities of prices not rising, except in one thread (which mysteriously got wiped at the weekend) but I can tell you that since you're moving out anyway it may well be a smart move to rent for a bit in the event that h***e p****s c***h.
You can get some pretty decent interest rates at the moment so you could simply stash your sales profit in a suitable account. Depending on how much you have made, the interest might even go some way towards the rent of a place whilst you wait.--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
Any crash won't happen over a six month period. It would take longer than that.
Unless forced, vendors won't sell at lower prices. You may find stagnation and the possibility of a slightly lower end price, but possibly not enough to cover the cost and inconvenience of moving.
If you're going to rent, I'd anticipate doing it for longer!Everything that is supposed to be in heaven is already here on earth.
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Auctions are where the real bargains are, and if you have cash in hand then that could really work in you favor.0
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