Anyone else finding it impossible to buy right now?

mortgage_noob

So there are a few more properties in the area I'm looking at now, but called 1 place at 9.45 in the morning after it had been listed by the EA. Viewings already full and closed and a waiting list. It is crazy.

Beartricks

FTB_Help said:

Im pretty sure some of these properties that are being snapped up and going well over asking may at some point come back on the market, esp if they've gone well over market value so may end up getting down valued at some point in the process.

There's also been a few posts here about buyers regret and looking to pull out as they got ahead of themselves in the bidding war and paid more than they wanted to.

My advice is to hold on there will always be more to come in the market, im sure there are plenty people trying to buy right now and settle on a property just to save SD

I've been thinking the same. I've noticed the last couple of weeks houses in the areas we're looking at are going up right at the top of their price range. I suspect because there's so many people desperate to get houses bought before the Stamp Duty comes back in that they're all trying their luck.

I suspect that a number of these will be downvalued by the lender and end up back on the market at a more reasonable value. More won't be able to complete before the Stamp Duty holiday ends and buyers will back out.

We put in an offer 7% under the asking price on a house that was already at the top end of its value thinking that FTB status and no chain would be in our favour but it got snapped up by another FTB. We're considering offering above the asking price but at the same time that one could end up back on the market or we might end up with a flood of houses that couldn't complete in a month or two.

You know somethings wrong when you have a property that needs a complete refurb on sale for £50k more than the recently renovated house down the road did 6 months ago.

Octothorpe

More houses coming on but all at ridiculously inflated prices!!! 😡😡🙈

GJB1954

We have commented on a few threads about finding property. Property gone , as soon or before appears on right move. Properties that seem to be not have offers on. Need lot of work , major refurbish. Yet price still high compared to ones sold. 

BecsMags

Beartricks said:

FTB_Help said:

Im pretty sure some of these properties that are being snapped up and going well over asking may at some point come back on the market, esp if they've gone well over market value so may end up getting down valued at some point in the process.

There's also been a few posts here about buyers regret and looking to pull out as they got ahead of themselves in the bidding war and paid more than they wanted to.

My advice is to hold on there will always be more to come in the market, im sure there are plenty people trying to buy right now and settle on a property just to save SD

I've been thinking the same. I've noticed the last couple of weeks houses in the areas we're looking at are going up right at the top of their price range. I suspect because there's so many people desperate to get houses bought before the Stamp Duty comes back in that they're all trying their luck.

I suspect that a number of these will be downvalued by the lender and end up back on the market at a more reasonable value. More won't be able to complete before the Stamp Duty holiday ends and buyers will back out.

We put in an offer 7% under the asking price on a house that was already at the top end of its value thinking that FTB status and no chain would be in our favour but it got snapped up by another FTB. We're considering offering above the asking price but at the same time that one could end up back on the market or we might end up with a flood of houses that couldn't complete in a month or two.

You know somethings wrong when you have a property that needs a complete refurb on sale for £50k more than the recently renovated house down the road did 6 months ago.

Yep, we have just been burnt by this. Thought we were getting a good price but the valuation came in 20k under, buyer has pulled out and we lost the house  

Looking at houses in the area, one sold for 40k less 4 months ago and the one we went for needs ALOT of work. So in a way, I'm glad we found this out now. 

I do think we will see some of these properties come back on the market, as buyers pull out due to valuation, missing SD holiday or realising they are well overpaying. I hope so anyway!!

dj1471

Called to view a property within 2 hours of it hitting Rightmove, I was the 10th person to call, took the first viewing slot available and it sold before I could view.

Somebody must have really overpaid to get it taken off the market before the first round of viewings were complete...

I’m registered with a bunch of agents and not 1 has tipped me off about a new instruction before it hit the portals, they simply don’t need to make any effort to sell houses at the moment 

Capri84

Around here there’s been a slowdown it feels. Properties not flying out the door, and we actually had an estate agent call us yesterday to see if we wanted to put an offer in for a property we’d viewed on Wednesday morning. They hadn’t had any other offers yet - lovely house too, but a bit small as a 2017 new build. Wasn’t for us. 

We also viewed a house that needs renovating as it’s very dated. Was on market for Offers over £239k, home report value is £240k. It’s been on the market a little bit longer, about 4 weeks now. 

Estate agent told us a sale had been agreed but fell through due to a house not selling down chain. I asked if he could divulge what the offer was and he said £243k

Went home, had a cup of tea and called my solicitor and asked him to put an offer of £230k in... within an hour they’d turned it down, but implied there was room for a deal if we met halfway. 

Offer of £235k accepted later that afternoon. 

Huge difference to a similar property we viewed that sold for 20k over the asking price a few weeks back. 

mortgage_noob

dj1471 said:

Called to view a property within 2 hours of it hitting Rightmove, I was the 10th person to call, took the first viewing slot available and it sold before I could view.

Somebody must have really overpaid to get it taken off the market before the first round of viewings were complete...

I’m registered with a bunch of agents and not 1 has tipped me off about a new instruction before it hit the portals, they simply don’t need to make any effort to sell houses at the moment 

Yep, this is the kind of thing I'm experiencing too. I just offered on a place that already had 10 offers ofter 1 day of viewings. Highest offer was 2.5% over asking, I went in with 7.5% on condition it was removed from market but the seller wants to continue with viewings and go to best and final offers. 

We withdrew are offer as didn't want it on the table inflating best and final but now not sure what to do!

[Deleted User]

Capri84 said:

Around here there’s been a slowdown it feels. Properties not flying out the door, and we actually had an estate agent call us yesterday to see if we wanted to put an offer in for a property we’d viewed on Wednesday morning. They hadn’t had any other offers yet - lovely house too, but a bit small as a 2017 new build. Wasn’t for us. 

We also viewed a house that needs renovating as it’s very dated. Was on market for Offers over £239k, home report value is £240k. It’s been on the market a little bit longer, about 4 weeks now. 

Estate agent told us a sale had been agreed but fell through due to a house not selling down chain. I asked if he could divulge what the offer was and he said £243k

Went home, had a cup of tea and called my solicitor and asked him to put an offer of £230k in... within an hour they’d turned it down, but implied there was room for a deal if we met halfway. 

Offer of £235k accepted later that afternoon. 

Huge difference to a similar property we viewed that sold for 20k over the asking price a few weeks back. 

Congrats @Capri84 Glad it all worked out for you in the end!

cheeky-peach

Gosh I wish our house was one of those ones where there was a fight (in a way!) Is the general thought that some locations are hotter than others?