what a crazy housing market

nicknameless

newsgroupmonkey_ said:

nicknameless said:

Not everything is flying off the shelf.  It very much depends on the property and location where we are looking.  We have viewed 2 properties that we were interested in during the last 3 weeks.  The first we offered below asking as it is simply overpriced and with no potential to extend or add to it.  Offer rejected by vendors and it is still sitting nearly 3 weeks later on the market.  EA told us they had other viewings lined up (we were first to view) but that has obviously come to nothing.

The other property cheaper and needed work but with potential to extend and other things going for it.  We didn't even get to the point of offering as the EA told us there were 2 cash buyers way above asking already.  We weren't able / willing to compete with that.  Asking price was on the margins of 'value' (got to lol at that term atm) and we wouldn't have gone higher.

On the first property I thought our offer was very fair - we were not lowballing.

When you say overpriced, are you saying that a surveyor won't say it's worth the money, or is it overpriced in your opinion?

The sad state of affairs is that many surveyors actually agree with the crazy pricing, because they have comparables.

Let's be honest, in a normal market, 3 weeks of being on the market is absolutely nothing.

In this market, if you want to hold, out, you'll get your money eventually, someone will be desperate enough.

OK - overpriced IMO.  We are unprepared to pay asking.  In the area it is in houses are going in days / a day.  If it hasn't gone SSTC in 3 weeks then I would be surprised if they get asking.

Crashy_Time

ACG said:

Crashy_Time said:

SpiderLegs said:

Crashy_Time said:

SpiderLegs said:

Crashy_Time said:

SpiderLegs said:

Crashy_Time said:

Many have relied on it though, including people giving advice to "buy now"?

Crashy you have been advising people to not ‘buy now’ since you joined the forum. And everyone you have given that advice to would have been worse if if they had listened to you.

I am advising that houses are too expensive, and that the conditions that created this situation may not always continue, and that people should get the biggest price discount they can so they have as little mortgage debt as possible if mortgage rates do rise.

Interesting, what do you advise those who are moving to do? Should they sell for as much as they can so that on their next purchase they can have as little mortgage debt as possible if mortgage rates do rise?

In most cases they will sell for near the amount their buyer is told the valuation of their house/flat is, they don`t have the same level of choice regarding pricing as a FTB.

Well it seems that valuations keep on going up, and that there are lots of people willing to pay over and above them. Many of whom are FTB it would seem.

hey ho crashy, never mind. 

They were probably saying that in China until last week LOL...onward and upward.....

Your STILL at this. 
How many years have you been saying house prices will drop for? It feels like at least a decade! 

I bought my first home in 2013 for £85k I sold it in 2017 for £155k (admittedly I did spent about £10k doing it up). 
I have just checked and the same properties are now between £185k and £220k depending on how nicely done up they are and these are SSTC. 

In 4 years they have gone up say £50k or 25% give or take. 

Can you link to the general area so we can follow with PropertyLog?

Newnoel

Crashy_Time said:

ACG said:

Crashy_Time said:

SpiderLegs said:

Crashy_Time said:

SpiderLegs said:

Crashy_Time said:

SpiderLegs said:

Crashy_Time said:

Many have relied on it though, including people giving advice to "buy now"?

Crashy you have been advising people to not ‘buy now’ since you joined the forum. And everyone you have given that advice to would have been worse if if they had listened to you.

I am advising that houses are too expensive, and that the conditions that created this situation may not always continue, and that people should get the biggest price discount they can so they have as little mortgage debt as possible if mortgage rates do rise.

Interesting, what do you advise those who are moving to do? Should they sell for as much as they can so that on their next purchase they can have as little mortgage debt as possible if mortgage rates do rise?

In most cases they will sell for near the amount their buyer is told the valuation of their house/flat is, they don`t have the same level of choice regarding pricing as a FTB.

Well it seems that valuations keep on going up, and that there are lots of people willing to pay over and above them. Many of whom are FTB it would seem.

hey ho crashy, never mind. 

They were probably saying that in China until last week LOL...onward and upward.....

Your STILL at this. 
How many years have you been saying house prices will drop for? It feels like at least a decade! 

I bought my first home in 2013 for £85k I sold it in 2017 for £155k (admittedly I did spent about £10k doing it up). 
I have just checked and the same properties are now between £185k and £220k depending on how nicely done up they are and these are SSTC. 

In 4 years they have gone up say £50k or 25% give or take. 

Can you link to the general area so we can follow with PropertyLog?

What area do you live in Crashy? It'd be instructive to know roughly how much you have lost over the past 12 years or so by sitting on your hands waiting for the crash that never came

newsgroupmonkey_

Newnoel said:

What area do you live in Crashy? It'd be instructive to know roughly how much you have lost over the past 12 years or so by sitting on your hands waiting for the crash that never came

Edinburgh I believe.

nicknameless said:

OK - overpriced IMO.  We are unprepared to pay asking.  In the area it is in houses are going in days / a day.  If it hasn't gone SSTC in 3 weeks then I would be surprised if they get asking.

It's a weird weird market though. You just don't know. Someone might come along from a more expensive area who desperately wants to move to the area and just hands over the cash, not knowing better.

But you're right, there are some places where property is changing hands with barely a viewing.

Thrugelmir

lookstraightahead said:

I'm unsure as to what the real situation is though. All these houses flying off the market yet actual properties sold don't seem to be coming through.

Far less stock available. Fewer transactions in the pipeline. 

Remodel your house to what you want it to be than go through the expense and hassle of moving. 

Ksw3

We've really struggled. I'd say 25% of the houses we were interested in had sold by the time we called to arrange a viewing and 50% have sold between arranging a viewing and the viewing itself. Every house we've offered on has been best and final and we've been outbid twice. We are competing with people all across the country it seems. We even had a letter through our flat door (rented sadly) during lockdown to say that they were a family hoping to relocate from the south east and had a budget of £1 to £1.2 million pounds and to call them if we were interested in selling....

However, I've  noticed in the last week or so that the number of alerts I'm getting from Rightmove is down 50%. Either because all the houses are now too expensive to alert me or people aren't listing....which doesn't really solve the issue of trying to buy at the moment. 

Newnoel

newsgroupmonkey_ said:

Newnoel said:

What area do you live in Crashy? It'd be instructive to know roughly how much you have lost over the past 12 years or so by sitting on your hands waiting for the crash that never came

Edinburgh I believe.

Yes - I think I remember Crashy now. 

Late 50s / early 60s single male living in a bedsit in Edinburgh?

From memory, he sold out of the property market in the mid-90s, afraid that the 89 crash would continue and thereby missed out on one of the longest and strongest bull runs in the UK property market. 

Sounds like a great guy to advise others on what to do in the current market.

lookstraightahead

Newnoel said:

newsgroupmonkey_ said:

Newnoel said:

What area do you live in Crashy? It'd be instructive to know roughly how much you have lost over the past 12 years or so by sitting on your hands waiting for the crash that never came

Edinburgh I believe.

Yes - I think I remember Crashy now. 

Late 50s / early 60s single male living in a bedsit in Edinburgh?

From memory, he sold out of the property market in the mid-90s, afraid that the 89 crash would continue and thereby missed out on one of the longest and strongest bull runs in the UK property market. 

Sounds like a great guy to advise others on what to do in the current market.

To be honest none of us ever really know each other's circumstances. We are all on a forum after all - we shouldn't judge just take the info we find useful.

I was a victim of the '89 crash, then had to sell because of divorce. So buying wasn't good for me in those days and quite honestly if you haven't been through it you do act somewhat naively, especially when the market and interest rates have been so buoyant for so long.

I've just bought for 10% under asking and refuse to partake in what I see as hysteria.

each to their own I guess