Picky buyer

Snow_Angel

lookstraightahead said:

AFF8879 said:

Is your current house anywhere near the area you want to move to? If so you could get some kind of EA “endorsement” that there would be a massive queue of buyers for your current property the second it went on the market and selling it quickly would be no issue. Personally, properties are moving so fast around here that I’d have no problem in principal accepting an offer from someone in your position as I would be confident of your ability to sell - the only problem is that you will be up against better positioned buyers hence will need to be the biggest bidder by some margin as has already been suggested 

The EAs round by you can see into the future? If as a vendor I was given a promise like that from an EA I would rotfl. I'm intrigued to know of your area in general as I don't see things happening that quickly in London, the Home Counties, or the midlands. 

I'm a FTB in a different part of the UK to those you mentioned. Very little coming up for sale. Houses that do, they sell immediately well over asking. I viewed 2 properties in January - only ones on the market in the area the whole month. 20 viewings each with reserve lists of 30-40 more people. Offered 3% over on both and I'm nowhere near the highest offers. Also, no houses in this area for past year (I've been checking) have come back on the market and looking at sold prices all going for anywhere between about 3-7% over asking, occasionally more. This area has always been very popular but getting worse for buyers due to supply/demand issue. If the OP is selling in an area like mine he/she won't have a problem.

Slithery

Move into rented. It's the best option.

patchyX2

Slithery said:

Move into rented. It's the best option.

I've just looked on Rightmove for short term rentals. There's only 2 places in a 5 mile radius of my town, first is a 1 bed apartment, the other is 4.5k p/m barn 

Slithery

Then don't just look at short-term rentals.

If your being picky then it's going to take you a couple of months to find a property, then at least 3+ months for conveyancing.

Add a months overlap as most sensible people do and there's no problem.

Ramouth

We moved into rented for exactly this reason - properties in our price range don’t come up all that regularly and sell very quickly.  I am not sure I would recommend it.  I found it extremely stressful watching prices rise while we paid £1000 a month in rent.  We were only renting for 6 months in the end but paid far too much to secure our new house because we were panicking.  

It can work in your favour if you are lucky and find a vendor who values you excellent chain free position, but that is less likely when you have a small area you are considering.  We would still be waiting for something suitable if we hadn’t bought this place.

lookstraightahead

Slithery said:

Then don't just look at short-term rentals.

If your being picky then it's going to take you a couple of months to find a property, then at least 3+ months for conveyancing.

Add a months overlap as most sensible people do and there's no problem.

Quite. I don't see people's problems. As everyone knows by now I'm sure, we made much more than our rental money back with our 10% reduction because of being chain free.

I just think people don't want to rent, or are scared or something. It seems like some kind of taboo among house owners. 

And if doesn't have to be round the corner either, for most.

lookstraightahead

PledgeX2 said:

Slithery said:

Move into rented. It's the best option.

I've just looked on Rightmove for short term rentals. There's only 2 places in a 5 mile radius of my town, first is a 1 bed apartment, the other is 4.5k p/m barn 

What do you mean by a short term rental? 

lookstraightahead

Snow_Angel said:

lookstraightahead said:

AFF8879 said:

Is your current house anywhere near the area you want to move to? If so you could get some kind of EA “endorsement” that there would be a massive queue of buyers for your current property the second it went on the market and selling it quickly would be no issue. Personally, properties are moving so fast around here that I’d have no problem in principal accepting an offer from someone in your position as I would be confident of your ability to sell - the only problem is that you will be up against better positioned buyers hence will need to be the biggest bidder by some margin as has already been suggested 

The EAs round by you can see into the future? If as a vendor I was given a promise like that from an EA I would rotfl. I'm intrigued to know of your area in general as I don't see things happening that quickly in London, the Home Counties, or the midlands. 

I'm a FTB in a different part of the UK to those you mentioned. Very little coming up for sale. Houses that do, they sell immediately well over asking. I viewed 2 properties in January - only ones on the market in the area the whole month. 20 viewings each with reserve lists of 30-40 more people. Offered 3% over on both and I'm nowhere near the highest offers. Also, no houses in this area for past year (I've been checking) have come back on the market and looking at sold prices all going for anywhere between about 3-7% over asking, occasionally more. This area has always been very popular but getting worse for buyers due to supply/demand issue. If the OP is selling in an area like mine he/she won't have a problem.

Why do you keep looking there then? To me, it's a bit like all the houses being £100k over your budget. When I first bought (a long time ago 😵‍💫) there were areas that we couldn't afford. I worked in central London and really only wanted a short commute, but just couldn't afford it. So we had to look further afield.

if you've got potentially 60 buyers for every house (!) you're in a bit of a pickle. I really don't think there are that many though. 

These areas have their day then people find somewhere else to live that's just as nice.

Snuggles

If the OP's area is anything like mine, going into rental is no longer straightforward at all. Pre Covid there was a plentiful supply of properties to rent. Now they are like hen's teeth. The scrabble for rentals is just as desperate as the scrabble to find somewhere to buy.

I can only assume it's because many landlords have sold up and cashed in, as my area has seen one of the highest rates of price increases in the country over the last 18 months. Or maybe those already in the rentals can't afford to buy so are staying put. Whatever the reason, it's astonishing how few rentals there are compared to a couple of years ago.

Thrugelmir

Snuggles said:

 Or maybe those already in the rentals can't afford to buy so are staying put. Whatever the reason, it's astonishing how few rentals there are compared to a couple of years ago.

Or the impact of covid for the past 2 years has yet to thaw. The economy isn't as yet firing on all cyclinders. Many people borrowed or deferred to stay afloat. LL's with non paying tenants will have been financially wounded.