Advice on reducing asking price

lookstraightahead

MobileSaver said:

lookstraightahead said:

I think the worst situation to be in would be paying over valuation now , with interest rates as they are. Or even near to current valuation as this is going down (in my opinion).

As you said recently, we see life differently. You and others seem to view their home as just a pile of bricks, in my world most people see their home as more than that.

What I don't want is my "dream home" becoming an absolute nightmare.

If, like most people, you buy a home with a five-year or longer fixed rate mortgage then how does that become an "absolute nightmare"? What specifically are you afraid of?

I'm not afraid, just sensible. I feel you are more afraid 🙂

MobileSaver

lookstraightahead said:

MobileSaver said:

lookstraightahead said:

I think the worst situation to be in would be paying over valuation now , with interest rates as they are. Or even near to current valuation as this is going down (in my opinion).

As you said recently, we see life differently. You and others seem to view their home as just a pile of bricks, in my world most people see their home as more than that.

What I don't want is my "dream home" becoming an absolute nightmare.

If, like most people, you buy a home with a five-year or longer fixed rate mortgage then how does that become an "absolute nightmare"? What specifically are you afraid of?

I'm not afraid, just sensible. I feel you are more afraid

Er, ok, so if you are not afraid of anything then how can buying your home with a five-year fixed rate mortgage become an absolute nightmare? I genuinely don't understand what you mean.

lookstraightahead

MobileSaver said:

lookstraightahead said:

MobileSaver said:

lookstraightahead said:

I think the worst situation to be in would be paying over valuation now , with interest rates as they are. Or even near to current valuation as this is going down (in my opinion).

As you said recently, we see life differently. You and others seem to view their home as just a pile of bricks, in my world most people see their home as more than that.

What I don't want is my "dream home" becoming an absolute nightmare.

If, like most people, you buy a home with a five-year or longer fixed rate mortgage then how does that become an "absolute nightmare"? What specifically are you afraid of?

I'm not afraid, just sensible. I feel you are more afraid

Er, ok, so if you are not afraid of anything then how can buying your home with a five-year fixed rate mortgage become an absolute nightmare? I genuinely don't understand what you mean.

You're twisting my words.

I said the best possibly situation you could be in now is your have paid sensibly with a low fixed interest rate (which is what I did) so I'm not afraid.

If you're buying at the moment also at the higher interest rate, I'm suggesting you pay sensibly so that you can afford it.

There's no reason (in my opinion) for buyers to pay what vendors seem to think their houses are worth (especially now) just so that they can "live the dream" only to find they've thrown a load of money away. 

MobileSaver

lookstraightahead said:

MobileSaver said:

lookstraightahead said:

MobileSaver said:

lookstraightahead said:

I think the worst situation to be in would be paying over valuation now , with interest rates as they are. Or even near to current valuation as this is going down (in my opinion).

As you said recently, we see life differently. You and others seem to view their home as just a pile of bricks, in my world most people see their home as more than that.

What I don't want is my "dream home" becoming an absolute nightmare.

If, like most people, you buy a home with a five-year or longer fixed rate mortgage then how does that become an "absolute nightmare"? What specifically are you afraid of?

I'm not afraid, just sensible. I feel you are more afraid

Er, ok, so if you are not afraid of anything then how can buying your home with a five-year fixed rate mortgage become an absolute nightmare? I genuinely don't understand what you mean.

You're twisting my words.

Your actual words were "What I don't want is my 'dream home' ... becoming an absolute nightmare." You then continued with "A property that is an absolute nightmare is much worse than missing out on a dream home."

I've simply asked how does someone's home become an "absolute nightmare" and for whatever reason you seem reluctant or unable to answer.

lookstraightahead

MobileSaver said:

lookstraightahead said:

MobileSaver said:

lookstraightahead said:

MobileSaver said:

lookstraightahead said:

I think the worst situation to be in would be paying over valuation now , with interest rates as they are. Or even near to current valuation as this is going down (in my opinion).

As you said recently, we see life differently. You and others seem to view their home as just a pile of bricks, in my world most people see their home as more than that.

What I don't want is my "dream home" becoming an absolute nightmare.

If, like most people, you buy a home with a five-year or longer fixed rate mortgage then how does that become an "absolute nightmare"? What specifically are you afraid of?

I'm not afraid, just sensible. I feel you are more afraid

Er, ok, so if you are not afraid of anything then how can buying your home with a five-year fixed rate mortgage become an absolute nightmare? I genuinely don't understand what you mean.

You're twisting my words.

Your actual words were "What I don't want is my 'dream home' ... becoming an absolute nightmare." You then continued with "A property that is an absolute nightmare is much worse than missing out on a dream home."

I've simply asked how does someone's home become an "absolute nightmare" and for whatever reason you seem reluctant or unable to answer.

Seriously. It becomes a nightmare if you've paid too much and you're in negative equity if you need to sell (and debt). And that is an extremely difficult position to get out of (as I have experienced).

You really don't need to agree, but you don't need to waste your valuable time and energy on me as I will not change my opinion.
have a lovely day (and I mean it 😊)

Sarah1Mitty2

MobileSaver said:

Sarah1Mitty2 said:

JJR45 said:

MobileSaver 

Most of the rest will have taken out a five-year or longer fixed rate so they won't be worrying about renewing for at least another three years yet...

it is around 50% of new lending that was on 5y+ fixed in 2020, but that could still mean the majority of a mortgage on a property in terms of value could be on a different term.

Around 70% of mortgage debt payers will see their monthly debt costs rise in the next couple of years apparently.

Around 100% of renters will see their monthly rent costs rise in the next couple of years apparently.

How great that will be for the country, I can just see all those happy nurses trotting back to work on this announcement.

Sarah1Mitty2

Aberdeenangarse said:

MobileSaver said:

Sarah1Mitty2 said:

JJR45 said:

MobileSaver 

Most of the rest will have taken out a five-year or longer fixed rate so they won't be worrying about renewing for at least another three years yet...

it is around 50% of new lending that was on 5y+ fixed in 2020, but that could still mean the majority of a mortgage on a property in terms of value could be on a different term.

Around 70% of mortgage debt payers will see their monthly debt costs rise in the next couple of years apparently.

Around 100% of renters will see their monthly rent costs rise in the next couple of years apparently.

Yes, particularly with all those  over leveraged Landlords trying to offload their ‘investments’

 https://www.telegraph.co.uk/property/uk/buy-to-let-crisis-trigger-property-fire-sale-landlords-suffer/

Who will buy the "loss making properties"?

MobileSaver

Sarah1Mitty2 said:

Aberdeenangarse said:

MobileSaver said:

Sarah1Mitty2 said:

JJR45 said:

MobileSaver 

Most of the rest will have taken out a five-year or longer fixed rate so they won't be worrying about renewing for at least another three years yet...

it is around 50% of new lending that was on 5y+ fixed in 2020, but that could still mean the majority of a mortgage on a property in terms of value could be on a different term.

Around 70% of mortgage debt payers will see their monthly debt costs rise in the next couple of years apparently.

Around 100% of renters will see their monthly rent costs rise in the next couple of years apparently.

Yes, particularly with all those  over leveraged Landlords trying to offload their ‘investments’

 https://www.telegraph.co.uk/property/uk/buy-to-let-crisis-trigger-property-fire-sale-landlords-suffer/

Who will buy the "loss making properties"?

People who want the property as a home rather than a business perhaps?

RelievedSheff

lookstraightahead said:

MobileSaver said:

lookstraightahead said:

MobileSaver said:

lookstraightahead said:

MobileSaver said:

lookstraightahead said:

I think the worst situation to be in would be paying over valuation now , with interest rates as they are. Or even near to current valuation as this is going down (in my opinion).

As you said recently, we see life differently. You and others seem to view their home as just a pile of bricks, in my world most people see their home as more than that.

What I don't want is my "dream home" becoming an absolute nightmare.

If, like most people, you buy a home with a five-year or longer fixed rate mortgage then how does that become an "absolute nightmare"? What specifically are you afraid of?

I'm not afraid, just sensible. I feel you are more afraid

Er, ok, so if you are not afraid of anything then how can buying your home with a five-year fixed rate mortgage become an absolute nightmare? I genuinely don't understand what you mean.

You're twisting my words.

Your actual words were "What I don't want is my 'dream home' ... becoming an absolute nightmare." You then continued with "A property that is an absolute nightmare is much worse than missing out on a dream home."

I've simply asked how does someone's home become an "absolute nightmare" and for whatever reason you seem reluctant or unable to answer.

Seriously. It becomes a nightmare if you've paid too much and you're in negative equity if you need to sell (and debt). And that is an extremely difficult position to get out of (as I have experienced).

You really don't need to agree, but you don't need to waste your valuable time and energy on me as I will not change my opinion.
have a lovely day (and I mean it 😊)

Negative equity isn't the end of the world. We were in it for a long time after we bought our previous house in 2007.

We survived. We still had somewhere to live. That house was still our home. It's value was irrelevant.

lookstraightahead

RelievedSheff said:

lookstraightahead said:

MobileSaver said:

lookstraightahead said:

MobileSaver said:

lookstraightahead said:

MobileSaver said:

lookstraightahead said:

I think the worst situation to be in would be paying over valuation now , with interest rates as they are. Or even near to current valuation as this is going down (in my opinion).

As you said recently, we see life differently. You and others seem to view their home as just a pile of bricks, in my world most people see their home as more than that.

What I don't want is my "dream home" becoming an absolute nightmare.

If, like most people, you buy a home with a five-year or longer fixed rate mortgage then how does that become an "absolute nightmare"? What specifically are you afraid of?

I'm not afraid, just sensible. I feel you are more afraid

Er, ok, so if you are not afraid of anything then how can buying your home with a five-year fixed rate mortgage become an absolute nightmare? I genuinely don't understand what you mean.

You're twisting my words.

Your actual words were "What I don't want is my 'dream home' ... becoming an absolute nightmare." You then continued with "A property that is an absolute nightmare is much worse than missing out on a dream home."

I've simply asked how does someone's home become an "absolute nightmare" and for whatever reason you seem reluctant or unable to answer.

Seriously. It becomes a nightmare if you've paid too much and you're in negative equity if you need to sell (and debt). And that is an extremely difficult position to get out of (as I have experienced).

You really don't need to agree, but you don't need to waste your valuable time and energy on me as I will not change my opinion.
have a lovely day (and I mean it 😊)

Negative equity isn't the end of the world. We were in it for a long time after we bought our previous house in 2007.

We survived. We still had somewhere to live. That house was still our home. It's value was irrelevant.

Well yes but had you needed to sell it might have been more difficult.

i believe it's avoidable by not randomly paying silly asking prices at the moment. It's all so made up.