Gutted on losing a house but can't justify the price

Sarah1Mitty2

BMTH said:

jackieblack said:

How gutted are you?
If it’s your dream house and somewhere you can see yourselves living for many years, is it worth losing over £2.5k? (Assuming you can afford the extra - obviously if it’s beyond your budget that’s a different matter)

While buying a house is clearly a financial transaction, buying a home is more complicated and other factors, including emotions, also come into play.  Buying the right home can impact your entire lifestyle, health (mental and physical) and general happiness. That’s worth more than a couple of thousand £ - if you were to live there 10 years, that’s £250 a year, but only you can decide if it’s worth it to you.

If I had to put a percentage on it I'd say 60-70%%. Like it's bothering me now but I know I'll get over it. This week has just been quite stressful because we've obviously put the offer in with confidence they'd take it only to be told 2 days later it's rejected. (Welcome to the world of buying a house I guess)

Looking at all the great advice on here and from family/friends I was always told you offer what you think a house is worth. I personally think it's worth the 240k but I'm willing to go the extra 2.5k. I think my fear is that we're not going to see anything else come up on rightmove for this sort of price/cheaper if we let this slip.

I'm not even sure what I'm asking here, just a bit of vent I suppose!

Judging by what is going on today in the markets I tend to disagree, mortgage rates are going to go way up in my opinion, you would be better pausing until prices come down.

Sarah1Mitty2

mi-key said:

BMTH said:

jackieblack said:

How gutted are you?
If it’s your dream house and somewhere you can see yourselves living for many years, is it worth losing over £2.5k? (Assuming you can afford the extra - obviously if it’s beyond your budget that’s a different matter)

While buying a house is clearly a financial transaction, buying a home is more complicated and other factors, including emotions, also come into play.  Buying the right home can impact your entire lifestyle, health (mental and physical) and general happiness. That’s worth more than a couple of thousand £ - if you were to live there 10 years, that’s £250 a year, but only you can decide if it’s worth it to you.

If I had to put a percentage on it I'd say 60-70%%. Like it's bothering me now but I know I'll get over it. This week has just been quite stressful because we've obviously put the offer in with confidence they'd take it only to be told 2 days later it's rejected. (Welcome to the world of buying a house I guess)

Looking at all the great advice on here and from family/friends I was always told you offer what you think a house is worth. I personally think it's worth the 240k but I'm willing to go the extra 2.5k. I think my fear is that we're not going to see anything else come up on rightmove for this sort of price/cheaper if we let this slip.

I'm not even sure what I'm asking here, just a bit of vent I suppose!

Another handy thing can be to look at your figures and see ( assuming you can stretch to it ) how much more the monthly payments would be for spending £242.5K compared to £245K. Depending on your deal etc... it is probably less than the cost of a takeaway.

Then think would you rather have a takeaway one night a month, or would you rather get the house you really like ( and get a pizza from Tesco instead ).

From what you have said I don't think the house seems overpriced particularly compared to others. You can never really go on what other houses sold for ( unless they are identical in every aspect ) as there can be hidden reasons why they are cheaper that you cant see without in person viewing or a survey on them.

You can compare with houses currently for sale, but ended listings are pretty meaningless as you can't buy that house anyway so it only gives you a very wide ballpark of prices in the area. 

Using PropertyLog to see how much other sellers are reducing by is the best approach.

newsgroupmonkey_

Sarah1Mitty2 said:

BMTH said:

jackieblack said:

How gutted are you?
If it’s your dream house and somewhere you can see yourselves living for many years, is it worth losing over £2.5k? (Assuming you can afford the extra - obviously if it’s beyond your budget that’s a different matter)

While buying a house is clearly a financial transaction, buying a home is more complicated and other factors, including emotions, also come into play.  Buying the right home can impact your entire lifestyle, health (mental and physical) and general happiness. That’s worth more than a couple of thousand £ - if you were to live there 10 years, that’s £250 a year, but only you can decide if it’s worth it to you.

If I had to put a percentage on it I'd say 60-70%%. Like it's bothering me now but I know I'll get over it. This week has just been quite stressful because we've obviously put the offer in with confidence they'd take it only to be told 2 days later it's rejected. (Welcome to the world of buying a house I guess)

Looking at all the great advice on here and from family/friends I was always told you offer what you think a house is worth. I personally think it's worth the 240k but I'm willing to go the extra 2.5k. I think my fear is that we're not going to see anything else come up on rightmove for this sort of price/cheaper if we let this slip.

I'm not even sure what I'm asking here, just a bit of vent I suppose!

Judging by what is going on today in the markets I tend to disagree, mortgage rates are going to go way up in my opinion, you would be better pausing until prices come down.

I'm glad I don't follow your opinion.
Most (not all) people "in the know" are saying that whilst interest rates go up, mortgage rates are likely to go down.
(I can quote you a whole pile of people, including the Bank of England, Moneyfacts and so on, but I'm sure you'll find your media of choice to prove me wrong).

mi-key

Judging by what is going on today in the markets I tend to disagree, mortgage rates are going to go way up in my opinion, you would be better pausing until prices come down.

Do you actually have anything useful to say to the OP other than jumping onto another thread with your incorrect 'opinions'

You do realise everyone else can look at what the markets, interest rates and mortgage lending rates are actually doing in the real world rather than taking any notice of your constantly repeated trolling ? 

newsgroupmonkey_

mi-key said:

Judging by what is going on today in the markets I tend to disagree, mortgage rates are going to go way up in my opinion, you would be better pausing until prices come down.

Do you actually have anything useful to say to the OP other than jumping onto another thread with your incorrect 'opinions'

You do realise everyone else can look at what the markets, interest rates and mortgage lending rates are actually doing in the real world rather than taking any notice of your constantly repeated trolling ? 

I've reported him. I suggest you do likewise. He's turned into the same old Crashy that got banned before.

powerful_Rogue

diystarter7 said:

Hi OP, all

To be clear:

'Offers over' are not set in stone and that is a fact.

That's not a fact. For some sellers the offers over price might be the minimum they can accept to proceed in purchasing another property. No offers over then no sale. As such, that minimum price is set in stone for that seller.

Also, 45% of facts are made up. Fact.

Sarah1Mitty2

powerful_Rogue said:

diystarter7 said:

Hi OP, all

To be clear:

'Offers over' are not set in stone and that is a fact.

That's not a fact. For some sellers the offers over price might be the minimum they can accept to proceed in purchasing another property. No offers over then no sale. As such, that minimum price is set in stone for that seller.

Also, 45% of facts are made up. Fact.

Yes but the buyer can move on, the seller is stuck with one property to sell, it is often easier to just accept the reality of the market, they can always offer lower on their next purchase.

diystarter7

mi-key said:

diystarter7 said:

Hi OP, all

To be clear:

'Offers over' are not set in stone and that is a fact.

I've seen a house that needed doing up on our road a few months ago on the market for offers over xxxx. However, it went for 10k less. In the schem of things 1ok out of 800k is not a lot but it is not over

The second point, offer over, lets use the OP' example, 240k. It may sell for less, 240 or even a lot more then the 240 as it depends on who, how many are interested.

Then again the seller may change their minds and not sell

This is why we try to go for chain free.

OP, if your heart is set on it, go for it, work on it. If you miss this, trust me there will be another

It very much depends how much interest they have though. If none for a few months, then yes, it is less likely to be set in stone. If they are getting plenty of viewings and people making offers, then it generally will be as they will be more confident they will get more than asking. 

Hi

I was making a general comment but possibly I was not clear.

Buying and selling property is like buying and selling anything else, its supply and demand. A seller can demand x price but the markets dictate the price. Likewise, a seller can off X price but a seller decides if to accept on not. Therefore, ads like offers over etc are not binding but don to the discretion of the seller.

Thnaks

lookstraightahead

Offers over is just a marketing ploy, plus a way of inflating a seller's ego by the EA to win business. Makes sellers think they are in the driving seat. It is also quite a good way of making buyers believe a 'real' valuation has taken place when it hasn't.

powerful_Rogue

diystarter7 said:

mi-key said:

diystarter7 said:

Hi OP, all

To be clear:

'Offers over' are not set in stone and that is a fact.

I've seen a house that needed doing up on our road a few months ago on the market for offers over xxxx. However, it went for 10k less. In the schem of things 1ok out of 800k is not a lot but it is not over

The second point, offer over, lets use the OP' example, 240k. It may sell for less, 240 or even a lot more then the 240 as it depends on who, how many are interested.

Then again the seller may change their minds and not sell

This is why we try to go for chain free.

OP, if your heart is set on it, go for it, work on it. If you miss this, trust me there will be another

It very much depends how much interest they have though. If none for a few months, then yes, it is less likely to be set in stone. If they are getting plenty of viewings and people making offers, then it generally will be as they will be more confident they will get more than asking. 

Hi

I was making a general comment but possibly I was not clear.

Buying and selling property is like buying and selling anything else, its supply and demand. A seller can demand x price but the markets dictate the price. Likewise, a seller can off X price but a seller decides if to accept on not. Therefore, ads like offers over etc are not binding but don to the discretion of the seller.

Thnaks

Nothings binding until contracts are exchanged. Whether it's offers over, offers in the region of or a straight £xxx,xxx sale.