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Did I just miss out on a bargain or dodge a bullet?
Comments
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If they bought and paid off a mortgage a long time ago would they settle for 400k or 450k? Sounds to me like this house could be very overpriced maybe.Thomas12346 said:
Might just wait for the market to continue falling then....ReadingTim said:
Quite - I certainly would be very unlikely to entertain a lower offer from someone who's already messed me around at a higher price.ArbitraryRandom said:Realistically though, they might not accept your reduced or second offer, not because they don't think it's fair, but because they think you're a time-waster who's playing games and will try to negotiate a further reduction later in the process...
OP - I think you have overthought the whole thing and as a result it's cost you a potential home in an area where there aren't too many for sale. Nice one.
In the meantime i'm getting a sweet penny in interest from selling my own house at the peak.
On the other hand, the seller has been watching their house price fall for over 7 months.1 -
If the OP got the house at a good discount that would outweigh any short term rent costs, especially so for someone taking on mortgage debt to buy it.ArbitraryRandom said:
If I may...Thomas12346 said:
Might just wait for the market to continue falling then....ReadingTim said:
Quite - I certainly would be very unlikely to entertain a lower offer from someone who's already messed me around at a higher price.ArbitraryRandom said:Realistically though, they might not accept your reduced or second offer, not because they don't think it's fair, but because they think you're a time-waster who's playing games and will try to negotiate a further reduction later in the process...
OP - I think you have overthought the whole thing and as a result it's cost you a potential home in an area where there aren't too many for sale. Nice one.
In the meantime i'm getting a sweet penny in interest from selling my own house at the peak.
At the same time as this, the seller has been watching their house price fall for over 7 months.
It could be this situation has arisen because the EA was playing games - Or equally because you've reacted to something that might or might not have happened and made a quick decision that you might or might not come to regret.
For what it's worth, I wasn't judging what you did (buying a house is a big thing and you have to be entirely comfortable), but it will be easy for you to read comments (and for people to post comments) that wind you up and make you react again in a way that will have you second guessing down the line.
All I was trying to do was highlight the possible other perspectives this same situation could be viewed from. You know you weren't trying to mess them around, but they might think you were - the same as you might think they made up another offer when they didn't...
Genuinely, I think the best thing for you to do is to look at the other options and think about what you want to do (give yourself the weekend you thought they should have taken), then maybe contact them IF you think the house is worth the offer you're going to make.
You can sit and wait and hope the markets continue to fall (paying rent?) or maybe decide this house ticks your boxes and you'd rather have a simple chain free purchase so you can move in and enjoy your summer.
BUT whatever you do please have a mind to how the other side of the transition might be viewing your actions the same as you're viewing theirs?1 -
My only thought is, why haven't they lowered the asking price since January 2023 if they are willing to accept less? I mean even lowering it to £525,000 would have made sense given they accepted my offer at £520,000... except perhaps they only accept it because we were chain free.Sarah1Mitty2 said:
If they bought and paid off a mortgage a long time ago would they settle for 400k or 450k? Sounds to me like this house could be very overpriced maybe.Thomas12346 said:
Might just wait for the market to continue falling then....ReadingTim said:
Quite - I certainly would be very unlikely to entertain a lower offer from someone who's already messed me around at a higher price.ArbitraryRandom said:Realistically though, they might not accept your reduced or second offer, not because they don't think it's fair, but because they think you're a time-waster who's playing games and will try to negotiate a further reduction later in the process...
OP - I think you have overthought the whole thing and as a result it's cost you a potential home in an area where there aren't too many for sale. Nice one.
In the meantime i'm getting a sweet penny in interest from selling my own house at the peak.
On the other hand, the seller has been watching their house price fall for over 7 months.
Other houses on this road in slightly worse plots but same sort of thing sold for what I calculate to be £560,000 in 'peak prices'... the big corner plots sold for £750,000 by the same reckoning.
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It sounds like you missed out on a nice house. There is no way the sellers would consider your offer again as you would have come across as a time waster. Also bear in mind there is a huge shortage of houses in England and this "mystical" house price crash might have already come and gone. There is not enough houses in this country and prices will only go up over time. Especially for the nice houses. The only reductions we've seen here has been for crappy houses/no gardens etc. Dont assume prices will go down as there are signs in the economy it might be bouncing back up again
don't fool yourself that renting is better than buying as rent is dead money 5 -
I think you will come to regret this. It is mulling over in your mind - perhaps go and see the estate agent after Easter and have a chatGather ye rosebuds while ye may2
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You clearly missed my comment re renting - I'm making 5 figure returns vs buying a house even when rental payments are considered. This is assuming house prices don't go down any further - if they do, that's on top.KSS1991 said:It sounds like you missed out on a nice house. There is no way the sellers would consider your offer again as you would have come across as a time waster. Also bear in mind there is a huge shortage of houses in England and this "mystical" house price crash might have already come and gone. There is not enough houses in this country and prices will only go up over time. Especially for the nice houses. The only reductions we've seen here has been for crappy houses/no gardens etc. Dont assume prices will go down as there are signs in the economy it might be bouncing back up again don't fool yourself that renting is better than buying as rent is dead money
The supply demand argument holds no salt at a national scale (perhaps regional/local) except in the long run. In the short to medium terms real terms inflation adjusted income holds sway. Interest rates are almost irrelevant by comparison.
Once inflation has hit, it doesn't 'bounce back' unless there is a real terms increase in take home pay at a national scale. The corporations and government are irrevocably too greedy for that. Tax thresholds are frozen until 2028, and that date keeps on being pushed back. We have borrowed 104% of GDP... the government can't borrow more to bail out anything or to save the economy. Food prices are only going in one direction due to the level of imports in this country and the persecution of the global food supply by war and by our governments. The BoE is mirroring the Fed - if they drop the base rate then we lose the pound, the latest inflation figures show inflation is rising - not falling as Sunak claimed.0 -
If I do, it would be at £45,000 or lower than my previous offer. The only regret I have is not going lower to begin with!jimbog said:I think you will come to regret this. It is mulling over in your mind - perhaps go and see the estate agent after Easter and have a chat0 -
Yes Crashy, of course they will knock £150K off a £550K houseSarah1Mitty2 said:
If they bought and paid off a mortgage a long time ago would they settle for 400k or 450k? Sounds to me like this house could be very overpriced maybe.Thomas12346 said:
Might just wait for the market to continue falling then....ReadingTim said:
Quite - I certainly would be very unlikely to entertain a lower offer from someone who's already messed me around at a higher price.ArbitraryRandom said:Realistically though, they might not accept your reduced or second offer, not because they don't think it's fair, but because they think you're a time-waster who's playing games and will try to negotiate a further reduction later in the process...
OP - I think you have overthought the whole thing and as a result it's cost you a potential home in an area where there aren't too many for sale. Nice one.
In the meantime i'm getting a sweet penny in interest from selling my own house at the peak.
On the other hand, the seller has been watching their house price fall for over 7 months.
3 -
mi-key said:
Yes Crashy, of course they will knock £150K off a £550K houseSarah1Mitty2 said:
If they bought and paid off a mortgage a long time ago would they settle for 400k or 450k? Sounds to me like this house could be very overpriced maybe.Thomas12346 said:
Might just wait for the market to continue falling then....ReadingTim said:
Quite - I certainly would be very unlikely to entertain a lower offer from someone who's already messed me around at a higher price.ArbitraryRandom said:Realistically though, they might not accept your reduced or second offer, not because they don't think it's fair, but because they think you're a time-waster who's playing games and will try to negotiate a further reduction later in the process...
OP - I think you have overthought the whole thing and as a result it's cost you a potential home in an area where there aren't too many for sale. Nice one.
In the meantime i'm getting a sweet penny in interest from selling my own house at the peak.
On the other hand, the seller has been watching their house price fall for over 7 months. 
...why not.. afterall, they added on £120,000 last year! I could build you a house for that
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If the houses that were not quite as well situated sold for £560K then £520K seems a good deal. In most areas house prices haven't ( and likely won't despite what the doom mongers say ) dropped by 10% yet, more like 3-5% according to most reports, and in desirable area just seem static.
My only thought is, why haven't they lowered the asking price since January 2023 if they are willing to accept less? I mean even lowering it to £525,000 would have made sense given they accepted my offer at £520,000... except perhaps they only accept it because we were chain free.
Other houses on this road in slightly worse plots but same sort of thing sold for what I calculate to be £560,000 in 'peak prices'... the big corner plots sold for £750,000 by the same reckoning.
Yes, its possible nobody else will make an offer, and it 'may' drop more over the coming months, but then again it may go up by the end of the year, or someone else may get in and buy it. That is the danger of sitting and waiting to see and trying to guess the market as its sods law you will get it wrong when there is a house you want!
It could be £520K is the minimum they would want, so when you offered that that is why they accepted it straight away, but wouldn't consider dropping more. You would just be guessing really.
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