Did I just miss out on a bargain or dodge a bullet?

Thomas12346

jimbog said:

Thomas12346 said:

mi-key said:

jonnydeppiwish! said:

The peak of the market was probably actually Jun/Jul. Interest rates had already started to increase by October. This, coupled with the traditional slow down prior to Xmas,  means that is was quite possibly over valued when you made an offer.

Dependent of area, how much you like the house, I would definitely go back with another offer in the region of £475k and then see what response you get.

I can imagine what response dropping an offer by £45K for no reason a few days later would get... 

Their loss I guess, nothing is real until it's in the bank

and it will be your loss too I would suggest 

I'm losing money I haven't invested? Certainly not in the short term...

mi-key

Well if the market is falling so much, and you are making so much cash from your interest why are you even bothering making offers on a house? Wait until the end of the year when the prices will be 20% lower and sellers are desperate to sell at any cost and you can get a bargain then...

jimbog

Thomas12346 said:

jimbog said:

Thomas12346 said:

mi-key said:

jonnydeppiwish! said:

The peak of the market was probably actually Jun/Jul. Interest rates had already started to increase by October. This, coupled with the traditional slow down prior to Xmas,  means that is was quite possibly over valued when you made an offer.

Dependent of area, how much you like the house, I would definitely go back with another offer in the region of £475k and then see what response you get.

I can imagine what response dropping an offer by £45K for no reason a few days later would get... 

Their loss I guess, nothing is real until it's in the bank

and it will be your loss too I would suggest 

I'm losing money I haven't invested? Certainly not in the short term...

Actually, I was referring to losing the house that you and your family members all like 

mi-key

Thomas12346 said:

mi-key said:

Yes Crashy, of course they will knock £150K off a £550K house   

  ...why not.. afterall, they added on £120,000 last year! I could build you a house for that

Not with buying the land as well and not for anything decent.

Typical build costs are £1000 - £2000 per square metre... so easily a 100m2 house on a £20,000 plot... which is possible in Scotland and some other areas of the UK... 

The plot on a house I sold for £325,000 was valued by a surveyor at £30,000 - it was 5miles outside a major cultural/economic city

Essentially though, the notion that £150k up is realistic and £120k down isn't, is not a sane one.

And if you want to build it anywhere half decent, then you will be looking at more like £150K for a plot. so your house is going to cost over £300K to build....

Thomas12346

mi-key said:

Well if the market is falling so much, and you are making so much cash from your interest why are you even bothering making offers on a house? Wait until the end of the year when the prices will be 20% lower and sellers are desperate to sell at any cost and you can get a bargain then...

Truth is with interest rates where they are, they don't even have to fall. Every month my capital increases beyond house prices. Every month I can afford more...

Perhaps you're right   

Thomas12346

jimbog said:

Thomas12346 said:

jimbog said:

Thomas12346 said:

mi-key said:

jonnydeppiwish! said:

The peak of the market was probably actually Jun/Jul. Interest rates had already started to increase by October. This, coupled with the traditional slow down prior to Xmas,  means that is was quite possibly over valued when you made an offer.

Dependent of area, how much you like the house, I would definitely go back with another offer in the region of £475k and then see what response you get.

I can imagine what response dropping an offer by £45K for no reason a few days later would get... 

Their loss I guess, nothing is real until it's in the bank

and it will be your loss too I would suggest 

I'm losing money I haven't invested? Certainly not in the short term...

Actually, I was referring to losing the house that you and your family members all like 

We're fickle... the plot was too small anyway. 

Thomas12346

mi-key said:

Thomas12346 said:

mi-key said:

Yes Crashy, of course they will knock £150K off a £550K house   

  ...why not.. afterall, they added on £120,000 last year! I could build you a house for that

Not with buying the land as well and not for anything decent.

Typical build costs are £1000 - £2000 per square metre... so easily a 100m2 house on a £20,000 plot... which is possible in Scotland and some other areas of the UK... 

The plot on a house I sold for £325,000 was valued by a surveyor at £30,000 - it was 5miles outside a major cultural/economic city

Essentially though, the notion that £150k up is realistic and £120k down isn't, is not a sane one.

And if you want to build it anywhere half decent, then you will be looking at more like £150K for a plot. so your house is going to cost over £300K to build....

So your contention is that the rise in a house's price is only by a 'mediocre' house, not by a 'decent' house... i see

Martico

Thomas12346 said:

mi-key said:

Well if the market is falling so much, and you are making so much cash from your interest why are you even bothering making offers on a house? Wait until the end of the year when the prices will be 20% lower and sellers are desperate to sell at any cost and you can get a bargain then...

Truth is with interest rates where they are, they don't even have to fall. Every month my capital increases beyond house prices. Every month I can afford more...

Perhaps you're right   

Sorry to tell you that with inflation several points above interest rates at the moment, you're not gaining in a real sense. Whether you would with a house under your belt is another matter

Thomas12346

Martico said:

Thomas12346 said:

mi-key said:

Well if the market is falling so much, and you are making so much cash from your interest why are you even bothering making offers on a house? Wait until the end of the year when the prices will be 20% lower and sellers are desperate to sell at any cost and you can get a bargain then...

Truth is with interest rates where they are, they don't even have to fall. Every month my capital increases beyond house prices. Every month I can afford more...

Perhaps you're right   

Sorry to tell you that with inflation several points above interest rates at the moment, you're not gaining in a real sense. Whether you would with a house under your belt is another matter

A bit of an assumption that I'm not gaining beyond inflation there...

I'd better buy that Ferrari quick 

...wasn't it a house I wanted though? 

mi-key

Well make sure you come back at the end of the year while you are still renting and trying to get an offer accepted and impress us with how much money you have made so we can all wish we were as financially astute as you   You are in a very fortunate position being so clever.