Is it really all that bad?

[Deleted User]

Hi just sold my house for £2500 pounds less than the asking price just 2 weeks after putting it on the market, my partner and i have also just put an offer on a new build in a beautifull location which was on for £315000.
I know its a buyers market now so after some haggling with the seller on the new builds i got a great offer accepted ( IMHO ), they initially offered us 5%, stamp duty paid and £500 pounds a month for 3 years towards the mortage, however after some bargaining i got 12.5% deposit, stamp duty paid, £4000 towards flooring and granite worktops in the deal.
My girlfirend and our finicial advisor ( her step father ) and her brother ( estate agent manager ) all thougt it is a great deal even in todays climate which we have got the new house for.
I'm curious to think what other people think out there?

Theguru

wymondham

Looks like you're very lucky! If you're happy with the price you paid for it then well done!

iyiarz

Spoke to the estate agents over the weekend and she said 'It's really not as bad as some people make out.' The Media are blowing it out of proportion.

dopester

Ok let's see.

You come here and in your FIRST EVER POST made at MSE, you give us all a big cheery story on how you've just easily sold house, stressfree, and like for virtually the asking price.

Suspicious or what - what is your vested interested matey? :rotfl:

iyiarz

dopester, whats YOUR vested interest?

dopester

iyiarz wrote: »

dopester, whats YOUR vested interest?

Buying a house at an affordable price, and not some insane bubble price?

hostman

dopester wrote: »

Ok let's see.

You come here and in your FIRST EVER POST made at MSE, you give us all a big cheery story on how you've just easily sold house, stressfree, and like for virtually the asking price.

Suspicious or what - what is your vested interested matey? :rotfl:

He's trying to reassure himself, after making a silly decision to buy at this time and a new build as well !

It IS as bad as the media makes out. You only have to look at the fall in transaction volumes to see how bad it is. A drop by half in the number of houses being sold and bought when compared to a year ago.

The media only chirp up when one of the house price indicators are released, generally in between they stay quiet.

New builds are notoriously over valued. The reason why they can "throw in" 5% deposit, 12.5% discounts and £4000 for flooring is because its not coming from their pocket. Its coming from the bank who approve your mortgage.

SouthCoast

Have a read of what all the debt charities are saying about the record numbers of people coming through their doors.

WTF?_2

hostman wrote: »

New builds are notoriously over valued. The reason why they can "throw in" 5% deposit, 12.5% discounts and £4000 for flooring is because its not coming from their pocket. Its coming from the bank who approve your mortgage.

Spot on. Do people tempted into buying a house with all these incentives never wonder why the seller doesn't just drop the price by the 'value' of what is being 'given away'?

And since they are taking out a mortgage, they are not only ultimately paying for all this stuff themselves .. they are paying double by the time you factor in interest payments over 20 years.


I'm surprised that the lender will still give a mortgage for the full asking price as they are now taking notice of all these schemes to hold up selling prices which often leave them effectively loaning out a far greater LTV than they originally calculated for.

Kez100

You haven't SOLD. You have had an offer. These are entirely different things. Ask the guy on our road who has had two chains - one which fell through and the other which might (he is deciding at the moment what to do). The first fell through due to the buyers being unable to secure a mortgage, then he got another sale which when ready to exchange last week said they only would only exchange if he dropped the price by another £20k.

Come back to us on the day you move....

lostinrates

My OH joine and made a post this weeken was treated (imo) rudely and he was accused of vested interest/trolling. So I am going to reply politely here!

i hink, from reaing posts here, following the national market as well as my pea brain can and looking at the wider inancial picture it IS bad. I hik there are people who are hanging on blindly, and people who are gettng too excited too soon, there always will be in any situation in any sphere.

I'm glad you have had a good experience (FWIW I think some good sales will continue throughout the 'downturn' whether its location, realistic asking prices, silly money, whatever, ther will be great and bad stories at all times, just percentag of one to other will change). If I had property now I would still move if I needed to, making sue I could pay my mortgage at horrid rates of course, but I think those alreay home owners are in a different place to those of us who are FTBs or even STRs.

Good luck with your move.