Buying a house in a sellers market

Jessicahs · 10 August 2018 at 3:45PM

The area I live (in Yorkshire) seems to be a real bull market for sellers. I’ve been searching for 8 months for home, numerous offers, some below and some above asking price.. however I don’t get a look in. The one property I did manage to get for asking price the survey come back very bad, after speaking with the surveyor he advised if I couldnt get 10k off the price then to walk away (the seller would not budge £1 on the price so we walked away). He also gave me numerous tell tale signs to look for in the future / rewire / damp / water ingress. It just seems the estate agents are pushing the prices up and up! Example of this, the same estate agent sold a property this May for £140k! This property had an extension, garage, new kitchen and a bathroom upstairs. This estate agent are now selling a property on the same street (same type) but with no garage, no extension and a bathroom downstairs for £140k, it needs a new bathroom / new kitchen and a rewire. I put in a sensible offer of £130k and was told the vendors are strictly looking for £140k at this stage due to it just going on the market. Any advice when buying in a bull market? Or how to beat these estate agents

Carl31 · 10 August 2018 at 4:26PM

Offer what you think its worth and go with that, dont trust what the EA says, the more it sells for, the bigger their %

Thrugelmir · 10 August 2018 at 5:22PM

More appropriate to post on the Housing Board.

Mum_of_1 · 10 August 2018 at 6:10PM

Yorkshire is a big place, but yes there are areas where there are more potential buyers than houses to buy.
That'll happen when a country's population increases rapidly but new houses aren't built in enough numbers to keep up.
East Yorkshire (Hull etc.) doesn't seem to have that problem quite as much .........

Jackmydad · 10 August 2018 at 6:30PM

In the end a house will go for what it's worth in that location at that time. Estate agent prices are just an estimate of value.
If they're not selling prices go down, if they're selling fast prices go up.

buglawton · 12 August 2018 at 10:00AM

Worth remembering that it's definitely not a sellers market at the moment. Anyone selling has to find a new place to live, so faces whatever prices the market is at plus high stamp duty. They have to price what they're selling correctly in order to be able to move on. Its the difficulty of moving anywhere that's the root of the issue.

lisyloo · 13 August 2018 at 12:54PM

Anyone selling has to find a new place to live

Not true in the case of death or a permanent move to a nursing home.
Obviously that's a minority but if the onward chain is a real issue it might be worth looking for probate sales where there isn't a chain.

Herzlos · 13 August 2018 at 1:33PM

Don't overreach yourself to get into the market - it'll only lead to hurt.

Maybe look at properties that need more work or have been on the market longer - I can certainly appreciate why a newly listed seller isn't jumping at an offer of £10k underneath the asking price, but they might change their mind in a few months if it's not had any interest. Are you keeping your offer open for them to revisit later?

ess0two · 13 August 2018 at 5:12PM

Jessicahs wrote: »

The area I live (in Yorkshire) seems to be a real bull market for sellers. I’ve been searching for 8 months for home, numerous offers, some below and some above asking price.. however I don’t get a look in. The one property I did manage to get for asking price the survey come back very bad, after speaking with the surveyor he advised if I couldnt get 10k off the price then to walk away (the seller would not budge £1 on the price so we walked away). He also gave me numerous tell tale signs to look for in the future / rewire / damp / water ingress. It just seems the estate agents are pushing the prices up and up! Example of this, the same estate agent sold a property this May for £140k! This property had an extension, garage, new kitchen and a bathroom upstairs. This estate agent are now selling a property on the same street (same type) but with no garage, no extension and a bathroom downstairs for £140k, it needs a new bathroom / new kitchen and a rewire. I put in a sensible offer of £130k and was told the vendors are strictly looking for £140k at this stage due to it just going on the market. Any advice when buying in a bull market? Or how to beat these estate agents

Does it need a re-wire? if the kitchen and bathroom are not to your tastes but perfectly functioning,you cant expect a vendor to reduce price to satisfy your tastes.

buglawton · 13 August 2018 at 8:02PM

After having read Boris's blast at the big house builders in the DT today (listening to his constituents' probems), sounds like more than ever you need to avoid new build.

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Buying a house in a sellers market

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