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2rocketman

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Posts posted by 2rocketman

  1. It’s going to be a fair amount of hassle dealing with all the agents, multiple viewings etc, trying to cut through all the bullsh*t whilst gaining as much background information about seller as possible. The one I am viewing Saturday is inherited. Interior is to poor to rent, been on the market a long time etc so quite straight forward. It is more a case of how desperate is the vendor to sell. With weather like today he is probably dreaming of getting rid of it and buying a holiday home somewhere sunny! 

     

     

  2. It could work out well for serious  buyers on the sidelines here. 

    Crazy prices gave us plenty of time to save a substantial deposit, in my case definitely more than I ever intended. Low fixed rates are still available with a good deposit. If a big reduction in price can be negotiated then lower stamp duty, plus the stamp duty fresh hold has been raised while waiting. It might all turn out okay. 

    It’s looking a lot better than in previous years anyway. All I want is a average home in a good area with an affordable mortgage. All the above helps towards achieving this. 

  3. 2 minutes ago, scottbeard said:

    Good luck with your negotiating and purchasing! :)

    All I would say is - don't be too wedded to getting "X% off" whatever you buy, and look more at the price as an absolute figure.  There are some houses where 10% off would be a good price, and others where even with 20% off it would be laughably too high.

    Don't get too anchored to the asking price and use other metrics to work out what you think something is worth.

    Yes, indeed. That is a very good point. 

  4. 13 minutes ago, Flopsy said:

    I think your strategy of viewing multiple properties and making offers on a shortlist of them is sound. We would do the same but there aren't 5 homes in our area where the seller seems happy to negotiate and we want to live in. There are one or two appearing now with multiple reductions and the photos look as if they are not inhabited so we may start doing viewings again and put together our own short list.

    We don't want to wait until there is a rock-bottom price and simply want a home we can live in comfortably, stay for 10 years and be able to afford if interest rates increase.

    I've noticed a tactic of EA's to try and find buyers who fall in love with a particular home and who are willing to pay over the odds. You have taken the emotion out of the transaction. If you make it clear that you want to buy a home but aren't willing to pay over the odds and are happy to wait then some EA's are going to find it difficult to cope with that.

    On tactic buyers seem to be using at the moment is to make an offer and then reduce the price when the valuation / survey is done if it is lower than their offer. The danger there is the seller will pull out. Also it means buyers who are not happy to take the risk miss out.

     

    I agree with all that. However once I agree a price, providing nothing nasty crops up on the survey I will honour it. One of the reasons I’m going in at -25% is because I want it to be rejected. I want to know I got every penny I can off. If someone was to say yes straight away I would have the same feeling as my friend that there was more to go. They were quick enough to bump the prices up I’m going to try and do the same in the other direction now! 

  5. 5 minutes ago, prozac said:

    Don’t use the same estate agent for all five properties 

    you dont know people circumstances one of them may accept the 20% off

    May be the odd agent that has 2 houses that maybe be of interest but most likely all be with a different agent. That is the one downside to the plan. 5 or so agents calling and emailing all the time. That is not something I will enjoy. First viewing booked for Saturday. 

  6. 9 minutes ago, hurlerontheditch said:

    wow thats a big area!

    Yes it is, we lived in at each end and a couple of places in between so we are familiar. We’ve have had so long time to think about the merits of each place, lifestyle, commute, local attractions to us such as certain pubs, restaurants etc, cost of living. Each have pro’s cons for us. I guess it’s what ever attracts us the most & presents the best value for money that will make us jump.  

  7. I’ve been holding out for the crash for 5 years now. Although some people say “they’re still selling near me” I have not seen much evidence of this in the areas of of the south I keep and eye on. Most of the houses I’m interested in just sit on the market with the odd price drop every couple of months. I’m starting to think there could be an opportunity over the next quarter. Example: one house I have an interest in come to the market at 535k about a year ago, lot of drops in small increments & the obligatory change of estate agent and it’s now its 450k. Spoke with the agent and he said the vendor is now willing to negotiate. I said I would be looking for a 20% reduction and he seems to think that would be possible. I have another friend who just put in an offer on a house in Chichester 15% below asking and it was accepted without further negotiation. He just withdrew it because he thinks there was/is scope for further reduction.  My plan now is to find & view 5 houses that I would be happy with, proof of mortgage in place, nothing to sell & ready to go. View each one twice so they know I’m serious and offer 25% below asking expecting it to be rejected. As the winter draws in, Brexit, recession looming, general election, Christmas, divorces, S24 round the corner etc etc. I’m am hoping someone caves for maybe -20%. It would still probably not be the bottom as personally I think they have a long way to fall but I am comfortable with something around that level, plus I can secure a fixed low rate mortgage. I am aiming to target houses that are maybe not in good enough condition to rent, also I look at each house up on Net House Prices to see what they paid for it. One I’m about to go in on is currently 475k but I know they are getting divorced and only paid 289k for it. Very small house, just a couple so they must be keen to shift it? New year new start and all that. They may just take it for a quick sale if there is no other offers on the table? It would still be a £67,250 profit and it looks tired so they’ve not spent any money on it.

    It’s hard to know when to make a move, I nearly did before, which looking back would of been a major mistake but I think between now any January with a good discount & a low rate mortgage might be somewhere in the middle. I never expect to get in at the bottom or out at the top. 

    I’d be interested to know if anyone else who is using similar tactics....

  8. Whatever happens from here, I think the impact on house prices will continue to be negative. I can not decide what would be the biggest sentiment killer. No deal or if  they were to call a GE and Labour/Liberal won?  People’s vote/second ref, agreeing/arguing over the terms of it all etc etc. How long would all that drag on? 

    Prices have peaked, sentiment is bombing regardless. This is all just adding to it nicely. 

    31st No Deal would be my first choice for an instant impact and masses of negativity! 

    2R

     

  9. On 29/06/2019 at 08:22, Peter Hun said:

    Boris is going to raise house prices and cut taxes for the rich to boost the economy after the Brexit crash.

    This what happens when you voted for Brexit.

    Didn't comprehend that fact? Tough titties thickos..

    Another gem, the two regions that are most pro-Brexit are the two regions that will be worst economically hit by Brexit.

    The most Remain region will suffer the least economic damage (in fact, none at all).

    Gives me a warm Glow.. :) 

    Yawn. You claim to know an awful lot. I am not convinced. We are getting hard Brexit or No deal. Enjoy. 

  10. Looks like we are definitely getting Brexit  now. Shortly after the clocks change, nights draw in. Then it’s Christmas which will slow things, followed by the New year slump, bad retail figures everyone feeling indebted etc. Down the house prices go again:))))

    Unlike some on here I do not claim to be a super economist although I do follow closely. I work on sentiment. It’s on the floor and is about to get another absolute kicking...roll on 2020. 

  11. 4 minutes ago, Monkey said:

    Had a guy at work moaning that his savings are gaining little to no interest and blames Brexit it for it. I pointed out that IRs were lowered to near 0 by the BOE years before the referendum so it cant be that.... his replied "the papers have experts that say so, and i'd sooner believe them than you"

    Well this is what you are up against! I still know people who think there house is going up with each week that passes. Although some have started to smell the coffee...

  12. 12 hours ago, No One said:

    id like to know too, after the crash what do I buy?

    Impossible to give share tips etc most come to nothing, but as we are on a house related forum. After the last crash I bought housing stocks, Taylor wimpy, Barrett homes few others etc. If we have a big crash, land bank values get slashed, causing the value of the company to plunge among other factors of course, predicted profits etc. You have to do your research because if it is a repeat of last time, some will very close to going under, mergers etc. I done very well, well I thought I did but if I had held until last year I would have done a lot better. Help to buy added a lot of value. Still sure there will be money to be made again. 

    From memory TW bottomed at 5p and hit 200p within the last 10 years. 

  13. 34 minutes ago, APerson said:

    Gold hit a 5 year high over the night - and that was in USD, EUR and GBP so its not just brexit.

    I do think this is the start of the crash but hopefully we have a long way to go.

    20% reduction is not enough for me. I'm hoping for 50% in the SE.

    Everyone is up to there eyeballs in debt, been living way beyond there means thinking they are millionaires for a long time! Anything is possible...

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