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First Time Buyer Looking For Advice

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Hi everyone,

I'm a first time buyer and am new to all this, I am looking at property in Redditch Worcestershire, I don't have any special requirements other than a drive and a garage and am looking to pay between 125k - 175k.

I've looked at around 20 properties so far and have come to some conlusions and would like to get opinions on these from those more seasoned to the property market:-

1. Estate agents seem to "forget" to mention important details about properties for example it has no drive (Although I have told them a drive is a must) and they even sent me to look at a house right next to a pub without mentioning if (as if I wouldn't notice!

2. In the 6 weeks i've been looking at properties only around 3-4 have sold so far.

3. Once an agent recieves an offer on a property they won't let me view even if the offer hasn't been accepted yet. I guess they do this to avoid having to carry out more viewings). I suppose there not really interested in trying to get the seller another couple of K as it won't increase there fee much.

4. Sellers still seem to be after top prices for house (some even want more than they bought them for in 2006). When you make an offer what % below the asking price is generally considered to be good for a first offer?

5. I have kept all the details of the houses I have viewed and in a few months (if they have sold) will compare the sold prices to the advertised prices which I reckon will make interesting reading. Has any one else done anything similar that I can look at?

6. With the recent ups and downs on priceing what is the general consensus of opinion, do I wait or do I buy?

7. House that estate agents have sold stay in their window or in the papers for a long time, some even re-list sold house on rightmove (presumably when the advert expires) presumbly to make it look they are still selling houses.

8. Only five houses were listed in redditch today in my price range and it doesn't get much better any other days, I assume this is much lower than it should be?

Any advice would be appreciated.

Regards

Andrew Smith

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Hi everyone,

I'm a first time buyer and am new to all this, I am looking at property in Redditch Worcestershire, I don't have any special requirements other than a drive and a garage and am looking to pay between 125k - 175k.

I've looked at around 20 properties so far and have come to some conlusions and would like to get opinions on these from those more seasoned to the property market:-

1. Estate agents seem to "forget" to mention important details about properties for example it has no drive (Although I have told them a drive is a must) and they even sent me to look at a house right next to a pub without mentioning if (as if I wouldn't notice!

2. In the 6 weeks i've been looking at properties only around 3-4 have sold so far.

3. Once an agent recieves an offer on a property they won't let me view even if the offer hasn't been accepted yet. I guess they do this to avoid having to carry out more viewings). I suppose there not really interested in trying to get the seller another couple of K as it won't increase there fee much.

4. Sellers still seem to be after top prices for house (some even want more than they bought them for in 2006). When you make an offer what % below the asking price is generally considered to be good for a first offer?

5. I have kept all the details of the houses I have viewed and in a few months (if they have sold) will compare the sold prices to the advertised prices which I reckon will make interesting reading. Has any one else done anything similar that I can look at?

6. With the recent ups and downs on priceing what is the general consensus of opinion, do I wait or do I buy?

7. House that estate agents have sold stay in their window or in the papers for a long time, some even re-list sold house on rightmove (presumably when the advert expires) presumbly to make it look they are still selling houses.

8. Only five houses were listed in redditch today in my price range and it doesn't get much better any other days, I assume this is much lower than it should be?

Any advice would be appreciated.

Regards

Andrew Smith

Buying a house is a big decision. Don't rush in. Markets, and the wise people on here think the market is headed for another fall, since the average LTV (Loan-to-Value) ratio suggests lots of people with cash deposits/inheritances to spend, and the volumes in the market suggest that these cannot last forever. Mortgage availability is still at rock bottom, and unemployment is rising. Therefore the demand for housesis unsustainable, and teh supply migth well increase as people are frced to move. If interest rates go up, watch out for a sharp fall in prices as people scramble to sell.

Don't get emotionally involved in a house, there's plenty more out there if you wait.

But my main piece of advice would be don;t live in Redditch FFS :ph34r::blink::blink:

:P

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Your points :-

1. The estate agents a twit. They don't forget anything it's just that they only have Turds to sell at the moment. Any decent property has already gone.

2. In the 6 weeks i've been looking at properties only around 3-4 have sold so far. I wonder why? Do you want to be the only one purchasing out of 77,000 people?

3. They are just squeezing your balls to get a reaction, don't fall for it.

4. For the seller full price, for the buyer 40% ;)

5. That's more like it. Good Idea.

6. Wait, I'll have to think about this one, wait, wait, It's coming to me, no wait, wait, I've got it ..... wait.

7. Why would they do that?

8. Numer of sales in B98

   	Apr 2007	  Apr 2009	  ChangeDetached 	14 	10 	-29%Semi 		19 	5 	-74%Terraced 	31 	13 	-58%Flat 		10 	4 	-60%

And remember If you do buy you will take 100% of the loss. Good luck.

Edited by XswampyX

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Don't buy now, Andrew. That's the best advice I can give.

If you happen to be a cash buyer, or you somehow have a guaranteed job with a guaranteed income for the next 5 years, I may rescind that recommendation.

Edited by Prime Realist 8

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If you believe everything that comes out of the mouths of Gordon Brown, Alistair Darling, Mandelson, Estate Agents and the BBC then go for it, fill your boots.

If you don't believe optimistic economic forecasts, don't think unemployment will shrink soon, don't think that massive national and personal debt is a good thing and can contemplate that interest rates might at some time go up, then hang on for a while................................. It is your decision.

Edited by Hip to be bear

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Hi everyone,

I'm a first time buyer and am new to all this, I am looking at property in Redditch Worcestershire, I don't have any special requirements other than a drive and a garage and am looking to pay between 125k - 175k.

I've looked at around 20 properties so far and have come to some conlusions and would like to get opinions on these from those more seasoned to the property market:-

1. Estate agents seem to "forget" to mention important details about properties for example it has no drive (Although I have told them a drive is a must) and they even sent me to look at a house right next to a pub without mentioning if (as if I wouldn't notice!

2. In the 6 weeks i've been looking at properties only around 3-4 have sold so far.

3. Once an agent recieves an offer on a property they won't let me view even if the offer hasn't been accepted yet. I guess they do this to avoid having to carry out more viewings). I suppose there not really interested in trying to get the seller another couple of K as it won't increase there fee much.

4. Sellers still seem to be after top prices for house (some even want more than they bought them for in 2006). When you make an offer what % below the asking price is generally considered to be good for a first offer?

5. I have kept all the details of the houses I have viewed and in a few months (if they have sold) will compare the sold prices to the advertised prices which I reckon will make interesting reading. Has any one else done anything similar that I can look at?

6. With the recent ups and downs on priceing what is the general consensus of opinion, do I wait or do I buy?

7. House that estate agents have sold stay in their window or in the papers for a long time, some even re-list sold house on rightmove (presumably when the advert expires) presumbly to make it look they are still selling houses.

8. Only five houses were listed in redditch today in my price range and it doesn't get much better any other days, I assume this is much lower than it should be?

Any advice would be appreciated.

Regards

Andrew Smith

you sound sensible (apart from wanting to buy in reddich, yeah its cheaper but why do you want to live there?), the ea is the enemy dont show your cards, dont get a mortgage through them dont see there financial advisor, get a mortgage arranged separatly

use rightmove and property bee to track properties and find struggling sellers, drive past them first if possible then ask the EA to see them http://www.property-bee.com/

use sold price websites http://www.houseprices.co.uk/

use home to track historic prices http://www.home.co.uk/guides/house_prices_...ditch&all=1

Be a bstard, strong and dont say more than you need to, dont get emotional this is a pure hard cold business deal

here is a property in worcester in a goodish area which has been reduced in price recently

http://www.rightmove.co.uk/property-for-sa...D3%26index%3D70

or this one in worc in a nice area

http://www.rightmove.co.uk/property-for-sa...D3%26index%3D80

I wouldnt offer more than 135k on either...

oh and read my signature below:

Edited by moosetea

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you sound sensible (apart from wanting to buy in reddich, yeah its cheaper but why do you want to live there?), the ea is the enemy dont show your cards, dont get a mortgage through them dont see there financial advisor, get a mortgage arranged separatly

use rightmove and property bee to track properties and find struggling sellers, drive past them first if possible then ask the EA to see them http://www.property-bee.com/

use sold price websites http://www.houseprices.co.uk/

use home to track historic prices http://www.home.co.uk/guides/house_prices_...ditch&all=1

Be a bstard, strong and dont say more than you need to, dont get emotional this is a pure hard cold business deal

here is a property in worcester in a goodish area which has been reduced in price recently

http://www.rightmove.co.uk/property-for-sa...D3%26index%3D70

oh and read my signature below:

:lol::lol: You took the words right out of my mouth. Very sound advice moosetea.

Also to add - If you are bent on buying now, chose at least 4 houses to make offers on. Let the sellers and EAs know in no uncertain terms that you don;t really care which house you buy out of the 4+. Be totally poker-faced and unemotional at all times and never tell them how much you can afford!- Remember the EA IS THE ENEMY. Play the offers off against oneanother. Some sellers may laugh at you, but if you get 2 who really need to sell, you could potentially get something for a more acceptable price.

Edited by kara gee

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I like the comment about the vendor wanting a high price for their property, who wouldn't.

My advice is simple wait, not donkies but untill the back of Nov the market dies Nov and dec it takes 3 months to go through so if the offer is accepted first week of dec you move in on the first week of march the days are getting long the weather is warming up and you have those spring bank holidays to work on the place just after you move in. I presume you are proceedable this give you a fair amount of leverage on negotiating the price, but dont try "clever" stunts with the vendor, make the vendor and the ea feel that they can deal with you.

good luck TF

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Guest DissipatedYouthIsValuable
That is your most disappointingly dull post of all time!

a96772_a488_dear_ruth.jpg

post-8170-1251193999_thumb.jpg

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Guest DissipatedYouthIsValuable
get a 125% mortgage...you know it makes perfect sense.

I don't know about you, but I just can't develop the enthusiasm for sarcastic responses the way I used to.

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My advice, don't believe a word that the tin-foil-hat brigade say. We're out of recession, FTSE is soaring, house prices are only going to go up. There will be no house price crash, if there was it would have happened already.

We're on the way up and out.

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My advice, don't believe a word that the tin-foil-hat brigade say. We're out of recession, FTSE is soaring, house prices are only going to go up. There will be no house price crash, if there was it would have happened already.

We're on the way up and out.

My advice dont listen to people like this who are probably drowning in debt and know that the only way out for them is inflation.

The recession is not over and there is a very good chance of double dip later in the year.

House prices are only going to go up :lol::lol::lol: (I think not) He was probably saying the same thing just before they fell 20%

In my opinion and they have to fall by at least 20%.

If you are going to offer then make sure it's at least 15-20% off the asking price if they dont accept then just walk away.

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