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Realistbear

I've Been And Gorn And Done It

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I have put an offer in on a property that I like about 10 miles East of Brighton. On for £324k at the peak, dropped to £249k so I offered a cheeky £200k which has been accepted! The only ant in the paste is the seller wants a property nearby where the vendor is living abroad and asking a bit much.

My logic:

1. If I can seal the deal at £200k it will represent about £80-£100k off peak prices (£324k was dreamland IMO).

2. I am sick and tired of waiting and accept that prices may well drop another 20% from here (sending my potential property to a price at around £180k--I doubt it will drop much more because it is verrrr nice).

3. £200k is a bit below even shaky market conditions and it might well go for £220k if the vendor got lucky.

4. I want to live somewhere and not keep moving every year as rentals come and go.

5. There is an OUTSIDE chance that we get inflation which might kill the value of money whereas property will at least always be a place top live.

6. TBH it makes no sense buying now but I am tired of waiting and a decent 30%-40% off is not too bad overall.

Edited by Realistbear

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I have put an offer in on a property that I like about 10 miles East of Brighton. On for £324k at the peak, dropped to £249k so I offered a cheeky £200k which has been accepted! The only ant in the paste is the seller wants a property nearby where the vendor is living abroad and asking a bit much.

My logic:

1. If I can seal the deal at £200k it will represent about £80-£100k off peak prices.

2. I am sick and tired of waiting and accept that prices may well drop another 20% from here (sending my potential property to a price at around £180k--I doubt it will drop much more because it is verrrr nice).

3. £200k is a bit below even shaky market conditions and it might well go for £220k if the vendor got lucky.

4. I want to live somewhere and not keep moving every year as rentals come and go.

5. There is an OUTSIDE chance that we get inflation which might kill the value of money whereas property will at least always be a place top live.

6. TBH it makes no sense buying now but I am tired of waiting and a decent 30%-40% off is not too bad overall.

Go for it if you can......I hope your vendor gets £134k or equivalent percentage off the home they want to buy...win,win. ;)

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Well done....have made a couple of offers recently too.....although low offers on nice stuff round here still equates to 2007 price......and they have been rejected :(....

I dont think you can go too wrong if you get a good price and intend to actually live in it!

So in a couple of months time you will have to turn bull again....:)

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I have put an offer in on a property that I like about 10 miles East of Brighton. On for £324k at the peak, dropped to £249k so I offered a cheeky £200k which has been accepted! The only ant in the paste is the seller wants a property nearby where the vendor is living abroad and asking a bit much.

My logic:

1. If I can seal the deal at £200k it will represent about £80-£100k off peak prices (£324k was dreamland IMO).

2. I am sick and tired of waiting and accept that prices may well drop another 20% from here (sending my potential property to a price at around £180k--I doubt it will drop much more because it is verrrr nice).

3. £200k is a bit below even shaky market conditions and it might well go for £220k if the vendor got lucky.

4. I want to live somewhere and not keep moving every year as rentals come and go.

5. There is an OUTSIDE chance that we get inflation which might kill the value of money whereas property will at least always be a place top live.

6. TBH it makes no sense buying now but I am tired of waiting and a decent 30%-40% off is not too bad overall.

Nice one, hope it works out for you. I feel your irritation on 2 and 6 btw.

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Well done....have made a couple of offers recently too.....although low offers on nice stuff round here still equates to 2007 price......and they have been rejected :(....

I dont think you can go too wrong if you get a good price and intend to actually live in it!

So in a couple of months time you will have to turn bull again....:)

It was "neither" actually. But if it all goes through it will be Realistbull all the way! OOps blown my rights to that name now as someone else will get in before I do.

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I too am considering an offer on a place in the sure knowledge that it will lose value over the coming years.

Sometimes the desire and need to provide a home for your family is simply stronger than rational, financial action.

My criteria have changed somewhat - I can no longer wait for a perceived 'bottom' in the market.

Provided I can service a mortgage at 4 or 5% over the next few years (I can get 2.29% with HSBC, so factoring in a few rate rises), during which I will be overpaying like a madman, I will do it.

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On for £324k at the peak, dropped to £249k so I offered a cheeky £200k which has been accepted!

:o flash crash in Brighton? How long was the gaff on the market prior to you offer, RB ?

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Sometimes the desire and need to provide a home for your family is simply stronger than rational, financial action.

Sounds like someone lost the battle with her indoors ;)

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:o flash crash in Brighton? How long was the gaff on the market prior to you offer, RB ?

Summer last year. Its a complicated one and involved a death--emotional tie to house etc etc.

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Asking prices are pretty much meaningless, what did it last sell for?

I'm suprised you've jumped in so early.

Mrs RB has had enough of renting--I am also getting a bit worn out by it and can't play my axe at high enough volume to get the overdrive to kick in. :angry:

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I too am considering an offer on a place in the sure knowledge that it will lose value over the coming years.

Sometimes the desire and need to provide a home for your family is simply stronger than rational, financial action.

My criteria have changed somewhat - I can no longer wait for a perceived 'bottom' in the market.

Provided I can service a mortgage at 4 or 5% over the next few years (I can get 2.29% with HSBC, so factoring in a few rate rises), during which I will be overpaying like a madman, I will do it.

4% or 5%? I'd stress to to 8% minimum.

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What are you doing man?!

I thought you were emmigrating?!

Come on RB, post a link (or at least a pic)...

I was on the verge but too many people are against the move--including kids.

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Sounds like someone lost the battle with her indoors ;)

You're on the right track...we've just had a baby.

Living in a rented top floor flat with no garden and barely room to swing a very small cat has been fun as a couple, but not any more.

And mortgage would only be another 200 per month for a big 3 bed house.

Go figure...

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4% or 5%? I'd stress to to 8% minimum.

In 3 years' time, if rates have climbed above 4%, I'll fix.

And by which time I'll have paid off a large chunk of the mortgage.

Not ideal, but as I said, it's not just about money any more.

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Mrs RB has had enough of renting--I am also getting a bit worn out by it and can't play my axe at high enough volume to get the overdrive to kick in. :angry:

It's always the other the halfs who make sensible people irrational.

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Might be able to get a bit more money off for the stains.

Maybe, seriously though, the best time to buy in is a buyers market - not quite yet.The Sheeple have yet to accept that things have changed and that houses are no longer a route to endless riches. Idiots are still asking way too much around my way and until that changes I'm staying away, unless like RB I see a real steal on offer.

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In 3 years' time, if rates have climbed above 4%, I'll fix.

And by which time I'll have paid off a large chunk of the mortgage.

Not ideal, but as I said, it's not just about money any more.

But then your going to be looking fixes of 6%+ anyway depending on your future LTV.

Although I do understand that other peoples circumstances are more pressing than my own.

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I must admit that I keep running figures through a calculator and am starting to wonder if buying is such a bad idea. There were 4 places here that were descent and I had been keeping an eye on with a view to possibly try some cheeky offer but driving today I saw that 2 have sold signs up and having checked rm the other 2 are sstc aswell. All 4 have gone in the space of less than 2 weeks. I guess we are not the only ones that are wobbling.

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I'm fed up with renting but I only want borrow what I can definitely afford with rate rises factored in. I made a few offers on properties that have been on the market more than a year and all were rejected. If our economic growth costs us billions and billions of pounds each year of printed money coupled with a huge credit black hole that can't be filled, why on earth do people think that things will pick up in the housing market long term?

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In 3 years' time, if rates have climbed above 4%, I'll fix.

And by which time I'll have paid off a large chunk of the mortgage.

Not ideal, but as I said, it's not just about money any more.

Good luck with getting a fix, even today, at 4% - let alone in a couple of years time.

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I have put an offer in on a property that I like about 10 miles East of Brighton. On for £324k at the peak, dropped to £249k so I offered a cheeky £200k which has been accepted! The only ant in the paste is the seller wants a property nearby where the vendor is living abroad and asking a bit much.

My logic:

1. If I can seal the deal at £200k it will represent about £80-£100k off peak prices (£324k was dreamland IMO).

2. I am sick and tired of waiting and accept that prices may well drop another 20% from here (sending my potential property to a price at around £180k--I doubt it will drop much more because it is verrrr nice).

3. £200k is a bit below even shaky market conditions and it might well go for £220k if the vendor got lucky.

4. I want to live somewhere and not keep moving every year as rentals come and go.

5. There is an OUTSIDE chance that we get inflation which might kill the value of money whereas property will at least always be a place top live.

6. TBH it makes no sense buying now but I am tired of waiting and a decent 30%-40% off is not too bad overall.

Well, my friend............

How much you got to spend on you Algarve pad? Are you still intending to buy a flat in the sun?

RB, i enjoy your posts, feel like you are HPC.co.uk, its been a roller coaster for you. First the US, now this...........I understand your logic, but when you STM, how much was the £200k house selling for, not asking but selling roughly?

P

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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