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FunkyLeprechaun

Looking For A House To Buy

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Hi all, It's been a while since I last posted here on the forum!

Well, we've sold our house in Staffordshire (for a loss, we bought at the peak in 2007) and we're looking to buy in Norfolk and I've used advice from my parents and this website, always offer 20% less than the asking price. We made offers on five houses (one 200k, three 170k, and 165k). The first four houses we made the 20% offer to, we were laughed off (two were the same EA and he very rudely told us that both houses were worth SO much more than that). The 165k house we originally offered 140 and they said, they can come down to 160k. We decided to offer 150 to see if they would come down more and they refused to come down from 160 (the house needed updating BIG time inside (needed new kitchen, bathrooms, carpeting throughout, but it was generally sound. The owner had died and the children were selling it). We decided to walk away.

Just wondering, should we continue with our tactics or are the house prices that I've mentioned in line with what the area is worth (one was a 5 bed semi, two were three bed detached, one was three bed semi, and one was four bed detached).

I hope we get a house soon... I know that the buyers are in the driver's seat but right now it doesn't feel like that!

Edited by FunkyLeprechaun

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Depends how hard you want a/the house. Low ball offers only work if the vendor needs a quick sale, then the house might not tick all your boxes. I know what you mean about updating, some of the shite holes i have viewed, i even viewed a house that was built in 1996, it's liveable, but the kitchen and bathroom still need updating.

If the house is for the long term and your jobs are safe etc, then it won't hurt going a bit higher, but i would still continue with well below asking prices.

Can't comment on the area, but if you use a mixture of nethouseprices, Zoopla history to check what the house last sold for and what the street has been achieving it will give you a guide of when the vendor is taking the ******ing piss :P ..or not. Then you can adjust your offer accordingly to how optimistic their asking price is, for example if their asking price is low, then offer closer to it and vice versa.

Good luck.

Edited by neil324

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Depends how hard you want a/the house. Low ball offers only work if the vendor needs a quick sale, then the house might not tick all your boxes. I know what you mean about updating, some of the shite holes i have viewed, i even viewed a house that was built in 1996, it's liveable, but the kitchen and bathroom still need updating.

If the house is for the long term and your jobs are safe etc, then it won't hurt going a bit higher, but i would still continue with well below asking prices.

Can't comment on the area, but if you use a mixture of nethouseprices, Zoopla history to check what the house last sold for and what the street has been achieving it will give you a guide of when the vendor is taking the ******ing piss :P ..or not. Then you can adjust your offer accordingly to how optimistic their asking price is, for example if their asking price is low, then offer closer to it and vice versa.

Good luck.

My EA that sold our house said that 20% was a reasonable amount to offer in the face of the economy. She also told me that all the houses that they've sold, they sold at reduced prices as well.

Then again, my friend from the pub said offer 5,000 off the asking price!

So it's a lot of conflicting advice!

I really really wanted the 165k house... but I also wanted to get it lower. I buy antiques as well and am able to get huge discounts off them and I know it's possible with houses but like antiques, if the seller is being stubborn, it's time to walk away... so I'm kind of sad that we're walking away from it (we were actually prepared to buy it at 155 if the seller had decided to go to 155).

Thanks! I am starting to waver a little on the house prices but I'm a wee bit nervous on the market because we spent about 10k on things for our sold house (windows, kitchen, insulation, freehold), bought it at 102 in 2007 and sold it for 80k last month.

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My EA that sold our house said that 20% was a reasonable amount to offer in the face of the economy. She also told me that all the houses that they've sold, they sold at reduced prices as well.

Then again, my friend from the pub said offer 5,000 off the asking price!

So it's a lot of conflicting advice!

I really really wanted the 165k house... but I also wanted to get it lower. I buy antiques as well and am able to get huge discounts off them and I know it's possible with houses but like antiques, if the seller is being stubborn, it's time to walk away... so I'm kind of sad that we're walking away from it (we were actually prepared to buy it at 155 if the seller had decided to go to 155).

Thanks! I am starting to waver a little on the house prices but I'm a wee bit nervous on the market because we spent about 10k on things for our sold house (windows, kitchen, insulation, freehold), bought it at 102 in 2007 and sold it for 80k last month.

And now your a buyer the EA's are telling you that 20% is not reasonable. They just want a sale.

You need to cover all the angles, will you be able to afford higher interest rates, be able to afford the lenders SVR because of negative equity.

No one can predict what is going to happen, just that the fundamentals are terrible, but still the market is holding up. You need to weigh it all up and then just move forward regarding your own circumstances.

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And now your a buyer the EA's are telling you that 20% is not reasonable. They just want a sale.

You need to cover all the angles, will you be able to afford higher interest rates, be able to afford the lenders SVR because of negative equity.

No one can predict what is going to happen, just that the fundamentals are terrible, but still the market is holding up. You need to weigh it all up and then just move forward regarding your own circumstances.

I agree that the EA needs a sale. It's the EA that we offered 20% off to the vendor to that just rudely told us off. It is the vendor that they have to deal with.

Would a 160k three bedroom detached house 20 minutes from Norwich hold up at that price? We can afford 160 but it would have meant less money to spend on updating the house etc. Is it wrong to try to push for less money?

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I agree that the EA needs a sale. It's the EA that we offered 20% off to the vendor to that just rudely told us off. It is the vendor that they have to deal with.

Would a 160k three bedroom detached house 20 minutes from Norwich hold up at that price? We can afford 160 but it would have meant less money to spend on updating the house etc. Is it wrong to try to push for less money?

You need to get thicker skin. The EA's have to pass on all offers it's the law, remind them of the fact and to mind their manners when talking or else.

I can't comment on the area, first of all put the post code into here

http://www.nethouseprices.com/index.php?con=Search-Sold-House-Prices

Then compare with other sold properties allowing for the condition of the one you wan't to buy and when the others sold etc. Not sure of the amount of work needed but it doesn't come cheap now.

Also put the post code in here

http://www.globrix.com/property/buy/?ns=true&rd=1&hits=10&br=buy&qt=&keyword_field=

And use the recent sales tab to look at adjoining or near street to give you another gauge.

Also use this to search for what recent properties where marketed at

http://www.zoopla.co.uk/property-archive/

Then if you can determine if their asking price is infact low or high you can decide if it's fair to wan't more of the price. If you do your homework correct and find the asking price to be high you can even use this against the EA as an arguement.

Whether your willing to pay 2007 prices is your choice, just arm yourself with the facts and decide.

Edited by neil324

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Looking at your first link (nethouseprices.)- the house on one one side sold for 165,000 in 2010 but sold for 143,000 in 2003... is it possible to see that sort of rise in prices within 8 years within the same area? (this is part of the reason why I'm wavering... I feel like it's me that should offer the price a house is worth but when I see house price websites like nethouseprices, I feel like my initial offer's not enough).

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But your not accounting for the work that needs doing. The one that sold for £165k in 2010 was most likely in good condition this is only a guess of course. But then looking at in the context of the 2003 price, it would seem that they indeed got a good buy. So even paying £160k depending on the amount of work of course, would be seem ok. Have you tried £155K and letting them stew for a bit?

Yes prices rose a lot from 2002-2004 and modestly 2004-2007.

Edited by neil324

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Sadly different parts of uk and indeed different partsof the same town are faring very differently in this Market.

The section of town we want is holding up a 2007+10% flag and in some cases (annoyingly for us) easily still achieving that level of sales as nice properties in sight of cliff tops etc are holding up well.

Yet a 10 minute walk jnlandand it us another story altogether with prices dropping all over and people reducing regularly.

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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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