This Weekends Viewings

[right_freds_dead]

IM NOT EXPLAINING WHY I AM LOOKING TO BUY. SEE OTHER POSTS FOR THAT.

i went for 3 viewings this weekend.

2 on same street. ex council 1937 3 bed semis with large gardens.

first one to view was £128k

owner not there. instead new boyfriend who was holding viewings on her behalf. explained 'couldnt' take offers as he admitted than the owner (girlfriend) was in debt and 'needed to clear it' to split for divorce. then move in with him. i thought. well YOUand HER need to clear it not me. nethouseprice was 65k 2000. asking 128k 2005. house tatty interior. - no thanks to that one. seller was oblivious to market demansd. will not get a sale here. no viewings in 3 months.

house number 2. samr street. 130k bigger garden.

nice house. i liked it. she asked 130k then i left at agreed 120k in minutes. nice house. last nethouseprice was 115k 2003. not too shabby. on market since april 05 at 140k. then dropped twice to £130k. still no other viewings. seller seemed worried but prepared to drop. at least they were not idiots. retirees i think by their age. downsizing to 2 bed.

house 3 newish 3 bed semi. posh estate. 134k

immaculate. like a show house. all high grade appliances left in. new carpets. owner was south african and moving back. was prepared to leave everything inc plates. a sweet deal. he would not budge on price. said he turned down 132.5k (dont believe him). not sure. didnt like house as it was smaller than the two others. genuine reason for sale. genuine price i thought. too much for me maybe,.

my view is the market consists of either badly in debt idiots with blinkers on, or people that know its changing and accept it in the hope to get a sale before it really falls over.

im still pondering. ive one more to view on tuesday at 123k asking. ill see how that chips. there is not much doubt (with exception of the ignorant) that housing is dead. the EAs are very, very keen. very pushy. very quick to call. must be very quiet. they i think are thinking about the magic words we now hear. 'unrealistic vendors'

EDIT** house buying tip. take a print of ALL the houses you look at and show the seller the competition. i was saying, "oh i might go for that one cos he came down to this, and i didnt like that cos your had a better garden ect". seemed to work well. they dont like it up em. makes them panicy. its a 100% buyers market round here. i think all concerned know it.

Edited October 17, 2005 by right_freds_dead

[BearLite]

Interesting post. Thanks for the insight.

[FrozenOut]

134k for a house.

Can't even get a nice flat for that down here.

[Boom'n'Bust]

house number 2. samr street. 130k bigger garden.

nice house. i liked it. she asked 130k then i left at agreed 120k in minutes. nice house. last nethouseprice was 115k 2003. not too shabby. on market since april 05 at 140k. then dropped twice to £130k. still no other viewings. seller seemed worried but prepared to drop. at least they were not idiots. retirees i think by their age. downsizing to 2 bed.

The house no.2 sounds like a good bargain to me

[zorn]

134k for a house.

Can't even get a nice flat for that down here.

You should probably update your avatar:

[right_freds_dead]

yeah. the prices in NW are not bad, though if you need to rely on local wages theres a BIG problem.

number 2s garden was HUGE. the biggest one ive seen. with the exception of large surrey surgeons homes...

perhaps i should say the biggest garden i could afford.

it felt right. i like those old ex council semis and the location was good. and it had a chimeney so i could knock that through and have a real fire.....ect ect.

[DonnieDarker]

I've heard of some # of SAfricans heading 'home' now. Picking up their stirling and ready to convert it into a tidy sum of ran.

[Converted Lurker]

The house no.2 sounds like a good bargain to me

Agreed, a ten grand chip in 10 minutes, nice work fella. Should be on singing pig lecturing on BMV buying strategy

[The Masked Tulip]

it felt right. i like those old ex council semis and the location was good. and it had a chimeney so i could knock that through and have a real fire.....ect ect.

Will come in handy when we are all foraging for wood re the fuel crisis.

[right_freds_dead]

I've heard of some # of SAfricans heading 'home' now. Picking up their stirling and ready to convert it into a tidy sum of ran

maybe, but his famly was in SA and he just got divorced. i was in his well paid shoes in texas in 1999 and i chose life over lifestyle. like he is doing. job not worth life. isolation make hulk mad...

Will come in handy when we are all foraging for wood re the fuel crisis

i find we will find bundles of fivers make for a longer better and cheaper burn.

Edited October 17, 2005 by right_freds_dead

[FrozenOut]

You should probably update your avatar:

Cheers mate

[liquid]

i went for 3 viewings this weekend.

Do let them know that you’re pondering. What’s your next tactic after the view on Tues? What’s the EAs opinion on the market in so much as do they expect more properties to come on or come off the market?

It looks like patience is on your side though. If they haven't had viewings in so long, it might be worth holding off a month so that they drop even further.

liquid.

ps. I adapted your 'business cycle' joke to a friend over the weekend. He split his sides. It wasn't a nice sight.

[right_freds_dead]

Do let them know that you’re pondering. What’s your next tactic after the view on Tues? What’s the EAs opinion on the market in so much as do they expect more properties to come on or come off the market?

It looks like patience is on your side though. If they haven't had viewings in so long, it might be worth holding off a month so that they drop even further.

liquid.

ps. I adapted your 'business cycle' joke to a friend over the weekend. He split his sides. It wasn't a nice sight.

which will you go for ?

(our grahams voice over sums up all three properties)

cilla....i think i might go with number two.....

patience if defo on my side. it weeps its so lush. my criteria is to claim a mortgage before they clamp down.

120k leaves a small mortgage. compared with local rents its a make sense move. just on the higher side, but even in dire circumstances this house is not likely to fall less than 90k IMHO. i can deal with that as im not looking to make a quick buck - though when it comes to the sign of i could get very cold again.

btw. i forgot the cycle joke. whats the new draft look like ?

[Guest Riser]

yeah. the prices in NW are not bad, though if you need to rely on local wages theres a BIG problem.

number 2s garden was HUGE. the biggest one ive seen. with the exception of large surrey surgeons homes...

perhaps i should say the biggest garden i could afford.

it felt right. i like those old ex council semis and the location was good. and it had a chimeney so i could knock that through and have a real fire.....ect ect.

Depends which part of the Nort West you are talking about here are the Rightmove average prices for LA6:

Terraced_Average £ 158,516

Semi-Detached_Average £ 203,525

Barn_Conversion_Average £ 290,027

Detached_Average £ 319,996

[Guest Charlie The Tramp]

Well we are all agreed then fred.

You take number 2.

[RichM]

which will you go for ?

(our grahams voice over sums up all three properties)

cilla....i think i might go with number two.....

patience if defo on my side. it weeps its so lush. my criteria is to claim a mortgage before they clamp down.

120k leaves a small mortgage. compared with local rents its a make sense move. just on the higher side, but even in dire circumstances this house is not likely to fall less than 90k IMHO. i can deal with that as im not looking to make a quick buck - though when it comes to the sign of i could get very cold again.

btw. i forgot the cycle joke. whats the new draft look like ?

I don't know RFD. It's sounds like you're being hasty.

- Where could you land a chopper? in gales?

- Too many neighbours, asking their questions etc etc

- Exits, exits, exits - basics, RFD, how are you going to get out of there?

- Safe room? Bunker? Safe for the "tools"?

- Off-street parking, for the modified white transit?

- What's the lay of the land - are you at risk from snipers etc etc

My instincts say walk away. And you know how important my instincts are to me after that incident in '73.

[right_freds_dead]

I don't know RFD. It's sounds like you're being hasty.

- Where could you land a chopper? in gales?

- Too many neighbours, asking their questions etc etc

- Exits, exits, exits - basics, RFD, how are you going to get out of there?

- Safe room? Bunker? Safe for the "tools"?

- Off-street parking, for the modified white transit?

- What's the lay of the land - are you at risk from snipers etc etc

My instincts say walk away. And you know how important my instincts are to me after that incident in '73

LOL.. !!

skellon will never die, he only posts when im not here at night, using the same ID....

[liquid]

which will you go for ?

I think the karma on number two bodes well. Perhaps you and your own will benefit from that.

btw. i forgot the cycle joke. whats the new draft look like ?

I don’t think it would work so well in written form. Whilst my friend was rattling about his downturn in profits for his business, he said he was sanguine about the general business cycle. I said, don’t be so glum. Look what happened to Sinclair’s business cycle. It hit the first draft and blew over. I think he was a bit down, ‘cos he let out a bellow laugh?!

[right_freds_dead]

right then. seems like i will probably make an offer. theres nothing posted here that makes me scream out halt. granted i might be dipped for 30k over 25yrs, but what the heck. as the cast of auf weidersehn used to sing, "thats livin alright'

when your hunting a bull and its getting late, a fat boar will often suffice.

better to eat pig than to have a plate of noble.

[Marina]

right then. seems like i will probably make an offer. theres nothing posted here that makes me scream out halt. granted i might be dipped for 30k over 25yrs, but what the heck. as the cast of auf weidersehn used to sing, "thats livin alright'

when your hunting a bull and its getting late, a fat boar will often suffice.

better to eat pig than to have a plate of noble.

'nethouseprice was 65k in 2000'.

We're still way off fundamentals then - things weren't bad in 2000 - seems almost a halcyon pre 9/11 time now.

Salaries haven't doubled in 5 years, half the houses haven't been knocked down, the population hasn't doubled - wonder why it's deemed to be worth twice the price.

I'd wait until Spring if I were you. I can't think if a single reason why this house won't go back down to 65k again.

The argument that someone will step in and buy it to rent out will not hold water in a falling market. When we are a bit further down the road, when everyone knows prices are falling everywhere, then BTL will simply shrivel and die. Who is going to borrow money on a depreciating asset? Because, once the rot sets in the panic will follow.

[right_freds_dead]

its not impossible to go to 65k i agree. perhaps over 5 years though. not before spring. ive waited ages. without going into too much detail i have costed the lifes worth of that 5 year wait against the savings minus any rents. its possibly saving me £100 pcm by holding off until 2008/9 even at a drop to 65k. i can deal with that WCS. if i was younger i would wait this out.

wage inflation and general inflation should have closed the gap by 2009 then and this whole btl thing might start up again as a cycle. who knows.

my main focus is on the monthy repayment. the house is only 3x salary.

you cant get a flat for that in half the country.

these are good points you make and i will keep considering, but i myself am almost ready to throw in the towel. - remember. getting a mortgage when houses are going negative every month might be trickier.

[ʎqɐqɹǝʞɐɥs]

Have you thought about seeking advice from the C4 forum?

[right_freds_dead]

no. i would post more on the c4 forum, but it crashes my browser.

plus, id rather get buying info from people against the idea as i will get real advice and not vested bleatings. if i can buy and still deal with a crash im as safe as i could be under the circumstances. lfe is running out and i cant wait forever. as long as i can pay the monthly for 25 years im happy.

where else but HPC can you tap into 400 years of charlie the tramps financial memories and actions.

since hes had the new pacemaker he has an ability to recall figures from the 60s70s and 80s with minimal power use has been amazing.

only thing worse than c4 is the singing pig, which as many people have said

'is like a nazi bunker in the final days of WW2'

i think im ok with this purchase. i will do one sweep of that area just to see if anything else is there and then pop. ill kill myself off, get a new user name and avatar and lurk here for political or economic debate.

i think my new name shall be less churlish.....

[Marina]

its not impossible to go to 65k i agree. perhaps over 5 years though. not before spring. ive waited ages. without going into too much detail i have costed the lifes worth of that 5 year wait against the savings minus any rents. its possibly saving me £100 pcm by holding off until 2008/9 even at a drop to 65k. i can deal with that WCS. if i was younger i would wait this out.

wage inflation and general inflation should have closed the gap by 2009 then and this whole btl thing might start up again as a cycle. who knows.

my main focus is on the monthy repayment. the house is only 3x salary.

you cant get a flat for that in half the country.

these are good points you make and i will keep considering, but i myself am almost ready to throw in the towel. - remember. getting a mortgage when houses are going negative every month might be trickier.

Looks like you have answered my question - 'who will buy a depreciating asset?'. The answer is you will - and so will others who feel the risk is worth the upside of owning your own home (or at least a bit of it). Which is why the market will slowly slide down rather than crash.

We each have our own agenda. Good luck with yours.

(I'd still beat them down on the price though - get a friend to go round in a week and offer them 100k - then, when they are feeling all squidgy and defenceless - move in with a 'final offer' of 110k.)

[Nomadd]

remember. getting a mortgage when houses are going negative every month might be trickier.

Nope, it'll be even easier. The banks will be falling over themselves to find customers. All they will look at is your ability to repay: if it's 3x your salary (like you said) then you'll have no problem. Plus, if you wait another 12 months, the same places might be only 2 times your salary. Delay will not make you any worse off.

Nomadd