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TheCountOfNowhere

I Did 6 Viewings This Weekend....( I Kid You Not )

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Following on from my "when was the last time you did a viewing" thread from last weekend.

My wife ( made me ) do 6 viewings at the weekend ( west midlands, as we've given up on northants ).

The houses ranged from 50% over 2007 prices to 20% under.

The most positive thing I have taken from it is my wife now thinks there is no point buying a house, none, absolutely zero, so that is good. She was as dejected as I was looking at the tripe on offer.

The prices are shocking and the quality of the houses is obscenely bad. The 20% under 2007 prices was acyually a do-er-up-er, but by the time you'd done it up it would be grossly over-priced. This is in the west midlands too where the LR is approx 20% under 2007!!!

One positive thing that I have taken from the viewings though is.....THE UTTER AND TOTAL DESPERATION OF THE VENDORS.

Before we did the viewings I was worried that maybe this "boom" was real but having gone and spoken to the agents, saw the faces of the sellers, looked at them in the eye and watching their demeanor I have no doubts that the housing market is hanging by a thread.

This has confirmed what I thought/knew....buying now would be crazy.

We wont be viewing again now till something gives. There is no point.

I'm just waiting for the agents to ring back now so that I can give them my feedback and of course a 50% under asking price offer :lol:

Mental is as mental does.

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Good one Count - good to know a snapshot of the current situation. The thing that gets me is the poor quality of so much housing stock - people STILL pay over the odds for a shoddy product because it's "the going rate". It's a kind of mania - no logic to it, but enough people repeat the same mantra, so people just follow other people.

I'd embed the People are Strange video, but I can't be bothered.

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Good knowledge thx

What was said that showed vendors' feelings?

Well, we got stuck in a traffic jam and missed the first 4 viewings !!!

The agents and vendors ( to a man ) were falling over themselves to rearrange the viewings. Each one was rearranged at short notice, 1 for when we were told we couldnt view due to block bookings, maybe WE were the block booking :lol:

Each agent said, "they will accept offers".

When prompted with some leading questions like, "it's well over-priced and why do you think no one has bought it", I didnt get the expected bullish replies but instead was hit by the feeling of capitulation that they were over-priced and no one was buying.

We had 2 owners show us round ( I hate that) and BOTH were property developers selling "their own home", each one told us they had an offer and when we went to leave begged us to stay ( not tral offers, i a chain, no chance of selling type offers ) Each one told us why we shoudl buy now before we missed out and what a great job they'd done on their homes ( they looked like dogs dinners to me ). It was like they were reading from the same manual. One man said, push copmes to shove we wont sell as we dont need to move.

Everything look tired ( including the owners ).

This is totally the opposite of what we saw/experienced 2 years ( or so ) ago when we viewed in Northampton.

I think they are all waiting for that magical buyer....it wont be me.

The whole experience leaved me, not with the usual feeling of being dirty, but a feeling of hope.

Also, the esatate agents, to give them their due, were very nice and helpful. Maybe it's a west midlands thing.

Edited by TheCountOfNowhere

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The agents and vendors ( to a man ) were falling over themselves to rearrange the viewings. Each one was rearranged at short notice, 1 for when we were told we couldnt view due to block bookings, maybe WE were the block booking :lol:

Same thing happened to me when I bought my current house. The so called block bookings was just me that day.

The seller was honest, the EA just fed everybody a pack of lies.

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Are the vendors 'moving up' or getting out?

1 new build, so that's a business thing.

1 ( developer) owner getting out ( already lived elsewhere )

1 ( developer) owner downsizing

1 owners looked very old so I guess downsizing.

Dunno about the others.

No young couples or young famillies on show...I wonder why.

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sad

My wife and I sat down and had a good chat about it yesterday, and that was pretty much the conclusion we came to.

The only one we'd like to buy would need them to accept a 30% under asking price offer to make it viable.

Even then adding up the numbers we'd probably be shooting ourselves in the foot if we moved again.

4 of the 6 needed 10's of thousands of pounds spent on them to get them up to scratch.

The jist of it was, renting where we are right now is great, It's cost effective and we are able to move if/when the fancy takes us.

I have no idea why anyone would buy any of the houses we saw, at the prices asked.

Edited by TheCountOfNowhere

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Good one Count - good to know a snapshot of the current situation. The thing that gets me is the poor quality of so much housing stock - people STILL pay over the odds for a shoddy product because it's "the going rate". It's a kind of mania - no logic to it, but enough people repeat the same mantra, so people just follow other people.

I'd embed the People are Strange video, but I can't be bothered.

No kind of about it. It is well and truly a mania. Incredible its been allowed, nay encouraged, to go on for so long. I can only encourage CoN to put in his stupidly low offers as enough of those will eventually bring on the rout. It is near pure luck that I'm out of it.

When this goes, and it surely must. It'll make house buying unappealing for at least a generation.

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No kind of about it. It is well and truly a mania. Incredible its been allowed, nay encouraged, to go on for so long. I can only encourage CoN to put in his stupidly low offers as enough of those will eventually bring on the rout. It is near pure luck that I'm out of it.

When this goes, and it surely must. It'll make house buying unappealing for at least a generation.

6 years ago we put in a few low offers, the agents were happy with them by the vendors were apauled.

Last time I viewed ( in northants ) both the vendors and the agents were bullish.

I dunno how long it will take now for them both to realign their expectations. In the west mids, probably well underway, in Northasnts, will probably need a LOT of pain before reality sinks in.

Still, at least all those crazy sales from 2012 to 2014 were low sales volumes, so not that many will get so much pain.

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Guest eight

No kind of about it. It is well and truly a mania. Incredible its been allowed, nay encouraged, to go on for so long. I can only encourage CoN to put in his stupidly low offers as enough of those will eventually bring on the rout. It is near pure luck that I'm out of it.

When this goes, and it surely must. It'll make house buying unappealing for at least a generation.

We are trying to sell a probate at the moment. I can reassure you that stupidly low offers (more compared to the EA's valuation than mine, to be honest) are very much the order of the day.

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We are trying to sell a probate at the moment. I can reassure you that stupidly low offers (more compared to the EA's valuation than mine, to be honest) are very much the order of the day.

Sorry to hear that ( about the probate, not the sensible offers ).

I'd imagine a lot of them are from developers/flippers ?

I feel particularly sad that young people are not even priced out of housing, they are getting priced out of life.

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I feel particularly sad that young people are not even priced out of housing, they are getting priced out of life.

There's huge areas of the economy that have gone quiet because of this - DIY, homewares, fashion, much of the high street...and yes, even night clubs - they are missing the disposable income. Neglecting the young is a dangerous thing to do - consumerism is an ingrained habit, and so also is living a frugal life.

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Guest eight

I'd imagine a lot of them are from developers/flippers ?

It's hard to know who they are, to be honest. More than one lot have been a bit... odd. I think some of the viewers are either just recreational house viewers, or the EA's stooges. As far as I could tell there was nobody looking at it with the intention of purchasing a family home - which is what it is.

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It's hard to know who they are, to be honest. More than one lot have been a bit... odd. I think some of the viewers are either just recreational house viewers, or the EA's stooges. As far as I could tell there was nobody looking at it with the intention of purchasing a family home - which is what it is.

As I said to my wife, we can either have an easy life or we can buy a familly home in the Uk.

The prices are prohibitive. Only someone getting free unearned untaxed ponzi returns would see any sense in buying.

House prices relative to real money in the bank/cost of living/prodiving for family/providing for future is nonsensical.

It'll be 2 more years before we view again now.

Edited by TheCountOfNowhere

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My wife and I sat down and had a good chat about it yesterday, and that was pretty much the conclusion we came to.

The only one we'd like to buy would need them to accept a 30% under asking price offer to make it viable.

Even then adding up the numbers we'd probably be shooting ourselves in the foot if we moved again.

4 of the 6 needed 10's of thousands of pounds spent on them to get them up to scratch.

The jist of it was, renting where we are right now is great, It's cost effective and we are able to move if/when the fancy takes us.

I have no idea why anyone would buy any of the houses we saw, at the prices asked.

A sh#t for brains like my brother, with 50k+ of family money to p#ss up the wall, wanting to show off about what a successful homeowning person he is. Nob.

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I'm looking in 2 different areas, Wales and Derbyshire but it's the same same story here.

Everything is either too cheap (shabby houses in grotty areas) or too expensive (done up house in an ok area but stupidly overpriced) there just doesn't seem to be anything in the middle.

Even this time last year there was a much better selection than there is now, I can't really understand what has happened the last 8 months to cause the numbers and quality of properties on the market to nosedive to such an extent.

In the lead up to the General Election everyone was saying that was the reason for the lack of houses coming on to the market as that is what historically happens... but post election the numbers of new instructions has just kept on falling.

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In the lead up to the General Election everyone was saying that was the reason for the lack of houses coming on to the market as that is what historically happens... but post election the numbers of new instructions has just kept on falling.

Today's RM (initial) Asking Price Index:

•Seasonal August price fall more muted than usual, with price of property coming to market down by just 0.8% (-£2,258) compared to post-credit-crunch average August fall of 1.5%

•Shortage of new sellers (down 8% on same period in 2014) and active buyers help to minimise usual summer holiday price falls, and result in least generous August price discount from sellers since 2007

•Rightmove research establishes stay-away sellers’ top three reasons for not yet putting their move into motion:

•1: They cannot find anywhere they want to buy

•2: The costs of moving

•3: They cannot find a property they can afford

Full report: http://www.rightmove.co.uk/news/files/2015/08/august-2015.pdf

Edited by rantnrave

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The prices are prohibitive. Only someone getting free unearned untaxed ponzi returns would see any sense in buying.

Even OOs are saying it's "too expensive" to downsize....

The answer is - there's very little actual cash moving around the UK. Nobody has it. Everybody is either "asset rich" or is stock-piling savings because the assets are too expensive to splash the savings on - this is why nothing is really happening and why those vendors treated you like royalty.

As I said to my wife, we can either have an easy life or we can buy a familly home in the Uk.

Any fool can keep busy as they say. There are a million ways to make sure you need to work your **** off for the next 25 years. The trick is to refuse all of them.

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I'm looking in 2 different areas, Wales and Derbyshire but it's the same same story here.

Everything is either too cheap (shabby houses in grotty areas) or too expensive (done up house in an ok area but stupidly overpriced) there just doesn't seem to be anything in the middle.

Even this time last year there was a much better selection than there is now, I can't really understand what has happened the last 8 months to cause the numbers and quality of properties on the market to nosedive to such an extent.

In the lead up to the General Election everyone was saying that was the reason for the lack of houses coming on to the market as that is what historically happens... but post election the numbers of new instructions has just kept on falling.

Well the thing that's changed most in the last 12 months is the price and peoples expectations.

I can only imagine even relative to 1st/2nd steppers the cost of moving up the pyramid from a nice home to a much more expensive famiy home in a crap area in desperate need of repain is prohibitive, so in reality they might as well stay put.

It doesnt take long looking at rightmove to realise, in the current climate, 40 somethings FTBs at their peak earning potential will never afford a familly home.

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