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jammin35

Another Bear Turns Bull....well...capitulates

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After seven years of waiting, the missus and i have decided to buy.

Prices in this area seem to be picking up after my optimism of early summer, but mainly because there is absolutely nothing available on the market and the few sales are immaculate condition homes. I want a home, don't care if it drops by 30% anymore, since its a roof and at 45, my options in terms of mortgage length are shrinking.

We are looking at one tonight. It is next to a house in immaculate condition. The house in immaculate condition sold last weekend for close to asking price. It has a loft conversion, 4 beds, three bathrooms, new kitchen and big garden. It was priced at £280k.

The one we are looking at tonight has been redecorated, a cheap fitted kitchen put in. No carpets down in any rooms. Garden is 80 by 30 but is quite literally shoulder deep in weeds.

The buyer wants £265k and is apparently buoyed by the sale of the house next door.

What's a loft conversion? £25k for a decent one? Carpets - £2k? Sorting and turfing the garden - another £1k. Decent kitchen - £5k? Wood burner? 2k? Curtains and blinds for odd shaped windows? £2k?

His asking price should be £35k to 45k less than the one next door.

So, although i am buying, i am certainly not a bull. There are some real greedy b*stards around who only get away with it because there is so little competition. This crash, when it comes will be brutal.

NB: we will not be buying the house we are viewing tonight, unless he drops by £40k, which he won't. We've got till April before we need to decide to renew rental.

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Do you intend to make an offer of £225k?

Whatever the outcome, it would be interesting to hear what this one does sell at and how long it ends up being on the market for.

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After seven years of waiting, the missus and i have decided to buy.

Prices in this area seem to be picking up after my optimism of early summer, but mainly because there is absolutely nothing available on the market and the few sales are immaculate condition homes. I want a home, don't care if it drops by 30% anymore, since its a roof and at 45, my options in terms of mortgage length are shrinking.

We are looking at one tonight. It is next to a house in immaculate condition. The house in immaculate condition sold last weekend for close to asking price. It has a loft conversion, 4 beds, three bathrooms, new kitchen and big garden. It was priced at £280k.

The one we are looking at tonight has been redecorated, a cheap fitted kitchen put in. No carpets down in any rooms. Garden is 80 by 30 but is quite literally shoulder deep in weeds.

The buyer wants £265k and is apparently buoyed by the sale of the house next door.

What's a loft conversion? £25k for a decent one? Carpets - £2k? Sorting and turfing the garden - another £1k. Decent kitchen - £5k? Wood burner? 2k? Curtains and blinds for odd shaped windows? £2k?

His asking price should be £35k to 45k less than the one next door.

So, although i am buying, i am certainly not a bull. There are some real greedy b*stards around who only get away with it because there is so little competition. This crash, when it comes will be brutal.

NB: we will not be buying the house we are viewing tonight, unless he drops by £40k, which he won't. We've got till April before we need to decide to renew rental.

I have just given up waiting too. Offered well over the asking price for a family home. In great condition but we will need to extend to get it to the size we want. The problem is that the supply of such houses in the school catchment area is so low - usually only 1-2 on the market in the right price range and with the features that we wanted (garden, 3-4 bedrooms, semi-detached but not terraced or a flat) at a given time, and probably only 4-5 a year.

Doubtless there will be a crash and the value will drop, but I can afford the mortgage and I can't wait an indeterminate no. of years for this crash -- kids are growing up!

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Who told you the one next door sold for close to asking price?

Ultimately you have to do what you feel is right for you, but your post details the exact reason that I refuse to capitulate at the moment. A market running on such thin volume means froth - lots of it. And that froth will evaporate in the instant that volume returns to the market. There's going to be no stickiness to the frothy prices because so few people have actually paid that much - the vast majority of other potential vendors can afford to accept a lot less than the kite flyers are currently asking.

So anyone buying at these prices is likely to get caught out as soon as volume increases; I don't know what will cause that to happen and when it will be, but I am convinced that at some stage this market has to return to a functioning, higher volume one. If that were to happen tomorrow, we could lose 30% off asking prices in my area and the vast majority of people wouldn't even notice, because they've increased that much in just 18 months.

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I have just given up waiting too. Offered well over the asking price for a family home. In great condition but we will need to extend to get it to the size we want. The problem is that the supply of such houses in the school catchment area is so low - usually only 1-2 on the market in the right price range and with the features that we wanted (garden, 3-4 bedrooms, semi-detached but not terraced or a flat) at a given time, and probably only 4-5 a year.

Doubtless there will be a crash and the value will drop, but I can afford the mortgage and I can't wait an indeterminate no. of years for this crash -- kids are growing up!

Everyone has to do what's right for them. Good luck to everyone renting and wanting to buy either now or in the future or never.

Edited by bovinedealer

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What happens to your kids if they're growing up and you're in rented?

Do their heads explode or something?

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As a recent buyer i understand what you are going through as i am 40. when i brought my house i got 10% knocked of the asking price and got most of the furniture included. Of course i would have liked something bigger and better but least i wont have to cope with landlords any more.

i have also done lots of diy and the amount you can do for your self for little money is quite amazing. I have decorated almost every room and repair damaged wood work etc. some of figures quoted are really high. Also you will have to question things like. do you really need wood burner etc. Paying 2k of your mortgage now would make wood burner more affordable in future.

The other thing i found is people really dont want second hand furniture now and they will litterly give stuff away. I have only two new bits of furniture in my house currently. 2 shelving unit from ldli.

what i am saying. If you can get it at very good price and dont mind some elbow grease and sacrficiing a few things on your list of wants for few years you should go for it

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As someone who grew up in rented housing, I can confirm the following was a regular feature of dinner times:

will that be the govt advertising campaign for HTB10 paid for out of taxpayers' money?

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Mkay so I accepted a mortgage offer yesterday morn. I know, I know. But despite my avatar, I've been on hpc since the early 2000s - long before fubra. I coulda/shoulda bought then. But didn't. Mainly cos of hpc. I'm on partner 2 since then (first left and found s/o less wedded to IT'LL ALL CRASH TRUST ME!!). She was prob right. Current partner has own house, bought w previous partner then bought out at limit of what was then financially possible when they broke up. She's been v supportive of my IACTM line, but getting more sceptical over past year. Long and short, I turned 47 last weekend and I want to have a place by time I'm 60. So, have offer, mortgage and solicitor. Whatever. Why I'm posting is because the dreaded MMR was nothing but. Questions on what I like to do (theatre) how risk adverse i am (very, which is why I never bought, goddamn it). Basically that. He also agreed that if rates fall before I complete he'll revisit. So pile o' shite this due diligence. 90 mins first visit, then 20 to show passport/utility bill (cos I didn't bring w me to first visit, when he gave me mort in principle) and sign offer. So harrumph. Let's see.

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