Thursday, May 29, 2008

Here we go, Whoooooooo!!!!!

News

I just bought a house near bristol made an offer from £525,000 asking price, made an offer for £440,000 vendor wanted £475,000 to start with. Told him naaah!! Three weeks later he accepted our offer. I know the property we are buying will go down still, but feel I got a fair deal in anticipation of another lets say 8% drop.

Posted by thedevilsuglytwin @ 02:36 PM (1995 views)
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19 thoughts on “Here we go, Whoooooooo!!!!!

  • theboltonfury says:

    sorry mate, but 8% to go. Add another 15 to that at least – but still if you’re happy then that really is all that matters

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  • well done! the beauty with property is that even in the worst downturn, there are still quality properties in quality areas. the statistics we see are averages. sticker prices and ‘discounts’ are meaningless at the moment…you know what you can afford and what you value…this is the time to bid on your own fundamentals!

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  • Blister Soul says:

    “Nationwide said house prices were still 5% higher than two years ago and 10% higher than in May 2005”

    LOL. I’m sure someone on here predicted months ago that the VI spinners would start comparing the figures to 2 years ago as soon as YOY went negative.

    You have to chuckle.

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  • It is not all doom and gloom, “Nationwide said house prices were still 5% higher than two years ago and 10% higher than in May 2005”, 20% higher than a year earlier and 25% higher than the year before…

    C’mon keep up with the price falls!!!!!!

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  • from 525 to 440 is a 16% drop. well done, mate!

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  • Landedgentry says:

    for 525k i’m expecting a mini mansion now.

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  • Congratulations – you just paid what your house fetched in 2005

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  • Are you selling a house too? If so, what did you get for it and when? If not, you got a pretty hefty deposit together, well done. Do you mind sharing what deposit you needed and where you got the mortgage? Was it hard to come by?

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  • Sounds as tho’ you simply got today’s market price, which includes the discounting of price trends. Wouldn’t be surprised if market prices in general were 16% below asking prices.

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  • Good———— relative to top end of prices, but the probability is it may be a bit early. You know more than we do regarding location and other factors. Still as theboltonfury says : “Happy” is your key word.

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  • In most families there’s a lot of “nesting” pressure from the wife, wanting to settle down rather than live with the insecurity of a rented property. (Not being misogynistic, just people I know.) If that was your reason for buying then fair enough; but anyone who isn’t under pressure to buy should hang on a bit longer!

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  • mark wadsworth says:

    TDUT, well done! Drewster makes good points (I am having these ‘discussions’ regularly with Her Indoors). House round the corner from us was on for £575 for ages, then gradually down to £470, then down to £450. We bid £350 and the EA slammed the ‘phone down but there’s a ‘Sold’ sign up now.

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  • Thedevilsuglytwin says:

    Some have made a few points that it may be a bit premature to buy a house now. I do agree, we may lose a little in the future, however without going into to much detailas every house anyone buys is a persoannal choice for them. What we were after was quite specific, and we have been renting for a year to find the right one.

    So agree maybe a little premature, although we did get a big discount that has meant we have bought the house for a lot less than its currently worth. so dont feel so concerned if market dropped considerably.

    Just to add flavour. Four bed house, with 4 acres of land, paddock and 150m2 barn as well as detached annexe for second property which will be used as an office, as we work from home.

    My point I was trying to make was that I have experienced already what the media are saying and moreso that there are bargains there already.

    Good luck 2 all!!!!

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  • @MW. An offer 33% below – I like it. Antagonising estate agents with ludicrous offers could become my new favourite pastime.

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  • Completed the sale on my little house exactly a year ago for £117,500 (sold at a realistic price in 3 months, others were asking upto £125k) and just seen the same type of house in the same street up for £99,950 ….phew. (I’m no mathmatician, but even I can see that’s a wee bit more of a drop than we’ve been hearing about today!!!) Selling when I did was more luck than judgement, but have held off buying as I realised prices were going to fall.

    My problem is that my male other half keeps wanting to build a nest for us (so it’s not just us girlies who need to feel settled…lol).

    The way I figure it, the longer we (collectively) hold off buying, the more we’ll encourage prices to fall. I know getting 15% off an asking price seems like a good deal, but that’s just because we’ve been used to vendors calling all the shots. I still reckon a lot of asking prices are 10-15% over valued before you start considering future falls, and I’ve given up offering 25-30% less….got sick of EAs laughing at me. Think we’ll wait a couple more months to get a better idea where all this is heading (he’ll just have to hold out for that double garage a bit longer…lol)

    Now the crash has well and truly started, but useful to hear more from you about how far falls might go as the months go by. Surpised prices held for as long as they have, but reckon we could see 3-5% falls each month over the summer….haven’t a clue how long this (and all the rest of the economic mess) might go on for??!!!??

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  • My landlord wants to sell the house I’m currently living in at the end of the tenancy. A very similar house up the street is on Rightmove at £265k. I’m thinking of putting in a cheeky offer of £150k. (BTW our rent is just £1k/mo; I’ll leave you to do the math)

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  • mark wadsworth says:

    £12k rent divided by worst-case interest rate 9% = max loan £133,000, so £150k with a 10% deposit looks about right. As D&G says, putting in ‘cheeky offers’ is a free and highly enjoyable pastime.

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  • Urine Trouble says:

    MW If your rent is 12k then your house should be worth 120k. in 1997 rents in our area were roughly 1% of market value per month, they are now less than .05% of ” Market Value ” Average BTL guy thinks 2+2=5 solids near fan will hit very soon!!

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  • Drewster,

    £170k would be in line with asking prices round my way. £150k is maybe slightly too cheap for the moment, but I expect it will fall way below that in the next year or so.

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