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Diary of a house sale....post covid


Sasquatch

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7 hours ago, Sasquatch said:

Define 'over priced'! I'll let The Count answer that one......

There is a reasonably similar detached house very close to us. Been on the market for art least 18 months and they've just dropped their again by £50,000 and gone to a new agent. We are £50,000 higher. However, this particular house is on one of the main commuter roads into the city often with queuing traffic directly outside. 

Another 5 bed detached near us came on to the market a couple of weeks ago at a huge figure (just under £1m). It's on one of the most desirable streets in the city though. I think they are hoping that this carries them through. In ordinary times it probably would. Will be interesting to see if it sticks.

As I said earlier in the thread, there are very few large detached houses here. Most are terraced, semis or flats.

I think the market is pretty much dead (at least here). That is the problem. Never seen it like this before in my adult life (we bought our first house in 1992).

Next step is to potentially change agent which will be a little awkward as they sold our last house and I get on well with the main guy in charge of their local office.

Another step is to drop another £20,000 to our approximate break even point. Being pragmatic that might be the only way, of course with the danger that buyers will then want 5 to 10% off this figure :CryBaby:

We definitely don't want to be stuck here for years. Its the wrong house for us for lots of reasons.

In my areas, the post ate 80s boom saw sales flat lined and prices plummeted.

In the North, prices went up from 87ish to 92ish. All very exciting n all.

They then fell from 93ish to 99, before they recovered the nominal prices seen in 88ish.

Transaction were 'at 100 years lows' bullshitted na EA, which ignores that mortgages were onyl mass amrket from the mid 70s.

Prices doubled ~00 to ~04. Then buyers dried up, transactions fell but prices stayed the same.

 Then 08 happened.

Transaction fell even more and have been flat since then, recording ~1/3 of what youd normally expect to transact ,lower than the '100 year low' from the 90s.

Nominal pries are stuck.

Barely anyone under 40 owns a house.

Pretty much every over 60 does.

The local economy. like elsewhere is lruchign to zombie status, as UC/TC/DLA/public sector jobs made not working too lucrative. And housing costs prevent younger skilled working people entering FT job market.

So youve ZIRP/Qe creating Zombie companies,realying on BoE/EU slush fund to keep going.

And youve Zombie local economies, where everyone is rich - on paper - but no fuckers works or can buy a house.

 

 

 

 

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TheCountOfNowhere

@Sasquatch is all this good weather bring in loads of viewings ?

 

I've been keeping an eye on Northants, my old stomping ground.  The asking prices are pretty much double what they were in 2010 now.  They are eye water and the post covid collapse seems to have accelerated the asking prices upwards !!!

UKPropertyLion will be interesting in July !!!

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Green Devil
17 minutes ago, TheCountOfNowhere said:

@Sasquatch is all this good weather bring in loads of viewings ?

 

I've been keeping an eye on Northants, my old stomping ground.  The asking prices are pretty much double what they were in 2010 now.  They are eye water and the post covid collapse seems to have accelerated the asking prices upwards !!!

UKPropertyLion will be interesting in July !!!

Spoke to an EA today. :wanker: Apparently loads of people are looking. They are all good to go and offering close to asking prices. I thought it best to not bother increasing my offer, until all the mugs desparatly keen to offer asking prices are out of the equation :Jumping:

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33 minutes ago, TheCountOfNowhere said:

@Sasquatch is all this good weather bring in loads of viewings ?

 

er...no.

Rang another agent today. They are coming out on Tuesday to take a look and we'll get a second opinion on price and marketplace. They will probably be a better fit in any case and reckon that the market is ok at the moment.

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TheCountOfNowhere
1 hour ago, Sasquatch said:

er...no.

Rang another agent today. They are coming out on Tuesday to take a look and we'll get a second opinion on price and marketplace. They will probably be a better fit in any case and reckon that the market is ok at the moment.

So it's not a weather thing. Just what will happen if it rains !!! 

Have you thought about doubling the price to try and appeal to rich foreign buyers ? :P

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Green Devil
1 hour ago, Sasquatch said:

er...no.

Rang another agent today. They are coming out on Tuesday to take a look and we'll get a second opinion on price and marketplace. They will probably be a better fit in any case and reckon that the market is ok at the moment.

Only OK?

EAs are telling me the markets hot !

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Green Devil
6 minutes ago, TheCountOfNowhere said:

So it's not a weather thing. Just what will happen if it rains !!! 

Have you thought about doubling the price to try and appeal to rich foreign buyers ? :P

He needs one of these surely to appeal to the new generation of buyer? Adds thousands to the price ive heard (from a local EA  :wanker:)

 

 

coffee.jpg

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TheCountOfNowhere
1 hour ago, Green Devil said:

He needs one of these surely to appeal to the new generation of buyer? Adds thousands to the price ive heard (from a local EA  :wanker:)

 

 

coffee.jpg

Reminds me of the agents in  'the short' . 

The uk sub prime mega bubble has to blow at some point. 

 

 

 

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On 25/06/2020 at 17:27, Sasquatch said:

If we end up in rented, we will definitely be keeping an eye on auctions

I was meaning keep an eye on the auctions NOW! That gives you a feel for the 'true market' in your area....

 

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TheCountOfNowhere
2 hours ago, 5min OCD speculator said:

I was meaning keep an eye on the auctions NOW! That gives you a feel for the 'true market' in your area....

 

Eye water prices as far as I've seen

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24 minutes ago, TheCountOfNowhere said:

Eye water prices as far as I've seen

ok so the matrix is still functioning OK, need to give it more time to implode perhaps.....

whilst you're waiting watch 'freedom to fascism'  :P

 

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TheCountOfNowhere
42 minutes ago, 5min OCD speculator said:

ok so the matrix is still functioning OK, need to give it more time to implode perhaps.....

whilst you're waiting watch 'freedom to fascism'  :P

 

As I said...prices will go up even if it's not in real term. The London spivs are robbing us all blind in plain sight.  Crazy, but true

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3 hours ago, TheCountOfNowhere said:

prices will go up even

dunno, the plates have been kept spinning for a long time but they're starting to wobble a bit now.....

Anyway keep us up to date with your 'auction research'.....it's always amusing to see posts re 'what sort of deluded dickhead buys a shithole like this'? xD

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Green Devil
23 hours ago, TheCountOfNowhere said:

As I said...prices will go up even if it's not in real term. The London spivs are robbing us all blind in plain sight.  Crazy, but true

 

19 hours ago, 5min OCD speculator said:

dunno, the plates have been kept spinning for a long time but they're starting to wobble a bit now.....

Anyway keep us up to date with your 'auction research'.....it's always amusing to see posts re 'what sort of deluded dickhead buys a shithole like this'? xD

 

Any house will sell if its priced right.

Clearly, any deluded price pulled out of thin air by some EA scumbag is way to high.

The right price is currently way less than any vendor or scumbag EA thinks it should be.

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TheCountOfNowhere
9 hours ago, Green Devil said:

 

 

Any house will sell if its priced right.

Clearly, any deluded price pulled out of thin air by some EA scumbag is way to high.

The right price is currently way less than any vendor or scumbag EA thinks it should be.

It's much lower than even that :ph34r:

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TheCountOfNowhere

Good news Sasquatch, my boomer in-laws told me today that house prices are going to shoot up due to people having to work from home.

Couldn't make it up.

Looking at what Boris said about spending today, they are probably right, but a loaf will cost £100.

 

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I cannot read the market at all.

I did see a couple walk past this afternoon looking at the house (it's a dead end with only two houses past us so there was no other reason to be outside). I was bodging in some filler on a windowsill at the time. O.o

That's another potential sale down the swanny.

 

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The Idiocrat
49 minutes ago, Sasquatch said:

I cannot read the market at all.

I did see a couple walk past this afternoon looking at the house (it's a dead end with only two houses past us so there was no other reason to be outside). I was bodging in some filler on a windowsill at the time. O.o

That's another potential sale down the swanny.

 

Little anecdote to hopefully help @Sasquatch. My ex-wife has been trying to sell her parents’ place on the south coast for about a year. Sale’s fallen through 3 times, most recent last week at a much reduced post-Covid price. It’s a shit time to be selling a house.

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leonardratso

i see the one across the road from me has been sold and gone back on sale 2 times in 2 months as well now.

I might go over and break in to have a nosey around and see if their boiler is better than mine.

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7 minutes ago, The Idiocrat said:

Little anecdote to hopefully help @Sasquatch. My ex-wife has been trying to sell her parents’ place on the south coast for about a year. Sale’s fallen through 3 times, most recent last week at a much reduced post-Covid price. It’s a shit time to be selling a house.

Thanks for the anecdote....I think....

My idea of heaven is to sell only for it to fall through. Your ex-wife is a lucky, lucky bastard.

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Green Devil
3 hours ago, Sasquatch said:

I cannot read the market at all.

I did see a couple walk past this afternoon looking at the house (it's a dead end with only two houses past us so there was no other reason to be outside). I was bodging in some filler on a windowsill at the time. O.o

That's another potential sale down the swanny.

 

You have to think

'Well if they are spending 500k plus, then surely a bit of filler aint gonna break the deal' :Jumping:

 

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13 hours ago, TheCountOfNowhere said:

Good news Sasquatch, my boomer in-laws told me today that house prices are going to shoot up due to people having to work from home.

Couldn't make it up.

Looking at what Boris said about spending today, they are probably right, but a loaf will cost £100.

 

Its true, its true!....and don't forget the extra demand caused by all those newly unemployed....

.......although they may be spending all of their day sitting in shopping centres asking for "£1 for a cup of tea", so it may be wise to buy some Intu shares as well!

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Democorruptcy
2 hours ago, Sasquatch said:

Breaking news: We have a viewing. 5pm today. Couple from darn sarf who are SSTC.

This could be it lads!

Superb tactic to be doing the windowsill when they came to look at it from the outside, their minds were swirling with "well maintained.....lovingly cared for....."

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They appeared to like it. They sold their London house 6 weeks ago so under pressure and have already missed out on one up here.

Best thing - another couple walked up to the house when they were heading off in their car. 

Perhaps things are picking up? There is a very low supply of similar houses here.

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