Diary of a house sale....post covid

[crashmonitor]

4 hours ago, Sasquatch said:

We are getting a lot more interest but no offers as yet. One potential buyer is behaving rather strangely. They apparently really like our house but haven't got their house on the market yet. However, they have engaged the services of their agent to carry out a home buyers report on our house. This is booked in for next week. They haven't offered yet! Never seen this before. It might make sense in their heads but we can't work it out. Nice people though!

That's crazy, the chances of them selling and agreeing an offer with you must be less than 50%.

We supposedly complete on 21st August on our sale, then stuff going into store. Breaking the chain, we are behind with our purchase.

[Sasquatch]

20 minutes ago, crashmonitor said:

That's crazy, the chances of them selling and agreeing an offer with you must be less than 50%.

We supposedly complete on 21st August on our sale, then stuff going into store. Breaking the chain, we are behind with our purchase.

Less than 25% now. We have a second viewing on Sunday from a couple who don't need to sell. They are making all the right noises. We have fingers and toes crossed.

Best of luck for your completion. Nearly there!

[Green Devil]

I had a little look around my favourite spots onnrightmove. Interesting, a lot has now gone sstc. But theres lot of new stuff coming on. The supply is definitely increasing. I think a lot are in fact finally looking to move. Whether this new supply will shift after this little stamp duty mania has started to die off in anybodys guess. I'm even seeing a few dogs that have been on the market for years overpriced going sstc. I'd say if you can't sell now, you're in trouble! 

[Democorruptcy]

6 hours ago, Green Devil said:

I had a little look around my favourite spots onnrightmove. Interesting, a lot has now gone sstc. But theres lot of new stuff coming on. The supply is definitely increasing. I think a lot are in fact finally looking to move. Whether this new supply will shift after this little stamp duty mania has started to die off in anybodys guess. I'm even seeing a few dogs that have been on the market for years overpriced going sstc. I'd say if you can't sell now, you're in trouble! 

This.

Had a look in this thread thoroughly expecting it to be sold by now. The old stuff has sold and the new stuff coming on at eye watering prices. I thought a £325k pre-covid for a street of similar houses highest sold price £165k in 2015 was kite flying but another has come on at £340k! One on twice at £290k with no interest now back on at £345k. A SSTC at £305k fallen through, now yours for £350k. All this in Wales where the free SDLT is £250k not £500k. The sellers in England moving to Wales must be flush!

[Green Devil]

10 minutes ago, Democorruptcy said:

This.

Had a look in this thread thoroughly expecting it to be sold by now. The old stuff has sold and the new stuff coming on at eye watering prices. I thought a £325k pre-covid for a street of similar houses highest sold price £165k in 2015 was kite flying but another has come on at £340k! One on twice at £290k with no interest now back on at £345k. A SSTC at £305k fallen through, now yours for £350k. All this in Wales where the free SDLT is £250k not £500k. The sellers in England moving to Wales must be flush!

I didn't think houses in Wales EVER got above 150k 😂 

[Democorruptcy]

1 minute ago, Green Devil said:

I didn't think houses in Wales EVER got above 150k 😂 

Not until I posted that crappy inner terrace without a garden, earlier this week for £300k

[Green Devil]

1 minute ago, Democorruptcy said:

Not until I posted that crappy inner terrace without a garden, earlier this week for £300k

Hasn't that gone Sstc yet? 😂😂

[MrXxxx]

1 hour ago, Green Devil said:

I didn't think houses in Wales EVER got above 150k 😂 

In the valleys that's the price for a whole village! :-)

[crashmonitor]

On 14/08/2020 at 19:59, Democorruptcy said:

Not until I posted that crappy inner terrace without a garden, earlier this week for £300k

480k even. I used to visit Ceredigion and quite like the countryside away from the coast. But the treeless ports leave me a tad depressed, two hours tops and I'm wanting to go. Aberaeron I don't get it! What's the pull of a terraced house with small garden even if it is right on the harbour. Yo ho-ho and a bottle of rum Robert Louis Stephenson fanatics, sort of place Krusty Allsopp has made trendy? Seriously I'm clueless at half a mill.

 

http://www.rightmove.co.uk/s6p/83384714

 

 

[Boon]

The thinking is quite obvious to me.

A 4-bed townhouse on that street sold for £445k in 2015.

Therefore the owners want that price, plus a premium for the HPI between 2015-2020. 

That's been the basic formula for so many houses and blocks of flats I've seen, benchmark to a previous sale. Nobody really cares to think if said sale was a outlier.

So in this case it'll stick around unless they get lucky and some Londoner buys it. 

[Shamone]

Ours still going ahead fingers crossed.

[Democorruptcy]

2 hours ago, crashmonitor said:

480k even. I used to visit Ceredigion and quite like the countryside away from the coast. But the treeless ports leave me a tad depressed, two hours tops and I'm wanting to go. Aberaeron I don't get it! What's the pull of a terraced house with small garden even if it is right on the harbour. Yo ho-ho and a bottle of rum Robert Louis Stephenson fanatics, sort of place Krusty Allsopp has made trendy? Seriously I'm clueless at half a mill.

 

http://www.rightmove.co.uk/s6p/83384714

 

 

Your 4 bed with a garden and double garage isn't even offers over! It looks better value than my offers over £300k 2 bed shithole, no proper garden and yellow no parking lines out front.

https://www.rightmove.co.uk/property-for-sale/property-77253400.html

The pull is surely only as holiday lets? Just had a quick look there for next Aug, a 3 bed £1,473 a week!

[Iamcynical]

Good luck with the sales everyone, get them over the line and then grab your popcorn maybe.  It kind of feels like the uk is the titanic and the sales are the lifeboats..*

I've been checking in on rightmove for the past couple of months, and to be brutally honest I'm just doing it for a laugh now.  Everything is so totally overpriced now that i can't take it seriously.

 

* I may be wrong and there might not be a drop in prices.

[Green Devil]

8 hours ago, Iamcynical said:

Good luck with the sales everyone, get them over the line and then grab your popcorn maybe.  It kind of feels like the uk is the titanic and the sales are the lifeboats..*

I've been checking in on rightmove for the past couple of months, and to be brutally honest I'm just doing it for a laugh now.  Everything is so totally overpriced now that i can't take it seriously.

 

* I may be wrong and there might not be a drop in prices.

I try to limit my exposure now to looking once a month. There really is no point in trying to chase that 4 bed detached. The prices are simply so far from reality it's not funny*. Maybe if bitcoin moons, I'll have a chance. Until then, let the crazy Market continue. 

*stuff is still selling at these crazy prices. 

[Sasquatch]

Another offer received today. £40K under our asking price. We've told our agent to go back and split the difference. The potential buyers live nearby and are trading up. They are reasonably well off though and don't need to sell. Therefore they are almost the perfect buyer. We are going into rented so the shortest chain possible.

Hopefully the deal will be done tomorrow. Getting sold before the depths of winter seems like a very good idea to us 

[goldbug9999]

2 hours ago, Sasquatch said:

Another offer received today. £40K under our asking price. We've told our agent to go back and split the difference.

Cant understand why making a counter offer is not standard practice, really used to boil my piss when you make offer and the response is just a plain "no".

[Sasquatch]

1 minute ago, goldbug9999 said:

Cant understand why making a counter offer is not standard practice, really used to boil my piss when you make offer and the response is just a plain "no".

That's what happened when we first bought this house. We had to put in three offers to get it. The agent picked up the odour of our boiled piss on the final call 

[Green Devil]

59 minutes ago, goldbug9999 said:

Cant understand why making a counter offer is not standard practice, really used to boil my piss when you make offer and the response is just a plain "no".

Generally, if there is no counter offer forthcoming after the first offer, it means the vendor wants either the asking price or 1K under. More often than not a kite flyer time waster.

[crashmonitor]

11 hours ago, Sasquatch said:

Another offer received today. £40K under our asking price. We've told our agent to go back and split the difference. The potential buyers live nearby and are trading up. They are reasonably well off though and don't need to sell. Therefore they are almost the perfect buyer. We are going into rented so the shortest chain possible.

Hopefully the deal will be done tomorrow. Getting sold before the depths of winter seems like a very good idea to us 

Slightly worried when people claim they can do it without selling. Exactly how our first chain collapsed because when push comes to shove few people want to be stuck with two homes unless they are happy to BTL. It might be a way of getting an offer accepted, which they assume they won't need because they think theirs will sell and form a chain.

They will still have to pay a 3% surcharge on stamp duty..around 13.5k ( not in Sunak's giveaway). and have a time limitation to sell their house. If the money has come by  inheritance they may see it as an unexpected bonus, of course, and throw caution to the wind. But I couldn't do it myself throwing money carefully accumulated over four decades ( eight aggregate with the wife) into two properties in uncertain times.

Hope it goes well for you anyway, I'm probably too much of a pessimistic old Bear.

 

[Sasquatch]

We've had another offer today at £25,000 under our asking price. However, they have a house to sell so it's not as attractive as the first (it's the people who have booked in a house buying survey).

We're waiting for feedback on our counter offer to the chain free buyers.

[crashmonitor]

1 hour ago, Sasquatch said:

We've had another offer today at £25,000 under our asking price. However, they have a house to sell so it's not as attractive as the first (it's the people who have booked in a house buying survey).

We're waiting for feedback on our counter offer to the chain free buyers.

Bloody hell the Market is hotting up. Is the guy who has not sold still going through with a survey, cos it's looking a bit of a forlorn hope for him?

[Sasquatch]

49 minutes ago, crashmonitor said:

Bloody hell the Market is hotting up. Is the guy who has not sold still going through with a survey, cos it's looking a bit of a forlorn hope for him?

Our agent is, in their words, keeping them on ice.

The survey people are dead keen but obviously have got all the key stages of buying a house mixed up. I'm sure there is a Ladybird book explaining it all. Perhaps I should post a copy to them? 

They are about to market the house but apparently have already had viewings and reckon it will sell immediately. They will pay more but we will take a lower offer from the first set of buyers if it comes with much better certainty that we can get to exchange in 8 to 10 weeks. Despite the best efforts of the governbankment I'm not convinced that there will be much confidence in the housing market next year.

 

[Sasquatch]

Market not really hotting up. We can see that some houses in the £300,000 to £400,000 range have sold recently but everything north of £600,000 looks dead. 

Our house stands out a bit as it's in mint condition and feels like a new house when inside. Lots of positive comments about the decor and nice bathrooms/kitchen etc. And, of course, we've hacked a chunk of money off the asking price. Otherwise I think viewings would have fizzled out. There are only a certain number of willing buyers out there in our area of the country. 

[Van Lady]

1 hour ago, Sasquatch said:

There are only a certain number of willing buyers out there in our area of the country. 

I think there are plenty of people out there all over the U.K. who would be willing to buy houses in all price ranges.......if only they had the money!

[Sasquatch]

5 minutes ago, Van Lady said:

I think there are plenty of people out there all over the U.K. who would be willing to buy houses in all price ranges.......if only they had the money!

Exactly! 

Where we live there are terraced houses at £100,000 and 3 bed flats at £1M. There are very few buyers for the latter!