Diary of a house sale....post covid

[Sasquatch]

The viewings went well today but I don't think either party will be putting in an offer any time soon. One is not on the market, the other only just on. At least there is interest.

[Green Devil]

Well just did a quick browse on rightmove in the local area. Looks like the to me like the prices have gone crazy and everything is going SSTC. Houses that were bought for 500k a few years ago, with a new kitchen bathroom being relisted at 825k. Madness. Another house relisted with planning sold for 500k a few years ago, now sold with planning to knock and create into two, relisted at 900k absolutely nothing done to it. Madness. Look alike the bubble is pumping.. UK ecomony must be booming...

[Sasquatch]

It's getting madder yet!

A house near us have been on the market for over a year. Price reduced by £50,000 around Christmas time. They've just put it back up again to the original price! To the uninformed it now looks like it was reduced down to the current price, rather than the opposite.

Nothing selling around here at the moment in our price bracket. Plenty of action at lower levels though and the last two viewers were trading up. Both liked our house but we think possibly beyond them financially. 

[Sasquatch]

I stand corrected! Just checked on right move and two have just sold this week including one that's been on the market for 2 years.

That'll get buyers a bit more agitated, at least in the short term. There is hope yet.

[CVG]

My house is now on the market in the South, so I can include my observations too. I put it up at 90% of the price that the exact same 1990's model sold for last year around the corner.  I also made sure that it was the cheapest of it's 'class' in the area.

I have an open day (well - 2 hours!) scheduled for next Saturday and three appointments made so far.

I have no Farrow and Ball, twigs or help-to-read/spell signs on the wall, so I'm not overly optimistic!

 

[Option5]

On 22/07/2020 at 17:27, Sasquatch said:

Both liked our house but we think possibly beyond them financially

Give it time....

[Green Devil]

7 minutes ago, Option5 said:

Give it time....

Soon the governbankment will be paying purchasers to buy houses. Gotta keep the ponzi pumping. Negative rates is the only way left now.

[CVG]

..... for any concerned readers from the Credit Deflation topic, the physical has been removed from the socks and underpants and is now located in the third bird box from the left. Oops!

[Sasquatch]

We need to get our house sold. Had a look at a very interesting pair of barns for sale today. So truly authentic that there was the skeleton of a dead sheep in the corner of one of them. 

[Green Devil]

17 hours ago, Sasquatch said:

We need to get our house sold. Had a look at a very interesting pair of barns for sale today. So truly authentic that there was the skeleton of a dead sheep in the corner of one of them. 

Tempted to put mine on the market, now I've got it shipshape. Take advantage of the stamp duty holiday and upsize. I'm concerned though its going to be a Pita and I hate agents. I'd like to list it with one who doesn't drive a new merc or BMW. 

[CVG]

1 hour ago, Green Devil said:

Tempted to put mine on the market, now I've got it shipshape. Take advantage of the stamp duty holiday and upsize. I'm concerned though its going to be a Pita and I hate agents. I'd like to list it with one who doesn't drive a new merc or BMW. 

I'm going for the 'open day' approach. Mines on at a price below all (in the same class) and 10% less than same model sold last year. Is it enough? Who knows? I have 8 scheduled viewings at 15 min intervals this Saturday. Happy to do that in one go than be continually on alert and cleaning forensically!

[Shamone]

Ours now sstc.

[sleepwello'nights]

Ours was listed on Saturday. Three viewings arranged for tomorrow and Friday. 

Every house we've been interested on and listed including one that we viewed and offered the asking price has gone SSTC. The agent we made our offer to said there was so much interest he will only consider those who have sold and are in a position to proceed. 

We have another viewing arranged for Friday, the agent just called to inform us that they have two offers already. I'm now wondering whether to go and view the property.

[Shamone]

47 minutes ago, sleepwello'nights said:

Ours was listed on Saturday. Three viewings arranged for tomorrow and Friday. 

Every house we've been interested on and listed including one that we viewed and offered the asking price has gone SSTC. The agent we made our offer to said there was so much interest he will only consider those who have sold and are in a position to proceed. 

We have another viewing arranged for Friday, the agent just called to inform us that they have two offers already. I'm now wondering whether to go and view the property.

The couple that paid full asking for ours within 3 days of listing said that every property they had gone for so far they had lost since went sstc before they could even see it

[Green Devil]

14 minutes ago, Shamone said:

The couple that paid full asking for ours within 3 days of listing said that every property they had gone for so far they had lost since went sstc before they could even see it

The bubble is well and truly pumping. UK ecomony is booming.

I bet they are having kittens on the other site !

[sleepwello'nights]

1 hour ago, Shamone said:

The couple that paid full asking for ours within 3 days of listing said that every property they had gone for so far they had lost since went sstc before they could even see it

Nuts innit. A few weeks ago we were concerned that the housing market had stalled and should we bother trying to sell ours. 

One of the agents we spoke to felt that prices would fall, sell quickly and wait to buy she advised. Now it seems that the surge in demand is going to push prices higher!

[CVG]

2 hours ago, Green Devil said:

The bubble is well and truly pumping. UK ecomony is booming.

I bet they are having kittens on the other site !

You'll be burnt alive as a troll

[Green Devil]

1 hour ago, sleepwello'nights said:

Nuts innit. A few weeks ago we were concerned that the housing market had stalled and should we bother trying to sell ours. 

One of the agents we spoke to felt that prices would fall, sell quickly and wait to buy she advised. Now it seems that the surge in demand is going to push prices higher!

Get with it. You should know UK property only ever goes UP. After all it is the economy 😂😂

[Wight Flight]

3 hours ago, Shamone said:

The couple that paid full asking for ours within 3 days of listing said that every property they had gone for so far they had lost since went sstc before they could even see it

People are now coming to the Island to stay, waiting for a new house to come on the market since, if they are on the mainland, the house has 'sold' before they can even book a ferry for a viewing.

I seem to recall this mania last occurred back in the late 80s.

The future will be interesting.

 

[sleepwello'nights]

25 minutes ago, Wight Flight said:

 

I seem to recall this mania last occurred back in the late 80s.

The future will be interesting.

 

Escape from London?

 

[goldbug9999]

So, as I mentioned before I bailed on a purchase over lockdown and was hoping to wait another 18 months or so to buy. Unfortunately however I was served notice on my rental, 6 months notice so fair play the land lady (no I havnt shagged her), which has forced my hand somewhat.

Deciding I didn't want to be moving and moving again in another year or two I had a look about for something to buy and found a good sized detached house, quite a bit bigger that the one I was going to buy originally)  on a decent sized plot and still had change from £300K but in a bit of a crap area, well a bit of an economically down market borough but is handy for various amenities and really not particularly unpleasant, preferable in my book anyway to some other areas with back to back new build 3 story slave boxes or narrow victorian terrace roads with bugger all parking.

Was a bit of a feeding frenzy over it apparently, several offers a day right from the initial listing. Apparently I beat out the other bidders including some BTLers with similar offer levels because I had an actual live mortgage ready go and no chain. So in the interest of detente and reconciliation I'd just like to say to any BTLers out there: hahahahaha you FUCKING WANKERS its mine now.

So doing the maths my break even point vs renting is about a %5 price reduction per year. Have made my piece with making a paper loss in the mid 10's of K should the absolute best/worst case scenario play out. Still, I'm making out like a bandit on the gold and bitcoin front lately so easy come easy go and all that.

Thing is the plot is big enough I can do anything I want with it, could easily add another 1k sqft and still have a big garden (although at well over 1.5k sqft plus garage its a very decent size already).

All in all I feel I have payed the minimum money to get the sort of place I wanted, detached is mandatory for me as I am totally OCD about noise from neighbors and that is very limiting choice wise once you get under £300k. Am currently renting a semi and its driving me fucking nuts even though the neighbors arn't really too bad objectively. 

[Wight Flight]

9 hours ago, sleepwello'nights said:

Escape from London?

 

No. The buying frenzy.

Houses selling before they were even listed.

My brother actually sold his house in Goldsworthy Park to the bloke sat at the next desk in the EA's office without even completing the particulars.

[sleepwello'nights]

1 minute ago, Wight Flight said:

No. The buying frenzy.

Houses selling before they were even listed.

 

How did it pan out?

I'm tempted to rent somewhere and either wait for the frenzy to subside or buy a plot of land and self build, well project manage.

[Wight Flight]

10 minutes ago, sleepwello'nights said:

How did it pan out?

I'm tempted to rent somewhere and either wait for the frenzy to subside or buy a plot of land and self build, well project manage.

I can't say. Haven't seen him since then.

[eek]

10 hours ago, Wight Flight said:

People are now coming to the Island to stay, waiting for a new house to come on the market since, if they are on the mainland, the house has 'sold' before they can even book a ferry for a viewing.

I seem to recall this mania last occurred back in the late 80s.

The future will be interesting.

 

It's the last hurrah - I just about remember it as well watching people do whatever they could do to purchase a property before the market just stopped dead in late 90/ 91.