Diary of a house sale....post covid

[Green Devil]

20 hours ago, DurhamBorn said:

Could be a while for houses to really tank like you say as the CBs are fully engaged at the moment with unlimited liquidity pumping and pretty much monetizing £300 billion to £600 billion.The real fun for house prices will start once the economy stops collapsing and the CBs stop monetizing.Thats the point governments have to face real tax increase and real structural deficits.If i was selling an above average priced house id undercut others and get it done as quickly as i could.Every tailwind since 82 is turning into a headwind.HTB and BTL should be where the real pain is felt pretty quickly.I expect HTB new build estates inflation adjusted wont see the highs again in a couple of lifetimes if ever before they are demolished.Nominal maybe in around a decade as inflation roars,but even that is a real push.

I agree with this. Except the last part. I dont see how we go into this stage. Why would the banks stop printing money? There is no reason to. Its QE to infinity.

[Sasquatch]

37 minutes ago, Green Devil said:

Just put it on the same price as the one up on the street, which is probably smaller, higher priced and needs a refurb, i guarantee there will be one. It usually has tried two or three agents and the problem isnt the pwapatee, its the vendor. People dont like to bargain, neither do EAs. They want it sold at asking price (looks good on the books). They always price forced sales at market price for this reason as theres no arsey vendor to please. So if you need to drop it to the same price ans the overpriced shithole for 50k less, stick it on at 50k less. If theres a buyer there he or she will look at the place next door and think what a bargain yours is. Sold. And youve bagged the last sale before the plunge.

Good plan....theoretically. As a test I've just searched a 1/2 mile radius around our postcode on rightmove. Including ours, only 6 detached/semi detached houses. Only one is cheaper, and that is an ex guest house on a very busy road. 

Fingers crossed that people will think some normality is coming back into the marketplace/general life and we might have a fighting chance of selling then.

[Green Devil]

11 minutes ago, Sasquatch said:

Good plan....theoretically. As a test I've just searched a 1/2 mile radius around our postcode on rightmove. Including ours, only 6 detached/semi detached houses. Only one is cheaper, and that is an ex guest house on a very busy road. 

Fingers crossed that people will think some normality is coming back into the marketplace/general life and we might have a fighting chance of selling then.

OK sounds reasonable if 4 others are similar to yours yet more money. If there's somebody looking you should grab their attention. Sounds like youre priced right. If you get no interest, the markets probably as dead as they say it is (not the scumbag EAS who always says business is booming even when they can't rub two pennies together). 

[sancho panza]

 

On 28/05/2020 at 22:52, Iamcynical said:

They'll definitely be a lag.  They'll be some stored up demand amongst the consumer drones, and this includes houses, not just plastic tat etc.  If you can snag a buyer and get the deal over the line by the end of November then I think you'll be OK.  I don't think the full scale of how bad things will be will start to dawn on people until 2021. I'm casually looking on rightmove but most stuff is insane pricing for the usual shit.  Its highly unlikely I'll even view a property this year. 

The dip buyers will be out in force.It's going to take some serious job losses before the Brtish faith in proeprty gets a kicking.2021 does seem more likely.

 

23 hours ago, DurhamBorn said:

Could be a while for houses to really tank like you say as the CBs are fully engaged at the moment with unlimited liquidity pumping and pretty much monetizing £300 billion to £600 billion.The real fun for house prices will start once the economy stops collapsing and the CBs stop monetizing.Thats the point governments have to face real tax increase and real structural deficits.If i was selling an above average priced house id undercut others and get it done as quickly as i could.Every tailwind since 82 is turning into a headwind.HTB and BTL should be where the real pain is felt pretty quickly.I expect HTB new build estates inflation adjusted wont see the highs again in a couple of lifetimes if ever before they are demolished.Nominal maybe in around a decade as inflation roars,but even that is a real push.

Interesting to see the NW promise no repo's no job losses.SUggests there's a window to get out before the SHTF.Which it will.

Agre on the HTB/BTL.Did a job last night in an inner city terrace street.Neighbours out baiting the poor patient.I had a young crew mate with me and I think he was a bit shocked at what he saw/heard.Some of those BTL's will only sell to otehr BTLers's and there wont be many round.Unless they can find some sotuhern suckers with equity in their own home they want to put in the default chain.

2 hours ago, Sasquatch said:

Good plan....theoretically. As a test I've just searched a 1/2 mile radius around our postcode on rightmove. Including ours, only 6 detached/semi detached houses. Only one is cheaper, and that is an ex guest house on a very busy road. 

Fingers crossed that people will think some normality is coming back into the marketplace/general life and we might have a fighting chance of selling then.

First,great idea for a thread.

AS above I think there's a window here to be the value pick around the price point.

Be interesting tosee how you go.

[DurhamBorn]

3 hours ago, Green Devil said:

I agree with this. Except the last part. I dont see how we go into this stage. Why would the banks stop printing money? There is no reason to. Its QE to infinity.

Inflation.They can print massive amounts when they have nearly 40 years of dis-inflation to put back into the system,but once inflation roars they have to stop printing and will.Come 28/30 we will have probably inflation between 12% and 22%,nothing will be printed then,however much things are collapsing.I expect that is when we will see currency controls so savings can be inflated to nothing over a few years.

[Green Devil]

34 minutes ago, DurhamBorn said:

Inflation.They can print massive amounts when they have nearly 40 years of dis-inflation to put back into the system,but once inflation roars they have to stop printing and will.Come 28/30 we will have probably inflation between 12% and 22%,nothing will be printed then,however much things are collapsing.I expect that is when we will see currency controls so savings can be inflated to nothing over a few years.

Good point. However, there is on hell of a lot of printing that can be done between now and 2028/30... I expect there won't be enough monopoly money in the world to cover it 😂 

[Sasquatch]

Semi detached property near us has come on the market today. Very nicely done but £100,000 higher and no garage. They've been there about 13 years and it looks like they overpaid in 2007 .

That should help us.

 

[Happy Renting]

Do the current mortgage (interest?) repayment holidays also apply to BTL mortgages?

[TheCountOfNowhere]

5 hours ago, Sasquatch said:

Semi detached property near us has come on the market today. Very nicely done but £100,000 higher and no garage. They've been there about 13 years and it looks like they overpaid in 2007 .

That should help us.

 

You're in luck, the housing market is booming according to this non-VI mortgage advisor who has taken exception to @UKPropertyLion posting price falls.

 

https://twitter.com/pleives/status/1266681934136172544?s=20

[sancho panza]

5 hours ago, Sasquatch said:

Semi detached property near us has come on the market today. Very nicely done but £100,000 higher and no garage. They've been there about 13 years and it looks like they overpaid in 2007 .

That should help us.

 

I think they'll be plenty of suckers buying the dip here.Sounds like you're well psotioned for the value buyers which means you'll be a more liquid trade than the pipe dreamers.

[Green Devil]

Got my eye on an Interesting doer upper. Surprising still available after four months. Last year it'd gone almost immediately. On at 350k priced before the pandemic hit. I might call the agent and say, 'it needs repricing'. I'm interested at 250k 😂😂

[Sasquatch]

No viewings as yet but we remain hopeful. Two more house have come on to the market close to us at eye watering clown world levels. You'd think we were in the middle of a glorious post war boom. It's making our house look like a drop dead bargain. Maybe we should increase the price....

 

[TheCountOfNowhere]

28 minutes ago, Sasquatch said:

No viewings as yet but we remain hopeful.

It's the price.

[Green Devil]

49 minutes ago, Sasquatch said:

No viewings as yet but we remain hopeful. Two more house have come on to the market close to us at eye watering clown world levels. You'd think we were in the middle of a glorious post war boom. It's making our house look like a drop dead bargain. Maybe we should increase the price....

 

We are. We are in the post covid print money to infinity times. Youve never had it so good. If you cant sell now, you can never sell ! 

 

22 minutes ago, TheCountOfNowhere said:

It's the price.

Still no interest in the overpriced does upper  And no price falls as yet.

[The Idiocrat]

1 hour ago, Sasquatch said:

No viewings as yet but we remain hopeful. Two more house have come on to the market close to us at eye watering clown world levels. You'd think we were in the middle of a glorious post war boom. It's making our house look like a drop dead bargain. Maybe we should increase the price....

 

“Too cheap, must be something wrong with it.” 

[Wight Flight]

3 hours ago, TheCountOfNowhere said:

It's the price.

Maybe. Or not enough twigs in vases in the pictures?

[Wight Flight]

Hopefully you don't mind me joining in you thread but I may have something to add.

As some will know, my landlord has been trying to sell the house since the day we moved in. We are sort of caretakers.

The agent told me last week that he has accepted an offer from someone that viewed it three times last year. I think I may have met them lurking about as they asked a couple of questions about Sun in the garden.

I am told they want to buy, but not move in until next April, and would like to keep us as tenants until then.

I am a bit suspicious. Without that info, I would be looking to move asap, which would be bad news for the landlord if the sale falls through.

As it is, I am just going to wait and see what happens.

An interesting thing though. I have had two letters from removal companies congratulating me on my forthcoming move. I contacted one and demanded where they got the data from. It transpires that there is a company that monitors all local searches and then sells that data to a mailing house. So if you are a tenant and get one of these letters, your home is being sold!

The buyers have now had a full survey done. I honestly can't believe they haven't pulled out already.

The other thing that surprises me is that they haven't made any attempt to contact me. Clearly my Intel would have been biased, but if I was going to spend £0.5m I would collate and then fact check any information I could get.

Will see how it goes from here.

[Sasquatch]

 

2 hours ago, Wight Flight said:

Hopefully you don't mind me joining in you thread but I may have something to add.

As some will know, my landlord has been trying to sell the house since the day we moved in. We are sort of caretakers.

The agent told me last week that he has accepted an offer from someone that viewed it three times last year. I think I may have met them lurking about as they asked a couple of questions about Sun in the garden.

I am told they want to buy, but not move in until next April, and would like to keep us as tenants until then.

I am a bit suspicious. Without that info, I would be looking to move asap, which would be bad news for the landlord if the sale falls through.

As it is, I am just going to wait and see what happens.

An interesting thing though. I have had two letters from removal companies congratulating me on my forthcoming move. I contacted one and demanded where they got the data from. It transpires that there is a company that monitors all local searches and then sells that data to a mailing house. So if you are a tenant and get one of these letters, your home is being sold!

The buyers have now had a full survey done. I honestly can't believe they haven't pulled out already.

The other thing that surprises me is that they haven't made any attempt to contact me. Clearly my Intel would have been biased, but if I was going to spend £0.5m I would collate and then fact check any information I could get.

Will see how it goes from here.

They must like the house and have the money. If we sold our house and something absolutely right came up for sale then we would move. We will rent otherwise (but for 2 years absolute max). We're not getting any younger and are craving a boring semi retired state in a very peaceful part of the country. Just want to grow veggies and listen to early 70's rock on my hi fi. Nice! 

The virus has been a PITA because we were looking like we had a buyer on the hook in early March. A couple from Europe - the husband in a very high profile (and well paid) UK based job. They were buying with cash. It's all really frustrating.

Hope you manage to get an extended stay with a new landlord....

 

[Iamcynical]

14 hours ago, Wight Flight said:

 

An interesting thing though. I have had two letters from removal companies congratulating me on my forthcoming move. I contacted one and demanded where they got the data from. It transpires that there is a company that monitors all local searches and then sells that data to a mailing house.

When we sold our house last year we received one of these letters too.  I didn't bother to investigate how they got my details but did it did piss me off.  It does piss me off immensely that companies think it's acceptable to behave in this manner.  On principle I wouldn't use a company that contacted me this way. 

[Wight Flight]

1 minute ago, Iamcynical said:

When we sold our house last year we received one of these letters too.  I didn't bother to investigate how they got my details but did it did piss me off.  It does piss me off immensely that companies think it's acceptable to behave in this manner.  On principle I wouldn't use a company that contacted me this way. 

Actually it doesn't normally annoy me. You are moving, you may need a removal company. I see it as smart targeted marketing.

You should get far more marketing at your new house as every carpet, kitchen, decorating business etc will pay handsomely for the chance to pitch to you.

 

[Iamcynical]

9 minutes ago, Wight Flight said:

Actually it doesn't normally annoy me. You are moving, you may need a removal company. I see it as smart targeted marketing.

You should get far more marketing at your new house as every carpet, kitchen, decorating business etc will pay handsomely for the chance to pitch to you.

 

It's the sneaky nature of it I don't like, the whole 'big data' thing.  From a business perspective it makes sense obviously, I just dislike how 'everybody' seems to know what I'm up to. 

[Wight Flight]

3 minutes ago, Iamcynical said:

It's the sneaky nature of it I don't like, the whole 'big data' thing.  From a business perspective it makes sense obviously, I just dislike how 'everybody' seems to know what I'm up to. 

It has always been there. Did you know that Encyclopedia Britannica made as much money selling data as they did selling encyclopedias? The door to door salesman made notes of every call, with details of house size, kids, dog, car on drive etc.

Until quite recently they were the only people with a list of every swimming pool owner in the UK.

[Funn3r]

On 30/05/2020 at 00:02, DurhamBorn said:

Inflation.They can print massive amounts when they have nearly 40 years of dis-inflation to put back into the system,but once inflation roars they have to stop printing and will.Come 28/30 we will have probably inflation between 12% and 22%,nothing will be printed then,however much things are collapsing.I expect that is when we will see currency controls so savings can be inflated to nothing over a few years.

This is where my understanding comes unstuck. Well one of the many bits. I don't want to be stuck holding inflating British pounds when the currency controls come in.  If such controls do arrive then that implies there are other currencies immune from similar inflation which people would buy into if they could and need to be prevented from doing so. If roaring inflation will be a global thing though how come other currencies won't also be similarly suffering? If all currencies are going down equally then there doesn't seem to be any point to exchange controls on the pound. 

[janch]

18 hours ago, The Idiocrat said:

"Too cheap, must be something wrong with it.” 

Actually I think there is something in this.  If two other similar houses are on for higher prices a lot of people would think there must be something wrong.  In your shoes I think I would increase the price a bit but still be cheaper than the other two.  Seems mad I know.........

[Green Devil]

5 hours ago, janch said:

Actually I think there is something in this.  If two other similar houses are on for higher prices a lot of people would think there must be something wrong.  In your shoes I think I would increase the price a bit but still be cheaper than the other two.  Seems mad I know.........

Or better still on at the same price And accept an offer. Obviously if it has more square footage or a larger plot, people will expect to pay more so don't worry about it..