Property crash, just maybe it really is different this time (Part 3)

[montecristo]

7 hours ago, JoeDavola said:

EA phoned house is already at £11k over asking.

£11k is 5 years rent for me

 

[Spiney Norman]

1 hour ago, montecristo said:

£11k is 5 years rent for me

What do you rent?

2.2k a year is extremely cheap, are you abroad?

I wish I could rent for that.

 

[wherebee]

12 hours ago, JoeDavola said:

EA phoned house is already at £11k over asking.

Joe, I've had this every time I bought except once - the EA saying there was a higher offer.  They are lying shits.  The correct answer (unless you NEED a specific house, like one next to your children etc) is "OK, please pass this written offer onto the seller, with the information I am a cash buyer and can complete in XX Days.  My top price for my budget is YYY.".

An offer is fuck all until the money is in the bank, especially nowadays with lending checks going up in difficulty.

you know they have money woes.  That ups the benefit of a cash buyer.

[JoeDavola]

6 minutes ago, wherebee said:

Joe, I've had this every time I bought except once - the EA saying there was a higher offer.  They are lying shits.

Nah mate this is genuine the amount of money flowing around NI is insane. Money + severely limited supply because of a crippled market. And everyone wants to live in Belfast now so any half decent houses under £200K are selling quick.

When I viewed the place there was an obese boomer exiting the viewing who had retired public sector golf-club member twat written all over him. No shortage of these types, and to be fair £200K is affordable to most FTB couples anyway.

In other news; folks had a second viewing of the house they were almost certainly going to buy.....only to find on their second viewing

[spunko]

8 minutes ago, JoeDavola said:

Nah mate this is genuine the amount of money flowing around NI is insane. Money + severely limited supply because of a crippled market. And everyone wants to live in Belfast now so any half decent houses under £200K are selling quick.

When I viewed the place there was an obese boomer exiting the viewing who had retired public sector golf-club member twat written all over him. No shortage of these types, and to be fair £200K is affordable to most FTB couples anyway.

In other news; folks had a second viewing of the house they were almost certainly going to buy.....only to find on their second viewing

I've been looking at houses. 4 now. 

1 of them the EA told me as soon as I got out my car they've just had an offer but letting me view it in case I want to bid above their offer.

Well what is their offer?

Oh I can't say.

...

Another property and the EA told me that they already had a cash offer for in excess of the asking price, this was 2 weeks ago and is still not showing on rightmove as under offer. 

I think the trick is just to say 'that's nice dear' like a boomer does when they know it's bullshit, and move on. 

[JoeDavola]

10 hours ago, belfastchild said:

If they had sense they should be ok, but if the mortgage hasnt been paid off they might even be losing money overall with that price. Certainly with the prices 20 years ago, the mortgage and the building work they will be losing money in nominal terms (never mind real).

Just had a thought - when you google the address there's a public record of the planning permission for the expensive extension which comes up as 2007 under the current owner. So they certainly didn't buy the house during the crash years of 2011-2014-ish.

If they bought in 05-07 then yes there's not a chance they're getting the ££ they've spent over the years back when you take mortgage interest and building work into account.

[JoeDavola]

9 minutes ago, spunko said:

I've been looking at houses. 4 now. 

1 of them the EA told me as soon as I got out my car they've just had an offer but letting me view it in case I want to bid above their offer.

Well what is their offer?

Oh I can't say.

...

Another property and the EA told me that they already had a cash offer for in excess of the asking price, this was 2 weeks ago and is still not showing on rightmove as under offer. 

I think the trick is just to say 'that's nice dear' like a boomer does when they know it's bullshit, and move on. 

Think it's very dependent on area.

I suspect at the price range and area you're looking at, there are far fewer people bidding and the offers may indeed be bullshit.

Edited March 7 by JoeDavola

[AWW]

52 minutes ago, spunko said:

letting me view it in case I want to bid above their offer.

Well what is their offer?

Oh I can't say.

"I'm not doing sealed bids. Bye"

53 minutes ago, spunko said:

Another property and the EA told me that they already had a cash offer for in excess of the asking price

"Course they have mate, course they're sitting on that in the current market. Bye"

[AWW]

They are lying cunts of the highest order, I wouldn't even waste my time dealing with them - a decent buying agent doesn't cost that much and deals with all this bullshit for you.

[roundhouse]

Just now, AWW said:

They are lying cunts of the highest order, I wouldn't even waste my time dealing with them - a decent buying agent doesn't cost that much and deals with all this bullshit for you.

Do they exist in Cornwall? How do you find a reputable one, I don't know anyone who's used one.

[montecristo]

5 hours ago, Spiney Norman said:

What do you rent?

2.2k a year is extremely cheap, are you abroad?

I wish I could rent for that.

 

Yes, SE Asia. TBF rentals are cheap outside western Europe and north America.

[Democorruptcy]

Biden wants to "help" FTBs:

Quote

 

Biden is proposing that first-time homebuyers receive a tax credit of $5,000 a year for two years. The idea is to give first-time buyers a leg up amid soaring home prices and mortgage rates that are close to their highest in decades. A second credit, worth $10,000 for a year, would go to people who sold their “starter home.” The measure would have to pass Congress to become a reality.

https://www.investopedia.com/biden-calls-for-usd10000-tax-credits-for-first-time-homebuyers-and-starter-home-sellers-8606037

 

 

[belfastchild]

8 hours ago, JoeDavola said:

Just had a thought - when you google the address there's a public record of the planning permission for the expensive extension which comes up as 2007 under the current owner. So they certainly didn't buy the house during the crash years of 2011-2014-ish.

If they bought in 05-07 then yes there's not a chance they're getting the ££ they've spent over the years back when you take mortgage interest and building work into account.

 

9 hours ago, wherebee said:

Joe, I've had this every time I bought except once - the EA saying there was a higher offer.  They are lying shits.  The correct answer (unless you NEED a specific house, like one next to your children etc) is "OK, please pass this written offer onto the seller, with the information I am a cash buyer and can complete in XX Days.  My top price for my budget is YYY.".

An offer is fuck all until the money is in the bank, especially nowadays with lending checks going up in difficulty.

you know they have money woes.  That ups the benefit of a cash buyer.

This.

Cash offer, asking price, time fixed. They have to put it to the vendor. Vendor could have the money in their bank account by May/June.

Was told by an EA yesterday that stuff under 125kish is going in less than a week and most not even having time to reach the websites. Once chains are involved its a different matter, even with bomad they still have to pass the affordability tests on the rest.

[sleepwello'nights]

On 06/03/2024 at 10:22, JoeDavola said:

 

And @Bobthebuilder is also right on me whinging too much; habit of a lifetime

 

Further proof, if any is needed, that we grow up by imitating our parents. 

[spunko]

One of the houses I looked at last week has gone Under Offer. The EA told me that they had accepted basically +20% above what they themselves bought it for in 2021. All theyve done is painted the walls, and replaced 2 windows. Literally it.

Surely a valuer is going to see this and think 'wtf'? I decided I dont want to buy it anyway, as there's some weird overage clause on the land and isn't my scene. Just curious if there really are thick boomers like this paying +20% over the odds.

Guess I'll find out shortly if the EA rings me telling me its 'fallen through'.

[Ianb78]

https://www.thisismoney.co.uk/money/mortgageshome/article-13084091/Man-forecast-two-property-slumps-says-house-prices-jump-20-falling-2026.html?login
 

Put this in your diaries chumps 👍

[One percent]

4 hours ago, spunko said:

One of the houses I looked at last week has gone Under Offer. The EA told me that they had accepted basically +20% above what they themselves bought it for in 2021. All theyve done is painted the walls, and replaced 2 windows. Literally it.

Surely a valuer is going to see this and think 'wtf'? I decided I dont want to buy it anyway, as there's some weird overage clause on the land and isn't my scene. Just curious if there really are thick boomers like this paying +20% over the odds.

Guess I'll find out shortly if the EA rings me telling me its 'fallen through'.

My daughters are currently house hunting on the london/essex borders.  It’s all being sold before they even get a chance to view.  All the talk of crashing and burning isn’t holding up to the reality of what’s happening on the ground 

[spunko]

1 minute ago, One percent said:

My daughters are currently house hunting on the london/essex borders.  It’s all being sold before they even get a chance to view.  All the talk of crashing and burning isn’t holding up to the reality of what’s happening on the ground 

Are you sure it isn't just a case of all the shit houses being ignored and everyone going after the  ones that aren't shit and affordable?

Loads of houses on the market round here aren't selling. Because they're overpriced or shit or both. 

[One percent]

3 minutes ago, spunko said:

Are you sure it isn't just a case of all the shit houses being ignored and everyone going after the  ones that aren't shit and affordable?

Loads of houses on the market round here aren't selling. Because they're overpriced or shit or both. 

Dunno but even one which was a complete mess, think probate, that would need taking back to the bricks and starting again, a tree bed not particularly big terrace, was snapped up in a matter of days for over half a million quid.  

[nirvana]

12 minutes ago, One percent said:

Dunno but even one which was a complete mess, think probate, that would need taking back to the bricks and starting again, a tree bed not particularly big terrace, was snapped up in a matter of days for over half a million quid.  

must be paki and nignog hell down there?

[onlyme]

17 minutes ago, Ianb78 said:

https://www.thisismoney.co.uk/money/mortgageshome/article-13084091/Man-forecast-two-property-slumps-says-house-prices-jump-20-falling-2026.html?login
 

Put this in your diaries chumps 👍

Nice flowery terms. If the 18 year cycle were so hard and fast to the absolute year we would never have had QE, rate supression, incentives, stamp duty holidays.

 

The past year or so of house price dips has merely been a recalibration, Harrison says - and now the housing market is ready to continue its upwards trajectory.

'Prices are not dropping,' says Harrison, 'they are adjusting back on to the long-term upward trend, after the pandemic induced boom. 

'They will continue to glide upwards to the end of 2026.

[Bobthebuilder]

37 minutes ago, One percent said:

My daughters are currently house hunting on the london/essex borders.  It’s all being sold before they even get a chance to view.  All the talk of crashing and burning isn’t holding up to the reality of what’s happening on the ground 

I am quite surprised at that, prices have been going nowhere in London areas for a few years now, maybe the convid rush to the shires is reversing.

[Ianb78]

21 minutes ago, nirvana said:

must be paki and nignog hell down there?

WogApocalypse!!!!!!!! 🤪

[Ianb78]

20 minutes ago, onlyme said:

Nice flowery terms. If the 18 year cycle were so hard and fast to the absolute year we would never have had QE, rate supression, incentives, stamp duty holidays.

 

The past year or so of house price dips has merely been a recalibration, Harrison says - and now the housing market is ready to continue its upwards trajectory.

'Prices are not dropping,' says Harrison, 'they are adjusting back on to the long-term upward trend, after the pandemic induced boom. 

'They will continue to glide upwards to the end of 2026.

Well he got it pretty much nailed on during the last 2 cycles 

Time will tell 👍
 

He even wrote a letter to Gordon Brown warning him of an impending crash in 2007 a few years before but did not receive a reply 

Edited March 8 by Ianb78

[One percent]

5 minutes ago, Bobthebuilder said:

I am quite surprised at that, prices have been going nowhere in London areas for a few years now, maybe the convid rush to the shires is reversing.

That’s what i thought.  It sounds like the height of a boom from what they are saying 

first one they wanted to see was Buckhurst Hill. Remodelled within an inch of its life.  Went immediately, they didn’t get a chance to view. Second, the one that wanted taking back to the bricks was wood street in waltham forest.  When they told me the price, i thought they were joking. They sent links to ones that had been blinged and they were going for a million.    

fuck only knows what they are putting in the water there.