House Prices #3 Property market, buying and selling

[Folkevermore]

We offered 15k less on our house and got it, the market now is not the same as it was this time last year.

It depends on where you live really, I know a lot of people struggling to get even 5% off properties in my area

 

[andreaoid]

Has anyone ever moved to a rental after selling their first home? We are thinking about it as we are looking to buy in an area where houses do not go on the market that often and if they do, they sell quickly. So, having our house sold and money ready could help. But being in a rental is not ideal, hence, my question.

 

[Notworthy]

Has anyone ever moved to a rental after selling their first home? We are thinking about it as we are looking to buy in an area where houses do not go on the market that often and if they do, they sell quickly. So, having our house sold and money ready could help. But being in a rental is not ideal, hence, my question.

My Sister has recently. They needed to move for Schools though and we are in Surrey where prices had pretty much hit their peak. If you are in an area where prices are still rising then I wouldn't risk coming off the market

 

[margaretta]

In the current market it is pointless offering anything less than full asking price. If you don't offer full, someone else will.

I offered £10k less than the offers over price and my offer was accepted.

I’ve properly started looking at flats now and put in an offer, to have it immediately rejected for being lower than a cash buyer’s. I guess it’s all part of the process but it’s so new to me and overwhelming!

Does anyone have any hints for the offer stage? I went in with what I thought was a reasonable offer but was told it wasn’t

IMO when you make an offer back it up immediately by email with as much as the following as you have:

Your situation- first time buyer / sold stc
How quickly you expect to move
Your lender / where the cash is coming from / what percentage is deposit / cash / borrowing
The name and contact details of your conveyancing solicitor
and let them know your surveyor is in place (if you’re going for a full survey; personally I wouldn’t buy a house without a full survey)

This will help convince the estate agents you are genuine and ready to go.
Sometimes they accept offers lower than others because the buyer is ready.

Please don’t feel forced into a bidding war. So many properties I offered on over the asking price then came back on to the market at a lower price. It looks like they didn’t make the bank’s valuation when it came to the mortgage.

 

[pbontoast]

I offered £10k less than the offers over price and my offer was accepted.



IMO when you make an offer back it up immediately by email with as much as the following as you have:

Your situation- first time buyer / sold stc
How quickly you expect to move
Your lender / where the cash is coming from / what percentage is deposit / cash / borrowing
The name and contact details of your conveyancing solicitor
and let them know your surveyor is in place (if you’re going for a full survey; personally I wouldn’t buy a house without a full survey)

This will help convince the estate agents you are genuine and ready to go.
Sometimes they accept offers lower than others because the buyer is ready.

Please don’t feel forced into a bidding war. So many properties I offered on over the asking price then came back on to the market at a lower price. It looks like they didn’t make the bank’s valuation when it came to the mortgage.

Thank you so much! That’s a really helpful run down

 

[Miscanthus]

In the current market it is pointless offering anything less than full asking price. If you don't offer full, someone else will.

I offered 20k less and it was accepted. The house had already been reduced after the seller had been let down twice.
It really depends on a lot of factors but for info....
* I was in a good position as my buyers are renting so I can move quickly and no downward chain
* I don't need a mortgage
* I knew the seller (an older lady on her own) was fed up, desperate to move and owned another property she was going to live in
* the estate agent told the seller my 'story' and she liked it
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Has anyone ever moved to a rental after selling their first home? We are thinking about it as we are looking to buy in an area where houses do not go on the market that often and if they do, they sell quickly. So, having our house sold and money ready could help. But being in a rental is not ideal, hence, my question.

Yes, I have done that in the past. We were going to rent a flat and store our things but ended up in a house around the corner. It was a pain but worth it. Make sure your rental is flexible as you may want to extend by a month to accommodate the moving date.
---

I offered £10k less than the offers over price and my offer was accepted.



IMO when you make an offer back it up immediately by email with as much as the following as you have:

Your situation- first time buyer / sold stc
How quickly you expect to move
Your lender / where the cash is coming from / what percentage is deposit / cash / borrowing
The name and contact details of your conveyancing solicitor
and let them know your surveyor is in place (if you’re going for a full survey; personally I wouldn’t buy a house without a full survey)

This will help convince the estate agents you are genuine and ready to go.
Sometimes they accept offers lower than others because the buyer is ready.

Please don’t feel forced into a bidding war. So many properties I offered on over the asking price then came back on to the market at a lower price. It looks like they didn’t make the bank’s valuation when it came to the mortgage.

Totally agree with your post.
Get yourself in the best position which you can then use to justify your offer (see my first post above).
In my area (Hampshire) prices are coming down on properties that have been on the market all year. There are definitely properties that are not being valued as high by the mortgage broker as they were by the estate agent. Unfortunately this means that the whole chain can be asked to chip in to keep the sale going (I'm speaking from experience here) or the property goes back on the market.
The market is weird. No buyers, no sellers. Same property going round and round like the airport carousel.

 

[pommobear]

It depends on where you live really, I know a lot of people struggling to get even 5% off properties in my area

I'm in Bristol which was absolute madness this time last year. Still a property hotspot I believe.

We got it because we are in rented (but not FTB - I think this was key as sometimes FTB can be a bit of a nightmare as they don't understand the process), so were chain free. They received an asking price offer from someone else but that person was already in a chain and they preferred to accept 15k less than accept an offer from someone in a chain.

 

[Yel]

New thread

House Prices #4 Property market, buying and selling

Nationwide index out this morning, house prices down 3.4% YoY Biggest house price falls in 14 years https://www.bbc.com/news/business-65774620 Guardian:

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