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Property/DIY

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Original poster

Should we be snapping their hands off?

23 replies

mardarse · 09/05/2012 20:02

House has been on market about 10 days. Had 3 viewings, the first of which made an offer which we were happy with but they wanted to complete within 6 weeks. We told them we were happy to accept the offer but couldn't move within 6 weeks and could they bear with us while we found something - we'd do that as quickly as possible. They have said they will give us "a little time" but that they are still viewing properties and if something else comes up where the vendor can work within their timescales, they will go for that.

We've got a very modest budget for the area and have seen everything on the market in our price range and we've not found anything suitable. We have discussed renting but it's not really something we want to do, perhaps we would / will think differently if the house had been on the market for say, three months.

I've heard it's a buyers market so maybe we are mad and we should just accept that we'll have to rent for a while. I dunno. Mumsnet jury with waaaay more experience than me on this - what would you all do?

OP posts:

oreocrumbs · 09/05/2012 20:22

Well if it were me, and I was happy with the price I would sell, but I would be able to stay with my parents while I found somewhere.

I do think that selling as part of a chain is more difficult than ever with the way mortgage valuations etc are going, and sales are falling through left right and centre.

So it will make it easier if you are buying chain free when you find a house. If you rent for 6 months/a year you may find that there are lots of new properties available, or that the prices have droped (unless you are somewhere like London).

Original poster

mardarse · 09/05/2012 20:31

Thanks oreo. Price is fine, but it would mean renting somewhere rather than staying with my parents as they haven't got room for me DH, DD & DS and I think the 4 of us may disrupt their tranquil retirement somewhat .

There's not much coming on in our price range at the moment, but I know the minute we sign a rental agreement they'll be bloody loads on the market. I think we need to give this some more serious thought and sleep on it some more.

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ByTheSea · 09/05/2012 20:36

I would snap it up, personally, and rent for awhile.

Springforward · 09/05/2012 20:39

We did this. Finding somewhere to buy is currently an utter PITA but I do not for one minute regret selling, neither does DH.

noddyholder · 09/05/2012 20:40

Rent definitely. Houses falling through a lot and I think you will get a better deal

oreocrumbs · 09/05/2012 20:42

Argh, the flippin dog just deleted a long post!!

It basically said, if you are in a rush to sell then putting yourself out now is probably worth it. If you can stay put for a while and take your chances so to speak, then there probably isn't the need to tie yourself into a rental.

Original poster

mardarse · 09/05/2012 20:53

Oh blimey, you are all saying what I have been thinking more and more these past couple of days. Oh gawd, the thought of moving doesn't fill me full of joy - the thought of moving twice within a short space of time....... Gah!

Thanks all for your input.

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noddyholder · 09/05/2012 21:07

I am doing this atm Have seen a few that I like but friend who is EA has told me that even in 6 weeks I will get a better deal.

Springforward · 09/05/2012 21:14

Really Noddy? My DH is convinced of the same....

noddyholder · 09/05/2012 21:20

Every house/flat I viewed before xmas that sold is now back on. Lots of mortgages being refused post survey and people pulling out. One house we offered on fell through twice and they are now ringing us but we have said a firm no!

Original poster

mardarse · 09/05/2012 21:36

I can see why mortgages are being refused post survey noddy. We have viewed a number of houses which were lovely but quite clearly over priced and being sold by deluded vendors and I would have thought some of these would be down valued come the survey.

I imagine it's far less stress buying from rented rather than trying to keep all parts of the chain happy.

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Springforward · 09/05/2012 21:38

Oh mardarse, I could have written the same post.... Bloody frustrating!

Beamur · 09/05/2012 21:42

I'd sell, if you don't want to pack/unpack everything, be ruthless - declutter and maybe put stuff into storage that you don't need. Just keep the bare minimum with you.
You are in such a stronger position to buy from being in a rented place.

iseenodust · 09/05/2012 21:47

I'd sell now. If you try to drag it out they will find something else or try to negotiate you down down the line.

RCheshire · 09/05/2012 21:53

Sell for god's sake! Bite their hand off! Renting will avoid losing your buyer, put you in a stronger negotiating position when it comes to buying, and (in most areas) prices are dropping by the month.

Yes moving is a nightmare at the time, but a few weeks later it will be a (painful) memory! (Both times!)

Original poster

mardarse · 09/05/2012 22:15

Okay, so an overwhelming verdict there then. We are going to give it some serious thought over the next couple of days and look into it a bit further.

RCheshire, I absolutely agree that prices are falling. Somebody needs to explain this to the vendors in the little bit of Cheshire we are hoping to buy in though. I really wish they would.

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RCheshire · 09/05/2012 22:29

mardarse, tell me about it. I'm watching them all fall except the few houses we're interested in, which just sit there as permanent EA window-dressing...

Springforward · 09/05/2012 22:34

RCheshire, are you me?

Right now, we have a choice between a house we can afford but which has a vertical drive, one which is falling down, and one which we can't really afford if we want to, you know, have new shoes from time to time. And several others which we are pretty certain would get knocked back at survey if we went for them at 92.5% of asking price, which I understand is, round here, the average achieved.

alabamawurley · 09/05/2012 22:47

I would echo what others have said - paying rent for a while will be more than offset by what you'll be able to save by not being pressured into buying quickly and having no chain.

re prices - The stamp duty holiday has been providing the market with artificial support by pulling demand demand forward. This has motivated buyers who otherwise may not have bought until this year or next, thus allowing those on the next rung to sell, and so on. However, this ended at the end of March and unsurprisingly since then all the major house price indices have turned negative e.g. Nationwide -0.2%, Halifax -2.4%, Land Registry -0.6% (yes, I am a bit of a stats geek ).

And to exacerbate the situation, mortgage lending has tightened considerably over the past month or two and is expected to tighten further over the coming months, thereby reducing demand even more. Of course if the Euro situation blows up, then all bets are off regarding what will happen to lending (but it won't be pretty).

ajuba · 10/05/2012 09:26

I would be very wary of moving into rented. Are you sure that you can actually afford to buy what you want to buy? you don't want to be in the situation six months down the line where you still can't find anything subtantially better than your current house. There will be no going back then...

Mandy21 · 10/05/2012 10:09

I echo what the others have said - including the last post which asked whether you need to move. If you're happy with your house / moving in the same area / don't need the extra space, then its a tough call. I don't know which part of Cheshire you're in but we're in North Cheshire and prices aren't falling here - there are a few houses which are sticking on the market (middle-top end of the market), but well priced family homes on good roads are showing SSTC within a matter of days. We sold when we moved to the area (needed to make the move but couldn't find anything we liked), ended up renting for nearly 2 years until a house we wanted came on to the market. Our proceed-able position put us in a very strong position.

MarySA · 10/05/2012 11:36

It depends on how easily houses sell in your area. I am in an area where nothing much seems to be selling but people are still reluctant to drop their prices. I'd think carefully before renting. Because as somebody else said you don't want to be in a position several months down the line when there is nothing better than your old house at a price you can afford. It's a reallyl tough decision. Because it would put you in a really strong position to grab a bargain quickly if one came up. But not many seem to be coming up despite all the doom and gloom of falling house prices.

Original poster

mardarse · 10/05/2012 12:52

Ajuba, I hear what you're saying. We do know that houses come up that we can afford, just the ones on at the moment aren't right for us. My worry about renting is really the uncertainty of it all and the fact that we will be off the housing ladder. Will we get back on especially if mortgage lending tightens further?

Mandy21, we are in north cheshire too and I would say the market is hit and miss here. Our neighbour's house sold within a couple of months so houses are moving, but across the road seems to be struggling to sell though I think this is due to the price (they appear to be one of the deluded vendors I mentioned upthread!).

It's tough. I'm a big believer in going with your gut feeling, but I can't work out what mine is on this occassion - changes daily.

Thanks all for your comments, food for thought for us.

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