Sellers market - how to make snap decision?

[LittlePickleHead]

We are under offer at the moment and trying to find somewhere within the same area to move to (fairly limited search area due to DD school). It's a sellers market here with very little on the market, and anything that does come on is going in a matter of days (often for far above the asking price).

I'm finding it really pressurised and difficult to make a decision. We've only managed to see about 5 properties due to the lack of housing stock, and only one has really made me feel 'the feeling' but it was very impractical for young children (steep external stairs to the garden, no off road parking so the car would be around a corner out of site as the house is on a red route). In the time we took to procrastinate and decide we wanted to go for it, it was too late.

Do we keep looking until we find 'the one' or just one that ticks most boxes even if we don't love it? I know that we probably can't afford 'the one' round here but I'm terrified of making a very expensive mistake due to the pressure of having to offer so quickly. I have a second viewing today on a place that is a top of budget, needs loads of work, and is much further away than we would like, but it has bags of potential. I don't love it, but we'll have to offer today or tomorrow or risk losing it.

Any words of wisdom?

I would say dont worry so much about the feeling - if it's got location and space (or the potential for space), then you can change other things to make it loveable. A beautiful house that's badly orientated and in shadow for 9 months of the year (except right now, perhaps) and no way of extending will be frustrating and might cause regret. But an ugly house with a fantastic plot and lots of potential will be far more rewarding in the long run, both emotionally and financially. Try to separate the changeable (room layout, front elevation, architectural style) from the unchangable (location & orientation & outside space) and work with those things?

Thanks Oppressed - my feeling was that location was important as well. However the only properties in our price range which are closer to the 'desirable' part of the area are flats, with little scope to extend or improve.

I suppose logically if the area is becoming so sought after then that should filter to the areas further away from the station. The house I am seeing later has huge rooms, massive garden and scope for loft conversion etc. it could be very lovely with (a lot) of hard work, and there is a school nearby so I guess that would always be appealing for families?

It's so hard - I wonder if things are likely to pick up a bit in September and so it would be better to wait?

If I were feeling like you I think I would move into rented until the right property came up. That way you are in a fantastic position to move. I know you have sold but you seem to be clutching at straws because you are stressed about it all. This way you can step back a bit.

I know its a huge pita, but I would consider moving to rented as well.

In a seller's market, if the seller gets more than one offer (which is quite possible) then they are more likely to go with a buyer who is not in a chain.

It is very very difficult and I sympathise.

Its partly what is keeping me in my own house ... I'd love to move, but the thought of what you have described is seriously putting me off!

I've spoken to DH before about renting but he is really against it, a) for the wasted money (we are able to continue saving currently, rents are at least 3x our current mortgage!) and b) if house prices continue to rise in the ridiculous way they are then what we can afford to buy will become less and less.

But it all feels a bit like housing EBay at the moment trying to buy and I don't like it!

This might not help, but I personally believe too much emphasis is placed on "the feeling". Same with wedding dresses. You could hold out forever to find a house that you get the feeling with, only to have lost your buyers and have to reassess finances. A lovely house with perhaps one or two compromises, especially those that can be sorted, is fine for many people. Obviously if you need to have "the feeling" then feel free to ignore me

I'm in an area with the same problem, however I have been renting and I really don't see where the advantage is. If your home is in the same area that is selling well and if you haven't actually exchanged I would say that you should hold out for the house you like. Do you really want to buy a place that you are not sure about? I mean we arenot talking a pair of shoes that you can take back to the shop if you change your mind! The cost of buying is exponential. Stamp duty, agent's fees, moving fees etc, do you really want to go through it all again in a few years time when you realise that you made a mistake? Don't RUSH!

We bought in a hurry because we needed to get moved in before school applications had to be in. We bought the house that had most things that we wanted, bar some compromises, and it also had a lot of potential. And the vendors could move quickly.

Yes it could have been a mistake to rush in especially as we were moving areas. However it worked out, as the new house and location turned out to better than we ever could have expected. Our new neighbours are great as well.

If the place has most of what you want, and the other key desires are fixable, then you can probably make it work.