Why is it so hard to find a house to buy?

[Tatiannatomasina]

I am honestly not sure if it's me being unrealistic or if there is just nothing out there. I have bought and sold 8 properties and each time I have researched and viewed one house which I then bought. The finances are all in place, we are good to go and want to move but nothing I have viewed is right. I have viewed 15 properties this month and only one came close but was already under offer at more than I wanted to pay. We dont live in the UK so I cant blame brexit. Has anyone else been struck with such indecision and the feeling that nothing they look at is right?

Is it because you are looking for your forever home this time?

Me! We’ve looked at seven or eight houses. The majority of them are awful at the moment. Dirty, overgrown, not decorated or updated in any ways for years or with a bedroom so small it would be insane to even call it a box room. We even had an estate agent tell us a massive development that would be starting soon would be useful for us as the main road that the house faces onto would be so congested you’d barely hear it anymore. We’re taking a break in the hope that some sense starts to reign soon. clearly far too optimistic

I have bought two forever homes in the past and had to leave them both due to my job. I should be able to stay where I am for at least the next 10 years so I want it to be right, but I am also aware I have been down this road before and had to sell up and move on, so I know it might not be forever. I have moved 5 times in the last 5 years and just want somewhere to call home.

Nyon, I am with you at the state of the houses I have seen, dirty, smelly, manky old bathrooms and horrendous kitchen. Weird layouts seem to a thing too. Dont get me started on the walls and floors. Its like the land that time forgot and the sellers all want top dollar.

A lot of housing markets are peaking at the moment e.g. Australia. It’s ten years post financial crisis so a pretty typical for peak cycle in many places.

Stock levels are at pretty much all time lows, if you had to sum the type of houses that are on the market right now it could best be described as overpriced dregs.

You could take on a house with the understanding that the cleaners arrive before you do and the kitchen & bathroom fitters arrive the day after.

With a discounted price to pay for the renovation....

I am happy to take on a reno, but the sellers here want you to pay over the odds having done nothing to update the house in 20 years. That means I cant afford it. Its a vicious circle.

Hopefully reality will bite soon if people stop watching home makeover shows and think they can do the work on a shoestring and hence pay top dollar for it

Unfortunately if other people will pay the asking price either you have to lower your sights or find more money.

We have similar frustrations but will admit we are trying to find something barely achieveable on our budget.

The market here is pretty quiet, not many buyers about, I just feel the sellers are unrealistic and won't factor into their price the amount of work a new owner would need to do. It also doesnt help that the owners paid over the odds and dont want to lose money. I even looked at building my own but it would cost more than it was worth.

When you say you feel the sellers are not factoring what the new owner would need to do. Are these things a new owner actually needs to do or just would want to do ie: new kitchen.

We are in same situation. Our house went under offer quickly last summer but we couldn't find anything to buy. There was hardly anything on the market and what there was all had some kind of red flag. I am in the uk and blaming Brexit uncertainty for the slow market though.

A prime example of the calibre of kitchen on offer at an asking price of over $560k. We are in WA 4 hours away from Perth. Shoot me now.

I have always been of the opinion that if you are going to ask top dollar for your property then the kitchen bathroom and a full redecoration should have been done within the last couple of years.
You see houses asking for top money with 10 year old kitchens bathrooms and in need of redecorating... this is 20k of work in a decent sized house and the house should be priced lower accordingly
However we have a problem in the UK of people watching home makeover shows and they are the ones who pay full price for houses that need complete renovation including all new electrics and plumbing and plastering

Houses are really expensive in a lot of places rn.
We bought the first flat we viewed but never planned to stay longer than 7ish years so we weren't overly fussy. Especially as we're in London

Its like the land that time forgot and the sellers all want top dollar.

That's exactly it. Estate agents don't help - in the UK, it's preBrexit prices +10-15% on top. There's no realism in the market.

www.rightmove.co.uk/s6p/79056443

This is one such property... worth 450k max if done to a high standard with kitchen extension... asking for offers over 400k is just delusional

We’re in rented, we sold our house in November. Houses are expensive around here, but it’s got ridiculous and all the houses going up are awful as you say. And they’re not dropping the prices either which normally happens after a while. Think we’ll be in our rented a while yet.

Alexalee Bloody Hell Now that’s a project

Alexalee you have cheered me up a little bit, wow, that house was a disaster. Ok so none I have seen have been in that state, however the house I mentioned upthread is now going to market at offers over $580k which is ridiculous bearing in mind its set round an enclosed courtyard and you have to go outside to access some of the rooms. Fine in summer but what happens when it rains!!. I contacted the real estate and told them to cancel the viewing and now they are back peddling and saying the vendors will look at all offers after warning us low offers offend. We are in rented so in a good position and I refuse to be held to ransom. One house I was keen on was allegedly under offer by a family member for full asking price. Weeks later its still on the market, no offer or sale in sight. I actually blame the agents for giving vendors unrealistic expectations, I know some vendors drive the price up but if it doesnt sell price must be a huge factor. I lost £50k on my house when I emigrated, I had no choice if I wanted to sell, so I dropped it and within 2 weeks I had 2 buyers ready to proceed with no chain.

Oh come on - that Carshalton house is a really extreme example. That looks to me like someone embarked on a refurb and something happened meaning they ran out of money, etc. An asking price is just that - doesn't mean they'll get it. Someone desperate to get their money out will try to recoup their outlay if they can. Reality will bite after sitting for several weeks or months on the market.

EAs generally are interested in their own commission and meeting their targets. Low offers offend EAs who value houses at artificially high prices. With the internet and sold price information readily available to buyers these days, people are far more clued up themselves. Unfortunately I think some sellers don't necessarily know this or understand how much info is out there and will still consider the EA to be the expert. And of course being told your house is worth X flatters people.

a year in - i am in the same situation. its awful!

Same situation! Saved for ages and huge deposit waiting, mortgage in principle in place, no chain... we are chomping at the bit!

Seems the market is ripe with greedy vendors and estate agents wanting to flog awful houses at a premium

@Instagrrr May I ask, which part of the country are you looking to buy and by what % you feel the properties are over priced? FWIW I'm home counties and think it's overpriced here by at least 10% for 3 bed, doer upper semis, at around £600k.