Page 15 | Feeling totally overwhelmed by the market

fluffycupcakes · 2021-05-01T07:28:15+00:00

Will it ever cool down? It's not even financially any more although we've certainly lost money between selling our house and now renting waiting to buy. Every buyer out there seems to snap up a property before we can breath. I'm not comfortable putting an offer on the second a property reaches the market and yet if I don't it appears we won't ever be able to move. Just so depressed about it all. Any indications the market might slow down? Sorry for such a depressing post but have people really benefitted from the stamp duty relief? We seem to now have to mortgage up on the extreme price increases instead of making any savings.

readytosell · 21/05/2021 19:10

Well one property I was going to see tomorrow only came on market yesterday and the seller has accepted a good above asking price offer, so isn't taking any further viewings! Fair play to them, I guess.

I'm currently deciding whether to just find something cheaper and cheerful enough to keep on the property ladder with the view to move in a few years time again, or just stretch out my budget. I'm moving as part of a career plan anyway, so I'm hoping within a few years I'll be in a position to afford something different anyway.

FelicityElectricity · 21/05/2021 19:39

A few properties are coming back on the market now so hopefully people searching will have some luck soon 🤞. We got our asking price offer accepted this week. I was on the verge of giving up and then the perfect house in a great location appeared 😄

flashbac · 21/05/2021 19:40

Where are these properties coming back on the market lol. Its dry as a bone where I am in Yorkshire!

HelpMeh · 21/05/2021 23:14

There's more coming onto the market now in the Berkshire area. Asking prices remain questionable but at least stock is appearing. I'm not viewing at the moment so I can't comment on how busy viewings are.

TakeYourFinalPosition · 22/05/2021 10:15

We’ve had a bit of a flurry of flat viewings this week, including a FTB yesterday who viewed in the morning and then came back in the afternoon... crossing my fingers there!

No idea where we’ll move to, there doesn’t seem to be anything on the market where we want to go now, it feels like it all sold, but we’ll deal with that when we get there... we have one option that we both like, but it’s massively overpriced. At least £30k over what it’s worth, and £50k over what anything on the street has ever sold for...

Glad to hear others are making some progress too.

NoToast · 22/05/2021 10:52

Seeing a property later today, I'm going to offer way over asking and a kidney 30 seconds within entering, if it's vaguely inhabitable

IloveSooty424 · 22/05/2021 11:02

We’re in North Staffordshire and we’ve had an offer accepted at asking price this week. The house has been on the market just over a month. It’s got a few things that need sorting such as the garden but it’s a five bed detached 1970s build for £265,000. It’s a nice village location too.

To put in this perspective, we viewed a 1930s 3 bed semi last weekend that needed completely modernising and that went into a bidding war. We put a bid in for £266,500 but weren’t successful. From what the estate agent said on the phone it sounded like the winning bid was in excess of £300,000 which is an insane price for the area.

We are very happy with our ‘70s detached and hoping our seller doesn’t have any trouble finding somewhere to buy given what the market is like.

CookieDoughKid · 22/05/2021 12:20

Just accepted a beautiful but needs work doing 4 bed Victorian semi in East Midlands, within 1hrs to King's Cross direct. Apparently they had 14 viewings in a weekend, 5 offers, and buyers were clamouring to contact the sellers directly on Facebook/ turning up at their door. I paid £1k over asking price and only got it as I came across well as a trustworthy buyer with no chain. House came on Rightmove on a Friday night, I saw the house at 2pm Saturday and estate agent said the house will be sold by same dat , e-mailed my offer by 4pm and by 9pm deal closed after all offers considered. House market is compounded by lack of supply for larger family homes that are half decent. No one wants a two or three bed house that has not been improved in last 20years but large family homes with character and modernization, is gold dust. I calculated the house I'm buying went up by £18k year on year since last set of owners bought it 6 years ago. House market is crazy for the right house. Estate agent told me never to sell it and if I ever do, can they have first go.

Original poster

fluffycupcakes · 22/05/2021 21:23

@NoToast did you get it? I have stalled in all of my efforts. Nothing is really coming on and when it does it has some kind of awful surprise lurking that makes it predictable it won't sell for a while. A few we did see and thought gosh no way is this a good family home are now pretty much the only properties that come up in our budget.

I told the EA the houses in our budget are getting smaller and smaller and he just grunted. Of course I was expected sympathy from an EA, silly me

OP posts:

Original poster

fluffycupcakes · 22/05/2021 21:24

expecting*

OP posts:

umbel · 22/05/2021 21:54

@fluffycupcakes sympathy from an EA? Although I did bend one’s ear the other day with my woe-is-me story, just because I had them captive on the phone and it made me feel better to make them listen politely even if they didn’t care!

NoToast · 22/05/2021 22:44

Fluffy exactly the same here. The one today is dated and smaller then I wanted. But the garden is stunning and I love it. I've gone over asking but less than 10k. There are 8 viewings today and a couple more on Monday when best and final are due in. I could offer a bit more and wonder if in a couple of months time I might be kicking myself for not doing it when the only thing I can get is a garage.

This is a house that has not yet hit the market and for which no photos, plans or measurements are available for!

Argh.

Outonmyear · 23/05/2021 00:19

@CookieDoughKid

Just accepted a beautiful but needs work doing 4 bed Victorian semi in East Midlands, within 1hrs to King's Cross direct. Apparently they had 14 viewings in a weekend, 5 offers, and buyers were clamouring to contact the sellers directly on Facebook/ turning up at their door. I paid £1k over asking price and only got it as I came across well as a trustworthy buyer with no chain. House came on Rightmove on a Friday night, I saw the house at 2pm Saturday and estate agent said the house will be sold by same dat , e-mailed my offer by 4pm and by 9pm deal closed after all offers considered. House market is compounded by lack of supply for larger family homes that are half decent. No one wants a two or three bed house that has not been improved in last 20years but large family homes with character and modernization, is gold dust. I calculated the house I'm buying went up by £18k year on year since last set of owners bought it 6 years ago. House market is crazy for the right house. Estate agent told me never to sell it and if I ever do, can they have first go.

Do they not realise they could get 40k more?! 🤪 Good luck, sounds like a good one.

CookieDoughKid · 23/05/2021 07:19

Lol yes I think they do know. Thx, we should complete next week!

Outonmyear · 23/05/2021 09:03

Lovely to hear some good housing news!

LeafyBamboo · 23/05/2021 09:57

I think I need to join this thread! I just decided a two weeks ago to put my house on the market. Wanted to paint over 8 years of grubby marks from dog and child before getting photos done. In the time it's taken my oh so slow decorators to do what they said would be a 3 day job (actually 6 days and counting...I've just finished the doors myself because I can't have this dragged out any longer...) I've missed out on a great property that went to best and final because I'm not yet proceedable. Capped at 25 viewings and 12 offers at best and final.

And I put an offer in yesterday on another (I was first to view it yesterday) that I imagine will have at least 15 offers and go to best and final within a few days and I still won't be proceedable... gah...

Another one I went to view three days after it had come on the market. When I showed my son the photos on Rightmove 3 hours after I viewed it, it was SSTC.

This is not how I remember the property market being when I last bought 8 years ago.

So I'll hopefully be on the market by Wednesday. And at least then be in a better position.

It's crazy out there...good luck all.

surreygirl1987 · 23/05/2021 13:05

I do think it's slowing down, at least in my area. Every day or two a reasonable family home comes on the market in the area I'm looking and they so tend to hang around a bit. I'm viewing some houses at the weekend that have been on for a couple of weeks or a month. Houses are returning to the market having had sales fall through, and some are reducing their house prices- sometimes more than once! Yes, demand is still high... but I think the peak of the madness is over - at least in my area. Thank goodness! Now I just have to convince the vendors to accept an offer below asking... 😬

flashbac · 23/05/2021 13:08

@surreygirl1987

I do think it's slowing down, at least in my area. Every day or two a reasonable family home comes on the market in the area I'm looking and they so tend to hang around a bit. I'm viewing some houses at the weekend that have been on for a couple of weeks or a month. Houses are returning to the market having had sales fall through, and some are reducing their house prices- sometimes more than once! Yes, demand is still high... but I think the peak of the madness is over - at least in my area. Thank goodness! Now I just have to convince the vendors to accept an offer below asking... 😬

Are you in the south?

surreygirl1987 · 23/05/2021 19:46

I am, yes!

Bluebellbike · 23/05/2021 19:55

I'm in the North West. My house went on the market last Wednesday and I had 6 viewings yesterday. When the agent told me how many I thought some may be no-shows. But they all turned up. The first said they had sold their house quicker than expected and are getting desperate as they haven't been able to find a house.

Panda368 · 24/05/2021 06:55

I think the north west is going totally bonkers at the moment. Although judging by my local rightmove there is a bit more coming on in recent weeks so maybe a bit slower than it was in April. Houses are still generally going for 10% ish over asking though.

De88 · 24/05/2021 07:51

@Bluebellbike

I'm in the North West. My house went on the market last Wednesday and I had 6 viewings yesterday. When the agent told me how many I thought some may be no-shows. But they all turned up. The first said they had sold their house quicker than expected and are getting desperate as they haven't been able to find a house.

That's us too in Lancashire. Our estate agents messaged everyone in their books as soon as we instructed them, so we sold before advertised. Luckily our buyer is chain free and sensible. We sounded her out about it being November which was fine with her. Now nearly 2 months on and anything we remotely like is ridiculously priced- if we'regoing to go past Nov all we can do is put it to her and see what she wants to do, but we don't want to lose her. I really can't bear the thought of having viewings again! Also seen properties coming back on and price reductions.

Bluebellbike · 24/05/2021 14:02

Well from the 6 viewings on Saturday I have 3 offers.One right on the asking price, one £10,000 above and one £10,000 below.
The one offering asking price is the buyer I preferred on the day and they have no property to sell. They have gone up by £5,000 though, when they heard that I have an offer above theirs. That means I can drop £5,000 if their survey throws something up. The for sale board hasn't even gone up so it won't now unless disaster strikes.

redpickle · 24/05/2021 17:54

We're about to go on the market (south east) and just getting photos done. Is it worth waiting until after half term? Would it make any difference?

readytosell · 24/05/2021 18:43

Frustrating experience today. I have some time off work one day this week to go and do viewings. One house has been on market for a few months, nothing majorly wrong I can see with it so far, but it isn't really a family home (no issue for me). Wouldn't be my first choice admittedly, but from description it looks ok to at least view.

I explained to estate agent I would be coming long distance so can't just come last minute. She told the sellers only accept viewings one day a week because they work from home and it's the one day they are in the office and can't possibly have viewings the other days as they have sensitive paperwork out.

I just left it. Honestly, after a few months you would think you'd be a bit more bloody accommodating. Maybe they really don't actually want to sell, you could tell the agent had a bit of a sigh in her voice about it.