Page 16 | 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.

Calicopromise · 24/05/2021 20:48

We are also about to go on the market, hopefully by the weekend. There’s quite a few properties I’m interested in viewing (if they’re not SSTC by the time we are ready) but frustratingly quite a few are being sold by Modern Method of Auction, seems to be the latest trend around here.

Calicopromise · 24/05/2021 20:49

@readytosell that sounds very frustrating. Surely paperwork could be put away for a viewing sounds like they’re being pretty awkward.

readytosell · 24/05/2021 22:06

[quote Calicopromise]@readytosell that sounds very frustrating. Surely paperwork could be put away for a viewing sounds like they’re being pretty awkward.[/quote]
Exactly! Just turn it upside down or put a tablecloth over it or something.

Clearly some issue with something, but I really can't be bothered with finding out, I'll just cross it off the list. You just know even if they accepted an offer what they would be like after!

AnxiousWreckAgain · 25/05/2021 11:59

@readytosell Eurgh that sounds so frustrating. Do they not want to sell?! Surely everyone has time to move paperwork...

I thought we were sorted this weekend, we had a lovely FTB view twice on the same day with each of her parents. She even bought a tape measure and they were planning out furniture... but our EA is a bit bizarre and insists on waiting two days to call anyone back, and when they talked yesterday, the buyer had decided to view some two bedroom places today. Sigh.

Someone seems to think the market is coming back because there’s now loads of similar properties listed, but I can’t see many selling.

@Calicopromise I’ve seen a house listed with the auction method! It seemed an expensive and risky way to buy, I couldn’t figure out what was in it for the buyer, unless you manage to get it at a really low price.

tanguero · 25/05/2021 12:33

AnxiousWreckAgain Tue 25-May-21 11:59:23

@Calicopromise I’ve seen a house listed with the auction method! It seemed an expensive and risky way to buy, I couldn’t figure out what was in it for the buyer, unless you manage to get it at a really low price.

'What's in it for the buyer ?' When you buy at auction, you see what someone else was prepared to pay, and that it was close to what you have paid. When you buy, by the 'asking price' method, you don't know what others were prepared to pay, it might considerably less than what you have paid.

Calicopromise · 25/05/2021 14:40

[quote AnxiousWreckAgain]@readytosell Eurgh that sounds so frustrating. Do they not want to sell?! Surely everyone has time to move paperwork...

I thought we were sorted this weekend, we had a lovely FTB view twice on the same day with each of her parents. She even bought a tape measure and they were planning out furniture... but our EA is a bit bizarre and insists on waiting two days to call anyone back, and when they talked yesterday, the buyer had decided to view some two bedroom places today. Sigh.

Someone seems to think the market is coming back because there’s now loads of similar properties listed, but I can’t see many selling.

@Calicopromise I’ve seen a house listed with the auction method! It seemed an expensive and risky way to buy, I couldn’t figure out what was in it for the buyer, unless you manage to get it at a really low price.[/quote]
I guess it’s quick if you’re not in a chain, as they want you to complete in 56 days. But all the ones here seem to be sticking on the market, perhaps because the people who would be interested are probably in chains and can’t commit to completing that quickly. You also have to pay some upfront as soon as the auction ends. One has been relisted for auction three times now

Rosieandjim04 · 25/05/2021 15:30

We are going to start looking soon, reductions are happening and the silly prices ones aren't shifting. We will save more money moving now then if we would have not paid stamp duty.

mumieone · 26/05/2021 22:41

Local estate agent told me Estate Agents fighting for buyers atm. Also in noted house prices are coming WAY down and now being priced at what they were last year before the prices jumped again.

readytosell · 26/05/2021 23:21

Seen a house I really like, one that has come back on market after buyers pulled out. Tempted to make offer. Not perfect by any means, but would be ok.

Nothing much else to choose from and don't want someone else to swoop in while I dither about it.

flashbac · 27/05/2021 05:18

@mumieone

Local estate agent told me Estate Agents fighting for buyers atm. Also in noted house prices are coming WAY down and now being priced at what they were last year before the prices jumped again.

This is area dependent. Even rubbish overpriced houses that nobody wanted have been sold recently where I am. Yorkshire and Humber are near top of the list for price rises.

umbel · 27/05/2021 06:21

Also Yorkshire and I agree with @flashbac not much change in the situation where we are. More houses do seem to be coming to market, but prices and demand are still sky high. Missed out on one this week because they were only accepting viewings on one day (fixed number of slots) and we already had plans.

NoToast · 27/05/2021 08:16

I've had my offer accepted for the house I viewed last weekend.

I went high but we're in a good position to move and the EA might have recommended us over a higher offer. We'll never know. Could just be flannel but their mortgage advisor rang me to say that my email offer was perfect and he would advise clients to use it as a template. I didn't beg (surprisingly) but put in a couple of lines about why I wanted the house and made a couple of offers (that if he wanted to leave them we would take good care of the fish in the pond and if they wanted they could leave some very bulky stuff that's in the garden and would be a hassle to deal with). All genuine on our side, I was sad when the buyer ripped out and paved my parent's lovely garden and thought they might be pleased to know we would be keeping the pond. I'm thrilled and just hoping everything goes well. I'm compromising on the house size and probably overpaid but the outdoors is wow!

Good luck to everyone on here, it's been so stressful and hard and this thread has been a comfort. I'll be back if it all goes wrong.

IloveSooty424 · 27/05/2021 09:07

@NoToast that’s great to hear you’ve had an offer accepted and hope all goes well.

We had our offer accepted on the house we wanted on Monday. I felt so happy and relieved to have the whole viewing houses process over. Our purchase is chain free on both ends so I’m feeling optimistic and excited.

umbel · 27/05/2021 09:21

Congratulations! @NoToastan @IloveSooty424 good to see people graduating from this thread. Hope a little of your luck rubs off on the rest of us soon!

CookieDoughKid · 27/05/2021 09:22

Good luck all! I collect my keys tomorrow to new house. 14 weeks from offer to completion. It was a bit hairy and tight towards the end due to sellers demand for a new completion date out of the blue. I kept close relationship with my sellers and worked together behind the scenes (we exchanged numbers). I honestly think it was only because of this our transaction went as smoothly as it did. And of course we chased and chased both our solicitors. Good luck!!

Goldenphoenix · 28/05/2021 16:47

Can I join in this support thread too? Tearing my hair out here.

We are Easy Midlands, sold our three bed generously sized house about 6 weeks and cannot find anywhere decent to move into. Must have viewed 30 houses, bedrooms are half the size of current house, parking is a nightmare and asking prices here have increased by £50k in 3 months. My buyer is started to get annoyed but what can we do!
Have had a builder come round about converting our loft and extending downstairs instead but there's also building supply shortages to consider. Sleepless nights!!

Original poster

fluffycupcakes · 28/05/2021 21:46

That's the newest conundrum isn't it. Try to buy within budget and have work to do only to find a shortage of building supplies or even available builders themselves or end up unable to buy anything on the original wish list.
That's how we feel anyway.

We're taking a (hopefully brief) break from property now but I do check back on the property apps every day. I need to get a job to to be able to borrow up to the new higher prices but I've been a bit lazy about applying for anything

OP posts:

MaltedMilk88 · 28/05/2021 21:55

Can I jump on on this thread?!

Our house went on the market start of April, found a buyer immediately. Been looking for somewhere to buy tirelessly ever since! Today our buyer pulled out due to us still not finding anywhere
I'm so frustrated with the market right now 🙄

umbel · 29/05/2021 05:54

Welcome @MaltedMilk88. We are in a similar situation - sold in Feb and still looking. Fortunately our buyers are holding on (for now). It is very frustrating, I agree. Nothing much come on this week and no viewings this weekend. We are away next week for a few days and I’m worried we’ll miss the perfect house, of course!

Newhousehope · 29/05/2021 06:57

I don’t get why buyers pull out - surely they face the risk of the same thing happening with the next property they offer on?! Not everyone can find a home within days!! This thread is evidence of that!

Youreatragedystartingtohappen · 29/05/2021 07:03

Hopping on the thread too after lurking for some time.

We accepted an offer on our house in early April, had an offer accepted on a house 3 weeks later. Vendors EA rang yesterday to say that they're withdrawing the house because they can't find anywhere to move into. We reiterated we weren't in a rush and the chain is the same but that's their decision and that's that. Cue a bit of a wallow and wine last night.

Madness, even in the 4 weeks since we had an offer accepted the market has changed, it seems slower with more houses of a certain type coming up (similar to what we have now) BUT few like we want to buy. I was tempted to withdraw our house yesterday but the reasons we wanted to move initially remain so it's back on Rightmove and Zoopla I go. I need a lot of coffee to get back into this frame of mind!

Good luck to everyone and thank you to you all for keeping me company on this pretty rough journey x

MaltedMilk88 · 29/05/2021 07:19

@unbel I would have considered going into rented but there's nothing to rent either without moving area which we can't do for one reason and another. Just feels like a an awful can't win situation
We'll put ours on the market again next week and start the process all again

Paulina23 · 29/05/2021 07:31

North London is dead quite, nothing decent coming up and overpriced property sitting there for months. It used to be full of under offer/sold reflecting a fast turn around, not so much now. Will be interesting to see which houses are coming back on the market on the first of July.

umbel · 29/05/2021 07:50

@Youreatragedystartingtohappen sorry to hear you lost your purchase. That happened to us too, and to be honest I’m still wallowing a bit!

@MaltedMilk88 hopefully you’ll sell quickly again and at least it will take a bit of the pressure off. Difficult to find rentals here too and to be honest I’m reluctant. We do have somewhere we can go, but I would at least like to have an offer accepted first so there’s hope of an end point. We’ll see.

@Newhousehope I agree! Why pull out of one purchase only to find yourself in the same situation again. Especially given recent price rises. I suppose for those hoping to benefit from the Stamp Duty reduction, money might be a reason to bail.

readytosell · 29/05/2021 08:40

@Newhousehope

I don’t get why buyers pull out - surely they face the risk of the same thing happening with the next property they offer on?! Not everyone can find a home within days!! This thread is evidence of that!

I agree, I think it's often a case of cutting off nose to spite face!

I've just had offered accepted on property where chain was complete but buyer was complaining it was taking too long. But you can't just join onto another broken chain and expect it to just speed up magically.