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Original poster

Feeling totally overwhelmed by the market

456 replies

fluffycupcakes · 01/05/2021 08:28

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.

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Outonmyear · 05/05/2021 19:59

@fluffycupcakes

House was really bad, damp everywhere, all up the walls, and extension that looked like it was falling apart and all was strategically missing from pictures on rightmove. Back to square one.
I wonder if it will sell? Let us know! I knew things had gone seriously wrong when houses like that near me were selling for the same amount as a move in ready one six months previously.
umbel · 05/05/2021 20:29

@fluffycupcakes

House was really bad, damp everywhere, all up the walls, and extension that looked like it was falling apart and all was strategically missing from pictures on rightmove. Back to square one.
Disappointing. I’m heartened though to see that properties like these near me, which were being snapped up at stupid prices a few weeks ago, now seem to be lingering. Perhaps it’s a sign things are slowing down. Still nothing much new going on though.
pinksnowball · 05/05/2021 21:10

Disappointing. I’m heartened though to see that properties like these near me, which were being snapped up at stupid prices a few weeks ago, now seem to be lingering. Perhaps it’s a sign things are slowing down. Still nothing much new going on though.

It's a similar situation here. Although there still aren't many decent properties coming onto the market, I feel it's possibly not quite as bad as a few weeks ago when any old rubbish was selling.

Sorry the house you viewed wasn't great OP Sad

Original poster
fluffycupcakes · 05/05/2021 22:29

I will keep an eye on it but won't be sad if it's sold tomorrow! Today was the first day they allowed viewings. This is also a 'thing' now. Everyone has to queue to view on one day creating more pressure. Today's viewings were 15 mins in the afternoon only. Should have realised something was amiss when we were let in early and no sign of the previous viewers.

Will wait and see and update when it's sold. Does anyone else stalk ones they can't believe actually sold with some of these high prices to see how much they actually went for? I do, although I think I'm actually obsessed with property atm Blush

OP posts:
NoToast · 06/05/2021 06:25

Fluffy oh yes, the one day/15 min thing is standard here. It's Covid safety apparently. Hmm

mumieone · 06/05/2021 08:20

fluffycupcakes yes I do wonder where they are sold. EA's say they are not allowed to tell me....but give a vague (it went for over the asking price or it sold not far off asking price).

I've gone onto land registry and can't find where you would get this info...or how long after the sale it would appear.

mumieone · 06/05/2021 08:24

Heres a new one. My friend has sold and was due to move to a new area to a bigger place. Offer was accepted etc...but friend getting itchy feet. Because 2 other house on the street where she is buying this home have now come onto the market. One of them is same price she is paying and much bigger. So now she is going to do a drive by.

Also my solicitors emailed me last night saying my 'ex' buyers solicitors want to know if I am still going to sell? I replied yes but at market rate as the market has moved on and it's up to the buyers. I was told by former EA the couldn't afford it and my keys put thru my door so I assumed everything was final. Stress!

daisypetula · 06/05/2021 09:46

@Cattenberg

Estate Agents tend to have a hot list of “proceedable buyers”, who get told about new properties before they’re advertised online. Are you on these lists with several estate agents, OP?
Getting on those is hard, next to impossible. We are first time cash buyers so are on them but it wasn't straightforward.
pinksnowball · 06/05/2021 10:00

We seem to have managed to get on the 'hot list' with one estate agent, but not others. I'm not sure what we did which worked with tha particular agent. Hate the whole system!

Alonim · 06/05/2021 10:02

Is it always difficult to get in those lists or just now?

pinksnowball · 06/05/2021 11:16

@alonim I have no idea, but the last two times I was looking we didn't even bother trying to get on the estate agents lists. We just found properties on rightmove, viewed them (sometimes more than once!) offered below the asking price and were accepted. The good old days Grin

TakeYourFinalPosition · 06/05/2021 11:25

@fluffycupcakes Sorry that the house was rubbish Sad

Still no news from our buyer. Last Wednesday, she asked us to wait until after she'd checked with her Dad that he would still buy in cash... over a week later, and we haven't heard anything from her. The estate agent begrudgingly called us back on Tuesday to say she hadn't heard anything but didn't want to keep calling the buyer, as it might be harassment.

So, I suspect that's done. We'll tell our sellers today... He hasn't found anywhere to move to yet so I think we could keep going and hopefully find someone, but I suspect he'll want to offer it to one of the other asking price offers rather than wait, so it's probably the end of the road for us for now...

I feel a bit hopeless with it all. I can't see the property market quietening down here, really. I think it'll settle in some places, but it doesn't seem to be here... but flats seem to be surplus to requirements now, with all the new housing. And I don't mind living in a flat, but there is no room here for the baby. It's been just about alright for the two of us, a struggle with us both now working from home, there's just no more room for a baby too.

Tulipwood · 06/05/2021 13:00

@TakeYourFinalPosition that is so frustrating. There’s nothing worse than silence when it comes to stuff like this. Is it worth asking the EA to chase again? Surely it’s not harassment, they need to say either way.

I don’t know if it’s because of the bank holiday but no new properties have been listed in any of the areas we are looking at this week, suitable or not. A bit worrying! The only one we are interested in is going to best and final on Monday but has a fully booked open day Saturday 🤦‍♀️

Outonmyear · 06/05/2021 13:10

Same here (looking in 3 areas in NW)

I noticed when I was out today that estate agents windows were full of sold properties but not marked as sold. I got excited over one, went on rightmove and it’s gone (ages ago). Think they’ve run out of property to
display. Whole thing seems to be grinding to a halt.

Original poster
fluffycupcakes · 06/05/2021 13:33

@Outonmyear this is also happening where I am.

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Panda368 · 06/05/2021 14:14

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IpanemaChic · 07/05/2021 11:56

I think it has ground to a halt, we are watching three areas to buy and nothing is coming on on any of them.

We’re not sure about moving now, if we wait then it’s another 3 years until we can try again because of dc and gcse years.

Original poster
fluffycupcakes · 07/05/2021 12:07

I honestly think if I still had our old house I cba with this stress and would just stay put.
Seeing another house today. Thought it was a lovely one that dh sent me earlier but it turns out that lovely one is sold ASAP before we could even get an app

so we are now seeing a run down bungalow that is already pretty high in our budget with but apparently with some kind of imaginary economics going on in my dh head we're going to extend it sideways and upwards all for less than the £100k we'll have left over.

Ummm hmmm. Taking this one with a pinch of salt if I'm honest.

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HelpMeh · 07/05/2021 12:16

Good luck @fluffycupcakes. Bungalows are in demand at the best of times though so you may need to dig deep and offer high. It's also not always advisable to extend them upwards if you plan to sell in future, as you remove their USP.

Original poster
fluffycupcakes · 07/05/2021 12:21

Thanks for the advice @HelpMeh i didn't know that. I think I'm just going because there's a nice coffee shop down the road, dh is dead keen on it after I threatened to redo the grotty bathroom in our rental if we're stuck here for the foreseeable future Grin

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Original poster
fluffycupcakes · 07/05/2021 20:22

House today was by a main road. Horrific traffic noise and a distant motorway added to the problem. Didn't know the area too well as were now branching out into different cheapest areas.

Tomorrow two viewings in the morning, drove past one of them this evening and utterly depressed at the size to price ratio.

Going to view anyway in case it surprises me. 2nd house looks lovely and I can't wait. Shame it's over budget but now it's time for me to get the imaginary economics going. Going to sit down and work out what we need to do to get to the asking price bit scared to go below our usual float of savings but may have to in these expensive circumstances.
Good luck anyone else trapped in this market!

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Cowshed7 · 07/05/2021 20:41

Good luck @fluffycupcakes, for both of them! I think what we are realizing now is that people aren’t listing as they don’t want to get stuck not finding anywhere to go to ( and then have buyers breathing down their necks) .. so it’s systematic chaos !

Outonmyear · 07/05/2021 20:59

That sounds promising!

Yes - it’s like the worst game of musical chairs at the moment - hundreds of players and about 5 chairs.

House came onto rightmove before - I was briefly excited until I realised it didn’t have central heating and was a full refurb job. Again, for the same price as a beautifully done one last year. I don’t get how signing up to paying 40k plus on what is already overpriced for the road is a good idea. But somebody will! And then the prices will be even higher in a fortnight and I’ll wish I’d bought it.

Time for wine! Wine

tanguero · 07/05/2021 21:24

Outonmyear Fri 07-May-21 20:59:4

Yes - it’s like the worst game of musical chairs at the moment - hundreds of players and about 5 chairs.

I REALLY want to list - am now rattling around, in a 4 bedroom Edwardian family house - sought after street - that needs a family again - but can't - because, although my no chain/cash off (for a one-bedroom flat) was accepted in JANUARY ! I'm still waiting for my seller to find somewhere and offer to 'complete'. On Monday, I'm going to give them until May 31st to complete, if not (seems likely) I'll stay put. Staying put will (for me) be better than going through the whole (stressful) process again. The market is in stasis.

Original poster
fluffycupcakes · 07/05/2021 21:31

@Cowshed7 thank you. @Outonmyear yes this is the problem we are currently enduring prices going up and up until we can no longer have what's a 'good' price and what's not. Albeit perhaps without enough wine, this must be why we haven't made decisions to buy in time Grin

Good luck @tanguero this market truly is unprecedented times atm.

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