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Original poster

Property market is not dead. How quick is this.

32 replies

Cookiemonstersnana · 07/10/2022 16:50

DM has gone into a residential home with dementia.
We have finally put her house up for sale on Wednesday.
This is near to where the HS2 will be. Cheshire.
It needs updating as not been touched since dad died in 2001.
Today we have had 8 viewings and tomorrow another 6 are booked in.
4 from today have made offers with full asking price.
Waiting until after the weekend to make a decision.
Oh and 2 of the 4 are cash buyers.

OP posts:
ArseInTheCoOpWindow · 07/10/2022 16:51

Sounds like round me.

MrFirstTimeBuyer · 07/10/2022 16:56

Sounds like you priced it too low 😀

LimboLass · 07/10/2022 19:18

Without knowing the house and price your conclusion is meaningless.

FuzzyPuffling · 07/10/2022 19:21

That's nice.
Don't read the threads where there are countless issues and people pulling out of deals/negotiating downwards right left and centre.

OnTheBrinkOfChange · 07/10/2022 19:22

I agree you've under priced it.

Original poster
Cookiemonstersnana · 07/10/2022 19:43

No this was marketed at the price we were happy with.
Lots of updating re new bathroom, kitchen, needs the boiler changing, electrics are old.
Some damp in one of the bedrooms.
The house at the top of the street in near perfect condition sold for £167k in July.

OP posts:
Original poster
Cookiemonstersnana · 07/10/2022 19:45

Sorry pressed to soon.
Ours is up for sale at £155k

OP posts:
Bodgejobvendors · 07/10/2022 19:46

Well a mortgage on that will be peanuts. Cheaper areas will hold up better.

AuntSalli · 07/10/2022 19:54

Bodgejobvendors · 07/10/2022 19:46

Well a mortgage on that will be peanuts. Cheaper areas will hold up better.

Oh really? the house price crashers usually claim that the cheaper areas will be hit hardest and plummet because nobody wants to live there and cash investors will only seek bargains, they won’t pay what vendors are looking for.

BlueMongoose · 07/10/2022 20:10

AuntSalli · 07/10/2022 19:54

Oh really? the house price crashers usually claim that the cheaper areas will be hit hardest and plummet because nobody wants to live there and cash investors will only seek bargains, they won’t pay what vendors are looking for.

Show quote history

To be fair to the 'crashies' I think that current thinking is that the market got most overheated in the last year or two at the 'large family home with big garden' end, due to changes in preferences re the pandemic. Smaller houses and flats, not so much. But TBH I think this is all so dependent on area it's a bit meaningless. Nobody knows what prices will do, we're all just guessing; international and UK-national financial situations could change a lot in the next few months, the situation is very volatile. So I don't trust anyone who says they know!

LimboLass · 07/10/2022 21:30

Dark pink bathroom suite?

donttellmehesalive · 07/10/2022 21:40

I'm not surprised a house selling for £155k sold fast.

Original poster
Cookiemonstersnana · 07/10/2022 22:34

@LimboLass ????

OP posts:
hannahcolobus · 07/10/2022 23:08

This reply has been withdrawn

This has been withdrawn by MNHQ at the poster's request.

LimboLass · 07/10/2022 23:39

Does it have a dark pink bathroom suite? lots of old people had them back in the day.

earsup · 07/10/2022 23:49

It's all holding up here in east london....agent friend sold 2 houses the other day for over asking price....lots of young couples with tons of money to splash..rich parents helping out etc....let's see how things are next Feb....!!

Yellowjacketforwinter · 08/10/2022 02:02

My colleague lost out on a house today, valued at £350k, their offer £401 they were 2nd lowest out of 7 bids! Needs new bathroom, kitchen etc. So no slow down in Edinburgh either

Inapicklee · 08/10/2022 08:35

Not had a problem in the Home Counties.
Sold our 3 bed for just under 500k within 2 weeks, our buyers sold their 2 bed within 3 days of it going on the market.

Original poster
Cookiemonstersnana · 08/10/2022 09:01

@LimboLass no the bathroom is advacardo all the rage in the 80's.😂😂

OP posts:
Bodgejobvendors · 08/10/2022 09:15

Inapicklee · 08/10/2022 08:35

Not had a problem in the Home Counties.
Sold our 3 bed for just under 500k within 2 weeks, our buyers sold their 2 bed within 3 days of it going on the market.

Unless you have a cash buyer, the buyer is now applying for a mortgage with a much tougher stress test, so problems may emerge.

loottie · 08/10/2022 10:15

It's still early days, A lot of people will have 6 months to find a house on the lower mortgage rates, but those deals will be expiring soon.

The country is more and more divided wealth wise and the gap between rich and poor increasing hourly.

So it's not really surprising you have first time buyers paying for a £2 million flat in cash while the queues for food banks get longer and longer.

Bridgeth29 · 08/10/2022 10:24

Go for a cash buyer, but you could ask them to put in their top bid rather than just pick one at the asking price. Or if you need a quick sale to pay for residential care fees (you may not need to do this - many care homes are happy to wait to get paid so long as they know it's coming at some point, let them know the home is on the market and had offers) you could ask they complete in a certain timescale.

BringMeTea · 08/10/2022 11:24

Sorry to hear about your mum OP. Flowers

Ithoughtthiswastherehearsal · 08/10/2022 11:37

Be careful that the agent hasn’t priced it too low for a quick easy sale. Some of them do that.

Four offers in first few days at this time of year says to me it was priced too low. (Bet it would have been priced higher if the owner didn’t have dementia.)

Ithoughtthiswastherehearsal · 08/10/2022 11:39

Ps your agent is now arranging a phone auction, or sealed bids, to get best and final offers, right? That’s standard in England. If you simply accept one of the offers without trying to get it increased then you’re not being advised correctly.