It's a Buyer's Market: experiences in 2023/2024 ?

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Just wondering what other buyer's experiences have been like on this side of 2023? Any horror stories? Issues with sellers? Guzumping? Guzundering? Problems with EA?

There's a few threads with Seller's experiences on MN (many saying their buyer can't afford the mortgage for their (overpriced?) property and so re marketing them).

What good and bad experiences have you had as a buyer?

Hope this thread will be useful to the buyers of 2023 and 2024!

I’m not sure I’d describe it as a “scummy technique”, I think in at least some of the cases it’s just idiocy on their part. Unless they’re tying the vendor into some hideous interminable contract, by deliberately overpricing they run the risk of not winning a sale for that person before they switch agents.

In my experience with EAs it’s far more likely to be stupidity or weakness in the face of slightly deluded vendors who insist they think they can get more and the agent not being assertive - or confident - enough to disagree. And in a stagnant market where they’re no doubt under pressure to secure new clients, that becomes more difficult for them.

I had two local agents who valued my house significantly under another valuation I’d had. When I questioned their lower valuation, they both immediately said “oh well if you think you can get that let’s try it at that higher price and see what happens”.

Agree … we got 2 valuations on my Dads flat and preferred the EA who gave the lower valuation.

I started to talk to them about it saying “the other agency gave a higher valuation…” and he immediately jumped in with “we can try putting it on at that price, no problem. I wasn’t disputing their valuation but he assumed I was, presumably because EAs meet so many unrealistic Sellers.

EAs value on the generous side anyway (they would say because “you never know” and “it’s good to test the market if you’re not in a big hurry “). But Sellers who then negotiate an even higher valuation are only creating problems for themselves in most cases.

I had three EAs all give roughly the same valuation. When I’d picked one, and suggested we actually price at 10% below valuation he almost collapsed with relief, saying that he’d just been on a course about pricing in a falling market and that I was doing just the right thing. He was part of a big chain and I wonder if over-valuations are expected.
We accepted an offer, btw, although the buyers subsequently pulled out. I think they got cold feet over the financing (they were hoping to move without selling their existing property). So we’re back on at an only slightly reduced price.

Thanks all. I am aware of AEs tactic and the house was priced at a level with similar properties that were already reduced. It's probably early days to judge and time will tell.

I am interested to hear experiences of those who are looking to buy and sell at the same time, how long did it take you to get an offer?

Have these other properties sold?

We've been looking since April and have just bought a 3 bed in a reasonable area of the south with 90min commute to waterloo, close to the sea, in a nice estate and catchment for the school we wanted. Seller had reduced from £350k in June to 315k but the house is turnkey ready (better condition than I was expecting in all honesty) and has potential for investment / extension without losing garden. Already been clear that if anything is found on the survey we will be reducing the offer and seller is on board as they just want it gone (2nd house).

Seen some absolute shockers within the price bracket - extensions leaving little-to-no garden, oddly shaped rooms / extensions, probate houses on for just under 300 with literally no changes since the 60s, often no driveway/parking priced the same or 5k under houses with it.

What's the problem with conservatories and is there a better option? We were going to add one as I love the light (my current office is one) and kids do best with a separate play space.

Conservatories are marmite, people love or hate them. We had one in a rented house once and it was too hot in summer, too cold in winter. My sister has one now and it’s too expensive to heat in winter (it’s a big one) so she just uses it to store plants this time of year.

If you have space to put a conservatory on, it’s probably better to build a proper extension instead. Otherwise you won’t necessarily get the money back you spend installing it, when you come to sell.

I think a week is quite early. The past two years have made it normal for things to sell the day after they’re listed but before that it was normal to take a few weeks for an offer and buyers to get time to have second viewings and bring their parents if FTB etc.

We sold this year but didn’t buy at the same time. Got three valuations- 165k, 175k, 200k. The 200k was silly and the estate agent used dodgy ‘just called the boss to get you a special deal if you sign now’ tactic so no chance. We went with the estate agent who suggested ‘offers over 165k’ but listed at ‘guide price 175k’ (because a similar house down the road was listed for 180).

The estate agent said he prefers to list lower to get viewings and offers over than list higher and expect buyers to ask for money off but agreed to list at 175k. We had lots of viewings but no offers. Reduced to ‘offers over £160k’ after 5 weeks. Did one weekend of viewings (not open house) two weeks later, and got 6 offers between £161k and £180k.

We were lucky and sold at £175k. so it actually went how the estate agent originally said it would. Listing to completion took 4 months.

I am buying/selling at the same time, got three offers within a month - but this was late Sept/early Oct and I’ve noticed a drastic drop in activity on RM since then - both in new listings and what seem to be anyone placing successful offers.

Good advice.

It seems some estate agents are waking up to reality?

https://propertyindustryeye.com/opinion-why-estate-agents-should-help-the-market-fall/

Conservatories can be a bit of a pain - unusable for a lot of the year and taking up garden space. They tend to lose a lot of heat and be too expensive to heat so not really usable for 3-4 months at the coldest part of the year. And far too hot for 2-3 months in the summer.

Something more like an extra room with proper brick construction but a lot of windows and a proper roof rather than glass can work better.

People are waiting for rates to go back down, I think they might be disappointed. The difference now from previous property crashes is that so many people have additional property, BTL, Air BnB, 2nd homes, holiday homes..........when the panic finally sets in, and it always does eventually, it will be a bloodbath as people try to exit a dying market.

You keep telling yourself that, Crashy 😂

Most agents working today have only known zero rates, they have no clue how to actually sell houses, the property mania was selling for them, loads are going to go bust I think, many will be relying on gouging landlords and tenants for their crust ATM.

I think the very sudden decrease in activity is mostly seasonal, and that things will return to “normal” in the New Year. “Normal” being a fairly stagnant market where attractive well-priced properties still sell easily and the rest take a lot longer and most likely need to reduce in price.

Re the probates, god yes they have driven me nuts. We've been looking for a year and a half with one sale falling through this time last year.

When we offered on our previous attempt we just wanted space but were begrudgingly bidding on probates that were so tired and needed so much work and were only 10-15k lower than 'done' houses. I was so stressed when the first sale fell through but in retrospect so glad we didn't get that house because we were paying way too much for it.

We've just had an offer accepted on a new place which has steadily had about 90k knocked off the value. It needs work but we can afford it now. We actually looked at it last summer and liked the potential but not the price (there was also another viewer telling the agent that they'd definitely consider but only at 50k lower funnily enough).

We're pleased with the outcome but man it's been like pulling teeth to get here.

I'm so very happy I found this thread!!! All the advice from everyone is gold for buyers and I definitely do not see a spring bounce at all. Nothing has changed. It's absolute nonsense and is laughable coming from estate agents and MN sellers. If anything mortgage rates have been creeping back up. Don't believe anything coming from those who want to benefit from overpriced housing.

You sound realistic! Just wondering how the sale of your house went? Hope it all worked out in the end

Good advice.

I'm very interested. We have been in stasis for lots of reasons for several years and are just about able to forecast our move (from SE Cornwall to the West Midlands probably-- for family). We're retiring and downsizing, and will give our DC a healthy deposit when we sell our house. But we need to find a house we actively like and want to move to. And we are not seeing much that appeals. If we like it, it's either too big or too expensive to bring up to standard.

Very relaxed to be told we are prima donnas... but we are going to live in it for 20 plus years, until we are carted out in boxes, so we'd like to sell well and buy well.

"so we'd like to sell well and buy well."

What does that mean?

Did things return to "normal" in your area?

@Crashy, it means we intend to sell at market value (our house is one of three built in the 1970s that are spacious at around 3,000sq ft, with fabulous views, on decent sized plots of land). I am reluctant to consider 1,300 sq ft for the same money.

In exchange, I aim to buy 1800 sq ft, on a flat plot, without a massive refurb required.