Can’t find a house to buy

[Owlsandeagles]

We had an offer accepted on our house over a month ago and still can’t find a house to buy.

Where we live the pricing gap between 3 bed semi and ‘next size up’ 4 bed detached is nearly £200k, which we just can’t afford.
We’re even considering other 3 bed semi’s, 4 bed semi’s but because the price gap is just so big no one is putting this size house on the market.

It’s just insane, and really depressing! If I’d have known we’d be stuck in this house when we bought it 10 years ago we probably would have stretched ourselves and got something bigger back then!

We can’t rent as we have a low mortgage rate that we need to port.

This is so ridiculous!!!

Frustrating.

Your going to have to stretch your area then

We can’t unfortunately as our kids go to school here and we don’t want to change!

Can you extend it and save on the stamp duty?

Well then you’re stuck.

maybe pull out so your buyers can get moving somewhere else?

I’m still in my flat I never expected to spend so long in but I’d rather have a small mortgage and live in an area I like than have a bigger house, huge mortgage and be stuck in the sticks!

We’ve already extended, I’d really like to move as we’re on a main road and I’m sick of the traffic! If we were on a side road I’d definitely stay and extend more!

I’m in Ireland, I’m a cash buyer and keep getting outbid for every property I bid on.

Firstly, are you at risk of losing your own buyer or are they happy to wait?

Perhaps those detached 4 beds are over-priced and can be secured at an appropriate discount? Check out Area360 area profile to see what is happening in your local market.

If you want to move you are going to have to compromise somewhere. What's most important? Bedrooms? Location? Etc. The house I live in didn't make it to the main pile but I went back and realised it had my specifics but I didn't love the outside. I viewed it anyway. It''s a brilliant house and I have never regretted the move. Not quite the Tudor red brick I had in mind but there you go. Bottom line though, if you can't afford your main requirement guess you'll have to stay where you are

Are you me? I could have written your exact post. It is beyond depressing.

We can afford the step up to 4 bed + and took on better paid jobs to do so but there's nothing for sale in our 3 mile search radius.

Rent. Become a dream buyer. Wait for the prices to come down - I think they will.

Too risky

Plus we have a very good rate for our current mortgage that’s due to expire in 2032! If we have to take on a mortgage at 5% for the whole amount we definitely won’t be moving!

It’s rubbish isn’t it! We earn good money between us, but my husband is late 40’s so can’t take a mortgage on for too long a time. Otherwise we’d probably be able to do it 😩
Market just feels absolutely dead except for overpriced probate houses.

Yes it would not be sensible on loads of levels!

There's nothing half decent too rent here either. And we need to manage logistics to a primary and a secondary school that are a few miles apart.

The overpriced probates are really wearing me down!! There seems to be no regard for actual value or condition of the property. One agent told me ‘the daughter wants that much to pay off her mortgage’. My response was ‘don’t we all. But nobody just gives us money for nothing’

Loads of house sales due to divorce here and the asking prices are very unrealistic presumably as they both need a chunk of money to finance their onwards purchases.

I think the answer is that you shouldn't take much (too much) notice of asking prices. Look for the houses in the location you want - you said you really want to be off that main road, so prioritise that. If you bought a 3 bed house, would it be possible to consider an extension at a later date? Make offers at the level you think the local market is actuallyat, not what estate agents have persuaded vendors to market at (usually inflated to secure the business). All you need is one seller who is realistic and keen to secure a sale over achieving an inflated price.

Sounds like a lot of wasted time on the OP’s part to ignore asking prices

We are in the same boat 😞 accepted an offer on ours last August. They were first time buyers and living with parents so were happy to wait. They eventually dropped out in January, fair enough.

put back on the market end of March and have had loads of viewings but absolutely nothing for us to go and look at. I think we are going to give up for now. It’s just depressing.

I would stay as you are and try and someone a three bedroom semi that would be easy to extend, prices in real terms are predicted to go down so try to be patient. I would also save as much as you can to increase your deposit / equity.

I used to live on a main road (renting) and I hated every minute. Problem is that some potential buyers are also going to be put off your house because of the location so I would really think hard over the next few months or so about a realistic asking price for your house.

We’re also looking at 3 beds but there’s barely any coming to market. I expect that’s because the price gap to upsize is too big!

It is super depressing! Interest rates may go up in the near future and we’d be struggling even more yet house prices seem to keep rising at ridiculous rates here!

@fundamentallyauthenticwe’ve already sold, so that’s not a problem.