Advice Please

[Guest Django]

For my penny's worth...

 

Get what you can get for it now. I was watching a programme last night and it is only going to get worse. The house market is going to totally collapse. New builds have already started to be cancelled. On other sites building will only be commenced when the money is paid in advance.

Investors can now only get a 60% mortgage so that knackers the buy to let market. Which those that have tried the 'we will buy your house' adverts have found out.

A point was made on this thread re the people buying your house will have a lump of equity to put down on your house so they don't need anywhere near a 100% mortgage. This is very true. Unfortunately to attain this equity someone needs to buy their house and so on down the chain. When it comes to the first time buyer where does their 30-40% lump sum from????

 

If you would like to be in Adelaide before 2112 get your house sold for whatever you can get (so long as its more and not less than you owe on it). In 6 months time you may well find you will be getting worse offers. Also you will find your belts tightening even more as engery prices are going up by 40% come January and don't get me started on how much you will be paying for petrol/diesel by then.

 

Good luck to everyone like us stuck in this mire. Its not funny and its only going to get worse.

 

Pete

[Guest natdan]

te=Django;43833]For my penny's worth...

 

Get what you can get for it now. I was watching a programme last night and it is only going to get worse. The house market is going to totally collapse. New builds have already started to be cancelled. On other sites building will only be commenced when the money is paid in advance.

Investors can now only get a 60% mortgage so that knackers the buy to let market. Which those that have tried the 'we will buy your house' adverts have found out.

A point was made on this thread re the people buying your house will have a lump of equity to put down on your house so they don't need anywhere near a 100% mortgage. This is very true. Unfortunately to attain this equity someone needs to buy their house and so on down the chain. When it comes to the first time buyer where does their 30-40% lump sum from????

 

If you would like to be in Adelaide before 2112 get your house sold for whatever you can get (so long as its more and not less than you owe on it). In 6 months time you may well find you will be getting worse offers. Also you will find your belts tightening even more as engery prices are going up by 40% come January and don't get me started on how much you will be paying for petrol/diesel by then.

 

Good luck to everyone like us stuck in this mire. Its not funny and its only going to get worse.

 

Pete

We are in the same nightmare !!!

Its time to take the best offer and run, OH [ estate agent] says things are very bleek , even though trying stay positive. wayne n louise

[Guest muppetbro]

consider this.....

 

estate agent comes around and tells you your house value has gone up - i guess it will take you 3 seconds to readily accept this...?

 

estate agent comes around and tells you your house value has gone down - i guess for 6 months youll be criticising the agent and any cheeky offers coming your way as being insulting....?

 

and this is where the market currently stands - in the past 2 weeks alone the news of massive cutbacks from builders, morgtate withdrawals and todays bankruption of a major player in the usa (signalling more shocks to come) signals at the very least a 2 -4 year major readjustment of the housing market (does anyone really believe a house was worth its market value of 12months ago???) simply because the banks will not throw easy money away at lenders.....

 

blame the mortgage advisors. banks, estate agents but dont blame buyers - same stupid thing happened in adelaide last year - media frenzy easy mortgage lending so houses inflate at a unrealistic rate (east coast prices are being hit as we discuss although i do think the "catching up" of adelaide will protect from property crashes)

 

i truly sympathise but for now i view a house and wipe £20000 before i even consider what i think it is worth for me - how can a house price ever be anything other t han that ?

 

for first t ime in m y life i can tel estate agents exactly what i think a house is truly worth to my earning power - they know and i know a house will ONLY sell under those conditions....

 

in 5 weeks viewing houses i have had 2 offers accepted 25 and 20k below asking price - the latter needs modernisation so i said drop a further 31/2 k to which i w as told n a week ago....today she accepted and know i have said ill think about it cos house prices are dropping big time for the next 18 - 24 months minumum......so why on earth should i rush into a purchase knowing t he same house will be 5- 10 k less in 6 months.......

 

i thought i would post my point of view as a buyer in the uk in the current climate - you see we have been use to win win situations for the past 8 years - did we care about low earners or first t ime buyers or people having to worry about 100% mortgages....no we only care about our personal circumstances......

 

are estate agents controlled / governed?

are mortgage advisors really so concerned for our well being?

 

no, no and no

 

good luck but i would strongly echo what has been said - decide what your lowest price is and snap the hands off any offer anywhere close to it as there is simply not the numbers of potential buyers out there - good luck - i sincerely mean t hat but youll certainly need to brace yourself down under asits similar cost of living overall and with current exchange rates for the£ !!!

 

if i had the £ id be buying 2/3 houses here.....sounds a familiar story?

 

anyone selling a house around preston / blackpool pm me - cash buyers can exchange 3/4 weeks - how much is that worth discount on your 3/4 bedroom detached property

 

im afraid there are always winners and losers - i wish there was never losers but im a fool for believing.....

[julie-ruth]

Thanks guys this gives me and a lot of other people in my situation a lot to think about.

 

Julie

[Guest bridget 01]

Hi

 

I think i would go back with a price some where in the middle and if they come back saying no straight away they probably cant afford it anyway. But you do risk them not coming back at all it is really difficult. Good luck what ever your decision.

[Guest LOCO IN OZ]

Hi Wayne and Louise,

 

Just noticed you're in Manchester, can I ask which area? You had any luck yet?

 

We're in Rhodes, nr Middleton, we're already worrying about selling the house, although we have a couple of people who've expressed an interest should we decide to either sell or rent out.

 

I'm not sure if we'd have a problem or not, our's is only a terrace, I think people with houses at the higher end are struggling more?

 

Rachael & Wayne.

 

 

te=Django;43833]For my penny's worth...

 

Get what you can get for it now. I was watching a programme last night and it is only going to get worse. The house market is going to totally collapse. New builds have already started to be cancelled. On other sites building will only be commenced when the money is paid in advance.

Investors can now only get a 60% mortgage so that knackers the buy to let market. Which those that have tried the 'we will buy your house' adverts have found out.

A point was made on this thread re the people buying your house will have a lump of equity to put down on your house so they don't need anywhere near a 100% mortgage. This is very true. Unfortunately to attain this equity someone needs to buy their house and so on down the chain. When it comes to the first time buyer where does their 30-40% lump sum from????

 

If you would like to be in Adelaide before 2112 get your house sold for whatever you can get (so long as its more and not less than you owe on it). In 6 months time you may well find you will be getting worse offers. Also you will find your belts tightening even more as engery prices are going up by 40% come January and don't get me started on how much you will be paying for petrol/diesel by then.

 

Good luck to everyone like us stuck in this mire. Its not funny and its only going to get worse.

 

Pete

We are in the same nightmare !!!

Its time to take the best offer and run, OH [ estate agent] says things are very bleek , even though trying stay positive. wayne n louise