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Property Market Madness


paulj
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Hi

 

In a bit of a difficult place at the moment, I have been looking for a place to buy for a long time. I stumbled across a nice place local to me on zoopla Yesterday, it was out side what I had budgeted but felt right. I phoned agent to arrange a viewing on Friday, and then decided it would be best to view as soon as possible. I managed to get a viewing 10:30 this Morning. I liked the place very much and there were a couple of worries on the place, but thought I am so particular and this place is very close to my ideal so as I walked back from house in to Town I phoned estate agent and put in offer of full market value, ready to proceed, no need to sell as I am buying. I am in ideal position for them, but got phone call saying the seller had agreed a different offer. The estate agent said time was crazy and he did not know any similar time where interest has been like it is now in past twenty years. They could not divulge why my offer was turned down and I had no opportunity to negotiate

 

I just feel totally drained and depressed, so this house sold in 2 days, they boast on one listing that a house sold in 3 hours. I don't understand why in the tail end of a pandemic how the market is like this. Mortgages are cheaper with interest rates, but lending multiples of earnings have not changed

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It's a crazy situation that i don't understand,on the beeb a while ago there was a report from Cornwall and estate agents said they can't get enough places,someone even bought a house for over a million without even viewing the place...

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I see it as this. Many more people can work from home, so moving away from places like London to the sticks for obvious reasons.

Anywhere you look at in commuterland  of a big city will command the bucks, and are going like hot cakes. Just look at those two just up the street from you. One has been on and off the market for years, now it's gone and the other 2 doors up - in 2 days.

 

Even when I bought mine 30 years ago. Looked in the morning, looked at another, phoned the agent who said 2 more were looking that afternoon, so I offered full price on the spot. I got lucky as I hadn't even a buyer for mine, and the others were champing at the bit right up until I exchanged contracts.

 

You snooze, you lose. But I am still puzzled why you want to go from here to where you are looking. Quiet, glorious microclimate, and none of the problems of a  conurbation.

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41 minutes ago, bentwaters81tfw said:

I see it as this. Many more people can work from home, so moving away from places like London to the sticks for obvious reasons.

Anywhere you look at in commuterland  of a big city will command the bucks

You snooze, you lose.

The problem with that is the ones that buy can afford it (finance being the obvious choice) and the people that have lived all their lives around a certain area like Cornwall/Devon get priced out the market...People buying places as holiday homes because they have money are beneath contempt as far as i'm concerned as they don't give a thought to the locals....

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This is also the case in the US. It is very much a seller's market at the moment.

 

And "I can now work from anywhere" is a part of it. I suspect also some amount of wanting to be away from a heavy population centers for the next pandemic...or zombie apocalypse.

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We  have 3 locations on the Suffolk coast that are predominantly second homes from London. Locals are priced out of the market, the places are deserted out of season, local shops shut due to lack of trade. I spent a year doing Tesco home deliveries. Townies would rock up for a week, and have their supplies delivered as soon as they arrived, sometimes within minutes. No time for them at all.

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To put a slightly lighter slant on what is a very serious subject and the sort of conversations that are going on, here is the exchange between my brother and a work colleague from a number of years back

Bro 'I hear you are relocating to around Sheffield'.

Colleague 'Yes, you used to live around there didn't you? I have sold my house in (pricey bit of) London, what could get near Sheffield? 

Bro 'Rotherham' 

Colleague 'Which bit?' 

Bro 'All of it' 

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Thanks for feedback, I am trying to get an understanding of the situation to help me move. I remember just over year ago outlook was very different, with certain price falls expected, after viewings were not allowed.

 

It does seem working from home aspect it impacting on the market, I could deal with the stamp duty issue, just hold on a while, but work from home aspect, not sure. I had problems working from home in my last job, managers feeling a loss of power because they cant look over your shoulder or physically call you in to a face to face meeting at a moments notice. I feel some companies have moved too quickly in to plans to close offices with shift to working from home, focusing on saving expensive rents. Current shortcomings being accepted because of covid situation.

 

 

 

 

 

 

 

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4 hours ago, dnl42 said:

This is also the case in the US. It is very much a seller's market at the moment.

 

And "I can now work from anywhere" is a part of it. I suspect also some amount of wanting to be away from a heavy population centers for the next pandemic...or zombie apocalypse.

The Violence and crime in almost every major urban area of the U.S. has gone up as much as 170% in one year. That could be a big motivator/factor for getting out of Dodge to the burb’s & boonies. 

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No different here. I moved to Orange (about 250 km north-west of Sydney) a bit over six years ago. I recently had a real estate agent ring me promising to get me DOUBLE (!!) what I paid for my place when I bought it. Even allowing for the puffery that inevitably goes with the real estate game, that's not a bad return over that period. I declined because (a) I'm more than happy where I am, to the point where the only way I'll move out is when I'm nailed up in a box, and (b) if I did move, I'd only have to buy back into what is clearly a seller's market, and any gain would vanish into the purchase price.

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Its the same situation around here being close to the midlands motorway network and a very large distribution centre that is growing all the time,and further projects in the pipeline.What gets me is the price of properties and how the hell do people afford these properties.There is an old farm house up for grabs at the moment near where I live, probably about an acre of land as its not been a farmhouse for many years,development building around it.Nice 4 bed house,next to main road with good access to motorways,rail and bus depots within 10 mins walking,close to all amenties.£900,000.!!!10% deposit and nearly £3,500 pm mortgage.Who can afford these places,probably a developer will buy it and build about 20 houses on the plot.

 

Dave.

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Four listed houses our road sold within a week of being listed, two sight unseen !

 

150k's from Melbourne, 5 k's from the rural city of Bendigo and abutting a freeway to Melbourne, people are leaving the city, as has been observed above, so they can work from home and public transport is close enough for a city commute when necessary.

 

Like @Admiral Puff above, we'll leave here in a box and our ashes strewn across the paddocks, but it's encouraging to note that, on the prices paid in my opening sentence, we're well in front.

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What annoys me are Estate agents that send through letters or flyers asking if you're interested in selling your property just because they have been successful in selling other properties in the area!

 

Just had one through this morning asking if we want to sell because they have sold a property on an adjoining road. Wish they would get lost, we are not interested in selling, and have no intention of selling at this present time. Really does wind me up - especially when this must be the fourth or fifth this year alone so far! We have decided to be on the closed electoral register to prevent our details being used for marketing purposes, so the latest was only addressed to our property rather than our names. Previous ones have only been posted via the RM, again should not have happened as we are registered with the RM red list which is supposed to stop ALL un-named and un-addressed junk-mail being delivered to your address, on the whole it works, but the odd bit slips through if they have a new postie covering the round. 

 

Not interested in selling, don't want to move - having work done on the house (finally after 7 years) and have the workroom/study setup just as I want it! Wnh (and if) we decide to move, we'll contact the estate agents, NOT the other way around.

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Thanks for all the feedback, was trying to take a back seat but this afternoon thought I would check property web sites to keep my eye on the ball so to speak. Similar situation happened again, a good match came up this time not local, will take me at least 4hour journey, say they will call back to see if seller wants to arrange viewing, they open at 10am, seller is only doing viewings until 12am. So I told estate agent to book me in for 12am and I would aim to get there. She refused to do it as they have viewings this evenings and property could be off the market, was only put on this lunchtime

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The bricks and mortar equivalent to what happened in the supermarkets. People 'panic buying' because they can't control their fear of missing out. Difference is that once this dies down the housing 'market' will slump into a trough. Whereas the price of loo roll will remain the same though at least it will be available again.

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A shortage of building materials isn't helping the case here in Australia. House next door sold before the auction for nearly 70 grand more than the real estate evaluation.

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Thanks again for all the feedback, just read an interesting report explaining a lot of properties are being sold off market, by using buying agents as one method. If anyone has any advice of how to buy off market, I would be interested to hear. I have discussed the Thursday sale which fell through with my Father and there have been a number of odd discussions with estate agent and we beleived the sale was agreed before it was listed

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