[Misc] Selling a house in Sussex - Advice needed

[Greavsey]

The market is absolutely crazy at the moment and all normal buyer behaviour seems to have gone out of the window. We "sold" our house in April, but can't find anywhere that fits our criteria to move to (offered on two places that both went for £100k+ over asking). We've engaged buying agents to find a place (not Phil and Kirsty unfortunately), and our buyers have now taken a 12 month rental contract to wait for us to find somewhere!

Getting to the point now though where the market is going up in the five months since we sold where we're going to need more for our place potentially... crazy..

 

[Springal]

When has there ever been a 'crash' here ? I remember buying my first flat 15 years ago or so now, and even with the recession I don't remember a 'crash' - just lack of mortgages being accepted.

Your circumstance is different, but for those looking to move I am under the impression the amount of sales agreed vs completing is fairly small. My parents have had sales agreed twice now - for £20k and £35k above asking, but both chains collapsed because the house they were buying could not find anywhere or they struggled to find anything themselves. They've given up now

 

[Stat Brother]

When has there ever been a 'crash' here ? I remember buying my first flat 15 years ago or so now, and even with the recession I don't remember a 'crash' - just lack of mortgages being accepted.

Your circumstance is different, but for those looking to move I am under the impression the amount of sales agreed vs completing is fairly small. My parents have had sales agreed twice now - for £20k and £35k above asking, but both chains collapsed because the house they were buying could not find anywhere or they struggled to find anything themselves. They've given up now

There have been 2 in my adult life and on both occasions they've coincided with me buying.
One was 25 ish years ago and the one you reference.

On both occasions I found property desperate to be sold and they accepted stupidly low first offers (hence now being completely alien too me)

 

[jakarta]

House prices are daft in this part of the world due to the 70 million people who now live in the UK, many of which want to live in the South East of England, rather than Taffland and Jockland?

Happily have paid off mortgage and love where we live so no real worries and will almost certainly will be carried out of the place...

 

[exKT17]

Why don't you ask it to be marketed in the Scottish way?

That is, if you think it is worth, say £350k, ask for offers over £325k, that should attract interest and offers, then, once you have two or three offers set a date for final sealed bids, the people who have offered may increase their bids a little, if the bids aren't to your liking you can refuse them

 

[zefarelly]

Why don't you ask it to be marketed in the Scottish way?

That is, if you think it is worth, say £350k, ask for offers over £325k, that should attract interest and offers, then, once you have two or three offers set a date for final sealed bids, the people who have offered may increase their bids a little, if the bids aren't to your liking you can refuse them

This happens here, its how I got my first place in 1991/2, £39 250 for a 2 bed maisonette . . . It was on the market for £36 950 and attracted 3 asking price offers, probably worth £40-42 at the time, was marketed low as had been repossessed . . . probably the last time we had a proper crash. . . only a similar leap in interest rates will see a correction like it now.

 

[Greavsey]

Why don't you ask it to be marketed in the Scottish way?

That is, if you think it is worth, say £350k, ask for offers over £325k, that should attract interest and offers, then, once you have two or three offers set a date for final sealed bids, the people who have offered may increase their bids a little, if the bids aren't to your liking you can refuse them

Many agents are doing this in the current market. The two places we were outbid on went to sealed bids. One house had 100 enquiries on the first day it went onto Rightmove and they ended up stopping at 70 viewings!

It's great for the seller, but frustrating as a buyer!

 

[PILTDOWN MAN]

When has there ever been a 'crash' here ? I remember buying my first flat 15 years ago or so now, and even with the recession I don't remember a 'crash' - just lack of mortgages being accepted.

Your circumstance is different, but for those looking to move I am under the impression the amount of sales agreed vs completing is fairly small. My parents have had sales agreed twice now - for £20k and £35k above asking, but both chains collapsed because the house they were buying could not find anywhere or they struggled to find anything themselves. They've given up now

Late 80's early 90's many, including me in negative equity for a number of years.

 

[zefarelly]

Late 80's early 90's many, including me in negative equity for a number of years.

IF interest rates climb . . . . my guess is it'll be worse than back then. There'll be thousands of blingy cars for sale too!

 

[Cheshire Cat]

Even if property values crash they will inevitably rise back again over time, so unless you are looking to make a quick buck, I would have thought that waiting for a crash is counter productive.

You might as well spend on a mortgage rather than rent (assuming you can afford the costs plus deposits and other charges), so at least you get the benefit of any capital increase.

 

[zefarelly]

selling a house in Sussex . . . . . . you can't lose really

https://www.youtube.com/watch?v=-WCFUGCOLLU

 

[zefarelly]

selling a house in Sussex . . . . . . you can't lose really

https://www.youtube.com/watch?v=-WCFUGCOLLU

 

[Sarisbury Seagull]

Selling (and buying) a house in Sussex - Advice needed

We've had a couple of agents round to value Stat Towers.
They've come up with the same unfeasibly large valuation.

They both said the same, basically, 'we really can't explain the market'.

Naturally this then carries over to the next property.

My question is:-

If nobody knows what's going on.
If prices are rising at an unprecedented rate.
If, like me, you believe poop is just around the corner.

I can't grasp why everyone I speak too is so anti renting for 6 months,

I can't be the only person thinking 'hmmmm if this is just he best ever time to sell, now can't be the right time to buy'.


I have every intention to buy again, but even saying 'or I might just rent and see what spring has to offer', gets so much pearl clutching I can't work it out.

Speaking as someone who has worked in the industry for over 22 years, I find that people dwell too much on the 'market' and house prices.

Now and as it ever has been, it's the right time to buy if you find the right house for your family and you can afford it. If you don't find the right house or you can't afford it, it's not the right time to buy.