Recession - buy now or wait?

[Cyclone 10]

Siwid- I have already reduced the price but honestly expect to be offered around 20 grand below the price anyway, but no one is offering anything. I know a lot of people who have bought and sold properties both in Sheffield and outside recently, and they have all offered well below the asking price until both parties agreed on a much reduced sum. For example two sellers have sold for almost thirty grand below after trying to sell for two years or more. The benefits of this is that you get to sell your house, but also when buying on you do the same- we got nearly ten grand off our current property which was very cheap anyway, and my sister got twenty grand off the house she bought. There is a knock on effect which benefits everyone.

Of course, I am considering reducing my house price again, but I'm not going to give it away and, as I said, no one is even coming to look. Other propertiesin the area are not selling either and if they do, you don't know how much they got.

I still think buyers are being too cautious- look for properties that have been on the market for a long time and go in there with a low, low offer- you may be surprised what you get!

 

Percentages would be more informative, 10 grand off a 400k house isn't much, 10 grand off a 100k house is quite significant.

[jomarch 12]

Cyclone- I was amazed what we could get for our money down here in Nottingham- substantial 3 bedroom detached houses for between 130- 150 grand and in nice areas. We viewed around 15 properties all of which we could have bought and moved into without having to do anything but cosmetic work. Don't go on the asking price because as I said, people are paying much less but it is difficult to know how much less.

We now have a good sized 3 bed detached house in great condition with detached garage and drive for which we paid just over 140 grand in a good area. Next door is a 5/6 bedroomed house which was too big for us but I'm sure will be a bargain for someone.

Maybe some parts of Nottingham are more expensive thatn Sheffield- but I doubt it.

[GrannyGranny 10]

Its not just about the figures is it?

 

Its about owning your own home, decorating it to your taste, updating when you can afford, maybe its the home you start your family in or have the first date with your future wife/husband. Its more than just a mortgage for 25 years.

 

Also no one knows what the prices will be in 6/12/18 months.

 

I still stand by my first post to buy now if you can and you find the right property.

 

I never fix my mortgage for more than 2 years and have always found good deals.

 

As Cyclone said, each month you delay it is a months more interest at the end.

[Cyclone 10]

Cyclone- I was amazed what we could get for our money down here in Nottingham- substantial 3 bedroom detached houses for between 130- 150 grand and in nice areas. We viewed around 15 properties all of which we could have bought and moved into without having to do anything but cosmetic work. Don't go on the asking price because as I said, people are paying much less but it is difficult to know how much less.

We now have a good sized 3 bed detached house in great condition with detached garage and drive for which we paid just over 140 grand in a good area. Next door is a 5/6 bedroomed house which was too big for us but I'm sure will be a bargain for someone.

Maybe some parts of Nottingham are more expensive thatn Sheffield- but I doubt it.

I don't want to know exactly where you live or anything, but you're being too vague for me to look at the figures.

 

I can say that there are 3 houses on rightmove with 5 beds or more and <180k.

 

http://www.zoopla.co.uk/home-values/browse/nottingham/?q=Nottingham&search_source=home

 

http://www.zoopla.co.uk/home-values/browse/sheffield/?q=Sheffield&search_source=nav

 

<3k difference according to Zoopla if you look at the average price across the entire city.

[DaisyBoo 10]

im suprised people are saying they would accept 20k off the asking price of houses, i am presuming these houses are on at 120k + as all the houses i am looking at are going for the asking price or more!!

[Cyclone 10]

im suprised people are saying they would accept 20k off the asking price of houses, i am presuming these houses are on at 120k + as all the houses i am looking at are going for the asking price or more!!

 

They might be on at 400k, in which case 20k off is only 5%...

[DaisyBoo 10]

They might be on at 400k, in which case 20k off is only 5%...

 

Lucky them living in a nice big house then

 

trying to buy something with 80 - 90k is a nightmare

[Cyclone 10]

That's a pretty restricted budget, there can't be many options available at <90k.

[DaisyBoo 10]

That's a pretty restricted budget, there can't be many options available at <90k.

 

No there isnt but thats all we have got im afraid.

[GrannyGranny 10]

Looking on Rightmove there are 46 houses for sale in S6 alone that are less than £100k. Should be achievable to have an offer of £90k accepted on a house at that price.

[DaisyBoo 10]

yes we are trying but there is alot of competition and you cant knock people down when there are several people going after a house.

[ismangil 10]

yes we are trying but there is alot of competition and you cant knock people down when there are several people going after a house.

 

I think we are seeing different threads here. On one hand people are not selling their houses - presumably these are the higher price range.

 

On the other hand there seems to be a lot of competition for sub £100k houses.

 

So as usual in the housing market, both are right!