Outbid on house again!!

[Cyclone 10]

It won't make any difference unless they want to sell the house again without buying another in the same country or if they want to downsize. If prices drop its a good time to move up. House prices go up and down, its a fact of life. Knowing what is good value and a good investment is the key to playing the market. A house has to be seen as an investment as well as a home. Do this and it will be fine.

 

I would suggest dropping the vendor a note through the door to advise them of your offer made via their estate agents. We have found that not all offers get put to the vendor properly. We were trying to buy a house over the road from our friends so it was easy for our friend to check if our offer had been put to the vendor.

 

If you are in negative equity you'd probably find it impossible to move.

 

---------- Post added 09-08-2016 at 10:55 ----------

 

I disagree, yes the economy isn't exactly stable but we still have an ongoing supply issue, estate agents are literally running out of houses to sell. Basic economics suggest house prices won't be dropping at least not in the near future.

 

Hasn't demand dropped considerably?

 

The most recent RICS price assessment I heard was that prices were likely to fall slightly.

[spider1 11]

If you are in negative equity you'd probably find it impossible to move.

 

---------- Post added 09-08-2016 at 10:55 ----------

 

 

Hasn't demand dropped considerably?

 

The most recent RICS price assessment I heard was that prices were likely to fall slightly.

 

Maybe in london were you have to pay a million pounds for a terrace. In the north hold on to your hats .

[Cyclone 10]

Key points from last RICS report on residential property (June report)

 

Buyer enquiries fall for 3rd consequtive month.

Agreed sales numbers fall sharply

Medium term expectations slip, but remain positive

Full report here

http://www.rics.org/Global/6._WEB_%20June_2016_RICS_UK_Residential_Market_Survey_ri.pdf

[spider1 11]

Forget all the massaging of figures . More people are desperate to buy than ever but cant afford it . Rentals are going through the roof . Builders cant get trades Bricklayers / Joiners e.t.c. / Whats going on in this country no social housing ./ i put a property for rent a couple of weeks ago what i considered a fair rent and had about 50 inquiries in an hour / Hold on to your hats buyers You see see some thing you want go get it

Edited August 9, 2016 by spider1

[Cyclone 10]

If people can't afford it, then houses won't sell and prices won't go up.

[spider1 11]

If people can't afford it, then houses won't sell and prices won't go up.

 

Yes they will in the north and midlands but not in the south ./ look around people from london and southern areas are moving up here and buying ./ Up to the gov to do some thing about it rediculous situation

[Danny_Boy 10]

If people can't afford it, then houses won't sell and prices won't go up.

 

People can afford it, some people do not think they can afford it due to negative press. The main issue is lack of stock due to lack of confidence.

 

Industry experts expect prices to stagnate I think prices will creep up as supply really is low.

 

It is extremely difficult to predict as lack of confidence means lower house prices but lack of stock means higher house prices.

[nightrider 13]

Hi all

 

Looking for some advice, we are a couple in our 30's, first time buyers looking to buy in the S6 area since Feb with no success!!!

 

First house in Walkley was on at 220, we bid and went to sealed with us and 3 other couples, we bid 230k and lost it which was fair enough!

 

Just lost another on today in Wadsley, on @ 240, initial bid we went in at 225, asked our position, first time buyers, no chain and had approval in principle etc, Ea said she would put in to vendor but we were highest offer at that point would speak to vendor but came back 25 mins later and said we had lost it, I asked why we weren't in a position to offer counter bid or do sealed bids and she said vendor wasn't interested.

 

I feel like we are banging our heads against a brick wall, we r in a good position with a budget of 250 and keep losing out.

 

Any advice greatly received.

 

Thanks

 

Make sure the estate agent passes on the correct details.

 

I subsequently found out last year a well known EA had passed my offer on, but attached someone else's financial details. Not the best way for a vendor to make an informed decision.

 

Also I found certain EA seemed to price things such that it encouraged a fierce bidding war, whilst others were more realistic (in terms of pricing such that if you offered around the asking price, it would be accepted - this was the case for the house i eventually bought, but it was through a new entrant to the market who does not market most of the houses in Walkley. Of course this is anecdotal, in that I only bid on one house through that EA and got it! So i might not extrapolate to a real trend).

[Cyclone 10]

Yes they will in the north and midlands but not in the south ./ look around people from london and southern areas are moving up here and buying ./ Up to the gov to do some thing about it rediculous situation

 

You can't have it both ways.

 

If people can't afford to buy (in the North) then prices will not go up (in the North).

 

Demand moving up from the South would continue to increase prices I agree, but where's the evidence that people are moving North in sufficient numbers to have any impact on the housing markets?

[Evie34 10]

Thanks so much for the advice and the replies everyone! We would have no intention of selling, we are really looking for a forever house. The vendor seemed like they were keen to sell so that's why we went in low, but we were quite prepared to go higher given the option. Ea said the other interested party were in s better position that is but hadn't given asking price which we were actually prepared to do!

 

I would be tempted to put a note in the door except the ea asked vendor to go to final offers and they said no, so very confused!

[Cyclone 10]

How can the other party be in a better position?

 

You're a 1st time buyer with cash to pay? It doesn't get any better than that does it?

 

No harm putting the note through the door, worst that happens is that they ignore it.

[Evie34 10]

Perhaps full cash buyers, we would need a mortgage anyhow but not like others with small deposits!

 

I think I will over the wend and see how it goes