We had a viewing booked on a house for first thing Monday morning. The property had flashed up on the agent's website yesterday and I rang straight away to book a viewing. The first available appointment was for 09:00 a.m on Monday, so we booked that one.
I have just had a call to say that they have already received so many offers from people who have not even seen the property that it has now been removed from the market for viewings.
The property market here seems to have gone absolutely crazy. I can see us being in this rental property for quite some time to come.
Good grief! I'd heard of similar here too, and SUCH gazumping. I am so glad that we sold when we did. You will just have to grit your teefs and sit it out I guess, but how upsetting you didn't even get to SEE that property. Is it worth registering with the agent and saying could they phone you just BEFORE something suitable hits the market? I have a feeling that properties listing on Onthemarket, go on a day earlier than on Rightmove? But then presumably, they go on even earlier in the actual agent's window.
ReplyDeleteWe have spoken with most of the agents to ask them to contact us before a property is listed but at the moment it is in their interests to put it up for sale then sit back and see just how high the offers will go.
DeleteWe may have to just sit it out for a year or so and hope that things calm down.
Bovey Belle took the words right out of my mouth: Good grief! I know you have been on the Isle of Man for a long time but perhaps you could use this stressful housing situation as a reason for relocating to Merry Olde Englande just as Susan from "Susan Here There and Everywhere" did a couple of years ago. Here's a £200,000 property in Cherry Burton near Beverley in East Yorkshire:- https://www.rightmove.co.uk/properties/107650496#/?channel=RES_BUY
ReplyDeleteYhank you, YP. That does look very pretty.
DeleteI am not sure we could face the upheaval of moving across to the UK now. It is stressful enough just trying to move here. My sister tells me that her youngest son is facing a similar challenge, but as a first time buyer it is even more so. Prices are soaring beyond reach.
Why don't you put an advert in your local newspaper JayCee saying: Bungalow wanted to buy. Cash buyer, no chains?
ReplyDeleteIt's worth a try and won't cost much.
The problem is that there are so many other cash buyers out there chasing very few properties. I can see we shall be renting for a while yet.
DeleteI think it is a bit like that up here in The Yorkshire Dales.
ReplyDeleteIt seems to be widespread.
DeleteDo you begin to wonder if your place might have sold higher a few weeks later? What on earth is driving the market so that people will offer without even viewing? I know someone who bought their favorite house by simply asking the owners if they would consider selling it!
ReplyDeleteYes, I think we may have picked the wrong time to sell. Our house would fetch almost half as much again if we were to market it now. But we would still be in the same position...unable to find a new one.
DeleteI heard recently that agents are thinking of charging £35 to view a house. They believe this will get rid of those who are not serious buyers. Welcome to the 21st Century.
ReplyDeleteThis lot have been making offers well over the asking price without even viewing!
DeleteIt’s craziness on this side of the pond too! An asking price is a beginning, going up from there. As I’ve said before, we would sell if we had anywhere to go!
ReplyDeleteJust sit tight Bob.
DeleteIt's the same in our area. Apparently lockdown made people want to move to properties with a garden so they have become like gold dust here. I've never seen so many for sale signs in our area and they are all sold within the week at super inflated prices too. I hope you find a place, it must be very frustrating.
ReplyDeleteFrustrating is an understatement!
DeleteHave you noticed that there's a new 'Ask the Agent' run of properties at the top of onthemarket? Just basic details of what they are currently pricing up, might help you get there first.
ReplyDeleteIt's the same here in West Wales. One of our neighbours has just sold, very quickly, and at what we consider a ridiculous price.
Just checking on the above, and the ask the agent search is not coming up for properties in the Isle of Man. What you seem to get is a 'Reserve Buyers List', so you can be notified if there are drop-outs. How odd!
ReplyDeleteThe property market here is small and quite incestuous. You really need to be "in" with the right people to get what you want. I have obviously failed!
DeleteI saw there are currently 536 properties for sale on the Isle of Man. You could always buy a small flat and trade upwards and make a profit on it as the demand is there.
ReplyDeleteWe are currently reviewing all our options again and rethinking our plans. (Some of those 536 properties for sale come with tricky little issues)
DeleteBuy a two bed flat and that should do you for your life now. No worries about land. Plenty of outdoor walks, you dont need a garden. Retire into luxury and forget houses and bungalows. Another 10 years and you'd be moving again. Might as well do it now.
DeleteOMG that is ridiculous.
ReplyDeleteTo buy something without viewing it does seem foolhardy.
DeleteProperty the one item that we celebrate when it gos up in price - nobody would say, oh great, the cost of food has risen again, and yet people rejoice when house prices do. We have a wrong conception of housing as an investment rather than a necessity
ReplyDeleteI wonder if other countries suffer from such over inflated property prices.
DeleteI blame greedy hedge funds/investors buying up properties well over market price in order to then rent out at exorbitant rates. That seems to be happening a lot in the US. Rents are already skyrocketing in many locations. Even more folks--with and without jobs/funds--are going to be homeless in the near future simply because they won't be able to afford housing if the market doesn't cool...and soon.
ReplyDeleteHere it seems to be a shortage of mid price properties that is fuelling the panic buying. There are lots at both extreme ends of the market - £1 million plus or small flats - but not a lot of good quality homes in between.
DeleteToo bad! At least you like the rental where you are now, right?
ReplyDeleteWe once told a neighbor whose house we liked, "if you ever want to sell, let us know." And later they did let us know and we bought it without realtors! Of course, that was in 1987! (and I am still in that house!)
Hope your luck improves!
Thanks Ellen. We are still searching.
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