Support thread for house sellers(993 Posts)
Just what it says on the tin, really! I'm sure there must be other stressed house sellers out there? Hopefully we can band together and get some small joy of (hopefully?) seeing our houses sell so we can get a move on!
This is a thread of hand holding and mutual support for the EA dealings, weeks of silence, frantic house tidying, no-show viewings, silly offers and tough decisions. This is not for house bashing and price slating. There are plenty of other threads for that!
I've been trying to sell for a year now. Had a surge of viewings earlier in the summer making the right noises, but all has gone quiet for the last few weeks.
However, we have a viewing booked for later this afternoon from someone who has sold their house and is able to proceed - wanting to move before Christmas. Currently swinging between pessimistic and optimistic, while trying not to look at the house we want to buy!
Anyone else out there?
Hi, I'm still here too. Sold earlier in the year but fell through. Viewings now dried up. Contemplating giving up!
I will jump on this bandwagon. I need somewhere to vent!
I accepted an offer from FTB's on my vacant house end of May. The FTB's did not apply for the full mortgage until end of June. Two weeks ago they got the mortgage offer through, which was all they were waiting for to exchange and then announced they wanted a damp report for very minor damp work on the day we were due to exchange. Report was done the next day and they agreed the day after to exchange after some negotiation (ie me offering to throw £100 at the problem - total cost to repair £150). They were supposed to exchange yesterday but their solicitor was not in and no-one else would take on the file in the solicitors firm, Estate Agent has chased up this morning and their solicitor is in but now they cannot get hold of the buyers ffs. Their solicitor needs to confirm with the buyers that they are happy to exchange before she will. EA has given them a deadline of today at 1300hrs.
What is even worse is since accepting this offer we have moved back from overseas. We are currently living in work accomodation, but we have found and offered on a home we want to be our 'forever home' that is also vacant, so if things did progress we could be in before Christmas (I hate my husbands work accomodation). If not we might have to let the people we are buying from down, and we have already appointed solicitors to complete the purchase and put money on account, and made a full mortgage application.
My Mum is stressing because she is having to check the property every couple of weeks, although in reality she goes most days, for insurance purposes.
So tired of all of this now, and I am terrified the buyer is going to pull out.
That is my greatest fear at the moment because we can't live in husbands work accomodation longer than another year, and the house we own isn't big enough for us anymore
I hate this house selling lark
I'll join you! Only had our house on the market for 3-4 weeks, but seen another one which we really really want (and which is probably the only one of its type we could afford in the lovely village location), so want things to get moving asap! Also want to be in said village by January so we can apply for DS1's school place.
Have had about 6 viewings total, each one a 'no' (except one yesterday morning I've not heard about yet), it is so disheartening. I am starting to think "is our house really that bad?"
Had 2 lots of people yesterday, the one who I've yet to hear from (but that was first thing, so probably a 'no', I'm thinking), one in the evening at 1.5 hours notice, just as I was giving DSes (3 & 1) dinner & planning for a bath (but couldn't as had to whizz round tidying up & not mess up bath/get talc everywhere). They said they like the house but the garden is too overlooked . It is a terraced house, our 2 NDNs + 1 further down can see into the garden, entirely as you'd expect!
Totally agree about having to keep house tidy, no-shows & all the rest! I find it difficult keeping on top of laundry as me hanging a load out seems to be like waving a flag that we want viewings!
Hope your viewing this afternoon goes well, Spirael. I am hoping not to get any today & tomorrow as we go on hols for a week first thing on Saturday & I haven't even started packing yet as too busy tidying for viewings!
Wizard-hope it all goes through for you! Ours supposedly couldn't get the full mortgage they needed, it was ironic that until that point we had been considering pulling out as we couldn't find somewhere to move to. As soon as we had found a place they pulled out instead.
Enjoying not having to clean up for viewings-that is my only silver lining at the moment!
Thanks underthemountain. I am feeling like it will never happen. At least if it exchanged I could relax a little bit.
Checking in! I accepted an offer 8 weeks ago from a cash buyer who the EA assured me had bought several investment properites through them this year with utterly flawless transactions and was a sure-thing. He produced all the evidence of having funds and being procedable and I accepted a slightly lower than anticipated offer on this basis.
Have spent the past 8 weeks chasing him about the survey, about trying to agree on contract terms, about returning documents to solicitors etc only to find out from the agent on Monday that he was a cash buyer, but that it appears that soon after he showed them his proof of available funds he went and spent them on something else (!) and, rather than admit he was no longer procedable and pull out so flat could go back on the market, has been trying (unsuccessfully) to get a mortgage ever since. It's a non-standard property and can be difficult to mortgage: hence why I instructed the agent to make this clear to viewers. So instead of expecting completion in the next fortnight, it now looks like it'll be weeks/months away; if he's even a goer at all. What's more, it turns out that all the EA's assurances over the past two months that they'd spoken to him, that things were fine, that they'd seen or done X/Y/Z were bare-faced lies - they admitted on Monday that 'buyer' was out of the country for most of August and they didn't hear from him in all that time.
There have been other viewings going on, but no other offers yet.
We all need a big bottle of virtual gin to get through our house-sales! All the faffing about that solicitors and EAs do which takes three times as long as it needs to. Grrr.
Ooh hello! We are about to put our flat on the market and hopefully about to have an offer accepted on another place. Flats on our road usually sell within a few days of going on the market, and ours has got everything going for it (long lease etc), so am not too too worried, but maybe I should be!
Ooh hello Spirael (from post-natal thread), didn't see it was you!
[waves] Hi Woodlands!
I'm sorry to hear so many people are having problems selling... But secretly I'm also a little happy that I'm not the only one. So annoying to be stuck in limbo with housing!
Problem with selling our house is it's in an area where 3 bed semis are the norm, and there are currently over 100 of them for sale within a mile in the same price range. Buyers can basically just pick their favourite!
Hopefully the viewer later will pick ours. [chews nails]
Hi - am hoping my message will give you some hope - we had our house on for over a year in a market which fell and fell over the year we had it on ( NW) - lots of viewings, lots of positive comments but no offers - EA told us people very unwilling to proceed due to uncertainty of jobs, economic situation, lack of mortgates etc - it is a horrible process and I remain utterly amazed that there is no better way to sell something so major than the useless, stressful system we have at present. Most culpable really are the Estate Agents, they posture, give bad advice, are not remotely pro active and earn a whopping great fee for doing so very little - compare this to the solicitors who do actually seem to work hard, for all their dithering, they do usually come up with the goods. All the EAs have to do is measure up, use their digital cameras to produce inadequate photos, use Rightmove and sit back. We finally accepted a low offer, very reluctantly at the end of June, and it is taken until yesterday to complete, with lots of to ing and froing etc. We made some money on the house, not much tho' but at least have not had to face the prospect of renting it out indefinitely which was our other option. It is very much a buyers market I'm afraid. My only advice is to keep up the pressure on the EAs, change them when you can, negotiate hard on their fee and be prepared to swallow hard and drop the price if necessary, it is a tough, tough decision to make tho.Nobody communicates properly, the whole business is conducted through smoke and mirrors, horrible, utterly horrible.
I have been very tempted to go with an online agent - have been looking at the premium package on housenetwork.co.uk which for £700 or so gives you really good photos, premium listings on Rightmove plus all the other big sites, an ERC, a For Sale sign and they help with negotiation. But my DH doesn't want to pay up front, plus he thinks the big agents will negotiate a better price. We're just at the stage on trying to haggle down their fees. I'm aiming for 1%, is that realistic?
We have had our house on the market for nearly two years now. We had one really stupid offer so far under the asking price that it wasn't really proceedable. We have had no viewings for months. We're on our fourth agent. Nothing is selling. We're surrounded by houses on our road that are also up for sale and nothing's shifting at all. I despair that we will ever be able to sell.
The EAs near us refused to haggle... But the fees are below 2% and the houses round here are cheap (no stamp duty level!) so the cost is proportionally low. Meanwhile the EA running costs (salaries, etc) are going to be similar to ones elsewhere. So I'm not too upset, especially since our current EA have been quite good.
I'd be wary of paying up front, Woodlands, as it doesn't give the EA much incentive to work hard as they've already got your money! You're the one that loses if they turn out to be rubbish.
We ended up moving EA after our first one had the house on the market for 9 months and managed to produce two viewings in that time. First couple of weeks with a new agent and we had six viewings. Even over the quiet summer months they've been in regular contact with explanations and suggestions.
Good that you made money on your house and can move forward at least, guineapiglet.
We're already listed as £10k below what we paid and expect to have to accept an offer £5k below that. We've done so much work on the house since we moved in too... Decorated every room, new floors/carpets, brand new kitchen and landscaped garden. It's heartbreaking!
Gosh, it all sounds depressing! We're about to put ours on the market and I had sort of assUmed that we would sell quickly as we're in London and our area is cheap (ex-council) for the general area - though maybe that works against us if there are fewer FTBs around?
It's never occurred to me the house may sit on the market for over a year. I think I'm rather naive about the whole process...
You might be ok in London, by all accounts things are still moving there. We're up in Yorkshire where the market has flat lined!
Don't know why, it's lovely up here! And you can get so much house for your money.
Of course it is cold and wet for 90% of the year.
We're in London too and in a relatively affordable but up and coming area. We're probably going on the market for £240k which is in the right sort of range for FTBs, and hoping for an offer of maybe £235k. We're then hopefully going to be paying £248k for a 4 bed house just up the road that needs shitloads of work doing to it. I think I should not be too optimistic about this all working out!
Have actually just been for a peek at a house round the corner that's up for auction in a couple of weeks time, with a guide price of 175k. It needs everything doing to it (including central heating), but has a massive garden, and similar places are going for £275k or so when done up. Am tempted but terrified by the prospect of buying at auction! There were loads of people there at the viewing so I suspect it will go for a fair bit higher than the guide price.
I got chatting while there to a family who lives on my road who are also about to put their flat on the market. It sounds similar to ours but with not quite such a good layout. They are after a very quick sale so are putting it on at £225k. Competition!
London prices are scary... My 3 bed semi with conservatory, garage and good sized garden in a nice suburb of a city, with excellent transport links and loads of local conveniences, is currently listed at £120k. We're cheap as chips!!
Please can I join? We're not living in the UK anymore, returned to our apartment abroad as DH came back here to work. Decided to sell so put it on the market in
August with an EA we have known for a few years.
Went on holiday and left EA the keys (as I said, known and trusted). Thank goodness I left the place really clean and tidy as we got back on the Saturday and on the Monday the EA called and said he had done a viewing with a family while we were away and they made an offer!
The big BUT is that I don't trust them. We accepted the offer, got the first document signed, they have a 7 day cooling off period which is end COB today (I will call EA this evening to check), then after that they can only pull out if they don't get a mortgage. The husband of the family is an accountant so they should be OK (not rich type accountant, but should know that he can get the mortgage), but the wife keeps spinning these stories about how hey don't know if they'll get a mortgage, and loads and loads of other BS.
It's going to be a long ride, but we're going to move to rented so perhaps not so bad. The buyer (the husband) used to be in the accounts dept of the EA so fingers crossed he's legit and it'll go through!
Forgot to add, good luck to all of you, fingers crossed you all get the sales you're after!
Well, you could blow me down with a feather. We did actually exchange today, and am due to complete on 18th September. Now all I have to worry about is the lender approving the mortgage and exchanging before my husband goes away for 8 weeks with work in 6 weeks. Why did I do this to myself?
Good luck ladies. I hope everyone gets what they need x
Fab news FW, we're meant to exchange this Tuesday and complete 25th, it's well over a year since we first put the house on the market.
We were so close to giving up and taking it off the market I just hadn't got round to telling the estate agents, so almost didn't let our buyers view!
They are relocating from London selling their titchy 2 bed terraced for the same or even more than our 5 bed detached!
Still can't bring myself to pack though till we've exchanged!
Good luck every one
Great news FW, hope you complete super fast!
bumbez - Good luck for next week. I do wonder where you are living because I am selling my house down south for only 25k less than what I am buying for. The house I have sold is a 2 bed and we are buying a 4 bed detached hopefully. I will only stop saying that when we exchange on the purchase.
Ryde Isle Of Wight, - that strip of water does put people off ! Our buyers are going to commute to London for work which although doable is a bit far IMO.
Great to be only spending 25 more on next house FW sounds like a bargain.
Is a bit. I will have to commute for any work I want but hopefully no more than 40 minutes. That is the compromise.
How did your viewing go Spirael, were you there, or did you leave it to the EA?
Spirael - we are still on the market too. It's been 6 months and we've reduced the price as low as we can. Remarketed with a new agent and the brochure looks great etc. Feedback from viewers is lovely house BUT too small, too big, overlooked, used to live in the road and were having a look, not on the market, etc. I'm beginning to wonder if we'll ever get a sensible viewer who actually wants to buy our house. I cleaned the house top to bottom (again) today just in case - I must be mad. I almost dread the next call advising of a viewing, just knowing it will be another time waster. Rant over!!
Photographer booked for next Wednesday and I have NO idea how we are going to get house clean and decluttered in time. We are moving out of London butcan't decide whether to just move a further bit west for a slightly bigger house or go way out east and get a lot more for our oney ut a totally different way of life - small town life, long commute etc.
I can't believe anyone will actually want to buy our house, it's such a state - i'm really hoping the london market is as buoyant as it's supposed to be.
Well done on exchanging financialwizard!
Gravenwithdiamonds - you could buy my house
Well, that was probably the most positive viewing we've had! My husband (who seems to be naturally lucky :P) handled it, I took the toddler out to go grab takeaway
having spent my entire day intermittently working (from home) and cleaning/dressing the house.
Apparently the couple made all the right noises, were impressed by the room sizes (they thought they were smaller! ), liked the fact we have off road parking, liked the conservatory, loved the kitchen and were impressed by the amount of storage room the house has.
Unfortunately they're leaving early tomorrow morning to go on holiday for two weeks. So we're not likely to get any feedback or (tentatively optimistic) progression until they get back.
Can I join? Been on market a few months now, three viewings, all liked it but two not in proceed able position yet and third planning to look at others so prob not that keen . Have another viewing tomorrow. House is empty as we've moved away for work and are now living with in-laws so feeling quite desperate to sell! I really hate this.
Fingers crossed Spirael and Johnnycomelurky too
Where are you cuddy? we are lookng in very specific areas but I'm open to ideas
Olney in Buckinghamshire - lots of people commute to London from here. It's a market town in Buckinghamshire. We're on for £435k - 6 beds
Good luck to everyone.
I received the contract to sign for our house sale today. Still waiting on the contract for the house we are buying before we can exchange though.
I am keeping everything crossed, hoping that it all works out. The two months so far since offers were accepted have been very stressful. Now I need to talk my buyer into waiting to complete until our new build is ready. Not sure if this will work out but hoping!
Sounds lovely! We are looking at Suffolk or Surrey/London but best of luck
Can I join? We are abroad and getting the house ready to sell, every time I think we are getting closer theres more to do/fix Dh showed me all the boards that need replacing on the deck yesterday and last week we were pricing new carpets as the whole house has to be done. It's all painted ready inside and out, and we've been getting rid of excess furniture.
EA's charge 6% of the total sale price. Which is daylight robbery. They do all the showings, we get out and leave them to it. Dh has even moved to dat shift for this, as people viewing and walking in on him sleeping in the day would be bad
I watched a program the other night based on the book freakanomics - written by Americans, apparently estate agents get on average 10% more when selling their own properties than when selling yours !
Good luck, where are you off to leaving?
I'm not sure if it's impressive or depressing that my house is so much better presented, with all the niggly DIY and decor finish off, since I started trying to sell. Are others finding the same?
For some of the changes (modernising the door handles jumps to mind) I wonder why I didn't do them years ago!! Others, like rearranging my lounge this weekend to make it seem bigger and appear more conventional, are going to be a bit of a PITA to live with.
But if it gets us a sale, then so be it! If it doesn't, you'll find me rocking gently in the corner.
We definitely should have put off road parking in and if it all falls apart we will do that.
The main negative for our house though has been the size of the garden, have just had to wait patiently for that 1 buyer who loathes gardening.
We did also finish off some small DIY jobs though, ie filling in some holes in the ceiling where Dh had hunted for the joist to hang a pan rack. They had annoyed me for 3 years and took 1/2 hour to fix!
But agree that it's depressing that house looks amazing to sell. After a viewing I was always so in love with my house but then all the hidden crap would appear and remind me why I want to move
I hope you find a buyer soon Spirael
We definitely should have put off road parking in and if it all falls apart we will do that.
The main negative for our house though has been the size of the garden, have just had to wait patiently for that 1 buyer who loathes gardening.
We did also finish off some small DIY jobs though, ie filling in some holes in the ceiling where Dh had hunted for the joist to hang a pan rack. They had annoyed me for 3 years and took 1/2 hour to fix!
But agree that it's depressing that house looks amazing to sell. After a viewing I was always so in love with my house but then all the hidden crap would appear and remind me why I want to move
I hope you find a buyer soon Spirael
Well, evidently they liked our house... They made an offer via email this morning before going on holiday!
Unfortunately it's a bit too low, so we've rejected. But we have made clear we're willing to negotiate and throw in the bits of furniture they were eyeballing. As long as we can meet in the middle of their offer and our asking price, then we're good to go.
Sounds like they'll have email/phone access once they're not in the air, so we may not have to wait two weeks. Now busy crossing all fingers, toes, legs, etc!!
Woohoo! Great news! Fingers crossed for you.
Wow! Gives us all hope! I hope they follow up with a good offer.
Wow! Fingers crossed for everyone else.
Well done Spirael, fingers crossed it goes quickly.
Bumbez we are moving back home to UK. I can't wait. (happy dance)
Dh check prices at the big hardware store, deck is going to cost at least $300 with him doing the work with my
Carpets about $2000 installed if we move all the furniture and rip out the old stuff and take it to the dump. Poor Dh has to do thins on his holiday week off work.
Fingers crossed for you Spirael.
Well no viewings this weekend - am wondering where the next viewers will appear from as all of the houses in the next bracket down are either splitting up or moving away.
All gone quiet here too... The EA hasn't been able to reach our interested viewers, so no idea whether they're going to make a higher offer or not. Might not find out for another two weeks!
In the meantime, we changed the living room floor from mouldy old carpet to nice shiny new laminate over the weekend. EA are coming out on Wednesday to rephotograph. So hopefully that might help drum up some additional interest! Maybe? [clutches at straws]
At least there's still no-one else interested in the house we want to buy.
Hopefully now that schools are back, interested buyers will come along for all of us-!
Hello all - been on market 11 days had 9 viewings, 4 second viewings and now going to closing (which for those not in the know of the Scottish system is where buyers put in their best and final offers in a blind auction by a certain date). It's all a bit scary biscuits as I'm 7 months pregnant and we were hoping in the slow market that we'd be here until Christmas / the New Year so we are now just planning on moving into rented as we can't be arsed fannying around with a chain when you've also got a labour and due date to think about. Also we're moving areas from the Northern Isles to Fife / Edinburgh so it's going to be tricky for us to look at houses together until after the wee one is born (otherwise it would mean a flight and I'm approaching my flight ban with lots of airlines), and whilst I love DH - he's not picking a house on his own!!!
So there is hope (minds we'll have to see what offers we get at closing). To be fair I would say two big bits of advice we've learned from our process - look at your particulars - if the pics are not amazing - get those agents working for their commission to come and take some decent ones. Our agent took the most lovely photos and even came back on a really nice day to make sure he'd got a pic that made the most of the view.
And price. It really seems to be about price. We'll not make back all that we spent doing this house up (I doubt we will - if I'm being realistic, we might, but but only if we get some amazing offers which in this recession aren't going to happen are they?) but we'll have enough for a deposit for the next step which is fine by us we bought this as a home.
As for what we're going to do next - we're going to sit on the sidelines and rent for 6 months as our target market is falling quite quickly like £2-3k a month and we don't want to buy and end up in NE immediately, so spending £400 a month on rent is a no brainer - even if the popular view is that renting is 'dead money'. When we got the valuation back from the surveyor we were both a bit put out as it was less than we'd hoped after all the effort we'd put in (new heating, bathroom, total redecoration, months of hard graft!) but we decided not to be greedy, to trust his expertise and put it on for offers over that price - and that seems to have worked in terms of getting lots of viewings. Our agent said if we'd not had a viewing in a fortnight he would see that as being proof that the price is wrong. He seems quite a savvy guy and has been really upfront with us about being realistic. Also if in doubt never go for the agent that values your house the highest - they are just trying to 'buy' the commission and get you on their books. The agent that offered us the highest price - has the most dire particulars and shit website am sure noone would have bothered to come and view the house - especially not at a daft price.
Am amazed at the difference in EA fees around the country - ours are only 0.75%. Is this because the solicitors fees for conveyancing are separate in Scotland? Or is this just a really good deal?
Good luck all
Hi - I really think the exhorbitant fees the EAs charge should be subject to a public review, I think their greed has gone unchecked long enough. On our recent sale, the EA gained 1.25% plus VAT - and the solicitors charged just £600 for sale only - the amount of work the EA did was negligible, came round, took some photos with digital camera, minutes to upload, came up with some completely inaccurate details which had to be changed 4 times ( why are my proof reading skills better than theirs?) and sat back. Probably about 20 phone calls, 18 of which I paid for. Never returned calls, told 'lies' about the buyers ( well, lets say, embroidered the truth to keep us hanging on) and raked it in - easy money for minimum amount of effort. We finally completed last week, they have earned well over 5k and NOBODY from the EA has rung to tell me, no further follow up, other than a 'how did we do selling your house' type survey, minutes after completion through email. IS this service? WHY is there no better alternative. Still feel very bitter and twisted about them, when my inner self says,' be grateful and get on with life'. I wish I could earn 5k for so little.
I have to say my EA so far is working quite hard - a y
I have to say my EA so far is working quite hard - a good brochure and professional photographer etc, lots of advertising. Good communication but so far time waster viewers which is frustrating all round.
My EA did very little for the money. Very little indeed! I had to proof read the particulars. The best error was putting a bathroom where a bedroom should have been (little two bed flat, it's not complicated). They got lucky when our buyer contacted them instead of the online agent we were also using. I have not heard from the EA since accepting the offer. The solicitor has been working far harder and will get about 1/4 compared to the EA fee.
My EA charges 2% + VAT (negotiated down from 3%). They are absolutely superb though, could not fault them at any stage. I would most definately recommend them to anyone should they be in the area.
Hmmm with our 0.75% fee - we do the viewings (or just leave a spare key with the agent and folks can let themselves in to look around when you are out, we're very trusting up here on the isles!) - I'm guessing folks paying more are in a contract where the agent does the viewings? I'd pay upward of 5% if they did the sodding cleaning pre-viewing
Am thinking I may have to reduce the price even more but this doesn't leave much room for negotiation... I would really like to move before Christmas.
I had a good read of the advice on MSE before choosing an agent. We managed to negotiate down from 1.75% to 1%, with a 5% bonus on any amount over a certain figure (which I doubt we'll get, but the agent must think there's a chance). It does seem like a crazy amount of money to spend. My DH insists it's worth it as they will be able to negotiate well with buyers. We shall see!
First proper viewing already booked in for Saturday - eek! We're having an open house the following weekend too. Photo probably being taken early next week. I have a window cleaner booked for tomorrow afternoon. I also need to get a grouting pen for the bathroom mouldy/manky grouting, and hire a rug doctor to clean the carpets - not to mention general decluttering and depersonalising. It's all go!
For cleaning grout, what you need is HG Mould Spray, Woodlands! It's awesome stuff.
Good luck with your viewing on Saturday! That's very quick to get some interest, especially if your photos and stuff aren't done yet. Hopefully they'll love your house and offer you lots!
No news yet from our holidaying potential buyers, but we have another viewing booked for Thursday from someone who was ready to go on another house where the sellers pulled out at the last minute. She has all her finances in place and is urgently trying to find somewhere else ASAP to keep the chain going.
Fingers crossed she likes us
and gets into a bidding war with our other interested party!
I periodically have a go at the grouting with bleach and old toothbrushes, but the trouble is we did the grouting (and sealant) ourselves and we didn't do a very good job, so the surfaces aren't smooth and there are lots of bits for the mould to get into. I've scrubbed and soaked and all sorts to no avail! Our bathroom is a bit of a mess really and new buyers would want to rip it all out and start again, I'm sure. We just never got round to it!
Good luck with the Thursday viewing - sounds v promising!
Fingers and toes crossed Spirael!! I am awaiting a call from the EA branch manager to discuss ways forward - not sure he can do anything but it will make me feel as though I am doing something (other than cleaning on my day off).
Has anyone read the new RICS market report summary for August 2012 - it makes pretty eye opening reading - I'm just reading the comments from the EAs at the end of the document each describing their local pitch. It makes interesting reading to check out your local area and might explain why what we think are cheeky offers might require a second thought. Hmm I do hope we get over our asking price when we go to closing but we won't know until the 20th September (it's doing my head in). www.rics.org/site/download_feed.aspx?fileID=12383&fileExtension=PDF
Lots of agents are blaming the Olympics for deterring house viewings but really, really - with iPlayer and 24 hour news does anyone think people would put off the biggest purchase of their life because they want to watch a race? I don't buy that. Ok maybe I'm a cynic (which is maybe why I'm running to get out of the market now before it really tanks, which is my fear). It seems to be the same old but slightly different excuse (the Jubilee, Kate and Will's wedding, bad weather, good weather) that they churn out every month to explain why people aren't keen to buy often overpriced houses which they can't afford without a vast mortgage that the banks aren't offering anymore. IMHO it's all about prices being out of touch with falling wages and a return to responsible lending (i.e. checking folks salary claims are true and asking for proof of income) meaning there is no more credit to fill the gap.
Between the lines the message from lots of the EAs quoted in that RICs doc seems to be - sellers have unrealistic price expectations. I guess we probably did until our surveyor knocked that out of us. Still ultimately (after a bit of time renting) we plan to upsize so I'm trying to be an optimist as a falling market is good for upsizing as it brings the gap between house levels closer together. Hopefully we might be able to go from a 2 bed to a 4 bed without getting a scary increase on our mortgage.
EA just returned my call. He's currently trying to persuade a previous viewer to offer - they loved the house but thought it was too big! It would be too good to be true if anything comes of it.
Fingers crossed. I can't ever imagine 'too big' being a bad thing! Oh the luxury of space would be wonderful. Good luck xx
Very interesting 'yellowwellies'. We are about to put our house on at - what I think is - a very high price. This is because (a) we haven't yet found a house to move to so are in no rush (b) our house is big for the area and has some advantages that most don't eg, off-street parking, downstairs loo (c) we're in London and the market is still (supposedly) buoyant, and (d) I'm prepared to come down if we are being very unrealistic.
Do you think it's still bad to go on the market with a high price? We haven't sold before so feel a bit clueless and I feel the EA is dictating what we do though, to be fair, they are local and know our area very well.
Graven - try it and see if you get any viewers. You never know.
Definitely unrealistic expectations. I am fed up with agents coming back to me re offers I made months ago saying they would accept now. Now I want more off as I have seen the decline and expect further. I offered 275 for a house on for 315 in feb. Agent mailed me today to say do we want to look again they have it at 275k and another agent has it at 269! So assume could get for 250k. Absolutely nothing selling here even near good schools which I don't need now. My advice is drop your price and try and negotiate the drop up the chain. We have realised if we wait til January we may get what we want and save a fair chunk.
I guess it depends if you want to sell quickly, we didn't want to linger on the market for too long as when I see houses that have done that (I use a little add on called property bee with mozilla firefox and it allows you to see all previous price changes and description changes for a property on Rightmove) - I instinctively think something must be wrong with them, or the vendors are unrealistic and 'kite flying' rather than serious about moving. If it's somewhere I'm serious about I look at the last selling price through the Land Registry too so I can see what someone bought it for and how much they're out to make a profit.
It's your choice I guess. Personally that strategy would make me a bit uneasy... but then I'm not in London and it is a very different market. Looking at the Land Registry figures - London is still rising and prices there rose 6% over the last 12 months and are masking large falls over the rest of the country when national stats are reported. I can't see what is fuelling London other than perhaps a case of the Emperors New clothes-itus?! As the last market crashes hit London last but hardest of all - if it were me I'd be tempted to not hang around on the market too long in case you catch the turn in sentiment. But then, wouldn't a crystal ball be a marvellous thing. Certainly up here in Scotland there is a steady crash with sensible values returning and overpriced houses simply not selling. I wouldn't advise you to do what you are doing up here and indeed most agents wouldn't advertise a house on their books above the home report value (we still have those) as everything is selling beneath that.
Good luck! I have no clue what I'd do in your situation. I guess it depends on what you plan to do, if upsizing or moving somewhere cheaper (where you could haggle a reduction in price) then I'd try to undercut the market by putting on at a sensible asking price, as there is so much unsold stock on EA's books that it's easy for your house to stagnate and linger on for sale amongst everyone elses. I did worry that the flurry of activity re our house meant we've put it on too cheap but at least with it going to blind bids - we stand a chance of a fair market price.
V true noddy - I wouldn't want to chase the market down - that was our biggest fear. Hence we put it on at a realistic price. I know lots of folks think prices are going to go back up again - but I can't see what would drive that with the current economy. If you are willing to cut dramatically then try putting it on at a high price and be willing to drop and then buyers might feel they are getting a really good deal - just don't slowly cut a few thousand here or there on a very expensive house as that looks like the agent has had to pull teeth!!!
I'll join in here too if I may! Boyfriend has just put his house on the market and we have had
deafening silence as a result. I hate all this sluggish slow moving malarky... I tried to sell mine 2 years ago but couldn't and ended up having to rent it out instead and ended up with the tenants from hell (anyone in yorkshire, avoid dacre son and hartley with a bargepole!)
Most buyers are quite savvy and watch the houses that chase down. Most houses that have sold have been re available weeks later. I think the old style waiting for a recovery won't happen this time due to the state of the economy and housing. A lot of people I have worked with in property in the past are jumping ship now me included
Hmmm. I'd love a crystal ball. It feels really annoying to be the first generation in years NOT to make a packet from selling their home but m'eh.... my strategy is plan for the worst and hope for the best, and well - we are trying to look on the bright side - it will make our forever home cheaper ultimately if prices keep on falling.
Before we decided to sell to rent instead of buying, I was getting very annoyed when looking at houses to buy - at being expected to pay an inflated price to cover a new car, holiday or kitchen that someone had bought out of their house equity. Unless I get the car or to go on the holiday - we decided we'd be buggered if we were going to pay for it for someone else!!! (I'd check what they bought for and often ask as politely as possible, what work had been done to the house in the intervening years to justify the price rise - usually nothing but there would tend to be a spanking great range rover on the drive...).
I think most procedable buyers are more savvy these days as the muppets easily separated from their money can't get mortgages anymore. Which I guess is a good thing (other than for us trying to sell our houses!!!) if we don't want the banks to go under again. The days of someone coming along and falling in love with your house and paying over the odds - won't happen with the tough lending criteria but I guess could still happen with a cash buyer (but then aren't they more savvy and less likely to be ruled by their hearts?) Fingers crossed and well, let's hope for the best and plan for the worst.
We went to fill out some forms at our letting agent today. They do a tiny amount of sales too.They know we are looking to buy and had several houses in our bracket but teh girl we spoke to said everyone would be in negative equity if they took an offer and so they hadn't sent to us as they knew we wouldn't pay over the odds so they know they are over priced and were effectively asking us to bail out their clients or forget it!
Agree with noddy...most houses round here (Derbyshire) are on the market again after a few weeks/months.
Exception are the smaller/cheaper houses like 2 bed terraces or ex LA properties.
We bought our house 6 months ago for £172k
Our next door neighbours have just out their - exactly the same - house on the market at £200k!!
How do you mean "jumping shp" noddy?
I have been renovating houses for years and have stopped for now.
Am still in shock about neighbours putting their house in at £200k! What in earth are the EAs thinking! They are the EAs that we bought this ine from so not like they don't know the score!
It's tricky as I think the market locally is very different compared to what other posters are experiencing. We're in an affluent area of London where £million-plus houses are the norm. We live in an ex-council area which have about the only 'affordable' (under£500,000 is considered a bargain round here) housing and, to be honest, I think they're still under-priced for SW London. Usual buyers round here are young couples moving from a flat to a house and the occasional first-time buyer - I assume there's a lot fewer of them around. My NDN tried to sell her house a couple of years ago at what I thought was an inflated price and it didn't sell, though her house is very different to ours.
We are upsizing but also moving out so our next house will likely be cheaper, certainly no more expensive.
The EA is just so bullish about the price - mainly because 3-beds (which we have) are rare round here.
Oh aye Graven it's definitely a very local market and London seems to be bucking the trend at the moment - but it didn't during every other crash, it just crashed last and hardest, I guess because London always feels itself special and different to the rest of the country, but despite this sometimes hard economics will just have their way.
I am surprised that you really think 500,000k is 'underpriced' given that a traditional rule of thumb is that houses should be 3.5x single salary or 3x joint - is that not totally out of touch with local wages? That's still half a million pounds (a lottery win in my books!) for a roof over your head. Ok I know city boys earn a lot compared to folks up here, but no offence meant - but would they want to be living in an ex council house at the opposite side of London from where they work?
Badvoc it sounds like the EAs 'bought' that commission by promising a high price to deluded folks. I bet they try to put the thumb screws on in a few months to get them to lower the price. One of the agents up here is going down this route - flattering you to win your business about how lovely your house is, then telling the truth a few months down the line when no one has been to visit. A pal is just going through this, it would have been much easier for her to just know the real value at the outset.
Noddy - interesting. Everyone I know who used to develop property (ok only like 4 people!) now wouldn't touch it 'with someone elses' - as it were. They've banked gains and are sitting on the sidelines. It's seems only to be the amateurs on Homes under the Hammer that still haven't realised that the music has stopped...
Well we've got 3 more viewings arranged yesterday which I need to try to fit in before closing a week thurs, and am hoping to try to put them off until Friday when I'll be working from home as I can keep the house looking nice (the cat has a tendency to spray cat litter everywhere) and until then we've lent our spare room to a pal (who needs internet to work from home, but is awaiting a BT connection at their new house, and it looks like Dr Evil's lair filled with computer screens), also have got antenatal class tonight so am hoping that'll be ok. We've been really flexible with viewings until this point but I am starting to lose the will....
Our area is all city workers (including me and DH) - the transport links to Waterloo are excellent and many cycle (including DH). I still don't know how FTB in particular afford it but then, we were FTB, don't have a large mortgage and aren't bankers. A large deposit is a must I think as, like you say, large mortgages aren't available. I do think £500,000 is a lot but it's not unprecedented for sold houses here and I'd be prepared to negotiate. We're not in a great rush so will sit and see.
yes, it's ex-council but it's a pretty 1920s garden estate - red brick, cottagey conservation area, big gardens. If London is going to crash, that means I'm more anxious to sell now. I had half thought we were daft to sell as prices have risen so much, i'm keen to hang onto our best asset - rents are crazy at the moment. But we need a bigger house and we need the deposit for that house...
Best of luck with your viewings. We're having photos done this morning - my house has never looked tidier or more clutter-free. It will be impossible to keep this up for viewings!
I don't think there's the stigma there used to be attached to ex-council. Largely because some of the older ones are built to a much higher spec than most newbuilds. There's an ex-council estate in my village that is probably the second nicest part of the village - lovely solid pretty brick houses with big gardens built round a green.
Good luck to all of you with viewings today - hope the sunshine helps to bring out viewers. We have just sold in the NW in a very turbulent market, have had to take about 7% off the price to do so, and consider ourselves very lucky after a very stressful year. We have moved to an area where we would roughly have to pay twice as much as the house we have just sold for a property of the same size - it is heartbreaking! To most of us, half a million pounds is a lot of money (too much) but in this area it seems to be the accepted norm - but I cannot understand how the UK as a whole will be able to sustain itself with such huge discrepencies between north and south ( in general, although I know there are pockets which buck the trend) - we simply cannot have one half of the country continuing to prosper whilst the other is not. We have friends trying to selll a gorgeous house in Cumbria, a few years ago it would have been snapped up - at the moment it is on for a good price, but there are no takers and no interest, the market is simply flooded and flat. Someone - aka the housing minister, is going to have to look at this stark situation as it is heartbreaking for families who have to move. If we all accept the principle that prices have to 'drop' to more realistic prices, especially to encourage the FTBs, there will be some areas immune to the principle, - there has to be some kind of consistency.
Yes, the discrepancy is awful - i'm from the NE and my childhood home is now worth less than what it was sold for 15 years ago. We would consider moving there, I think the quality of life is fantastic but there just isn't the kind of work that we do available in the NE whereas in London we find it very difficult to recruit.
Saying that, many many people I know with children, if not most, are moving out because the property prices are so high and the secondary school situation very complex.
Aye prices up here are easily back down to 2004 levels (which was nearly before the credit splurge started) - I'd consider 2003 prices to be about right in line with the long term trend and for purely personal reasons would be great as would enable me to be able to stay at home with the kids rather than us both going out to service a huge mortgage to keep the bankers rich! The regional falls have been dramatically masked when the national figures are announced by the BBC, Halifax etc as positive figures in London keeps things propped up and makes it seem as if the national market is 'stable'. Properties are losing thousands a month in many parts of the country and have been for a couple of years.
I do think worse is coming though. We've had 8 years where anyone who could fog a mirror was offered a 110% mortgage by Northern Rock - no wonder the market went nuts. I think the Inland Revenue ought to go over old mortgage applications with a fine toothed comb as there must be a lot of back tax owed given how inflated some folks made their incomes 'seem' on mortgage applications. Such fraud (which ok was done out of desperation to get on the ladder, and with the complicity of mortgage brokers) bust the system for honest people. People found to lie on their applications by the banks are now having their mortgages pulled. About time too, they ought to have checked at the time and none of us would be in this mess. But then the higher house prices went - the bigger mortgages people needed, and the more they borrowed from the banks (and the more they had to pay back!) so no wonder the banks didn't try to stop the bubble. They were raking it in.
Good luck with the pics. I didn't recognise my house on ours!!! My Catholic nan has advised us to bury a statue of St Joseph upside down by the front door as apparently that is a sure fire way of getting a buyer at the price you want. In her octagenarian wisdom - I kid you not... but am tempted to try it!
Ah and cheers for the clarification on ex-LA housing - I forget that some of it in London is actually very nice! I still reckon that a greater premium would be attached to Edwardian, Georgian or Victorian jobs - but that's probably me showing my own preferences.
Another viewing lined up for Saturday - someone renting locally. Am feeling a bit more buoyant now. I'd better seek out a statue of St Joseph...
Aha!! They sell St Joseph statue sell your home kits on eBay!! I think I am losing my mind... But I'm going to buy one.
Ah go on - hah if the government thought the Olympics (a bunch of lovely folks running and jumping?!) would have a long term impact on house prices then why not some sympathetic magic Just make sure you bury him upside down by all accounts and don't forget to dig him up when you leave.
God I sound mad.
Got another viewing scheduled for Friday. After our pal and his 3 computers will have moved out of the spare room. Whoot. Will be glad when the closing date gets here to be honest. Am so nervous - but can't wait until thursday next week when we found out if / how much anyone has bid. And the next day we've got another growth scan for the baby (so all very exciting).
Is anyone else paranoid that viewers are going to attempt to open a cupboard and get flattened by all of the stuff you've hidden in there? Or is that just my definition of 'housekeeping'.
And I shouldn't even mention my cat's impeccable timing at dropping one in the litter tray usually as a viewer's car pulls up on the drive....
I opted for a St Joseph medal as I wasn't sure about burying an 8 inch statue! Good luck with your viewings - hope the cat doesn't curl one mid viewing! I am luck, I can take the dog out with me
Good luck with your scan and viewings.
There have been 3 burglaries on my road today<sigh>, I think I will need that St Joseph!
Jeez that's awful! Ok I live in the back of beyond (Orkney) and decent take aways and other luxuries of modern life (next day deliveries from the mainland) are non existent but I honestly haven't locked the house since we got back from holiday in May. Even when we're out at work we leave the door open in case the postie has a parcel for us. That's so shit!!!!! Mindst I guess in a recession petty crime rises - but burglaries are so scary - hope you're ok Graven. One not to mention to viewers!
I know, it's horrid. The silly thing is, they usually go for the big houses and our area is thought of as really safe because the neighbours know each, the houses ae much more crammed together and we have a very good residents' association. The car is always unlocked (I think it's too rubbish to bother stealing!) and I leave windows open etc. Not any more...
Very definitley a lot of sellers with unrealistic expectations.
In our area we looked at a house a few days ago and the seller is expecting a 25% profit on the house they bought 7 years ago. The Land Registry shows that house prices in our area have actually fallen 3.5% compared to 7 years ago.
A lot of older people like the sellers of the house we looked at in our area are trying to sell houses at a 25% price over what the market will bear. They just sit on the market for years. It is just as frustrating. I am a cash buyer but the sellers just will not get real.
I hope people don't look at what we bought ours for and think we are being greedy. We bought it five years ago for about £193k and it's on the market for £240k. But we extended the lease (which cost £26k) and we spent at least £10-15k on doing it up - replastering, new boiler, new radiators, new kitchen etc etc. We reckon our break even point is about £233k (and ideally we'd like to get £235k).
Woodlands, sorry but you can't expect buyers to pay for your improvements...I know what you are saying but you chose to do what you did and a buyer will not necessarily want to pay for your improvementsmifnthey are not to their taste iyswim?
We only got this house for the price we did because it was being sold by a building company who had done a part ex with the previous owners.
Like you we have had to have a new boiler, roof repairs, etc but I wouldn't expect a buyer to cover those costs tbh.
More beta...we were In your poaition last year...we made 3 offers of £5k under asking and they were all refused. We were no chain, deposit and mortgage aip in place.
2 of them are still in the market and 1 was taken off.
One EA did phone me about one of them about 3 months ago indicating the vendors had had a change of heart....too late!
Well I can kind of see what you mean with regard to decorating/kitchen design etc, but surely you would expect money to be taken off the 'standard' price if a house needed a new boiler/had a really skanky old kitchen/a leaky roof etc? Identical flats on this street are going for similar amounts so it's not like we're massively overpriced. For example, the house we're hoping to buy is priced at around £40k less than similar houses as it needs a new kitchen, the bathroom to be completely reworked, needs new plastering etc. You wouldn't say that once we've done all that work we should sell it again at the price we paid for it, would you?
Hmmm we're on the market for 10k under our break even point after fitting and extending a new bathroom, installing a heating system and brand new radiators and hot water tank, insulating the walls, buying an additional 1/4 acre of land to ensure that our septic and garage were on land owned by us (rather than the next door farm - gotta love Orkney deeds!!!) and redecorating from top to bottom of the entire house. Our agent was very clear - the current market won't pay for improvement works. I mean it's not as if we did them for someone elses' benefit or to the buyers taste - we did it for ourselves to make the house nicer whilst we lived here. The time for improvements being an investment is long past. In fact the time for houses to be an investment seems to be gone - if folks wanted peak 2007 sale prices they should have sold then. We were humming and hawwing about doing the kitchen but surveyor friends were clear - you won't get even half your money back - so just leave it to the buyer to do to their own taste.
If the market had fallen Woodlands yes you could easily do all that work to the house you are proposing buying and it could still be worth less than you paid for it as a wreck. we're not considering a fixer upper when we look to enter the market again next year (largely because I'm preggers and the thought of living in a building site again is hellish), but might if it were our 'forever' house - however if we knew that we might want to sell in a shortish period i.e. less than 5-10 years I wouldn't touch a fixer upper as you'll not cover costs IMHO.
Whoa whoa whoa... This thread is for supporting sellers through the awkwardness of dealing with EAs, prepping for viewings, coping with periods of silence etc. Not for tarring sellers with the brush of If you cant sell youre priced too high! or People shouldn't pay for your X, Y, Z!. Its right there
on the tin in the intro.
We're not all evil money-grubbers, you know. And all markets are not created equal. If you need a buyers support thread for where the sellers you're dealing with are overpriced and/or refusing to negotiate, then go and make one. This is the sellers support!
Very at the idea of all the upside-down St.Joseph's being buried. Not something we're intending to resort to... Not least because our front garden is concrete - there'd be no-where to put him!
Got our viewing this afternoon, left the house immaculate this morning. I really hope she likes it! And offers asking price.
I just dont think the current market is bouyant enough to pay for improvements, however much they are needed.
Good luck with the viewing! No need of a buyers support thread here as to quote Dragons' Den - we're out (to rented for a while!). Apologies if a bit doom and gloom - I think a bit of realistic market analysis is helpful (even if its not what we want to hear, I could have throttled my surveyor but with closing and a sale in sight I'm grateful now) I suppose how keen folks are to sell will determine their actions - we just can't at this point in our life sit on the market for years - as we'll be far too cramped with Junior arriving and we want to be back further south closer to family. I guess it depends on how much folks want life to move on or whether they can sit and wait for a dream buyer. We just want sold quick and for as good a price as we can - and looking at the long term trends (up here in this market!) that seems to be bail out quick hence St Joseph, and thinking about putting a cork up my cat's arse.....
Erm....I was a seller a year ago.
We dropped our price by £20k and low and behold we got a chain free cash buyer in 3 days.
but if you dont want to hear that, fine,
Well, that was a fantastic result for you Badvoc.
Meanwhile we've dropped our price by £20k and are still waiting, so unfortunately it doesn't seem like that's the magic solution for everyone!
about corking your cat, YellowWellies!
I hope it all works out for you.
Its a soul destroying business., thats for sure.
Was very pleased to come home just to see that next doors gardener has trimmed our front bushes - he hoped I didn't mind and said he was just told to tidy the bushes up!!! They l
Bloody phone ... Anyway great timing for our Saturday viewing!
Well, we'll see - we're not desperate to move so if we don't get a decent offer we'll hang on. A very similar flat a few doors down recently sold very quickly for about the amount we're looking for, and nothing on our road hangs about for long, so I'm quietly confident. We do need more space but if we can't move and the market crashes we'll simply do a loft conversion. We would have considered that anyway but we know we wouldn't get our money back for that as people won't pay over the stamp duty threshold.
Good to hear about the hedge trimming, CuddyMum! Our downstairs neighbour has just done our (joint) hedge and it now has no leaves on it! Ah well.
Hahah brilliant! I wonder if I can somehow divert a cleaner from somewhere to do my house before the viewings tomorrow as I'm having a can't be arsed / fat preggers / shirking from home day.... Oh god hurry up closing date and hopeful sale, am normally such a slattern - I am so looking forward to not having to clean with more than a monthly frequency again....
As to Badvoc dropping by £20k I would say it depends on your market as Spirael says. (I guess it also depends on whether it's 20k off a 500k house which is a 4% reduction so small beer in some areas where prices are falling that every two months, or 20k off a 100k house which is 20% and probably more tempting to buyers but scary for the poor seller!).
I think it's very local and some of us will have to be more realistic than others. Some places are still seeing rising prices (some but not all of London), but other markets are really price sensitive at the mo' (check the RICS report to read more on yours) - sadly for us, ours is very price sensitive - a similarish 2 bed house to ours (not quite as good views but still nice, equally done up, more land, more outbuildings, but perhaps to an older persons' tastes) which is on the market for only 10k more than us has sat there for eight months with NO viewings whereas we've had 11 and have 3 more lined up and are going to closing after only a fortnight on the market. It's with exactly the same agent, the particulars look nice (and whilst I don't think it's as nice as ours, I'm biased to love my own house more and recognise that to someone else they probably look equally nice). I can't believe that such a small difference in price (about 7% of asking) can make such a big difference. To us that amount of money was worth a quick move - but I recognise that for other people that amount of money is a make or break.
The flurry of interest in ours has made me wonder if we underpriced and whether we should have added 5k onto the asking (which I would have liked but took professional advice from a couple of surveyor friends against this) but I wonder if that would have priced us out entirely. At least this way we stand a chance of a bidding war and getting over the asking price.
Maybe.... Roll on Thursday! At least we'll know then.
For those of you with more staying power in this market determined to get your ideal price - good for you. You have much more patience (and love of cleaning) than me!!!
Off to clean now (after my Crunchie and coffee). Good luck for your viewing Spirael
And good luck YellowWellies for Thursday.
Hi, can I join in? We've had our house on the market for about 7 weeks now. No viewings for the first 6 weeks but 3 have materialised in the last week. I followed the list of what not to do when showing someone round the house for the first viewing so let DH take over for the last two Haven't heard a peep from any of them since so I imagine that's not good news.
As for pricing, I think we overpriced ours but it's difficult to gauge because buyers seem to expect to knock a certain amount off the asking price. We would be happy to get (and judging by recent sales nearby, would be reasonable to get) 20k less than we've marketed for so we sort of took that into account when setting the price. Not sure if that's the right strategy however.
Allbelly - I think it's a tough one to call - so far by potentially underpricing we seem to have rumours of offers over our asking price. We shall have to see on Thursday when we go to closing.
Whether it's a bidding war for a 'cheap' house or folk making 'cheeky offers' on 'overpriced' houses - the market will find it's balance I guess. A house is only worth what someone is willing to pay as the saying goes.
Good luck and welcome!!! I'm worrying that I'm sounding a bit like Eeyore (gloomy gloomy) on here because I'm pretty pessimistic on the market (rather I think the economy is totally jeffed!!! )but honestly I'm a fairly cheerful soul in real life. Also we're hoping to upsize so a falling market actually is really good for us as the next step gets closer and we won't need to get a scarily big mortgage (apologies to those downsizing for whom a falling market is not good).
I've been quite gloomy about our chances of selling, I'm driving DH mad with my complaints I think. Having said that, since I first posted the EA have been on the phone arranging a second viewing so maybe it's not all bad!
We're also upsizing, well, probably the same size but in a better area, so can also see that a falling market won't really affect us negatively.
I'm on tenterhooks waiting to exchange, should have happened 2 days ago but bloody HSBC lawyers being picky.
Good luck every one else
I've been driving DH mad as the anti-clutter Nazi. The poor guy can barely take his shoes off let alone leave a book lying somewhere without me
tidying hiding it. I blame nesting instincts combined with a desire for a quick sale so I can stop fannying around pretending I live in a clean, tidy and hygenic way.
Good luck Bumbez!
Thanks for the recommendation of HG Mould Spray, Spirael! It has indeed worked wonders.
What is this mould spray of which you speak?
(not a seller yet but will be in a year or two)
Spirael recommended it further up the thread to deal with our mouldy grout/sealant in the bathroom (to at least make it look nice at first glance even though it all needs ripped out really). I got it in Homebase (£5.49, ouch!) yesterday. I have tried spraying with bleach before and also Cilit Bang mould remover spray but neither had much effect. However this stuff really did the trick - I sprayed it on, left it for 30 mins and then rinsed off. The vapours were really getting up my throat - powerful stuff and needs lots of ventilation!
It's this stuff, Tunip. Though you can get it from other places too... Homebase, B&Q, Robert Dyas. There are some sellers on Amazon as well.
It's amazing stuff, clears bathroom mould from dirty grout and sealant with minimal effort.
It does make your bathroom smell like a swimming pool for the next day or two, however.
I quite like it.
Well, we got our photos done after manic decluttering & cleaning, only to have a complete change of heart - we have decided to rent out our house and sell DH's flat, which is currently rented out - a 2-bedder in a different part of london - and use that cash instead as a deposit as the house is a better longer term investment. The flat will be a pain to sell as there's an ongoing issue with the managing agent (it's on a large mansion block of flats) so so we won't be moving any time soon unless we go into rental and there's no suitable rental properties in theplace we're going to.
I'm disappoined not to be moving soon but at the same time, it's great to not rush and feel like we're making too-hasty decisions. Best of all, I can stop tidying the house!
Hope all your viewings/de-mouldings/exchangings go well!
Thank you Woodlands/Spirael!
I think I've got some Lakeland vouchers somewhere....
Graven I'm in total envy of anyone who can stop decluttering (stuffing stuff in cupboards) and cushion plumping and manic cleaning.... good luck with your decision sounds like it is right for you. I almost wish we didn't have to move, but having battled out to the woodshed to get coal, in near gale conditions complete with horizontal rain, whilst 7 months preggers, this morning - I am so glad to be moving closer to civilisation!!! Even if we have no clue as to where this baby is going to be born.... let alone coming home to... hey ho!
How was your viewing Spirael? My little St Joseph medal arrived today and I will be burying him later and saying the prayer. Shame I'm an atheist!
I called up a few minutes ago for feedback, and apparently there was nothing wrong with our house but the woman has found a different one
out of the bazillion available in this area that she preferred more.
Oh well, hopefully the holidaying couple will up their offer when they return! Only another week and a bit to wait to find out whether they're going to.
Oh people are so fussy. Hope you hear back from the couple when they return from holiday.
CuddyMum don't worry (I'm a pagan shhhh don't tell anyone and burying the charm is more linked to old fashioned folk magic / hoodoo than formal religion!).
Our viewing today was a young girl and her Mum - who seemingly was brought along for advice. It was nice to see a genuine FTB as this is very much a FTB house and they seem to be rare beasts priced out of the market at the mo. They seemed really positive, loved the Rayburn as it was something the girl had grown up with - which is good as it can put some folks off used to oil fired central heating - the other option up here, but once you've had one you become nostalgic about the odd beasts, even if they do blow out on stormy nights. Mindst - they were hardly going to say anything awful in front of a heavily preggo lady I guess.... so who knows!! I'm rubbish at spotting who's genuinely interested. Both of the couples who have put formal offers in were folks that I thought didn't like the house.
I guess we will find out on Thursday. I might ring the agent on Monday for a catch up to see how things are going. Or should I just be patient and wait until Thursday at 4pm??
Good luck everyone else with viewings planned. Tough on the lack-lustre viewing outcome Spirael - there's so much on at the mo' it's so hard. Still at least there is nothing wrong with your house? Fingers crossed for lots more viewings.
Can I join in?
Ours has been on the market for 4 weeks but we nee to move fast as dh starts working on a new job 150 miles away on 1st October. Work will let him live on expenses till Christmas thankfully. We need to be settled by January so I can apply for ds' school place.
We found a perfect house by accident and put in an offer in principle which was accepted. So we JUST need a buyer and the we can go.
So far we've had 8 viewings, 2 lots liked it and EA thought one might make an offer. But she's been chasing them since Tuesday and heard nothing so I'm guessing they're not serious.
I am getting really fed up because we NEED to be into the new house before the primary school deadlines. The school is mega over subscribed BUT we'd be super close so should be ok. As long as we are in the hose in time.
Aaaaaarrgh! It is driving me mad! I am not a patient person!
Right another morning of cleaning, gardening, arranging fresh flowers, lighting candles, hiding evidence of teenagers and a pug and not forgetting to bury St Joseph!! The viewer had better turn up!
No viewings today.
Not a happy bunny.
It's a horrible feeling when you have no viewers
I don't like to visit this thread too often, as it's making me depressed We haven't had a viewing for over 6 months now.
The housing market in our area has completely collapsed. Our Estate Agent says he's barely selling anything now, just the occasional small property to first time buyers and nothing more. We've all but given up ever finding a buyer. It's a complete nightmare.
Oh no Duchess - what area are you in?
Lovely part of the country - expensive house prices though. Just had a quick flick on Rightmove and so many million pound plus houses!
Hasn't Dorset been bid up a lot by retirees in the past decade and now the flow of retirees has slowed to a trickle as they cannot sell their houses elsewhere so cannot move?
Ouch - that has to hurt Duchess - do you have to move urgently? Are you in NE or do you have a bit of wiggle room to drop the price slightly to get the process over and done with?
I know some folks are sentimentally attached to a certain price which feels 'right' in their minds but for us we've had to forgo that to move when we need to and get on with our lives. Not of course, that I still wouldn't wish to achieve this price this Thursday when we go to closing. I really hope we do, but we'll sell regardless TBH with new baby etc we just want to be close to family and back in civilisation (we're at the opposite end of the UK up in Orkney). M'eh we're just taking it on the chin to be the first generation not to make a packet from property - but then we were also the first to be screwed by student debts - so I don't us as being particularly 'lucky'!
Sorry to hear that Duchess - it must be really panicky when you need to sell and can't.
We had our first two viewings this morning. The house is cleaner and tidier than it's ever been before - wish it was this way always!
We have friends who live round the corner who have also just put their identical flat on the market, with the same agent. Inevitably we had the same two sets of viewers this morning! We are both having our photos done on Tuesday. Interestingly theirs is going on the market for £5k more than ours, although ours has a view of a park and is marginally closer to the tube. I haven't been to their flat before but I think it is more recently decorated so that could be the difference.
I bet she's a MNer - I wonder if she'll see this thread!
We're not in the expensive retirement part of Dorset. We're in the north - a long way from the sea. Property prices around here are quite low compared with, say, Poole or Swanage.
Our Estate Agent has told us it won't make a scrap of difference if we drop the price by £50k or more, there just isn't anyone out there. Anyone want a 4 bed house in north Dorset?
Some examples of the types of houses in our price bracket in North Dorset.
Why isn't there anyone out there Duchess?
Is it the disparity between prices and wages? (That would be my best guess).
A third of a million for a family home in a rural relatively low wage area does seem massively out of whack with local wages (what's the average wage for that part of the world £25k, wow that makes them more than 10x local wages!)? Perhaps the market has run out of people trading with equity and 'free money' from HPI and is now relying on those using wages - which aren't anywhere near high enough to allowing them to buy houses at that price.
I can see why now the banks are returning to traditional, more risk averse lending, i.e. 3.5 to 4x salary loans - there are huge areas of the country where that just isn't enough to buy anything, let alone a family home Gosh it'll take decades for folks to save up a 20% deposit there - I've no idea how long it would take me to save up £60k on a £25k wage but it would be a long time. God what a mess.... this bubble has only been good for the banks and it nearly killed them.
Have you had a look at the land registry for actual sold prices in your area rather than asking prices?
I wouldn't be happy with an agent with such a defeatist attitude. He's supposed to be selling your house for you dammit and if he starts off with the view that it's not going to sell and there's nothing he can do about it why the hell did he take the instruction in the first place? Can you change agent or are they all like this?
I'd be inclined to agree with Tunip. The EA's job isn't to make excuses about not selling it - his job is to sell and if he needs a new strategy to do this - then he should take it! Have you put a rocket under his arse and explained that you want to sell, not just put it up for sale, and you need to know what if anything you can do to achieve this (up to and including changing agent)?
Actually this is our 4th agent and it's just getting worse here. We're all in the same boat. It isn't the EA's fault - he's doing what he can. Changing agents won't help now and people are giving up. Dropping the price won't help either. We tried and no-one came. Nothing we can do. But it does appear to be quite a localised problem.
I dunno - from reading this months RICS survey (from EAs all across the country all reporting on their local markets - definitely worth a read), it seems to be a problem across the UK - bar London, and areas which have already seen big price drops - Scotland, NW, Wales, NI, NE - where the market is more in line with wages and is starting to move again as FTB can get mortgages on real wages. I mean the trigger factors - the economy - seems to be pretty similar nationwide I guess?
I can tell you that in the most desirable parts of the NW prices are at or above 2007 levels and stick unsold for months/years. If that weren't the case then we wouldn't still be renting!
I've never understood the 'there are no buyers' line trotted out by EAs. If they surveyed everyone in the locality and asked "would you like to buy/own a house" I imagine they'd get an overwhelmingly positive response. If they asked "would you like to buy this 4 bed detached for £1m", the answer may be 'no'. If they asked "would you like to buy this 4 bed detached for £1", the answer may be 'yes'.
Of course it boils down to price - whether that is caused by the buyer's perception of what constitutes reasonable 'value', or by their being unable to get credit to meet that price.
I've been renting for 18 months now and have offered on two places. The first had started off looking for 900k and ended up asking 595k before selling. The second started at 750k and ended up asking 550k before selling. Everything has its price.
YellowWellies - is the RICS survey readable online? Do you have a link to it? Would love to have a look at that.
What hasn't helped our local problem is that a brand new estate was built in the last year and the developers were offering 95% mortgages and all sorts of extras to attract buyers, so it meant that any buyers who were out there flocked there instead. We had one viewing earlier in the year where the family said how much they loved our house, and seemed very keen. They even came back for a second viewing. We thought great, this is the one. They then found out about the development in the next town and that was that. They told the EA that, whilst they loved our house, they could get a better deal on the new house. You just can't compete with that.
Friends of ours are also trying to sell their house - they have dropped their price several times, to the point where they are almost prepared to give it away out of desperation. They can't get anyone through the door - no viewings for months.
The rental market seems to be slowing down round here too. It's a major problem.
RCheshire - we started off at an asking price in line with all the other houses the same size as ours in town, we've dropped and dropped. We had an offer at £75k below the asking price which we accepted. Our buyers had dropped their asking price so far down to make their house acceptable to a first time buyer, who then got nervous and pulled out. The chain collapsed. We would have had to make up a huge shortfall to afford to buy anything else - we were prepared to move to a cheaper area but our seller refused to drop their price. We've done everything we can to be flexible - we've accommodated a low offer, we've dropped our price significantly. Absolutely nothing has made a difference.
It is about prices coming down countrywide to allow a true shift in the first time buyers ability to buy and more than that to pay a mortgage! There are a lot of potential buyers waiting for falls before they proceed
Sorry to hear that duchess.
We were also desperate to move and dropped our modest £150k asking price to £130k. We got a no chain cash buyer within 3 days.
I live in Derbyshire (and not the nice part!)
we had put in new windows, new boiler and complete re-dec the year before.
In my more depressive moments I tell myself that's why it sold so quickly....
I think some vendors (like my sis and bil) will have to accept selling and owing money on their property in order to move...
I wouldn't even mind if we got someone through the door who liked it enough to make a cheeky offer. We'd consider it. After all, a buyer's a buyer. As long as we could pass any drop onto our purchase. What really pissed me off was having to take the drop and find the shortfall ourselves - no-one else was prepared to drop or meet us half way.
Yes that is unfair. Can you drop the 75k now to make your house look like a bargain?
Even after dropping our price we on,y got 2 viewings...ine of whom bought it
I know here that seems no rhyme or reason at all...houses £125k and under do ok and issues over £500k sell really quickly but anything in between....
Is renting it an option duchess?
Can you match the Offers/prices new made by the new estate builders?
They are offering 95% mortgages here too....
Actually we'd have to put our house price up to match the prices of the new houses - it's the mortgage and the extras that we can't compete with.
The cheaper houses in town - FTB types are slowly going according to our EA, and he's also sold some really expensive stuff too, which doesn't seem to be affected. But the ordinary housing stock like ours is stuck.
We're priced now half way between what we were originally and what we were prepared to sell at before, so that if we got a cheeky offer we could accept the drop down again. But if we start off at the lowest price then have to accept a cheeky offer it wouldn't be worth selling - it would be taking it down into the FTB price range, which ours isn't - it's a nice sized 4 bed house with a good size garden and we wouldn't be able to buy anything.
We're left with leaving it on at the current price and watching what comparable prices do and taking our EA's advice, or taking it off the market which we may have to do.
That's how it is here tbh...really expensive and ftb places selling and mid range 3/4 bed not selling.
On my sisters estate three are 3/4 large 4/5 bed houses that have been in the market for 2+ years....
Whereas the 2/3 beds are selling.
I hope to god we never have to move again!....I didn't think I could take it!
There was a report out a week or so ago saying that affordability for 2nd time buyers is the worst for 25 years here. It's no wonder you're having trouble, with the extra problem of a new estate in the same area.
Well no initial feedback yet from our latest viewing... I wonder what the excuse will be this time. Feeling a little negative right now.
Oh how I hated waiting for feedback!
I don't know what was worse...a couple who came to view knowing we didn't have a garage saying they would have bought it except there wasnt a garage
Or another couple saying they didn't like the colours we had painted the rooms...rooms good size, good storage, nice flooring etc just didn't like the paint job?
They might not actually have known there was no garage. IME EAs tend to
insist on offer to book in other 'suitable' properties whenever you ask to see one. We were sent to all sorts, including one 3 bed when we'd said we were looking for at least a 4 bed. We didn't know until after the owners started showing us around (when we got upstairs we had that sinking feeling). They were lovely, and we felt really bad about wasting their time but it was really the EA wasting both of our time. The house had just gone on the market and the EA clearly wanted to show them they were getting viewings.
Nope. They knew we only had a car port.
They were locals.
They were also arseholes
I've been trying to buy a house for nearly two years. I'm a cash buyer in rented accommodation so you'd think it would be an easy task. However, of the houses we have seen which we would like to buy, the vendors have been completely unreasonable as regards the value of their houses and guess what, those houses are still on the market 12 months on. If vendors could accept that their house is worth less than it was in 2007, maybe more houses would sell. I think it is also partly down to estate agents too who over-value houses in order to gain business.
We even had one muppet of a vendor who decided she didn't want us to buy her house and wouldn't give us a second viewing. Well, guess what, her house is still on the market too.
Sue - we had the same thing last year....we only got this house because it was being sold by Building company not a private Vendor!
I wish they were building new houses by us
Shit news on the new estate. That's harsh. Good for buyers but not for sellers. Which is why all of these 'newbuy' housing finance schemes the tories are announcing to help the market are no such thing. They are designed to bail out builders alone, but they actually make it harder for your average person to sell their house - as it can't compete with new builds. They are also artificial props to the market and yet more socialism for the rich business types.... capitalism my arse.
Duchess you have my total sympathies you're clearly not one of the many numpties on the market who still believe Kirsty and Phil's nonsense that 'house prices only ever go up' instead you have priced your house to match the market and are more than willing to be accommodating to the change in sentiment. That really sucks I would echo the others advice, which is if you're going to cut - cut first and cut sharp - there is no sense chasing the market down.
I really want to get out sharpish as listening to the IMF and other professional bodies (none of which you ever seen reported on UK media!) they reckon UK prices are still 30% too high and will crash over the next few years. We couldn't afford to lose a third of the value of our place hence are getting out sooner even if we have to take a bit of a hit now.
Please find attached a link to the RICS report for August, www.rics.org/site/download_feed.aspx?fileID=12383&fileExtension=PDF the pages of most interest (along with the stock vs sales ratio - which shows it is still a buyers market and that sales are well down on peak) are the last few pages of the pdf which contain the individual feedback from EAs across the UK on their local situations. You have to read between the lines when it comes to the headlines in the actual report though as there is a lot of consultant weasel speak (she says herself a consultant!) 'a broadly level national picture' i.e. translates to 'rises in London are masking dramatic falls across most other regions but we don't want to announce this nationally and scare the horses.... '
RCheshire you're speaking a hell of a lot of sense. Everything will sell at the right price. Ultimately that's the nub of it. I guess at present the price buyers want to pay is just not acceptable to sellers.
But as prices keep falling - I think sentiment is turning and there is a realisation that tomorrow's offer is likely to be lower than todays. NE, rising mortgage rates, divorce, death, relocation, redundancy and a need to move - will ultimately force some people to have to take a price they don't want to. These forced sellers will then set a new precedent for their local areas and outcompete other properties which in turn will look overpriced and poor value. Hence see above - why we want out now and are priced accordingly.
I'm a buyer. Cash buyer, currently renting. We want a 4 bedroom house. Finding one in my area which is not asking the exact same price as those houses were going for several years ago is very difficult. I did finally find one, leapt on it asap, and hopefully the survey will come out alright. I know this is a terrible time to buy, for all the reasons Yellow gives above. I know if I bought a house at the price most would like to sell them for here that I would lose that money within 2-3 years. So hearing that it is a buyer's market is amusing to me. Anyone buying right now has to be aware that they won't be selling again anytime soon, because those prices are going to continue to go down for a while longer.
I just had this conversation with two friends from the town I live in. Both bought their houses for 50k-ish, and both houses tripled in price over the last ten years. Truly. That's not normal; that's a bubble.
I sold my last house last September as I had been watching this unfold. He house 2 doors down is now on the market at 10% less and is not sold. It s bigger too. The market has peaked and now t is damage limitation. Unless you can afford to reduce I think staying put and making your home suit you by extending etc is the way to go for now. Chasing the market down is soul destroying better to cut now. Even though prices are 30% ish inflated most people would still buy at 15-20% as there is such a shortage.
It is mad.
We spent more on this house than we wanted to because a) it was only house dh liked in 2 years of looking! and b) we hope to be here til retirement age.
Our mortgage is only 3 x Dhs salary but it still feels a lot when our first home 13 years ago cost £53k and the deposit was £2.5k!!
However, despite completely gutting it and spending £££££ on our old house we did not make our fortune on it!
We remortgaged twice to do major works (extension, new windows, loft room etc etc) but we were still left with £20k for a deposit dor this house in the middle of a recession so in many ways we were lucky.
Like oddly, I too got very itchy feet last year..I said to dh if we don't sell now at a reduced price we will be stuck here forever
A big warning sign for me was the lack of mortgage products offering 85-90% mortgages....from pages and pages of products to 2.
That told me all I needed to know,
Good luck everyone x
V true Greeneggs if it looks like a bubble, walks like a bubble etc - it was a bubble - deliberately inflated (or allowed to be inflated) to create a fall sense of wealth (amongst homeowners) to mask a decade of falling wages.
I think there is a good argument that the 'tough times' we are now facing economically are not so much a recession as a return to normal. And as the Bank of England itself said last year, they expect them to last for at least this coming decade - which Mervyn King has christened the 'nasty decade' (aka time to repay debts after living on hock and bubbling asset values for the last decade). All of those folks who used to gloat 'my house earns more a year than me' needed their heads read - that's a bubble!
My genuine sympathies go to those priced out - they didn't cause this mess, they saw none of the benefits yet they are the ones suffering the most. I hope their time comes when they can buy a home of their own.
Folks who are selling, who have a mental figure in their head of 'what their house is worth' so that they don't feel as though they are 'giving it away' (often not based on anything real other than sentiment - i.e. 'we'd like to make £40k profit') are likely to learn, the hard way, that their ultimatums are not as real a barrier as the banks not lending daft LTVs anymore, or the need for the desperate to sell low to avoid bankruptcy.
They'll realise that such an inflated asking price was wishful thinking possible to achieve only during the peak of the bubble, and not based on any economic reality.
Who can be more stubborn? I would argue that ultimately those that CAN'T offer more are in a more powerful economic position that those who would LIKE not to cut their prices. It's choice versus compulsion ultimately. But if sellers don't have to sell then there will be stalemate. However it only takes one forced seller (a divorce, lost job, relocation etc) to set a new low price threshold for a street.
Our EA reckons that 80% of new instructions are from folks downsizing (due to poor pension prospects / annuities, rising bills etc) - think of that - if 80% are downsizing - only 20% are upsizing. That's a hell of a disjoint in supply and demand on the horizon isn't it - when it comes to large family homes, and is not going to end well for the downsizers, regardless of whether or not they 'don't want to give it away'.
YellowWellies - I very much agree with everything you said. The volume of transactions has collapsed because sellers are asking prices based on what they would 'like' or 'need' to get for their house whilst buyers have an absolute limit on what they can offer because of lack of mortgages and low wage rate growth.
The house we offered on last week was exactly this situation. An older couple with no children close to retirement who 'want' £x because they want to buy a cottage in Devon, do a world tour and also give some money to their children. All those things add up to £x and that figure has absolutely nothing to do with what their house is actually worth. They will not accept our offer because it would not allow them to do all the things they have planned.
Their expectations will have to change and that wil take several years. They are the typical downsizer for whom it wil not 'end well' as they will not take our offer which is 15% below their inflated asking price and ultimately end up selling for 25% less 2 - 3 years from now. It happens a lot in our town.
In fact, we offered on a house a few years ago where one of the owners eventually died and teh hosue was finally sold for 5% less than our original offer. Bizarrely, the EA never came back to us.
There is definitely a return to normal going on. I am old enough to remember banks only allowing mortgages of 3.5 x joint salary - asking prices on large family homes though are still based on expectations that a couple will come along with 2 children and be so desperate that they will offer 5x their joint salaries. They can't because banks will not allow it and no matter how much they want that beautiful home.
Incidentally, for those people who are selling on this thread I am not having a go at you. We are all probably in the same boat even though I dont have a hosu eto sell.
The entire problem is getting older 'over housed' sellers to sell family homes at a price that families can now afford in the new reality of the market - not in the bubble conditions of years ago. The market has to clear eventually.
Anyone who is buying for the first time or moving up to a bigger property as their family grows needs house prices to fall. Problem is that older sellers have the ear of Govt and they vote.
Price falls will benefit everyone in the long run
Out of the 4 houses we looked at in the last month, they all had youngish retired couples looking to downsize. Three of the properties had been on the market for months and there was a definite sense that they were priced according to what the sellers 'need' to retire plus what they had paid for the house, rather than what a buyer would pay. To be fair, it's a difficult area to price (not much housing stock, particularly of family 4-bed houses) but the fact they had sat on the market for many months surely is some indication that the price was wrong. One house was over-priced (by our reckoning, given that we've been looking at houses there for 6 months or so) by £100k on a £500k property. I'm not convinced they really wanted to sell.
The feel of the market just seemed so different to London, where the market (in our borough at least) is still very fast, lots of properties moving and therefore it's difficult to over-price as there's so many comparable properties on at the same time.
Some good news from the sticks - we've just had a proceedable offer in only 5% below asking price. Been on the market 4 months and previously had a couple of non-proceedable offers. Potential buyers have 1st time buyers' offer on theirs, so fingers crossed we can proceed without too many glitches.
Things are moving round here. All the ones I've had an eye on for us but not been to look because in no position have sold.
Great news iseen, we've got another viewing scheduled for this morning too, and we're counting down the days until Thursday when we go to closing. The viewing is from a friend bizarrely - which I'm not sure how I feel about... Would it be odd to sell to a friend? I've got to work in the office, so have just told her to let herself in... but have just remembered we need to hoover, put the washing away and make the bed - arse.
Beta some great points there. Indeed sellers future plans are no business of buyers, and to expect them to pay for it is just greed - I'd like to get a ferrari and world cruise from selling our house - but m'eh in this market - what I'd like doesn't come into it. Hard economic reality will trump fluffy wishful thinking.
I do see a pinch point and scrap between downsizers and upsizing families for three bed houses - given that the downsizers who came to view our place were thinking that two bedrooms would be too small for the two of them and considered three beds a minimum (I think a certain generation has got used to having much much more space than the rest of us). Although if there is a dash for the exits from big family homes as energy prices rise - it could mean that the market is disjointed and the difference between unpopular big houses and more popular modest houses becomes compressed.
You have described my neighbours exactly!
They want to move to a seaside town and need xxxx amount to do so.
Shame we bought our identical house 6 moths ago for £30k less than they are asking!
There are bigger houses with garages for sale only streets away for the same price!
Selling to a friend is an interesting one.... but a buyer is a buyer?
It's a 3 bed we're selling. One sold round the corner a couple of weeks ago for just £1k more than we've been offered. There are 2 new build developments within a mile in similar price brackets. What you're not getting with those is a garage nor more than handkerchief garden.
This is a very interesting thread - DH and I will be downsizers in another couple of years. We will be doing some work on our house and if we can get what we want we will downsize, but if we can't then we will stay put and enjoy it ourselves. The point is that we won't want to sell for less than £x not because we can't look ahead and see he house might be worth still less in years to come but because we are assessing one set of pleasures ( loft flat and lots of hols) against another (living in a house we love and having time to garden etc). I don't think there is an answer to this problem for buyers trading up.
No I think you're right higgle I think the market will make the decisions for a lot of people but until then lots of folks will be weighing up the pros and cons as you say. If austerity bites and the current benefits which allow pensioners to afford to stay in big homes they couldn't afford to heat on their own (without the winter fuel allowance for example) are cut - and it's looking increasingly that way, and if fuel prices continue to rise and the market continues to fall, I think lots of people will decide that downsizing might offer them a less stressful life. Especially as rising costs for repairs etc continue.
It's funny isn't it - it would be ludicrous if someone who had had say dot com shares and didn't sell them before the crash, was still insisting they were worth dotcom bubble prices - we'd all tell them they were mad. But that's exactly what the 'not going to give it away' crowd are doing with their houses - they missed the peak but aren't willing to accept the new reality. I guess it's the emotional attachment. But yes when we have looked at places and the buyer has priced in the equity they withdrew for a new car or kitchen - well unless they are going to throw in the car - we're not paying for it, is my rule.
Friend's viewing went well. Am trying to wrack my brains as to whether there are knickers and socks on the bedroom floor from going to bed last night. Classy bird eh? Hey ho she might have got a more 'realistic' viewing than most...
I know it is either an investment so you take the ups with the downs or it is a home and you live in it.TV property shows have sold a dream of £££ easily made and people can't let go.It is over even though most people esp agents can't admit it
Adding insult to injury, we had a flyer through the door this morning "Join us on 29th and 30th September for our Home buyers' event at xxx sales centre ... Reserve this weekend and receive a superb Sony entertainment package: 42" HD LED TV, DVD Home Cinema system, and HD digital recorder".
EAs are just as unrealistic.
I rang the selling agent on the house we offered on. Told him the hosue was overpriced as it was on at only 50k less than a much larger house at the end of the terrace.
He argued that the house seller at the end of the terrace had accepted a lower price for 'a quick sale'. I told him I knew that it had taken 3 years to sell so hardly a quick sale.
I think the slow pace of the market also has to be factored in - it gives buyers much more time to research their potential purchase. In the boom you would be rushed into making an offer as the EA would be making out that there were two or three other parties interested and you had to offer today (often not even subject to survey!). Now they can't do that.
And when buyers have time to do research they can figure out a) what the vendor bought for and when and b) what they have done to the house (and note if there is a disconnect between the two sums) and c) what has happened to regional prices and d) other recent sold prices. And make an informed offer accordingly. This isn't helping sellers achieve the prices they want if they are unrealistic. Pace of the market is another key feature to consider.
YellowWellies - those steps a - d are precisely the ones I went through with the house I made the offer on. It makes no difference. The sellers have been led to believe prices have gone up by the EA when in fact they have gone down in our area over the last 7 years.
I set out my calculations in a letter with evidence from Land Registry and other house price indices, added estimates for the work that had been done. It was the calculation the EA should have done when talking to his seller.
Fact is that EAs simply quote a high price to a seller to get them to sign up and then leave them to sweat on the market for years. Bad for every one.
I am not even trying to get a bargain, only pay the actual fair market value based on real transactions.
If they come back in 6 months my offer will be lower.
I have been looking to buy since last year november onwards. Most places I have viewed which subsequently sold re appeared within 6 weeks or so. We made about 3 or 4 offers all refused 3 of them came back to us. There is limited finance for people without a decent deposit and a spotless credit check so this will push prices down.
Well we had an offer today but at £55k below! I have declined and will see if they come back or not. I am flexible but not that flexible. It's almost certain that we would not get this amount off when we buy.
What is the % though you may be surprised If you will take a reduction so will others.Do you have a minimum?
87%. In an ideal world i would like 96%. I rather wish I hadn't spent £40k on the loft conversion as a similar house (without any work) sold for about the price I am looking to achieve.
I have made enquiries about a house we are interested in to see how flexible they are.
Well it appears the vendors of the house I am interested in are really not flexible. They have an offer of £10k under the asking price on the table but looks like they are holding out for more. This would make our downsizing exercise pointless.
Ah if you are downsizing you can'r really expect the same reduction. What about renting for a year?
Well they are looking at an offer close to 98% and it needs new bathrooms, kitchen, flooring, plastering. Mine is in perfect condition. I would bite someone's hand off at that offer but they still want more.
Offer them what you think is fair and leave it on the table.They may think again in a couple of weeks
They already (allegedly) have an offer on the table for 98% from apparently a cash buyer so there's no point. Either they are being greedy or the EA is bullshitting... He's not a local EA so I am wary.
If they had a 98% cash offer in this market they would have taken it. Agents are desperate atm. I have heard every story going over the years and this time round the lies are ridiculous. Everything we have viewed in the last year is still available most of them reduced. Where are the other buyers I was warned were my competition? Try and push your buyers up a bit too
I'd still make the offer, if they turn it down and can't sell they may be back. Vendors are achieving around 93% of asking price at the moment, so unless their property is very desirable they are unlikely to achieve it particularly as it sounds like it needs work.
cuddy have you looked the property up on Zoopla, I don't set much store by their valuations but you can find sold prices and also you can see whether its being marketed previously and at what level. I found the property I've just had an offer accepted on was on the market last year and that they had reduced a couple of times, I offered accordingly.
The only reason it is at all desirable is because it has a big garden which is very unusual for the area. It's ugly from the outside but I could make it lovely inside. They are divorcing (he has left already) - saw him in the pub with a newer model!! I am awaiting a call from my EA to see if they will up the offer.
Can I just add that you need to be careful with last sold prices. Try and establish when current owners bought their house if you are interested in buying it. The reason I mention this is for our current property the rightmove, Zoopla type sites say it last sold in July 2005 but we actually bought it in March 2009 for 35% less. There are various categories of sale that do not get included in many house price websites or in the statistics derived from them. What difference do you think it would make to potential buyers of our property if they thought we paid that earlier figure? Presumably at some point it would become apparent that we were not the '05 buyers (if we don't let on, that is), when would this be?
Does anyone know if you can actually get the data about repossesion/corporate sales prices?
Yes they bought at 335k four years ago - have done sweet FA to the property. They have an offer of 340k but want more.
CuddyMum. I'd find a more reasonable seller if you can. These guys sound like they are totally unrealistic, and (bad person that I am) they deserve to sweat it out on the market for a long time not to be saved by a 'greater fool' coming along and keeping their unrealistic dreams going. Use your head - don't fall in love with a house. Otherwise you risk ending up taking the hit on the house that they might avoid
I think most EAs seem to be boasting where they can get 90% of asking price so 96% might be a tad tricky but it depends on your area (check out the RICS link). Asking prices have fallen 4% nationwide since July. Selling prices vary by region but most are falling 1%+ per month.
Any reason you'd not consider renting and stepping out of the market whilst prices fall further? That's what we're going to do. Ok it's one more move but prices in our target area are falling 2k per month (Fife) so if we buy right back in now we would risk NE in just over a year (and our deposit was saved from earnings, it hasn't been built up by house price inflation so it's reflecting much more blood, sweat and tears than those who have just sat on their house and made £30k!!!!). Whereas if we rent it would only cost us about £500 a month and the hassle of an extra move (but hey we're of the generation that has moved dozens of times in our twenties thanks to the AST tenancy agreements and being priced out). My DH's work are paying for our first move so it's not such a biggy. Although of course we will have a small baby to move... so it's not all peachy. But we figure that if prices drop 2k a month - by the time we've paid mortgage interest over the lifetime of the loan that's a saving of 6k in real terms per month. After a year that's over £70k - more than enough incentive to stand out.
It is a bugger but the old saying is that you upsize in a falling market and downsize in a rising one (am amazed how few folks know this basic financial truism though). It sounds as though neither of us are doing it right!!! Oh for a crystal ball eh?
The date is correct as I know the person who did the conveyancing
The land registry is the only place to get reliable figures (or Scottish registers up here). Zoopla is pants. It costs about £3 for each property you want to check on the LR but is worth it if you are seriously interested in a house no? I believe they do include repossessions in the registry figures but NOT in their quarterly house price sale trends, which I consider to be a significant distortion of the figures as it is omitting a large and low priced segment of the market. If they omit repos then they ought to omit fixer uppers / developments as it's not comparing like with like.
Good for you Cuddy - I'd leave them to their unrealistic expectations - or take the approach recommended by Noddy. Good luck!
Our agent reckons we will achieve above our asking price (but we priced low) as we've gone to closing and have several interested parties. I remain highly sceptical but will let you all know on Thursday. I won't believe anything until we get the money in our account and are going to be very wary of any offers subject to finance as so many mortgage products seem to be being pulled at the mo' - I guess the banks are scared of exposure to the Euro and having a panic?
That's good to know Yellow, I wasn't sure repo etc information was at all available, thanks for that. Yes I agree about manipulated figures, in our area (in London!) I think it would seriously affect the numbers as I do notice there are quite a lot of enforced sales (from the required public notices prior to sale).
I do wish people would ring with counter offers on the same day! I can't stand the waiting. I just want to crack on and make a decision.
Wonder if I ought to have buried St Joseph a little deeper...
There should be plenty more houses to choose from soon at more realistic prices.
The Rightmove Index has dropped to £234k today from £246k in June. So people not buying have saved £12k in 3 months.
And they've saved £36k once you count in the lifetime costs of servicing a £12k mortgage debt. Oh god hurry up sale I want out now.
No other houses at the moment unfortunately ;(
We had another viewing last night, a young builder (we vaguely know) and his Mrs. He offered on the house last year when we bought it (it went to closing then too) but missed out and came to quote for some work we needed doing. He seems a really nice guy. They're just a classic young FTB couple. I know it sounds daft but I really hope it goes to them in closing as they seem to really love the house and with him being in the trades - he can get loads of free waste timber which would be perfect for the Rayburn! Some of the downsizers were just plain unrealistic (not on the market yet, but reckoning their third of a million pound house will sell 'in a heartbeat because it's lovely') and having had things their way throughout their entire housing career - I'd like to give the young couple a break. Mindst if the market is going to tank - maybe best to sell to the downsizers who have equity as a cushion.... Well only two and a bit days to go until closing.....
It's all sounding promising YellowWellies - the best of luck to you
Yellow you are beginning to persuade me of the benefits of the Scottish system. Or is your market skewed by a real shortage of property up there?
Well my place is supposed to complete at lunch time today. Not heard a bean, so will just let the solicitors do their stuff today.
iseen I have worked with English and Scottish cases, and the scottish ones are always much easier (I was a mortgage underwriter at a brokers until made redundant a few years ago). I definately think that England should adopt the Scottish system of house buying. It is much fairer.
Forgot to add: fingers firmly crossed for you YellowWellies
Well I've not heard any more from my EA since I rejected the very low offer yesterday. The viewer is either trying to make me sweat or I may never hear from him again
Woooooooooooooooo hooooooooooooooooooooooooooo have completed!!!!!
There is hope for you all ladies and gents I am sure. Will keep my fingers crossed for you all.
This popped up in most active convos and seeing as just put house on market thought I would join!
Am in Scotland though so the whole thing is done a bit differently here.
House went on market on Friday and have had one viewing, that's it! No more phone calls. Maybe I am expecting a bit much but was hoping for at least 3! But as DP said you only need one buyer. They are coming back today for a second look so fingers crossed. We haven't seen a house we like though which worries me a bit! Keeping house tidy with a toddler and a newborn is a nightmare!
Oh CuddyMum I didn't see your post before my completion one. I am sorry, I hate it when people keep you hanging on like that. Fingers Crossed they are number crunching.
Congrats financialW. I hope that's us soon!!!
Iseenodust I think it depends on where you are in Scotland really. There's only a couple of properties going to closing on the islands where I live (Orkney) at present - lots of others are languishing on the market for months with no sign of one offer let alone several. Looking at the RICS report other areas of Scotland haven't seen a closing date in months.
I think it's because we have priced realistically and because we are at the end of the market that is still vaguely in sync with local wages so it's easier for folks to buy. We also seem to suit a range of buyers - divorcees, FTB and downsizers. There is a heap of optimistically priced houses sitting on the market for 3+ years up here which are £300k+ (largely owned by second home owners now looking to downsize and yep, you guessed it, 'not giving it away') that go months and months without viewings - given that the average household income here is 20k there is no way anyone local can afford them.
I do think the Scottish system gives us (as a seller) the very best chance to accept the highest offer - when you get a closing date as everyone has to submit blind best and final offers (sealed bids) - but it can mean that buyers offer too high in desperation at securing a house so in boom times it can make the Scottish market prone to bubbles. Also the home report system is handy as you don't need to pay for a survey for each house you are interested in (unless you are more serious and want a full structural). It also means you get a flood of viewings before the closing date (so compresses the number of weeks you have to keep your house clean!!! )
We have another viewing tomorrow from someone whose name we were both sure sounded like something out of Kill Bill..... Will keep you posted. Wah roll on Thursday!
Cuddymum could be mind games I reckon - they probably don't want to appear too keen. Good luck xx
YellowWellies the Scottish system does sound very good.
Had our photos/floorplan/EPC done this morning and have just approved the brochure text (after making plenty of spelling/grammar corrections, they are rubbish!) so it should go online tomorrow.
Don't hate me though, we've just had an offer in! It's a bit low (though still 93% of the top of the range of the asking price) so we're holding off until after the open house viewing on Saturday in the hopes of more. It just goes to show how different the London market is from that elsewhere.
Sounding promising for you too Woodlands
YellowWellies - I think you're right it could be mind games. I bet the man wears the trousers in their household
Awesome news Woodlands - good luck for the open house! Proof indeed of regional differences. The market up in Scotland seems to still be busy but it is falling - I think it's because wage / house price disparities are less up here so there is less opportunity for the banks 'computer say no'.
Well it's the end of the day and I didn't receive an increased offer... I'd better keep my fingers crossed for some more viewings at the weekend.
Has anyone else just watched Sarah Beeny's 'Double your house for half the money'? It struck me as quite zeitgeisty! Folks can't afford to upsize anymore (by virtue of downsizers and their 'not giving it away' attitude, and banks not throwing mortgages around willy nilly) so Beany's programme's aim is to prove that it is easier to create your dream home by missing out the middleman and not bothering to try to buy as the step between 'rungs' on the property ladder has now broken. Now what will this trend do to the market if it becomes commonplace? Downsizing will become even more tricky...
Do you mean she's telling you how to build an extension?
Hahaha pretty much but as she's applying the 'property porn' glamour that managed to con a lot of the UK walking headlong into the last house bubble - she might start another trend....
Cuddy any news? If they are playing hardball they might be making you sweat a bit. Was their offer last and final? If you've not heard anything I would be tempted to come back with a counter offer that you would accept (higher than the lowest price you would go - just in case they counter-counter offer) to show that you are flexible and not averse to some haggling? So if they have offered 87% - perhaps come back with 97%? I know that in an ideal world you want 96% but could you consider meeting them half way - say 92-93%? That is the average that most houses are going for at the moment according to estate agents.
I guess that is the thing with the mad high prices down south - even a few % translates into tens of thousands of pounds. Crackers! We'd be on the streets (or have to have a much shitter work life balance) if we lived down there. It must be tough.
Lots and lots of luck to you Cuddy
Thank YellowWellies. EA hasn't heard anything from him at all. She has posted a note through his door today to ask him for his best and final offer. He has only been renting for 3 months and now has a new partner with children plus some of his own that would stay over so he needs 6 bedrooms (which we have) and there are no other houses like ours on the market unless he pays £700k plus. I would like to know either way.
We've just had what I think might be our last viewing before closing tomorrow (I kinda hope it's the last as we've got an antenatal class tonight and I've got a midwife appt in town tomorrow so won't be able to show folks round), it seemed positive but I kinda got the impression that the lovely older ladies I showed round were tyre kickers looking for something to do on a sunny afternoon rather than serious buyers. You'd think with closing tomorrow at 4pm that most folks would have viewed already if they were serious.
Am wondering whether I should ring the agent to see if we have any offers yet, or should I just be patient and wait for the grand unveiling in the solicitors' office tomorrow... gaaaaaaaaaaaaaaaaa I don't DO patience very well now I'm updiffed.
Hmm we shall see.
Gosh Cuddy £700k for a house - in my head that's lottery win territory - I don't think DH and I will ever be moving back south - I highly recommend Scotland! I would say that with such a big brood to house - you are right he is going to have limited options really isn't he. Good luck. Don't despair xx
Tyre kickers - have had a few of them
hello, can I join you? We are just on the market and had our first viewing today. Finding it all a bit stressful already!
Thanks CuddyMum, and to you!
I have just seen that you can see which are the most viewed properties in your postcode on Zoopla .. woo, I'm going to get a bit obsessed by this I think
Ah, my agent doesn't advertise on Zoopla - shucks.
But on the plus side my house value estimate is way higher than I am marketing it for.
I would say not being on Zoopla isn't the biggest worry - not being on Rightmove would be a serious hindrance to a sale I reckon (though less so up here on the islands where it's more about having your property in the paper - given that our internet is so shit!!!!).
Wah closing in 3 hours. My friend has just texted me asking that if she isn't the highest offer we give her the chance to meet it.... she's a cash buyer and is flexible on dates which really works for us (given the uncertain arrival of the baby) but she is a bit fussy, overdramatic and (whilst I love her) she can be a real pain in the arse. All in all not who you'd really be wanting to go through legal stuff with.... but given that the sale price will be on the land registry / Scots registers it's not as if I can try to disuade her by quoting an inflated highest offer to put her off matching it. I also need to check with the solicitor to see if it is legal to do this anyway... as I thought closing was 'best and final offer'.
I'd never actually heard of Zoopla up until a few weeks ago,its pretty big but I agree that Rightmove is still king!
Stay calm YellowWellies! Fingers crossed for a good outcome for you
The Scottish way of selling houses sounds great.
Well you say that but it gives you very little wiggle room for setting your own asking price. Most agents now are going for the home report value only when houses go on the market and surveyors are being very cautious (as lots are being sued for overvaluing in the bubble) so I think some English sellers would get a nasty surprise as many agents up here will chart the market each month and ensure that asking prices reflect any falls. This realistic pricing probably is the reason our market is still moving I guess.... but it doesn't tend to give much shrift to the 'not giving it away' lobby. Lots of agents simply won't take them on if houses are priced above HR valuation. Our HR valuation was £5k less than I'd expected / hoped for - but we took their advice. The clamour of interest we're seeing might suggest we were right and that it was pitched a bit low - but hopefully we'll have a bidding war and get close to what we'd like. Even if we don't we want to move on with our lives so hey ho....
On a plus note - NO MORE SODDING CLEANING! This nesting preggo lady is officially off nesting duties.
Hope the bidding goes well. A bit awkward with the friend thing though. Look forward to the update later. Hope you will be able to put your feet up and enjoy your pregnancy.
EA just popped round (their phones are down) to say the other half of the man who made the low offer popped in. She is still interested and EA asked her to think about upping the offer to something more sensible. Apparently he is thinking about it (it's his money) but she said to leave him to it... Hope he makes his mind up either way soon.
YellowWellies - will you hear today?
Any news YellowWellies?
The people who offered on ours have upped their offer by £10k. There are loads of viewers lined up for the weekend so we're going to wait till after then, but am thrilled as the figure on the table is what we were hoping for really. Don't hate me!
Ah, I don't hate you Woodlands. It's sounds like good news
I might hate you a little, Woodlands. We'll see what happens when our interested party finally get back from their holiday and let us know whether they're going to up their offer!
Another one interested in whether YellowWellies has heard anything! Though depending on the answer there might be more and .
Oooh sounds good Woodlands
Come on Yellowwellies we are impatient and want to know what is happening!
Hello - just spotted this thread & feels a bit like I've found a life raft in the ocean...
We are selling a 2 bed house as we have a 5 month old DD and need the extra space (DH works from home so we need a 3rd bedroom as a study).
Nearly 3 months on the market - we've had 2-3 viewings per week but no offers. I'm feeling rather despondent about it all. Feedback is usually 'bedrooms are too small' or 'I like the house but I want one like this £40k cheaper that I can do up myself').
Our contract with the EA is up next week so we'll be going with a new agent and hoping they can generate a bit more interest.
We wanted to be in a new house by Christmas but that's looking quite unlikely now...
We've been on the market for a whole day now and no offers. What's going on with the world.
The for sale board went up yesterday, the house is near as possible spotless, the three dc (4 if I count DH )are being rewarded for tidying up before school and bed. Now all we need are viewings.
I hate selling houses and its only one day in!
Can I join in? We've been on the market for a week now. Four viewers, including the ExH of one of my friends, whom I haven't seen since he walked out on her and their girls. Now that was awkward. Latest viewers have two places to sell which aren't even on the market yet, so why on earth are they looking already?
Good luck to anyone who has viewings booked this weekend. We have nowt, so are planning to do major work on our huge rambling rose. It would be sod's law for someone to turn up when the entire garden is garlanded with vicious, thorny, cuttings.
I want to hear about Yellowwellies too!!
We have a viewing for tomorrow but the Estate Agent didn't wax lyrical about them being in a wonderful financial position so I don't know how serious they are. The EA is also asking us about dropping the price. Think we will probably take it off the market and maybe try again next spring if we still feel like moving.
Hello all good! Just trying to sort out stuff with solicitors. Have three offers - one 1% over asking, one 12% over and one 13% over. Am chuffed to bits. We're going with the middle offer as it's not subject to survey and the buyer is totally flexible on move in dates and is happy to move in jan - so that gives us time to have baba up here in the wonderful hospital on the island. just spending a lot of the day on the phone as we need to change solicitor to prevent a conflict of interest on the closing... wah...
Yellow Brilliant news. All the best !
Wow, that's great YellowWellies. Relief! Hope it all goes well for you. The Scottish system is so much more sensible than the English one.
*Cuddymum", you're quite close to me. We're near Wellingborough.
We have another viewing for Monday. Another whose house isn't even on the market. But you never know.
Are you going to tell them on HPC?
Island pace of life is not however helping us change solicitor quickly... answer yer fecking phones!!!!
I should stress that the 12% over asking only just allows us to break even on the refurb - so we're counting ourselves very very lucky in this market. Another house went to closing yesterday with our EA and got no offers
Congrats YellowWellies! My ILs are in Scotland, so much better system. I'm pleased you got price that allowed you to recoup everything.
I have just had an offer accepted! I saw this flat originally last november it was on teh market for 300k huge and in a lovely location but lady has lived in it 60+ years and so needs complete refurb. We decided against it at the time due to costs of refurb really.Dp sprung it on me the other day that he still loved it. So I sent an email to the agent as it was no longer on the website. He said he would speak to her and he thought I would have to offer as she found the whole process stressful last year. I offered 245k and she said she would talk to her sons and get back to me next weekend. An hour later she called back to the agent and said she had spoken to her son and they said she should go for it! Stay positive everyone I would never have got it for that price last year so things are changing albeit very slow!
Just realised I am on wrong thread
Well done YellowWellies! Toomuchtea, we had a viewer with two places to sell and not even on the market - infact they viewed twice and tried again for a third viewing to which I said no thank you. Wonder if it's the same people?
Good job noddy! It's nice to see the market moving - it's good for all of us. Also it sounds as though this lady has still made a pretty penny - it's great to see big family homes being freed up and the older generation moving into more manageable homes which still allow them to retain their independence. Family homes are best for families in my view.
Well fingers crossed we have managed to change solicitors, my last call of the day is done. I'm away to lie down like a big fat preggo cetacean. Tonight I am having a big glass of wine. I'm so chuffed that (fingers toes, eyes and legs crossed) this bid will allow us to have the baby up here on the island because the hospital is amazing and we know and love all of the midwives (we also rather fancied confusing future genealogists as DH is from Kent, I'm from Yorkshire and we married in Oxford) so didn't want to go south and be attended by strangers.
Also had a growth scan this morning (have family history of prem labour) and found out junior is 3lb11! I was born at 4lb4 so am really reassured.
What a crazy 24 hours. Where's that .
Thanks YW hope yours goes smoothly too. Wish we were in Scotland!
Huge good wishes to you YellowWellies - sounds like Junior is doing well!
Cuddymum - I wonder if they are the same? Couple who want to buy with their daughter. They want a second viewing.
The woman is from MK and he is from Leighton Buzzard. I wish people would at least be marketing their properties.
Not sure where these are from. I do agree though. We haven't gone to see anything yet, and won't until (if!) we get an offer. Doesn't really seem a lot of point falling in love with something if you can't actually buy it.
I do wonder if we're getting house tourists who have always wondered what the house was like inside. But maybe I am just being cynical.
I know how you feel - we had a first and second viewing, both at very short notice, from another lot not on the market. They were in the house with the agent for an hour each time. We called them the goldilocks viewers as they sat on every chair, stool, bed, sofa. They were complete time wasters and I later found out that they do this all of the time.
I tell a lie: we've had 1 offer, £20k below asking price. I tried to make them meet in the middle, but no luck. I'd happily accept£10k below the asking price, not sure if I'm being a bit precious holding out for that.
My sticking point is knowing how much I spent, more or less, on renovating the property - £10k under asking price is break-even point, £20k under is a loss.
We had a couple of viewings from those with houses not yet on the market who I quote 'didn't want to put ours on the market until we'd found somewhere as ours will sell in a heartbeat and we'd hate to have to rush and settle for something we didn't love'. They were both from people who had houses in the order of 20x the local average wage and hadn't gone through the house selling process in anything other than a rising market. Looking at our market they could have easily sat on the market for 3 years. We had already decided that we'd not accept an offer from them - interestingly none of our offers were from these people. I think there's an element of tyre kicking from folks who think they want to downsize but don't appreciate the reality of downsizing (i.e. you don't have 5 bedrooms anymore!!!!) and are a bit taken aback by smaller houses....
I reckon we've lost £500 on renovations, once we factor in moving costs - we'll have lost £3000 but as our mortgage was cheaper than our rent - maybe closer to £2k - but m'eh we want to move on and the market is falling quite steadily up here. It was this or accept a bigger loss next year and our buyer is looking for a forever home and is a cash buyer. The other option was to hang on up here forever and wait for the market to rise - but that could be a decade given the economy.
I'd be careful of getting too set on one specific price in your head. We were told quite clearly by the EA that we'd struggle to recoup all of our renovation costs as we'd put high end stuff in (a Rayburn, posh bathroom etc) which were suited to our tastes and we couldn't assume to expect these back - that's something that only happens in a rising market.
I don't know where you are but it could be different. We've been very lucky - we knew at the time we were buying it might well be a dead cat bounce in the market and it turned out it was - I was expecting to make more of a loss and if we had left it I think we might.
I've been a total cleaning nazi and the clutter has been banished for the last fortnight. DH can't find anything - poor sod. I'm soooooo happy to now be slobbing on the couch with washing on the rads, cat litter on the floor and washing up undone. Ahhhhh. That feeling is just priceless to be honest - especially at 8 months preggers. I just hope it all goes through smoothly....
If DH's work pay for relocation (which there is rumour they will) we'd break even or make a £500 profit - not much for 3 months hard graft, still we're counting our blessings. Another house with the agent went to closing yesterday and despite lots of notes of interest - there were no offers
Where are you relocating to YW?
When we come to sell we will almost certainly lose money on the loft conversion - I say that because when we were valued in 2010 the price they suggested (which was probably a bit optimistic as they all are) would have made us break even, and the market has come down since then. But that is fine - the way we look at it is that it has enabled us to stay in the house for longer and thus not have to upsize at the top of the market, so it will still have been worth doing. Other than that any money we've spent really counts as maintenance (eg replacing a tired bathroom suite with a new one of similar quality) so we would expect that to be dead money.
We will never get back the £40k we spent on our huge loft conversion either.
Good attitude Tunip - we did ours to turn an unliveable wreck in the most perfect location (think views like these:Hoy Hills and Scapa Flow into a lovely house - and it's been such a happy home. I'll miss the life up here very much. But not the weather. Once (fingers crossed) the sale has completed I will put the rightmove link up. We're relocating back to the Central belt for a combo of work and family reasons.
Think of it this way - you might end up getting a cracking conservatory or garage or loft conversion in the house you buy - and the sellers there might end up effectively 'paying for it for you'?
If it makes anyone feel better about their break-evens, we're currently listed at £10k cheaper than what we paid in 2005. Since we moved in we've spent £10k doing major renovations, above and beyond general maintenance.
So we're on a £20k loss so far (on a house currently listed at £120k) and we haven't sold yet...
The owners of the house we like have done bugger all to it and have added no value but still want close to the asking price that is now £15k more than they paid 4 years ago. They apparently have an offer £10k under on the table and has been for weeks but have not accepted!
Cuddy sod them. Don't fall in love with the house - you'll pay through the nose for it. Apparently a friend who works for one of the bailed out banks informed me that the banks are ending their forbearance with those in arrears this spring (as they'll have re-capitalised sufficiently to be able to take the hit) so there are likely to be a flood of repossessions on the market. Go for one of those rather than giving credence to your sellers' unrealistic attitude. You've been utterly reasonable.
Spirael are you upsizing? Fingers crossed you get the same percentage off your future home. A falling market always helps upsizers - so long as you find a realistic seller. There must be some out there - we all seem reasonable!!!!
I have fallen in love with the garden - its so unusual to have anything larger than a postage stamp round here. However, unless we get an offer I won't go back to view the house. No viewings lined up for this weekend and bugger all new houses (apart from little houses) have come on to the market in ages.
CuddyMum, there was a house in the area we like on Rightmove a few months ago which was £200,000 more than any other house in the road, and they've done nothing to it. We know the neighbours, and the people bought right at the top of the market and flatly refuse to come down beyond that price. They've been on with a lot of agents, none of whom have apparently been able to talk any sense into them.
Stay strong cuddy think head not heart. Though I know that's much less fun. For example I saw this and rather fell for it (largely for the garden) www.espc.com/properties/details.aspx?pid=317390 but it's far too small, right on a road, is a bit of a wreck and we are not doing a fixer upper again especially with a baby - but I could so easily have had my arm twisted. We're not looking until the spring / summer
even if i have to wear blinkers by which time our target market could have fallen by another £16 -25k or so if the current trend continues. Which could save us up to £48-76k once mortgage lifetime costs are considered. Remember every £1k borrowed costs you £3k to pay back.
Cuddly and Tunip we've resisted doing a loft conversion for that reason - if we did it, we'd gain the extra bedroom we need, and could stay in the house for a few more years, but we wouldn't gain any space downstairs and we're already at breaking point there too! So it seems more sensible to stretch ourselves now to move to a bigger place and hopefully stay there for 10 years at least.
Adorable but teeny, YellowWellies!
Head not heart Cuddy.
These houses that are on at crazy prices though - well, this might not apply in cases where all the houses on the road are the same, but in the few years I've been watching the market closely it has been interesting to see that actually a few of the houses on at apparently silly prices have gone for something close to asking eventually. Most don't, of course, but if you're not in any kind of a rush to sell it isn't entirely irrational to put your house on at a kite-flying price and see if anyone
with more money than sense bites. There's a big house in my village that went eventually after a couple of years despite everyone in the village laughing about it. The vendor was in a position to wait because he sold off half the garden to finance his purchase of his downsize house. Eventually a rich banker with roots in the area turned up and bought it as a weekend retreat.
Meanwhile houses where the vendor has been in a hurry have been reduced massively.
Congratulations YellowWellies, fab news!
Well we've been busy today. Our interested buyer upped his bid again, on condition we cancelled tomorrow's open house and that we are out by early December. We were very tempted to accept his offer (it is more than we imagined we'd get) but have decided to proceed with the 16 viewers we have tomorrow. We just found out the house we hoped to get has sold so we are kind of starting from scratch with looking. I've booked three viewings for the morning so hopefully one of them will be good. One is kind of out of our budget but is huge with an amazing garden - worth a look I think!
Viewing tomorrow at midday. DH arriving home from business trip on the redeye at around 11. I burnt the rice cooking my dinner so the house smells of burnt rice.
Washing on the line got rained on and I haven't yet cleaned up the fox poo in the garden. If this candidate tomorrow ends up buying the house it'll be a miracle!
On seemingly unrealistic asking prices. The house across the road from where we are currently renting sold for £390k about 3 months ago (the info was just released). We thought our old neighbours were bonkers when they put it up at that price (as we were looking to buy and knew what their competition was priced at). But they sold very quickly for full asking price, which makes it the most expensive house on our street by a long way. They did a lot of work on the house (various extensions and a loft conversion) so we have no idea if they broke even on all that, but they got about £100k more than comparable properties were/are even asking for.
We concluded that the market makes no sense at all right now.
Good luck for the viewing today Marshmallow. Fox poo - possibly the stickiest poo there is
I think it's the sparseness of both buyers and sellers making extremes more likely. You can see it in the indexes as well - they fluctuate more with a slower market. While it's true that as YellowWellies says, there's a falling market which benefits upsizers, the other factor is that in a sparse market the people who benefit are the ones with the most flexibility about where and when to move.
Fingers crossed for you MarshmallowPie. If nothing else it would be so cool if this was the one because then you could dispense soothing advice to anxious sellers in the future all about how your house stank of burnt rice, there was fox poo on the lawn etc, but the buyer still liked it....
First viewing in 9 minutes. I have butterflies it's a cash buyer!
First viewing done. Very polite, asked lots of rehearsed questions but I don't think she was sufficiently blown away here just 30 mins. Her relatives really liked it and asked me for details of my wallpaper and curtain fabric as they're just doing up a cottage. Maybe they were property tourists looking for design ideas!
You never know - fingers crossed. No viewings for us today so I'm now watching back to back Location Location...
Is it sufficiently old programmes that you think wow that's cheep to everything?
Estate agent closed at 4 and not open again till Monday so it's been a quiet launch into the quiet market here. 1 viewing three days on market. Hopefully it will provoke interest for next weekend. At least the kids and I can be messy tomorrow as we know no one can phone to look around. I might cook everything with garlic or a potent curry because I'm guessing that will need to be avoided on potential viewing days.
The thing with Location Location is that they love the houses and offer on them and the deal is done - makes me jealous! Our EA is open Sundays so I'm always prepared (ish)
Heard yesterday from my sister that she put her house on the market ten days ago and now has an asking price offer. Coo. I am
not jealous at all very pleased for her.
marshmallow there is nothing like fox poo. And burned rice is a lot better than eau de teenager.
Ooh Toomuchtea I would be so envious! There really is nothing like the smell of a teenage bedroom - we have just had to clean up after another dreaded sleepover!!
Gives hope to the rest of us green eyed soles that there is movement in the market!
It's not the offer bit that stresses me its the posturing between offer and sale I'm not looking forwards to.
I sold my last house to a couple who kept changing their mind then on day of exchange wanted another 10% off. I had a deep and meaningful with family, arranged funding to stay and it was all back on at original sale price when I called their bluff! I was so exhausted at the end I was really quite ill for a few weeks.
But I may yet wait a long time for a offer and eat my words that its the selling bit that's the stress.
Our gamble not to cancel the open house paid off - we already have two offers equalling the one we turned down on Friday. Am hoping to get as much as we possibly can as we totally fell in love with the house we saw on Saturday but it is out of our budget. We are doing our sums and trying to work out if we can afford it.
Good for you Woodlands! Great news! Also try to work out how you'd feel if the market dropped the 5 or 10% most commentators are predicting for this year. Would you be in NE? Would you be ok with that if you were (i.e. is this a forever house or are you likely to have to move with work etc in the foreseeable)? We'd not be cool with this as our deposit is all money saved from actual earnings and living like church mice - rather than 'earned' from house price growth - hence we're moving into renting until the market in our target area slows down a bit - at present it's falling £2k a month and that would wipe out our equity in a scarily quick time if it continued. I think we're going to wait until next summer at the earliest. It is sheer torture not to look at rightmove for new houses.... as I'm a bit excited .
Went to the solicitors today to confirm our acceptance of the offer - so just waiting for the paperwork to trundle through now. The buyers' proposed move date is the 11th January - which works perfectly for us as even if I went over my due date we'd still have time to have the baby up here and not have to move for a month or so....
Our house looks disgusting as there is clutter and mess everywhere. After a weekend of being slatterns I want to have a bit of a clean - even though we have no more viewings... I think I've got used to living in a nice 'show house'. It must be a form of house-selling Stockholm syndrome.
I know, we're very conscious (or at least my DH is) not to overextend ourselves. I think we would expect to live there for at least ten years. I would worry about interest rates going up to 10-15% but if that happens we're all fucked anyway really, plus we're going for a 5 year fixed rate mortgage. We're not going to go about 70% LTV on our mortgage so should avoid negative equity, I hope.
Well done with the open house Woodlands. Our agent doesn't do them, but I think I might suggest they think about it. Just got back to house after removing myself for another viewing. Yet another who doesn't have their own house on the market. Obviously had a seriously thorough poke around as cupboard doors were all left ajar. As I have the contents of my sister-in-law's cupboards as well as my own can only hope 1,000 tons of assorted crud didn't fall on them. I think.
I wonder why people who don't have their houses on the market need to inspect your cupboards and wardrobes - it's a bit cheeky! Well I haven't heard from the guy who made a very low offer last Monday. It would be nice to know either way.
Well, I thought it was a tad cheeky too. I hope the low offerer gets their act together, Cuddy. Maybe they're all hibernating because of the rain?
We were supposed to have two second viewings this week but neither have materialised. Sigh. Have even put the bloody heating on, specially for them. Never normally put the heating on until until November because I
don't want to take out another mortgage enjoy the freshness of the cold, which is so much better for one.
Am considering taking the house off soon and might whack the heating up to 30 degrees I just can't see where any more viewers are likely to emerge from. No one around here is upsizing and we don't even have any competition. Ooh what to do!?
Thinking of taking ours off too. Had a viewing on the weekend and have another one booked (and some old folk knocked on our door to ask what the area was like-strange!)-but will fall off my chair in shock if anyone actually makes another offer now. Bit depressing being rejected all the time-especially after all the tidying up I have to do.
Maybe I'll give it another week!
We had 2 viewings on Saturday in the end - one thought the rooms and garden were 'too small' and the other apparently liked it but was going to get back to the agent with a final answer. Had rather too many of those 'waiting for them to come back with a final answer' style of responses, it's like a job interview where you know you are being fobbed off without proper feedback.
No more viewings booked for this week...new agents will be taking photos at the end of the week so hopefully next week it will be a fresh start for us.
Our first viewing is coming back for a second, shock. The odd bit is she felt that the one of the bedrooms might need extending for her daughter. They're all generous doubles so neither I nor the agent quite get it. Not very easy to extend so I'm trying to get the agent to probe for which room. If its the nursery it might be because its the one room that I hadn't had the chance to present and its over furnished with stuff I should have shifted. I guess I'll be shifting furniture this week then!
I think we'll be taking our house off the market at the end of October if we've got no hopeful prospect of a buyer at that point. Then we need to decide whether we unpack all the things we've packed into boxes in the loft and actually have our posessions again, or leave them until we can remarket next year!
Still got some prospects for the moment though... The holidaying couple apparently got back yesterday and the EA dealing with them is in the office today. So he's going to speak with them and hopefully persuade them to up their offer. At least we should finally get some feedback, even if not!
In the meantime, a woman is coming down from Scotland to view houses in the area today and tomorrow, with a view to moving ASAP as she starts work in the area soon, and we're on the list. Only found out yesterday though, so last night was spent running around frantically cleaning again.
Hopefully your second viewing will go well, Mis! And more nice-natured, easy-going, cash buyers with money to burn will appear out of the woodwork soon and buy all our houses without quibble. [delusional]
Good luck with your 2nd viewing Mis and hope you get some news from the holidaying couple Spirael or an offer from the relocater. I just don't know what to do - my house price just keeps on going up and up on Zoopla and Mouseprice - I know they're just made up guesstimates but still... Are people still going to be viewing houses now that the weather is getting bad?
We'll be viewing houses whatever the weather (admittedly rentals for the winter) - if folks want to move then yes they'll keep moving. If folks are of the 'houseviewing as a hobby' ilk then no the weather will stop them. So you'll still get serious viewers I would have thought. I'd dismiss Zoopla and Mouseprice and focus on the real indices i.e. Land Registry, Nationwide and Halifax (as they're based on actual sales - though the latter two don't include cash buyers and the former excludes repos) - Rightmove is a joke as it's asking prices and at the mo' there is typically a £60k difference between asking price and selling price. What my EA called the 'reality gap'.
Fingers crossed Spirael!
Right, we are accepting an offer from a v nice lady. And if it falls through we know we have at least 4-5 other people interested at around the same price. Now we just need to find somewhere to buy. ANd now of course the real stress will begin with the legals etc...
Well done Woodlands - great news. How exciting
I've just dropped a mail to my EA to say I am thinking of taking the house off and remarketing in spring or to hang on until the houses we like go under offer or lastly to leave it and wait but risk only attracting those who think they'll get a bargain. I asked for their views on this.
Great news Woodlands! Good luck whatever you decide to do Cuddy
Congratulations woodlands. It's so good/ lucky to have a buyer you. If you hit any glitches later down the line you know you can relate to them and potentially work through it. Several buyers in the wings is amazing in this market, we'd be happy with several viewers to start with.
Congratulations Woodlands - that's great news! Sounds like the market's busy where you are, so will you have a lot of competition when it comes to buying
your next place?
How did your second viewing go Mis? Or haven't you had any feedback yet?
I also at this point would be happy to get viewers, though as the cat peed all over one of the bedroom curtains and the rug this morning (she is alas prone to such shows of protest) they can wait until the end of the week if they like.
EA just called Mr Low Offer is dealing with some personal problems (new partners ex husband) so they are not pushing him too hard at the moment but we now have a viewer on Saturday morning. EA advised to keep the house on the market for another 6 weeks.
Nothing's ever simple... Still no answer from Holidaying Couple. Scottish Woman is stuck somewhere between there and here due to the weather, so can't make today and is coming tomorrow instead.
But the EA haven't got anyone available to do a viewing then, so we have to do it at 6:30pm - right when we're normally eating ahead of DD's bath/bedtime routine at 7pm. Oh, and DH might be working late. Not entirely sure how to juggle that one!
We also now have another interested party, I guess I'll call him Local Man, who might be viewing today with EA instead of the Scottish Woman. At least that means our frantic tidying last night and this morning might not have been completely in vain!
Three parties... One of them has to like us and make a good offer. Right? Right?!
Good luck spirael - always nice to not have wasted cleaning efforts. Go in with an open mind. Try to forget any preconceptions about figures you'd like and see how it goes. The weather is pretty shit here (it'll not make the news, not being the south of England...) so there's no wonder your viewer from Scotland is stuck. Look at this pic of Aberdeen - that weird stuff all over the houses - that's sea foam from the storm!!!! frrole.com/o/amazing-pic-taken-of-sea-foam-drifting-i-seanbattystv-glasgow I personally wanted to avoid putting off our sale til next year as I just can't see any reason that the market will get better not worse given how the economy is moving. At least the Olympics gave some sense of optimism - I think once austerity really bites - the sentiment of buyers will be even lower.
Oh my Spirael I hope one of the three potentials is interested. Poor timing for your evening viewing - at least I can kick my kids out of the house for an hour.
Wow-that photo is amazing! Very wet and windy here but not near the beach so nothing interesting like that.
So hard trying to time viewings around small children. Mine aren't that small but still small enough to cause trouble!
That photo of Aberdeen beach is about ten miles from me!
Have got two notes of interest on our house now but solicitor said the couple that came for their third visit at the weekend have just offered on another house, boooo!
Am also struggling to time viewings around small children, everyone wants to come in middle of dinner/bath/bed time!
Good luck piemistress I imagine the market in Aberdeen is still pretty buoyant given the oil money? Prices there always have me falling over in shock when I glance in solicitors' windows . Fingers crossed you get another note - did your agent say to you what their trigger is for going to closing? Up here on the islands it's typically two or three notes of interest.
Sympathies to all of those combining viewings with wee ones. Total nightmare!
Gaaah... The Holidaying Couple, after leaving us hanging for two weeks, have come back from holiday and found another house they like better than ours. So that one, our best chance, has fizzled.
Local Man now isn't answering calls, so sacrificing my evening yesterday tidying for today was a waste of time after all.
We still have Scottish Woman potentially interested, but she has now moved the viewing to 7pm, because she's viewing somewhere else at 6:30pm. And somewhere different to that at 6pm. Unless they're all on my street, she's pretty much guarenteed to be late.
I hate house selling!! I've stopped looking at dream house, the chance of us ever getting it is decreasing by the second.
Oh nooooo spirael! Don't look until you sell. It's just not worth the heartache and sinking feeling as places you'd love get sold. Put yourself in the shoes of your holiday couple - if you had been genuinely interested in the house - you'd not leave it until after yer hols to inform the seller would you? I'd be too scared to lose the house. I guess it wasn't meant to be and they were not serious. Fingers crossed Scottish lady (who sounds like a serious buyer keen to make an imminent purchase as she's cramming in the visits into one recce trip, and who, as you say, has to move) is the one for you!
At least we're popular this week. After months of no interest, we have ANOTHER interested party, apparently 'hot to go', who wants to view the house this Saturday at lunchtime.
Poor DH, who is so busy and stressed and never gets to see his friends, had invited some of them over on Saturday for a day of relaxing board gaming. Now they're all getting handed a toddler and turfed out the house!
And the Local Man is going to view at some point on either Thursday or Friday at short notice. So now I have to fight against the tide of toddler and have my house immaculate all week!
It's going to be one of those weeks, isn't it??? I found out yesterday I need to have a minor operation under general anaesthetic, booked for two weeks time. Life currently seems to be piling on as much stress as possible!
Oh heck - sounds like it's raining potential buyers down there. The flood of viewings sounds like you have pitched the price ok - as otherwise you'd just not get any viewings. Well done but sheesh, from experience it's a stressful few days. Fingers crossed for you. Also fingers crossed re the op. In a few weeks am sure all of this will be behind you
eek sounds stressful Spirael! I sympathise with the stress of having to keep toddler mess away from viewers. Though the woman who has offered on ours viewed on Friday when DH was in but somehow hadn't had time to do ANY tidying. We even hadn't done the previous night's washing up (yes, I know, yuck). So who knows whether it matters...
We're debating offering on a place which we were interested in a while back but which had sold but is now back on the market. We're not sure if something dodgy came up on the survey or what, but it's very unusual and quirky and we both really liked it when we viewed it this evening. It needs a fair bit of work but is in a liveable in condition. The only problem is the location isn't quite what we were looking for. But it's so nice to see something different from the same two or three different layouts we've looked at endlessly so far.
Woodlands - I'd ask the agent what happened with the last sale. I bet it's back on the market because the mortgage valuation was less than what the sellers were hoping for / or the buyer struggled to get a mortgage. That's what's happening up here. I wonder if the seller still thinks that the price in their head is the right one though...
Good to hear all your updates ladies.
Will keep my fingers crossed for those of you still cleaning/tidying and trying to sell x
I just hope the woman later likes curry. The 'emergency fast microwave meal' in the freezer at the moment is a set of curries/rice/pakoras/etc, so the house is going to stink of it.
Current the plan is to run into the house, microwave/eat those then DD and I will go for an exciting drive to Tesco for half an hour while DH shows the woman around the house. The Tesco has travelators that DD loves, so I'm sure I can entertain her for half an hour going up and down those.
DD and I are coming back at 7:30pm regardless. If the woman is still there or has turned up late or something, then she's just going to have to deal with a toddler being showered and shepherded to bed!
Now, my current deliberation... Do I buy flowers at lunchtime? We have three viewings booked within the next four days, so they should be seen. And I get to have a house full of nice flowers to de-stress by. But is worth it? Hmm...
You definitely need flowers.
Sorry for just dipping in and out of this thread! One of our two notes of interest has out in an offer of £2.5k below asking price (which is the same as valuation). We are in Scotland. Is it the norm to accept or should I try to haggle them up? Am guessing you always make an offer expecting them to try and negotiate or am I clueless!
The offers submitted at closing are the best and final bids parties want to offer. You can either accept or reject them. When you reject you could intimate that you are open to further negotiations? But generally the bids from closing are the bids you accept or reject and if someone had wanted to offer more they would have already.
But to be honest in many parts of Scotland you'll struggle to get above the HR valuation and in most areas houses are selling at 7-10% under. We got 12% over last week - but I think this was because the HR was undervalued (by a surveyor currently being sued for overvaluing so let's just say he is totally risk averse, we didn't really want to use him but the other local chap fell off a ladder and has broken his knee!!!!) and we were lucky enough to get a bidding war between three buyers. The EA said its the biggest margin he's seen this year - so I count us as very lucky - and far from the norm.
Another viewing on Friday at 4.00 - I will have to tidy the night before and titivate after work. Then drive teenagers and dog around for an hour. More flowers for us too!!
Good luck for Friday, CuddyMum! Hopefully this is a stampede of serious viewers that seem to be materialising, with funding in place and a motivation to move before Christmas.
I acquired flowers at lunchtime, chose particularly nicely scented ones to try and hide the curry smell.
Glade candles are good for curry smells!
Odours aside - I think you all deserve to go and buy yourself flowers for the sheer stress of house showing!
We found that one of those air fresheners that squirts every 20 mins or so was a great way of masking the cat's sarcastically timed litter tray visits.
Good luck CuddyMum! I do find absenting myself is a bit of a strain. Last viewing it was pouring and didn't fancy an hour and a half and two sodden dogs.
Have just heard our cupboard-opening viewers are keen and want to come back for a second look.
YellowWellies what is it about cats? Ours seems to consider cat pee the ultimate in buyer attractants (or is it deterrents? Who knows how cats think?)
No more viewings booked this week...the old estate agents are taking over next week so will have to tidy for them to take pictures soon.
You would think the old agents would do a final push to get their commission before they lose the property from their books...doesn't look like it! Has been very nice being able to be messy for a few days though.
Scottish Woman cancelled! Apparently she liked one of the houses she saw earlier, so is going with that one and is not interested in seeing ours anymore. Argh!!
Argh - from unmotivated buyers to too motivated buyers. (how daft - you'd think she would have seen everything she'd lined up to view unless the other house was really, really, really considerably cheaper? Otherwise you might miss out on something even better? Silly lady...) Argh!!!!
Spirael go out and buy yourself flowers and a bottle of wine and live like a messy slattern for a few days - that should have the viewers lining up x
Tea knowing our cat - he'd be fouling the box to hamper our chances. Our cat hates us but somehow manages to continue to deign to live at our expense.... Silly creature - we're planning to move him further south and back to much more clement weather - he hates the climate up here. He does do a great tumbleweed impression in the Orcadian wind though I'll miss seeing that!
I can believe Scottish woman didn't look at everything! Poor you. Did short notice local man book a viewing yet?
Hope you have more luck with your new agent Marshmallow.
Toomuchtea tea - if it's raining on Friday afternoon I'm taking the kids and dog to the snug in the local pub. I feel crisps and a G&T may be in order!
Thanks Cuddy. We keep seeing 'perfect' houses come up on Rightmove & steeling ourselves not to go and view them...no point making an offer if we don't have a buyer ourselves.
I'm the same marsh - we wouldn't have considered selling to someone who hadn't sold theirs. We're off into rented and I'm really happy about the decision as it'll mean for the first six months of the baby's life if anything big goes bang - it's the landlord that has to pay to fix it
I was addicted to Rightmove/Zoopla... But I've stopped looking - too painful! We've been on the market for over a year now.
No news from Short Notice Man, he's still not answering calls. The EA admitted that they thought he might just be messing them around and not a serious viewer. So I've told them if he does call/answer he can just come on Saturday before/after the other viewers, and I've not bothered tidying my house this morning!
So from our four possible candidates at the start of the week, we're down to the Hot Couple (that sounds wrong...) visiting on Saturday. Not looking too hopeful, is it? I expect they, like everyone else, will find another house they like better amongst the hundreds of similar properties available in this area.
I just hope they at least show up! Even if they don't prefer our house over others, at least if they've seen it I'll feel that my efforts for tidying and preparing weren't a total waste.
Hope Hot Couple turn up on Saturday. We don't even have any competition but I sometimes wish we did.
Hope they turn up Spirael. Flowers definitely necessary!
YellowWellies the reason the previous buyers pulled out of this place we're looking at is, as we suspected, issues on the survey. We're asking if we can see the survey to see how bad the issues are - apparently he feels bad about pulling out so may be happy to let us see. We already know there are issues surrounding a 70s loft conversion but if our offer is accepted, we'd have the money to spend putting it right.
But your point about mortgage lenders valuing properties lower is a good one in relation to ours. We've actually now had an even higher offer but I do worry that the survey will say it isn't worth as much. However surely a house is worth what anyone is willing to pay?
Very true woodlands that's the definition of the market I'd use - a house is worth what someone is willing to pay. Which when they are a cash buyer is the end of the story but when they are using someone elses' money i.e. a mortgage - then the bank will also assess that they are not overpaying to reduce their own risk of NE and having an overvalued mortgage book. To some extent the banks are doing what they should have done during the bubble - applying the brakes and saving some folks from themselves by applying reality to valuations. In some ways its good as we are all guilty of plunging in with heart not head and there is nothing more galling than overpaying.
Bloody hell - got another viewer for Friday at 6.30 (will call him Mr Bungalow) but I have to do the viewing myself - bricking it!! So that's three viewers due this week (all not sold though). Am hoping it will kick Mr Low Offer into action.
Wow - that's excellent CuddyMum. Good luck with doing the viewing yourself. Hopefully they will be the charming sort, and not the sneery.
YellowWellies, our cat hates me and my daugher. She loves men. Would love to see her do a tumbleweed impression.
Woodlands, has the new offerer sold?
Like Cuddy, no one interested in ours has actually sold. Heard from agent that possible buyer wants to talk to the local conservation officer about some things he wants to do to the house.... Conservation Officer generally very reasonable, but does really depend on how you approach him. Gulp.
Was here at the start of the thread but then got very busy & not been in since.
Not read whole thread but hope at least some people are selling and nobody us finding it all too stressful!
We had an offer on our house today, but a very low one. 180 when we are on for 195. have said we want to hold out for as close to asking price as possible, but I reckon we could just about cope with 185 absolute minimum.
ea rang earlier to say the people were going to have a think and come back on Monday if they were still interested, but he didn't sound very hopeful! Essentially told me we should take whatever offer we get as we have only had one, but we have only been on market 2 months!
Incidentally, my dad is a conveyancer and tells me that bairstow eaves estate agents are fondly nicknamed bastards and thieves...
Toomuchtea - sounds promising then
Jenduck - we received an offer £55k below! Oh how we laughed
Jenduck that's only 7% below asking - and indeed seems to be the best that most EAs are hoping for at the mo - they boast if they can get you 93% of the asking price. Check out the RICS report for last month (the link is earlier up the thread)... 93% was very much seen as a badge of honour by lots of the agents that gave their opinion to this national survey. Any sense that they are expecting you to counter offer? If you could close at 5% under and want a quick sale - I think most agents in many parts of the country would urge you to bite their hand off! It very much depends where you are though and I guess whether you really want to move. What's your agent's advice?
I would say it's worth trying a counter offer, Jenduck - good luck!
Our buyer is a FTB - most of the people interested were. It's a great first time buyer property for people priced out of other bits of London. Not sure what the higher bidder's situation is - I couldn't get to speak to the EA today. I know he thinks we should stick with the original buyer so I just want to check why.
We have finally got an agreement in principle for our mortgage, phew!
Wahey Woodlands awesome news!
our viewer didn't turn up! losing the will again!
I've only had one no show and that really pissed me off
Tis frustrating to clean the whole house like that for no reason-and it won't stay clean for more than 24 hours! Wonder if we will get an excuse?
Very on your behalf, underthemountain! Tis very frustrating when the viewers can't even be bothered to show up, having made an appointment and caused you to change plans and run round getting everything prepared! Hopefully you'll get some kind of answer as to why they didn't come.
Good luck with your viewings later, CuddyMum! Hopefully they'll either turn out to have sold their property and be ready to go, or they'll kick your other interested party into making a proper offer.
We have another viewing pencilled in for Monday now, so hopefully they or the viewer tomorrow will like our house!
It's really surprising... We were on at £125k and getting no viewings. Dropped to £120k and now we're getting loads! I'd have thought people would have looked for house prices up to £125k (stamp duty) and then offered lower.
We're probably only going to be able to afford £270k (given the deposit money we're hemorrhaging with price drops and lower offers) but are still looking up to £300k with the idea of then optimstically offering lower.
Spirael it's bizarre isn't it - how price sensitive the market is. I guess loads of buyers when faced with sellers that won't budge an inch on price (largely due to NE) are just not bothering looking at houses just above their price range anymore. Well done to the kiteflyers for stuffing up the market!!!
We were told by the EA that if we had priced at £110k - even though we eventually sold for £112.5k in the closing, we wouldn't have got anywhere near the interest we got by pricing it for £98.5k - it was a risk but fingers crossed it's paid off (though admittedly it's a strategy better suited to the Scottish system). I think having an inflated asking price with the assumption that buyers will haggle down - isn't a good strategy in this market. Buyers know that the banks are being risk averse, 125% mortgages are dead, prices are falling and they risk NE by buying now, and lots of sellers are totally inflexible - it just strikes me that kite flying sellers really mustn't want to sell....
It's a really awkward situation - especially for second-time buyers who acquired their starter home at/near the peak.
We fortunately have a reasonable amount of equity in our house thanks to an initial inheritance boosted starting deposit and the fact that we spent the pre child years overpaying the mortgage where possible.
If we'd had a 95-100% mortgage we'd be absolutely stuck, as we're already listed at considerably lower than what we paid. Even if we hadn't dropped as far as NE, it would have eaten away at all the deposit we had - rendering us unable to upsize.
Problem is, no-one has any clue what the market is doing. We changed our mortgage last year and they sent round someone who valued our house at £137K. Even the EAs we called out when we first went on the market thought it was worth around £135k. (This was during the SD holiday for FTB.)
Fast forward to now, and we're desperately struggling to even obtain the £115k we need to be able to afford to upsize, so DD isn't using the tiny box room as a bedroom!
Yes, very interesting to hear that a small drop in price can bring people in. Our EA was asking if we could drop the price and we were unable to make up our minds whether a small drop would be worthwhile or not. Hearing your experience I think we will go ahead and drop it £5k and see if it helps! Keep thinking of chucking the towel in (not much financial leeway so maybe a bit risky to move anyhow) but we've already invested the time/money so....
Our current EAs asked if they could advertise the property at 'offers over X' for the last week, which was a £10k price drop, and we've had....not a single new viewing all week, since the two on Saturday. So in our case a price drop has made no difference.
New agents come to take pictures on Monday. Onwards & upwards, I hope.
@ Spirael It is an awful position isn't it. It's just the not knowing and wondering about the future.
As to your comment that no one knows the market - I disagree this downturn after last year's dead cat bounce during the stamp duty holiday has been called by lots of economists ever since 2007, but they are not necessarily the ones who appear on the BBC. The market has been falling quite markedly last year (outside London) so it might not be the case that no one knows what the market is doing but rather that the price is falling sharpish and last years price and this one were both right at that point in time.
I was terrified when we saw that trend up here, because I couldn't stop wondering what next year's price would be if they kept falling at such a rate - hence when we saw that happening here we went thru the stress of putting it on the market at a far from ideal time i.e. just two months before my due date (we had planned to do this in January / February time). It was stressy and we're still going thru the paperwork stage, (I'm still nervous that it's not a done deal just yet) but had an awful feeling that if we waited any longer we'd have lost any chance of keeping our deposit (even with a total redecoration and renovation).
The signals in the market up here were pretty clear but you had to look for them and I had to remove my rose tinted specs and optimism that it 'might just get better next year' and after reading some of the financial press - we decided that we daren't chance our future on that vague hope that something might pick up in the market. I just don't see the fundementals there. I also had to try to look at our house objectively and compare it to the 'competition' - which is really hard when you love it and have put a lot of work in.
I know this thread is about moral support but my god I am feeling so much happier now we are sold and (paper work aside) know where we are - rather than waiting on the market and hoping that we'll be able to move on with our lives soon whilst watching more and more dire economic news on the telly. I would put the price tag on this feeling as being pretty high to be honest! I don't think hanging on for your dream price is the route to a successful sale necessarily - I think getting out before it gets worse is also a pretty good achievement too. It very much depends on your personal position and the amount of equity you can stand to lose - in our case that wasn't a lot!
I think any price cuts made need to be considered in a percentage. If the cut is <2-5% even if it sounds like a lot of money in £ terms - I'm not sure that there is a benefit; but I'd love to be corrected on this if others have found this work for them. It does seem to be the case that if you can cut your price and change RM pricing bracket that does really help pull in new viewers. Oh and obviously if you are just above any stamp duty threshold then every viewer will try to pull the price beneath that threshold in an offer.
Just got home from work and am titivating quickly before the first viewer. The sun is shining and the heating is on! Husband is showing 6.30 people around.
Whoop! Fingers crossed for you Cuddy!
Now in the pub with three teenage girls and a pug drinking coke and eating Curly Wurlies! It's a bit sureal. Hope they like the house
Thank you Tunip. One done and next one at 6.30 - then try and keep house tidy for viewing at 11.00 am. Think I am in need of something stronger than a coke!
6.30 viewing went really well according to my husband - lots of cooing etc but you never know they may just have been being polite. I went for a nice walk with my daughter and the pug! Other daughter and friend thankfully were out getting ready for a party. I need a curry!! I'd better fumigate afterwards in readiness for the morning viewing.
Hi again, thanks for all your thoughts on our offer. Where we are, in Essex, the market is still fairly buoyant & houses on our estate seem to go pretty quickly & for near to asking price. For now, we have said that we would like closer to asking price & in the meantime are putting in a lowish offer on house we like (on market for a year, only 1offer in Feb) to see if we could absorb a lower final price that way. But ultimately will see what happens on mon.
We have also already spoken to our mortgage lenders, who have in principle agreed the amount we need based on selling at 185.
Good luck to everybody else, especially those with viewings this weekend! Hope the sun shines for you!
Last viewing over and the sun was shining gloriously! I am mentally and physically exhausted!
Update! Viewer from yesterday afternoon has said the house is too big. Viewer from this morning noticed some cement/pointing missing from three bottom bricks and suggested the house is moving!!! However, still need to hear back from yesterday evening's viewers and we also have a viewing tomorrow at 4.00 pm. Meanwhile, I'm off to find something to repair the pointing and am trying not to worry about the house falling down.
Our second viewer hadn't turned up after 15mins so I phoned the agents. She hadn't had a viewing confirmation so hadn't got ready. She's coming in half an hour which will be just as DH and the very muddy kids get back from the woods!
Now my noisy neighbours have got back from where ever and the kids are screaming at each other.
Cuddymum I think people try to come up with all sorts of little niggles in case they want to haggle the price a bit.
If you look hard enough you can always find some tiny thing.
Oh I hope your neighbours shut up!
My worst viewing ever was when my son came home halfway through after a paintball party. He was covered in mud and attempted to stroll through the house! I had to leave the viewers to it while I convinced him he needed to be hosed down outside. Did not go well!
Either being late or just not showing up for a viewing is so damn rude if you ask me. We luckily never had it (we have the opposite problem up here, lots of older Orcadians just like to show up on your doorstep with no appointment - which can also be a nightmare!) but it would have made me so livid. Good luck ladies.
I'd be happy if someone just turned up after all the cleaning I've been doing and I'd pretend that our house was always this tidy
Quick update. She turned up very apologetic with her DC. I think it went really well. DH got back before her and neighbours children got so close to throttling each other she'd shoved them back in the car and driven off again.
Lots of bedroom allocation and we showed her some old photos on the wall and she said oh I'll have to buy one of those .... on outside of house and put that up again. So mentally I think she was working it all through. Or just being gushingly polite.
I've rebuilt DD's cot and turned her room back into a nursery from the bedroom we'd staged it as.
V.large wine in order. I had to decant a bottle to put with glasses on the table earlier.
I'm having wine envy - it's rubbish selling your house when you're updiffed and can't reward your self with large glasses of wine
after every viewing
Well done on the positive viewing Misfor! They do say that for a viewing to turn into a sale - the viewer has to be able to imagine themselves living their life in the house - (also why it's a good idea to let them have a few mins to wander round the house unaccompanied) and it sounds like yours was doing just that!
That sounds positive Misfor - best of luck. Our 6.30 lady yesterday was talking about knocking the dining room and kitchen together and imagining herself here too so hopefully it's a good sign.
6.30 couple from yesterday just drove down the street and turned around (we are at the bottom of a close) - probably checking to see if anyone is in the park.
That's got to be a good sign you're high on their list. Is there anyone in the park?
No, there's never anyone in the park at night (thankfully).
Woo hoo - a drive by is a very positive sign! I guess they are checking out your neighbourhood at night. This strikes me as v positive.
Well I've not got another viewer coming at 6.30 on Monday. That's five in four days! Surely someone must want to buy.
Sounds promising, CuddyMum! Are they able to proceed?
No feedback from our viewing yesterday yet, I expect we'll find out on Monday how that went. We have another two viewings booked though, one for Monday afternoon and another for Tuesday afternoon - so need to leave the house tidy on both days.
The Tuesday afternoon is mildly laughable, however... It's Scottish Lady. Apparently she decided she does want to see our house after all so is driving back down. Sounds like the other one fell through, to me. Karma, perhaps?
Don't know anything about tomorrow's viewer as husband took the call and didn't ask - doh! I normally liaise with the EA and grill them. I wonder what happened with Scottish lady? It sounds like things are picking up in your area too Spirael. Best of luck with next week's viewings and I hope you get some feedback from Saturday's viewing on Monday.
Anyone any feedback from the weekend's viewings yet?
Spirael, fingers crossed for the Scottish lady.
Having nothing booked for the weekend, decided to break out the mould remover spray and do the shower seal, so whole house reeked like a swimming pool. At this point, had appointment for two viewings, one of which was a second look.
I had to do the second lookers and they were here 1 3/4 hours. Seemed really nice, and had a long list of questions. Surely you wouldn't bother asking questions if you weren't interested?
Have another second viewing tomorrow. Will go and splash more mould removal spray around.
Ah. We now have an offer, but their house isn't actually on the market yet and they do need to sell. I am hugely cheered by the fact that someone does actually like the place enough to make an offer.
Nothing here yet... Will probably call the EA at lunchtime for any feedback or at least their impressions on how it went. Had to leave the house tidy again this morning, got todays viewers going round at 3:30pm.
1 3/4 hours is a long time, Toomuchtea! Hopefully that means they're seriously interested.
X post... That's good for the offer, but bad that they still need to get their house on the market and sell first. Especially given that there's only a few more weeks left before the market theoretically dies down even further over the winter!
Hopefully they'll manage to move quickly and have their selling be more like Woodlands experience than mine. So then they can proceed with buying your house!
Great news about your offer Toomuchtea. May it be the first of many. Or at least, several.
We're viewing a house tomorrow <quails>
It's a doer-upper and we can do it as a cash purchase. DH is incredibly gung-ho about the whole 'doing-up that house/selling this house thing'. I don't think he's read enough Mumsnet threads to have a proper grasp of how hideous the whole process can be
Fingers crossed we don't like it!
All quiet here. I recon our women will offer its just when and how much! It was very positive when she left.
Great to here of another offer coming in on the thread, it's all movement in the market, but why do so many people offer before they're even on the market?
Lol at the doer upper quails house.
A stoat got all but one of my quails about a week back, if I'm being practical it's one less thing to move - nature is cruel.
I meant I'm quailing at the prospect, not that it's a quail house
TBH though about 20% of my reason for wanting to move is to make room for more chickens (and I would love quails, they're so cute).
MissM - you might offer before going on the market so you would know in principle what the seller is prepared to accept. It's all very up-in-the-air if you offer when you can't proceed though - no seller with any sense would take a house off the market or consider themselves in any way bound by accepting an offer from someone in that situation.
Yeah offers from those not yet on the market scared me, to the point where we refused them point blank. You have no way of telling if they are a realistic seller or if they are going to be marketing their property at a daft price and therefore sitting on the market for years. Tell them thanks very much for the offer, but you won't be withdrawing the house from the market until they are proceedable.
toomuch great news. A couple like that put in an offer on ours when they were not on the market a few months ago. Despite a couple more offers coming along they are now the buyers as the only ones to have sold! Hope same happens for you.
YellowWellies Don't offers from people not on the market make even less sense in the Scottish system? I'm not sure how well I understand the system, but isn't it the case that everyone submits best and final offers on the same day? So there's no sense in accepting one. Whereas with the English system you can say 'Well ok, we'd take that much in principle, so we'll go with that unless someone else ready to go comes along before you're ready to proceed.'
Any offer is good news, I wasn't meaning to put a downer on things and you're right about if a buyer is committed and falls in love then they will move mountains to sell their own and get into yours. A motivated buyer is the best kind. I hope it works this way.
Yes I should stress that from a Scottish perspective (if you go to closing) offers before a buyer is proceedable make no sense at all and indeed you usually only find them being made by English people who don't really understand the system (I'm English myself I should stress!). There is also a financial penalty in the Scottish system for making an offer which turns out to fall through if you go to closing. Because all parties tend to have sold / or are actively looking - it makes our system much quicker and also much more realistic on pricing.
That is exactly what we told them YellowWellies. No point doing anything else.
I'm looking forward to hearing what your doer-upper is like Tunip. We've always bought houses so vile no one else would touch them, but next move (in theory) will be somewhere that doesn't need anything doing. So that we have a life. My DS learned to walk in a house that didn't have much in the way of floorboards. He was amazing good at negotiating the gaps, and used to mutter to himself "Be careful, be careful," as he stepped over.
It's red brick Georgian farmhouse at the front, 70s dormer bungalow at the back. Some of the rooms have completely different types of windows on opposite sides. It's listed and at first I wondered if the reason for the lowish price was that the 70s extensions had been done without consent and the poor buyer would have to reinstate the original roofline at vast expense. But it seems it was listed after the work was done.
It has a poky kitchen next to a breakfast room in the new bit and if one could get listed building consent and a good architect it looks like a nice breakfast kitchen could be created. But I've always heard it was a good maxim not to buy a listed house unless you can imagine living in it without doing anything very much to it, because listed building consent is not always as easy to get as you might think even in cases where the thing you want to change isn't part of what makes it historical and nice.
The main question which viewing will answer is how much is left inside in terms of original features, because there aren't a lot of internal photos. If it was basically gutted in the 70s I'm not interested. It is very pretty from the front and the garden is huge but I would rather compromise on those things for a house with more character.
It does sound interesting.
You're quite right about listed building consent. Our conservation officer tends to take the line that you keep the house as it was when it was listed, even if that does mean you retain seventies tat.
And lack of internal photographs is always very telling. It's very depressing when you come across a gutted house. Fingers crossed it's not.
Toomuchtea - at least you have an offer and you never know what will happen. I hope they can sell their house quickly. I've had no further feedback and have another viewer at 6.30. I just hope the kids keep the house tidy when they come home - no chance!
No feedback yet from our Saturday viewers - apparently the EA are having trouble getting hold of them. I'm guessing they've probably offered on the other house they viewed and are waiting to see how that pans out before telling us they're not interested.
However we now have yet another viewing booked for next Saturday morning. They're coming thick and fast at the moment... Hopefully one of them will be the one!!
Hopefully the house you're viewing has the features you want still recoverable and a sensible conservation officer, Tunip.
Hi everyone, can I join? I'm feeling a bit deflated!
I thought our sale was going swimmingly, but now the buyers' solicitor is asking for an asbestos and fire safety report. It's a flat in a converted Victorian house, the Victorians were not exactly known for using asbestos were they!
Is this normal?
Also they're demanding that we extend the lease, and pay for any associated costs (a quick google tells me this is perhaps the best part of £500). But the flat is a share of freehold (via a company which the owners have shares in), so there will be no problem for them to extend it themselves if they want to. I simply don't have the money. Not sure what to do about this! Also it's really annoying as we're only months out of their "safe" limit. There's 74 years + some months left on the lease, and they're asking as it's below 75, apparently. I don't know if it's their mortgage provider or the solicitor who's demanding it.
I simply don't have the money for this, we're really skint atm. Not sure what to do?
I too am getting fed up - we have had our 3 bed end of terrace house on the market since the end of June we have had 44 viewings - 3 offers one fell through because the mortgage she wanted was taken off the market - the other two were too low - we had 2 really good viewings this weekend one was going to bring his wife back as he really liked it the other one was going to bring her children back tomorrow as she really liked the 'feel' of the house and felt it was 'a smiley house' - the estate agent followed them both up today and both told him they liked it but didn't love it - which has been the general opinion for most of the viewings - why do they give such good vibes only to let you down when they walk out the door - we are moving into my parents property (which me and my sisters inherited after my dad died from cancer in April) and have no chain so should also go in our favour, am at a loss as to what to do = FED UP
I can only sympathise with everyone else. As I was cleaning mascara, finger prints and foundation of my mirror (again) I caught an image of myself looking drawn, hunched and pale with dark circles under my eyes. If one of my latest 5 viewers isn't interested I'm not sure what else I can do. The house looks the best it can - it's clean, tidy, spacious, nicely decorated, nice lighting and radiators etc and it smells good too! At least the flowers have lasted from Thursday night. Off out again in a minute with the dog and two teenagers.
Muddypaws I am sorry for your loss. 44 viewings is a lot of tidying
Came back after this evenings viewing and the EA had left me a note to say that the people from Sunday loved the house but weren't on the market but would arrange a valuation. She hasn't heard back from the people who said we had subsidence or the viewers my husband showed round. Not sure how the viewing went this evening but I ended up in the pub again with the dog and kids and had a selection of hot snacks. Husband is away so at least we have been fed and can chill!
You're telling me it's a lot of tidying!!! Luckily having an empty property to move into just round the corner from us, the 4 dogs (3 inherited from my dad) and 3 kids can all just migrate round there each time there's a viewing, along with all the unused clobber teddies off end of bed all the paraphanalia from top of kitchen cupboards etc. Not really sure what else to do to make people 'love' our home. Hope this evenings viewing went well for you CuddyMum -each time we think maybe this is the one!! keep smiling!!
Sounds like lots of people have had viewings in the last few days - good luck! Tunip, that house sounds really cool - will be interested to hear what the inside is like.
Our offer on the quirky house has been rejected - we can't go higher than £250k and they want more like £265. They'll be lucky (though they did have an offer at that level before which fell through). It's an equity release scheme so fairly hard nosed asset managers. Our offer on the dream house was also not enough - they've had more than one offer of more than £15k more than our maximum. Oh well.
Went for a second viewing last night of a house that's on the road we want which we saw a couple of weeks ago but my DH wasn't keen. The price was reduced yesterday so I persuaded him to have another look. He came around to it a fair bit more and we have actually put in an offer, but he still thinks it feels small/it doesn't blow him away. It's exactly the same as the other houses on the street and I wish he'd accept that that is all we can get for our money! We will want to put in a loft conversion a year or two down the line and I think he also has an unrealistic idea of how much that will be. I think this house is perfect in that it's moveable into straight away but there is potential to do a bit of work here and there and put our own stamp on it. It has a lovely new kitchen with built in dishwasher/electric oven/gas hob - just what I want!
Maybe we should be putting more stuff into our houses and not less?
Oh God I saw that house on the Internet yesterday!! Makes mine look naked.
Wowsers! That is amazing!
You may have a point though - this house that DH thinks is small is fairly minimalist, with not much in most of the rooms. It is exactly the same size as the one up the road we missed out on but which had piles of junk in every room, which he thought felt bigger. Just goes to show that crowded rooms can feel bigger than empty ones.
We've been for our viewing.
God, it's so hard when a house is empty and feels shabby and manky and there is a smelly old carpet! My head is saying yes but my gut is saying it's really not sure, and there are a few nice features but not as much as I would like. But then, it's a lot nicer than anything we've seen for the price, and we've been watching the market closely (ie looking at internet, not going for viewings) for 2 years.
There are no fireplaces left and none of the bedrooms is really a nice shape. But there are LOADS of receps. The garden has some lovely old trees in it. All the rooms are a bit smaller, with lower ceilings, than I was expecting, which is probably good because it's probably part of the reason for the low price (it looks like it's going to be posh inside but it's not).
I love my house. I don't want to move. But we are so short of space, the secondary school isn't very good and there's no downstairs loo which is a problem when you have elderly parents who find stairs painful. I thought one day I would find a house to move to that I was sufficiently in love with to make it exciting, and I don't think this is it, but frankly we only have a certain amount of money and maybe I need to get real.
Viewers from yesterday loved the house but when they went into the garden felt it was overlooked - I can't do anything about that. The people from Friday evening won't return the EAs call to give feedback and Mr Low Offer has disappeared. I'll give it four more weeks and just take the house off
What a shame about the garden, Cuddymum.
As you say, you can't do anything about it being overlooked. We looked a house a couple of months ago - about <80% of our budget (so v good), decent location, nice house....but whilst on the (out of date) Google maps view it was surrounded by fields, we arrived to find it completely overlooked by three houses on a new-build estate
I would say the majority of houses around here could be considered overlooked and those that aren't front directly on to the busy high street. The EA said people are being very picky lately. I wouldn't mind but the last two viewers are not even on the market.
Buyers just don't have any imagination when it comes to gardens. If it's too small, then there's nothing you can do about it, but if they are worried that it's overlooked they could plant a tree or put some trellis in and make a private area that isn't overlooked. I hate comments like that from viewers .
We had a viewer (nearly a year ago now) who loved the house. Everything about it was exactly what she wanted, until she went outside and discovered there was no shed in the garden and no garage and that was that. Despite there being driveway parking for three cars and she could have had a shed put in.
With the two places I sold recently I was very lucky as I think I only had 3 viewers between the two places who hadn't yet sold. The others were old first time buyers, sold>renteds or downsizers who didn't need to sell to buy. Lots of viewings from people who might take 3/6/12/forever months to sell their own place would have annoyed me.
The other feedback I've had lately is from older couples who feel the house is too big for them. Do people actually look at floor plans, room sizes etc.?
We have the opposite problem with our garden we are next to a vacant plot of land that couldn't possibly get planning permission so are not overlooked at all - several of our viewers have said they are worried that it MAY get built on = there;s no pleasing some people - they'll probably go and buy a house that is overlooked on all sides!!!
That's a shame about your viewers, CuddyMum! Hopefully they'll realise they need to compromise some of their requirements and reconsider.
No particularly exciting developments here, though our various viewers are still messing us around.
The Hot Couple apparently seemed really enthused on Saturday and were discussing making an offer, but since that time their phone has been perpetually engaged so the EA hasn't been able to reach them.
Disorganised Man cancelled the viewing yesterday at short notice (grr!) but rearranged to this afternoon at 3:30pm. Same time as Scottish Woman is meant to be viewing.
However Scottish Woman has just called to say she's been delayed by bad weather (what bad weather?) but has rearranged for 4:30pm this afternoon instead.
Fortunately we've left the house tidy and the EA are doing the viewings, so they're the ones running around to be in the right place at the right time to show all the appointment-adverse viewers around!
Hope it goes well Spirael - you seem to be getting closer to an offer.
Cuddymum, it's a good question. I don't know whether people don't want to see things, think it'll be different on the ground or what. We tried to sell the house years ago but decided against it, but before we took the house off the market, we'd got used to playing a sort of house bingo. A surprising number of the buyers we had to show around would say any or all of:
There is no separate dining room
The house is next to the church
There is a cottage attached to it
All of which were perfectly obvious from the details, both in the photographs and the text.
Good luck Spireal. Your viewings are happening as I type. I hope it all goes well.
The last house I sold was on a quiet but main road, with a shared drive and opposite a pub. We used to guess which of those "problems" would be in the feedback. Hence we swore never to buy a house with a shared drive on a road near a pub. So we bought in a cul-de-sac with its own drive etc and can't sell the bugger!
My old house was down a footpath in the middle of a city, with no car access. I don't blame people for being put off by the lack of car access/parking, but I don't know why the lack of parking often seemed to come as a surprise to them given it was mentioned specifically on the specs!
Luckily for me the agent was the one doing the viewings because I'd moved out by then. He really earned his commission, poor bloke.
I had a really lovely little cottage that photographed very well. It was tiny 1 bedroom and a landing upstairs, big lounge/ dining room, small kitchen/ entrance hall and bathroom downstairs. I had 117 viewings with one agent before changing agents. Loads of people were perplexed by why it was so small upstairs when it looked big in the photo. The price reflected the size, but people where convinced the agents must have forgotten a bedroom or two in the details. It was very thick walls and masses of sloping roof that ate up the space.
Our buyer who I was convinced would offer is very quiet. DH works with her but in different areas of education and she said thank you for letting her view, introduced another of her DC to him and then went onto say how well the DC are settling in our area but she's seen a job elsewhere she might apply for!
No viewings on the cards for us at present.
I hope the buyer does come through Mis.
Our second viewers seemed happy. Whether they have something to sell or not I'm not sure. Viewers coming up from London on Friday whose house isn't actually on the market. Again. The estate agent said his gut feeling was that they wouldn't go for it, but I thought they might as well come. Who knows?
Any news on your viewings Spirael?
Nothing yet... Someone was definitely at the house yesterday though, as the post was moved and some doors I'd left open were shut.
Just watching my phone
obsessively now, waiting for the EA to call with the feedback! I'll chase at lunchtime if I've not heard anything by then.
After having to obsessively keep the house immaculate for a week, but with no more viewings until the weekend, DH, DD and I had way too much fun last night and this morning leaving our possessions in the most (hygenically) messy state possible.
I didn't make the bed this morning, I threw all the cushions off the sofa across the room and I left my towel hung over the banister! [rebel]
Ok, we have some feedback but nothing immediately exciting...
Hot Couple turned out to be Elderly Couple and are concerned about the slight hill between us and the shops that are 100m away. Unfortunate, as they loved the house aside from that!
Disorganised Man turned out to be Dodgy Man and spouted stuff about it being a buyers market and everyone should accept offers of 75% if they want to move and other rubbish. Apparently he's made stupid offers on and been refused 7 other houses in the area, which he seems to want to buy and flog.
Based on that, I'm inclined to refuse any offer he makes, even if it is within our acceptable levels (more likely it'll be insultingly low) as we're not required/desperate to move (yet) and he strikes me as a prime candidate to argue over the survey and gazunder at last minute! So not worth the hassle.
Scottish Woman apparently really liked the house and seems to be our best (only?) chance of getting a proceedable offer. She's relocating for work, so needs to move quickly and likes that we're looking to go into a chain free property. So fingers crossed she makes an offer and it's a good one!
Though I'd be interested to find out what happened with the other house she offered on...
Aside from that, I guess we're relying on the Weekend Couple!
I think you're absolutely right about Dodgy Man - even if you did accept his offer, he sounds like the sort who's going to try and screw every last penny out of you. Fingers crossed for Scottish Woman.
No news yet from second viewing, but I hadn't actually expected there would be. Not quite sure why.
At least you have had a little feedback. I am still awaiting some more feedback from the weekend but as it's Wednesday I'm guessing I may not hear anything. I am remaining hopeful and continue to try to leave the house tidy before I leave for work just in case! No more viewings lined up just yet though. Hope Scottish Woman offers.
I often wonder why people don't give feedback and refuse to answer the EAs calls. I would rather just know and cross them off the list so to speak.
No go for the Scottish Lady. Apparently our drive would be too awkward to get her campervan on and off.
However we do now have another viewing booked for 6:45pm tomorrow. Bath time again, argh! But they are FTB with financing in place, so...
So much for my messy days until the weekend! This many viewings though, surely someone's got to give us a good offer eventually!
Well that's a new excuse! Your viewings are coming thick and fast - surely an offer will be made soon
I hope so!
Cuddy, I'd rather just know as well. We usually say then and there to the agent whether we like the house or not. Fortunately OH and I are nearly always of the same mind as far as houses go, so we don't usually need to go away and think.
Just heard from the EA that second viewers will be making an offer, but are working out their finances. They don't need to sell apparently. Every conceivable finger crossed.
That's fab news TooMuchTea! I hope they offer a good price.
Oh I hope it's a good one. Have you got your limits worked out?
Sounds promising, TooMuchTea! Hopefully you'll be able to negotiate a good offer with them.
Totally agree how the lack of feedback is annoying. Fortunately we've been lucky that our EA has managed to (eventually) extract feedback from most people that have seen the house. Unfortunately they're all saying it's lovely, priced right and just giving some random reason why they're not offering.
Tidied the house again this morning, had to put all the cushions back and move my towels, boo... Got a bit more time after work too in order to make it really sparkle before DD and I go up to Tesco and run up and down the travelators for a while!
Still, at least we are getting viewings now. Major sympathies to anyone who isn't! We've had more viewings in the last month than we have for the previous 14. While things are stressful having to prep for each one, it's not as soul destroying as wondering why no-one is interested at all.
All I can think of that's changed is that we've slowly reduced the price by £5k over the summer (<5%!) and we changed the floor in the lounge and rearranged the furniture to try and give the illusion of space. We were below stamp duty even before the £5k drop and the floor plan (with room sizes) has been up since the start!
I live in hope. We're looking to buy somewhere cheaper (principally smaller and less knackering to maintain), but we do have a limit we don't want to drop beyond.
Spirael, I think changing things round does make a difference. I have a friend who's very good at selling houses, and I sent photos of our more dodgy bits to her and basically did what she told me to do. I did moan
a lot a bit about some of the things she suggested, but she was absolutely right.
Oh big surprise... Our viewers for later have cancelled.
I may just stop allowing after work appointments, it's a pain in the butt for us and no-one ever seems to actually attend them anyway!
That is a very poor show. Do people not realise the time and effort we put in before a viewing?
Are you sure it's not a case of EA's making up viewings who then mysteriously 'cancel' to make it look as if they are still working very hard? I can't imagine many reasons why I would cancel a viewing at the last minute... It just seems a bit fishy if it's happening a lot... especially to those who have been on the market a long time and who might, conceivably, be thinking about changing agent?
Would you consider doing less to prepare for viewings, rather than restricting the times people can view?
It seems that the bar has risen massively in the last few years in terms of what people do to prepare the house. It used to be that you would just make sure it was fairly clean and tidy but now people feel they have to 'dress' the house, rearrange bedrooms etc and it becomes a massive thing which then makes the no-show viewer a bigger let-down. I can see why people do this but is it really more important to make the house look perfect than to let the viewer in at the time they want to come?
I have considered doing less cleaning and prepping for a viewing but worry that the house has been advertised as immaculate and it won't appear that way IYSWIM.
I don't think that's the case in this situation YellowWellies. The viewers who've cancelled on us have generally then been rearranged at a later date. So they definitely exist, they just don't figure on it being a big thing to not show up at short notice and rearrange to aonother day/time!
As for preparing less for viewings, unfortunately there are 100+ similar 3 bed semis at a similar price within a mile of mine. So I'm working frantically to try and make mine stand out as being better than the competition.
Apparently I'm not good at it, as people keep choosing other houses!
I'd like to think I'd stop viewers coming after work, but if they're proceedable and my EA thinks they're a good chance then I'll inevitably find myself agreeing again... [weak willed]
I have just seen the new Halifax figures link and am feeling a bit lucky with our sale if it all goes through (it is still with the solicitors, wah, not there yet, and am bricking it).
Prices are now over 20% down from peak and have breeched the £160k barrier, which seems to have been a psychologically sticky figure. Also both the Halifax and Nationwide figures are in agreement. Incidentally selling prices are now lower than they were in 2004! These are national prices, so given that London has only just started to turn - these figures mask some much bigger regional declines in there, and some much smaller regional declines too. Good luck to those with offers in the SE - it sounds as though you might have timed it perfectly.
I'm wondering if the upturn in viewings folks are seeing is people who think that value has returned to the market and are out to see if they can find someone who needs to sell (maybe someone who's SVR rate has just gone up - like a Santander customer? or someone who's job is looking shaky? or someone selling after probate who has lost confidence in the market - these are the sort of sales that can set the price for a street, as my parents found to their detriment back in the last crash) and is willing to negotiate. Incidentally how far from 2004 prices are asking prices? That might explain why offers seem unpalatably cheeky? The average selling price is now hugely different from the average asking price according to Rightmove - over £65k difference
Looking at the figures alone - (admittedly national) does anyone think that waiting for the market to improve is realistic in the next few months? I'm 90% sure that we want to rent but know that this will mean another move so have to try to get over my innate denial. We need to sort this out before the bub arrives...
June 2004: £159,685
Aug 2007 £199,770 (peak just before Lehmans / Northern Rock)
Sept 2012 £159,486
-£40,284 (fall from peak)
-20.2% (percentage fall)
Cuddy I bet your house is MUCH more immaculate than you think - there are some absolute tips on the market.
Spirael if it were me I'd be minded to keep letting procedable buyers view at a time that suits them (but then I have the option to work from home) - otherwise they might think you're not that motivated to sell and if there is lots of competition as you say - you don't want to make your buyers work too hard. Sadly. I know it's a real pisser and preparing for viewings is a total nightmare. Could you not just ship off some junk / bits that you always tidy away pre viewing into a box in the loft? That's what we did in the end... its just coming down out of there now....
It depends on your market - if your likely buyers are likely to work then they would have to do evenings, I wouldn't want to take time off during the day to view a house as it would mean lost wages (I freelance) for me and lost holiday for DH. I think a lot of folks might be in the same boat. It's only relocators doing bulk viewings or the retired or those who don't work who seem to want to do daytime viewings up here.
'Cuddy I bet your house is MUCH more immaculate than you think - there are some absolute tips on the market.'
It's got to look cared for, it mustn't smell, it mustn't be so cluttered it looks tiny, but I am sure there are diminishing returns above a certain level. I read an article once about preparing for viewings that said that the most important things were clean windows, a weeded garden and the obvious DIY jobs done. It must be tempting to get obsessed by cleaning and staging because it's something you are in control of, but as a buyer surely if there are lot of houses the same on the market the one you buy is not the cleanest but the cheapest?
Aye too much smell of cleaning products makes me think - hmm are they hiding mould or damp? So possibly has the opposite effect to that desired. Just remove enough clutter to show the space to its best and keep a basic eye on cleaning. If you are putting glasses and place settings on tables, scatter cushions on beds - then your house will look forced, staged and a bit desperate to sell to be honest. Price means more than prep in this market. If there is a lot of competition it isn't the staging that's going to win the sale. Not unless you go whole hog and virtually move all of your stuff into storage but that's not a realistic approach. Buyers are human beings - they want the same thing as most sellers - to protect their finances, and seeing a falling market many are making offers (viewed as cheeky) to try to price in future falls. They're not Aggie and whatsit the OCD cleaners from Channel 4.
Incidentally we sold ours within 14 days with a garden that needed weeding and dirty windows (we get sea salt spray after storms / gales as we're only one field back from the sea) and still sold. Admittedly perhaps folks gave me a bit of lee way as I'm 8 months preggo and beyond weeding / climbing ladders. So we weren't on top of everything. It seems to be setting the right 'mood' or lifestyle / feel without obvious artificial staging. For us that was just the kettle singing on the Rayburn and flowers on the table.
and the worst of the catshit / dust bunnies hoovered up, most of DH's possessions stashed to the loft
Right another viewing tomorrow at 3.00 pm - someone who has sold and is close to exchange. They have asked about our position too. Thankfully I cleaned up today as it is my day off. Only downside is that at 3.10 the junior sch
Doh.. Junior school kids and parents walk past but they're not too noisy and the person looking is a teacher. Please let this be the one!