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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

To feel bloody miserable that my house probably won’t sell?

209 replies

Yesaigust · 05/12/2024 15:00

I paid 520 for my house in 2022. Had it valued at 540. When I bought it I wasn’t in a great place mentally and think I probably paid over the odds for it a little as it was all done up etc. Anyway, it’s been on the market a week at 550 (in the hope of getting 540) and no enquiries. I’m desperate to move but need the 540 to break even with moving costs after buying in 2022.

I feel stressed. I’m a lone parent too and feel like everything is getting on top of me now and I’m also trapped somewhere I really don’t want to be. Just having a moan really but wondered also if anyone had any advice.

OP posts:
AquaPeer · 05/12/2024 19:24

DogInATent · 05/12/2024 16:07

Why have you got a current bank valuation?
Have you been extending the mortgage?

my bank will give me one on demand via their mortgage portal. There is always a valuation there but I can request a specific update whenever I want.

haveacat · 05/12/2024 19:15

I feel for you. Selling a house is very stressful, doubly so if you are doing it alone. Your house will sell. My house took a month before I got an offer. A month from listing to offer was quite quick in the area that I lived. (I had about 20 viewings and I just felt nobody wanted it). Hang in there. This time next year you will be in your new home. Good luck OP.

PondWarrior · 05/12/2024 19:06

DogInATent · 05/12/2024 15:32

I’m desperate to move but need the 540 to break even with moving costs after buying in 2022.

Unfortunately, that's not how selling houses works. Property (regardless of what a valuation says) is only worth whatever someone else is prepared to pay. The market doesn't always allow you to break even, let alone make a profit. Moving costs (including stamp duty and legal fees) are one of the reasons that you generally can't expect to breakeven over short timescales. Unless the local market is particularly buoyant you may have to take a hit when you're moving again after only two years.

Or, rather, fortunately it’s not how it works. Otherwise the first time buyers would be essentially covering the stamp duty and legal fees for everyone above them in the chain!

rainingsnoring · 05/12/2024 18:57

It's not a great start if you haven't had a single enquiry. The first two weeks of marketing are the time when you get a flurry of enquiries if the property is priced correctly.
Why are you marketing the house for more than you bought it for in 2022 when that was the peak of the market in most areas and prices have generally fallen since then? Estate agents are tending to over value a lot in the last couple of years to get business. Sadly, the market doesn't pay more than a house is worth because you don't want to make a loss.
If I were you, and assuming you really want or need to see, I would take it off for now and re-market around February when more people are starting to look again. I think you will probably need to market at slightly lower price to get some initial interest.

mumedu · 05/12/2024 18:53

PonyPatter44 · 05/12/2024 15:03

Assuming you are in the UK, this is the worst time of year to sell a property. Noone wants to buy before Christmas. Take it off the market and relaunch in the new year, and ensure it's got as much kerb appeal as possible in the meantime.

You're so right. Nobody is looking to move now.

SabbatWheel · 05/12/2024 18:45

Hang in there. We viewed our current house on Christmas Eve years ago and moved in at the end of February despite issues with our buyer. It can happen!

Harshtruth1111 · 05/12/2024 18:42

TheSilkWorm · 05/12/2024 15:04

It will sell at the right price/time. Why do you need £20k to break even? The costs of moving are a separate cost, you can't expect equity to cover it necessarily. As long as you can cover the mortgage you owe or port it then you just need to sell for what you paid (slightly less even, with the equity you've paid off)

There's legal fees
Plus estate agent fees
Plus stamp duty fees
So not pretty

JustMarriedBecca · 05/12/2024 18:42

Yeah that agent is talking BS. More likely he or she has targets of a certain number of houses per month to be listed.

JustMyView13 · 05/12/2024 18:40

Yesaigust · 05/12/2024 15:04

@redgingerbread the place I have seen and would like won’t accept my offer until mine is sold. So there’s a bit of pressure. The agent said before Christmas was good time to list as everyone looks at rightmove over the holidays.

I saw a video on this from an estate agent locally backed up with data. He was saying that January is when Rightmove see’s the peak traffic. The whole December thing is a bit of a myth (apparently).

I always keep my eye on the market in case something nice comes up, but I couldn’t think of anything worse than house viewing in December. I probably wouldn’t bother even if I loved a place, I’d just wait until NY.
I’d take it down and relist in January.

What’s meant to be will work out in the end, trust the process.

Harrysmummy246 · 05/12/2024 18:28

Yesaigust · 05/12/2024 15:04

@redgingerbread the place I have seen and would like won’t accept my offer until mine is sold. So there’s a bit of pressure. The agent said before Christmas was good time to list as everyone looks at rightmove over the holidays.

And that is not yet so stop panicking and adjust expectations accordingly

Mumofacertainage · 05/12/2024 18:24

We sold my Mum’s in December last year and I sold one a few years ago in Dec.
You only need one good buyer who needs to buy, we got two offers on Mum’s

ffsfindmeausername · 05/12/2024 18:18

Why did you buy the house in the first place if its not where you want to be? sounds like you've never really liked it there. Buying a house and moving is a huge and costly thing to do so it's best to make sure its a house and place you really want to be. very few house sell within just 9 days so please don't stress. I'd relax and focus on making the most of enjoying your last Christmas there with your dc and I'm sure your next Christmas will be spent in a new home.

Ophy83 · 05/12/2024 18:17

If the plan is for people to look at Rightmove over the Christmas holidays then have a little patience. The holidays start in 2+ weeks. They probably won't start browsing until the 27th. No one will be looking at Rightmove now, everyone is in the middle of work parties/nativities/shopping/carols/non-uniform days/family gatherings etc.

user6476897654 · 05/12/2024 18:08

Most houses take a few months to sell. Our neighbours has been advertised since may/june. The sold sign went up yesterday, so think you’re being a bit panicky.
One in our village was for sale for over two years! Eventually the market caught up with what they wanted for it…reducing the price is the only way to encourage a quick sale, but you're not there yet after a week!

MsCactus · 05/12/2024 18:06

I think 2022 was a high in the market wasn't it? When I bought over the summer prices had all dropped since 2022

BunnyLake · 05/12/2024 18:03

I’d try after NY. Are people actively house hunting just before Christmas?

user1471538283 · 05/12/2024 18:01

I was desperate to sell my house after the first lockdown and it didn't sell for 4 months until the August. That was only because I reduced it to less than I bought. This was before prices went mad.

But I do think December isn't a great time to sell as people are preoccupied with Christmas. Keep trying in the new year.

CurlyhairedAssassin · 05/12/2024 17:58

SwishMyCape · 05/12/2024 15:07

This ones partly mindset.

It's less about breaking even on what you paid for it, and more about achieving the sale that will allow you to make your next move.

I know a wealthy couple who reckon they lost money on every property transaction (I take that claim with a pinch of salt). Bit they had houses they loved in places they loved.

Ask the agents for feedback on presenting the house and what's realistic to achieve.

You don't need the satisfaction of breaking even. You need the sale so you can start your next chapter.

People who fixate on a figure often end up waiting years for the market to catch up with heir house.

So you know a wealthy couple who lost money on every property transaction and the inference is that they had houses they loved in places they loved so what the heck? Can you see how silly this sentence looks? It's like Mrs Merton asking Debbie McGee what she saw in the millionaire Paul Daniels.

Being wealthy gives you choice and freedom. Someone wealthy couldn't care less if they lost a bit of money on a move as long as they got their choice of where/when/what to buy. That's a bit of a luxury, especially in an uncertain housing market. As is needing a sale so you can "start your next chapter". You don't know OP's financial situation. You don't know what circumstances OP is governed by. It's nothing to do with mindset for most people as most people don't have the luxury of wealth to give them more choice about how to proceed.

Gettingbysomehow · 05/12/2024 17:36

You really can't sell anything until February. At the earliest, spring is far better I've bought and sold loads of times just don't do it. Your house will be on the market for months and people will notice it hasn't sold and automatically won't want to buy it. Nobody wants a home that's been on the market a long time.
It's a complete waste of time putting it on now.

TENSsion · 05/12/2024 17:34

TheSilkWorm · 05/12/2024 17:33

5 years ago was pre Covid and pre brexit. A very different landscape.

And with renovations!

TheSilkWorm · 05/12/2024 17:33

XxSideshowAuntSallyx · 05/12/2024 17:31

We made 40k on our house in 3 years, 5 years ago, did nothing but redecorate and re-carpet and put wooden floors down (didn't even put the skirting boards back on), we sold because we were getting divorced not because the house or area was dodgy.

I miss that house and area so much.

Never judge why a house is on the market after a couple of years, you don't know the sellers or what they're going through. We specifically told our estate agent not to mention our divorce to potential buyers to stop the cheeky offers. It was also breaking my heart to move and I didn't need people using my misery to their advantage.

5 years ago was pre Covid and pre brexit. A very different landscape.

XxSideshowAuntSallyx · 05/12/2024 17:31

TENSsion · 05/12/2024 16:57

I think you’re being unreasonable to expect a buyer to pay £20k more than you paid 2 years ago just because you need that money to cover your expenses.

When we were looking at properties I was suspicious of properties that had only been lived in for a few years without any improvements. It suggests there is something wrong with the area/ house. I wouldn’t be paying £20k to find out.

We made 40k on our house in 3 years, 5 years ago, did nothing but redecorate and re-carpet and put wooden floors down (didn't even put the skirting boards back on), we sold because we were getting divorced not because the house or area was dodgy.

I miss that house and area so much.

Never judge why a house is on the market after a couple of years, you don't know the sellers or what they're going through. We specifically told our estate agent not to mention our divorce to potential buyers to stop the cheeky offers. It was also breaking my heart to move and I didn't need people using my misery to their advantage.

BunnyMum2000 · 05/12/2024 17:31

Hi OP,

So we are looking to put our house on the market.

I had 3 estate agents round a couple of weeks ago and they all said not to put it on the market just yet. They said its really quiet - so it will just sit there, and then potentially it will look like there is something wrong with it when it doesn't go under offer quickly.
So we have spent the last couple of weeks doing it up - painting and clearing etc.
We have the estate agent coming round tomorrow to make the photos - and then we'll "go live" just before Xmas .. so its there for everyone sitting around browsing Right move over the holidays (as said by other posters - apparently Boxing Day is the busiest day of the year on Rightmove)

We are similar to you - we will be putting ours on at £560 initially. (Would like a minimum of £550k so that gives some wiggle room)

So don't panic yet - like you, I'm hoping lots of people in January will want to try and buy before stamp duty goes up in April

viques · 05/12/2024 17:28

Yesaigust · 05/12/2024 15:04

@redgingerbread the place I have seen and would like won’t accept my offer until mine is sold. So there’s a bit of pressure. The agent said before Christmas was good time to list as everyone looks at rightmove over the holidays.

Looking at rightmove and making an offer are two different things though.

Morechocmorechoc · 05/12/2024 17:28

Look at best time of year and worst to sell, March is best, you want to list in Feb, you'll do much better.

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