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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:
ManhattanPopcorn · 05/12/2024 16:25

Get a new agent.
3 weeks before Christmas is a terrible time to sell a house.
People might view online over Christmas but they're not going to buy. Listing it now might mean it sits on the market for a while meaning people will think they can make low ball offers.

pumpkinpillow · 05/12/2024 16:24

The agent said before Christmas was good time to list as everyone looks at rightmove over the holidays.

I have never heard anyone actually selling their house say this. At this time of year people normally say "things pick up in the Spring".

XxSideshowAuntSallyx · 05/12/2024 16:22

My friend has had her house on the market since September, it's not selling but they won't lower it to a price people are willing to pay (they don't live in a great location so that is a negative) so are stuck. Especially as there are better houses for less.

GasPanic · 05/12/2024 16:17

I thought boxing day was traditionally when sites like RM get the most views.

So having it on there then may not lead to instant viewings, but at least will make sure you are out there to be looked at if and when people feel ready.

Mid 2022 was peak market I think because that is when interest rates rose.

Still, local markets are a mish mash with some houses going up still in price and others going down. You just have to try and see.

And remember although your house may be going down, the one you will be moving to will likely be going down too.

Bluevelvetsofa · 05/12/2024 16:17

The issue is that if you want your house to sell, you have to offer it at a price that makes someone want to buy it. You can list it for 540K and get no interest or you can drop the price and see what happens. Lack of sale is either poor marketing by the agent or over estimation of the value.

If you can’t afford sell it at a lower price than the listing, then maybe you can’t afford to sell just now. Your house will sell, but it might not be for the price you want and only you can decide whether you want to let go of the house you’ve seen and look elsewhere. Only you know whether it’s worth it to you to accept a lower offer or no offer at all.

Our house was valued the same by several different agents. It didn’t sell at that price though, although not much under. Yours has been on the market a short time. Remove it and start again in a few weeks time.

JawsCushion · 05/12/2024 16:14

I bought a house two weeks ago. Keep it on. Just because a lot of people don't look doesn't mean you shouldn't try. You only need one buyer.

JeremyFischer · 05/12/2024 16:14

How much is the place you're looking to move to?

I think there'll be a lot of scope to knock money off if it's more expensive as the top of the market is suffering some heavy drops at the moment, as nobody can finance the massive houses.

custardpyjamas · 05/12/2024 16:12

I assume you've looked at sold house prices in your area and you are in line with those, and if you want a quick sale maybe a bit below. After that nothing much you can do but wait and see. It's not a great time of year to be selling but people have to move for all sorts of reasons.

Is the house you want to buy very specific or if you lose that one will there be other similar houses hopefully on the market soon? If you really have to have that particular house you may have to drop your asking price.

OrwellianTimes · 05/12/2024 16:12

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.

Yes this is accurate- however people won’t be looking until the 26th.

Gove it a few weeks and post Christmas things will start moving again.

Behindthethymes · 05/12/2024 16:10

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.

This is so wise.

Minerbirdy · 05/12/2024 16:10

This is the worst time to sell, run up to Christmas, January and February, most buyers will hold off now pay for Xmas and then recover and look in the spring, it’s a known phenomenon, the only way to sell is to sell with a good discount under it value if you not lucky.

weve got a deceased parents property to sell and not even bothering putting it on the market till spring, though strangely we have had an enquiry pushed through the door saying they would be interested

DogInATent · 05/12/2024 16:07

Yesaigust · 05/12/2024 15:07

@WallaceinAnderland none, the 540 is the bank current value and also the agent’s valuation

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

jaimelesoleil · 05/12/2024 16:07

Framilode · 05/12/2024 15:57

I was an estate agent for 30 years. This is the WORST time to try to sell. Immediately after New Year things will start to pick up.
My advice would be to take it off the market now and to re-list at the beginning of Jan so it is fresh for the new year.

@Yesaigust this ^
Sorry to say the EA is bullshitting you.

AmICrazyToEvenBother · 05/12/2024 16:06

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.

They might look over Christmas, but that's a few weeks off yet, isn't it?

So realistically, they might look between Christmas and the first week of Jan then line up viewings the next couple of weeks - that's taking you nearly into Feb.

Openuniversity22 · 05/12/2024 16:06

I think you’re going to have to give up on this other house OP and start looking for yourself again in the new year. There WILL be another house for you, but you should really try and sell yours first or at least have it on the market.

I echo other posters, I’d take it down personally and re list again in the new year.

NZDreaming · 05/12/2024 16:04

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.

There is no point viewing properties before you have sold your own. I’m always surprised by estate agents who offer viewings in this basis but when I worked as an EA it was in a town people had aspirations to live in so got a lot of ‘dreamers’ who had no intention of buying so we had a fairly firm rule on not showing to buyers who weren’t in a good position.

Ultimately your house will sell when it sells, much like you won’t accept an offer from a buyer who hasn’t isn’t in a position to move (ie ftb, cash or sstc), neither will the vendors you want to buy from. It makes everything theoretical and offers no time frame and less guarantees than when you have an actual chain. Don’t get your heart set on a property until you are in a position to make a realistic offer, just causes you unnecessary heartache.

The estate agent will tell you anything to get your business. People have a strange opinion of EA’s which I think comes from so many property tv shows. They are not Kirsty and Phil, they want your business, they want to keep your business and they ultimately go want to sell your home however their motives are not fully aligned with yours.

Stupidest case I ever had was someone made an offer for a property I was selling and literally said to me ‘we’ll go with this as a starting offer and see what they say before we offer more’ (clearly not understanding I didn’t work for them and wanted to make the most for my client) so I told my client to decline the offer because, as well as being below market value, it was clear these people wanted the house and could afford far more than was being offered.

Edit:typos

BobbyBiscuits · 05/12/2024 16:04

Of course it will sell. If the price is right. Do what you need to do to try and make it look appealing, obviously without spending too much. Even houses with no roof get sold somehow. Please don't panic.

jaimelesoleil · 05/12/2024 16:03

TBH don’t know why the agent would have told you that. Very few people will be looking at houses over the Christmas holidays.
Late winter/early spring is your best time. Don’t forget your outside will also look gloomy at this time of year.
I would have this thread moved to property with the sales link attached for people to give you ideas on maybe how to improve things.

I would try and enjoy a Christmas and then start again.
Good Luck 🍀

ChristmasTunesAlready · 05/12/2024 16:02

My mum's house took 2 years to sell. Viewers came to see it in April this year and we moved out in June.

Hang in there OP, it will take a while, but the right buyers will come along when the time is right.
Agree with previous posters...I don't have experience of buying/selling houses, but have heard that houses tend to sell more in the new year/spring time.

Lighteningstrikes · 05/12/2024 16:01

As a general rule of thumb the start of selling season in the UK has always been early Spring and ends October/November.

You will usually find properties that remain on the market over winter, are properties that people are desperate to get rid of.

DragonFly98 · 05/12/2024 16:01

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.

The agent is talking rubbish.

flyinghen · 05/12/2024 16:00

With respect, no buyer is going to pay over the odds for a house just so you can pay your stamp duty. They will have stamp duty to pay too.

Sadly the market is much slower than it was in 2022 and prices seem to have dropped. A sad reality for those who perhaps overpaid in the covid mad house rush.

Verv · 05/12/2024 16:00

I've been on the market since end of November and viewings have slowed to one a week.
Its the worst time of year for it. Nobody is thinking about house buying - everyones thinking about Christmas.

Framilode · 05/12/2024 15:57

I was an estate agent for 30 years. This is the WORST time to try to sell. Immediately after New Year things will start to pick up.
My advice would be to take it off the market now and to re-list at the beginning of Jan so it is fresh for the new year.

Startinganew32 · 05/12/2024 15:56

Why are you desperate to move? Is it too small for you or something? Otherwise id try to make it work and stay put for a bit longer. Alternatively would you be able to rent it out and then rent somewhere else yourself?

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