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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:
GivingitToGod · 05/12/2024 15:13

OP, u are being unduly pessimistic. The house has only been on for a week and pre Xmas is the worst time for people looking.
Please try not to get stressed out, you have enough going on.
Please try and get into a more relaxed state of mind

Yesaigust · 05/12/2024 15:12

PrincessAnne4Eva · 05/12/2024 15:11

If it's valued at 540, advertise it at 540 instead of 550. It won't pass a bank valuation if it's overpriced. Don't play games, put the actual price up and see what happens. Also, have you actually calculated stamp duty due on current amounts? There's currently a threshold change or something going on, you might need less than you think! Or maybe you already know this and that's why you're trying to sell right now?

@PrincessAnne4Eva sadly it’s going up in April! And I won’t have had it go through by then even if it sold tomorrow

OP posts:
Superscientist · 05/12/2024 15:12

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.

The agent will tell you anything to get you to list with them.
We had an agent tell us the reason we should list with him was that he wouldn't let us accept an offer that was above the value of the house as all that happens in those situations is the bank comes back and says it's not worth that and you have to reduce the price. In the next breath he gave us 3 examples of houses he had sold on our estate 2 of which had their price reduced part way through the sale because the mortgage companies disagreed with the valuations

We sold in 2022 and it was a crazy time for buying awful bidding wars jumping prices up ridiculously. I'd also take it off the market and put it back on the market in January. The date on Rightmove will always be 2024. If there were two identical houses one listed on the 31st December and the other 1st January the December one will feel like it's been on the market soooo much longer because it was put on last year even though there's just a day difference.

Is there much interest in the other house?

Yesaigust · 05/12/2024 15:11

Thanks for the posts, it’s so lonely on my own with dc and it’s helped to talk it through on here x

OP posts:
PrincessAnne4Eva · 05/12/2024 15:11

If it's valued at 540, advertise it at 540 instead of 550. It won't pass a bank valuation if it's overpriced. Don't play games, put the actual price up and see what happens. Also, have you actually calculated stamp duty due on current amounts? There's currently a threshold change or something going on, you might need less than you think! Or maybe you already know this and that's why you're trying to sell right now?

Yesaigust · 05/12/2024 15:10

TakeMe2Insanity · 05/12/2024 15:10

seriously a week?

@TakeMe2Insanity well, 9 days today!

OP posts:
Bobbingtons · 05/12/2024 15:10

Might be worth checking average house price inflation. I just checked with nationwide and I'm the greater London area prices have dropped nearly 3 percent since 2022 so you might not be able to get as much as you want depending on the area. If you got an estate agent valuation they might be inflating the price trying their luck.

xILikeJamx · 05/12/2024 15:10

YABU - it's only been a week FFS. I'm not entirely sure, but average time for a house to go from on the market to sold must be nearer 6 months. The agent just wants your house listed and the commission that will come with selling it.

Also this is a crap time of year to try and sell a house. Most people have got their decorations up and spending all their money elsewhere, not thinking about moving.

End of June is the most popular time of year to move apparently - I only say this as we did it one time and couldn't get a removal company for love nor money! They all told us it was always their busiest time of year. About 12 weeks conveyancing time would suggest early-mid April as buying season.

TakeMe2Insanity · 05/12/2024 15:10

seriously a week?

Yesaigust · 05/12/2024 15:09

blackcatsarethebestcats · 05/12/2024 15:08

Could you add the stamp duty onto your mortgage?

@blackcatsarethebestcats potentially. Im trying to be careful as a lone parent things always feel very unstable.

OP posts:
MereDintofPandiculation · 05/12/2024 15:09

WallaceinAnderland · 05/12/2024 15:05

What improvements have you done to make it worth 20k more than it was 2 years ago?

She doesn’t need to have done any. That’s 4% over 2 years, ie inflation.

Yesaigust · 05/12/2024 15:08

Mearabade · 05/12/2024 15:07

I think everyone, when they put their house up for sale, has the worry that no one will ever buy it.

I thought that when I put up my first house for sale.

It did sell six months later.

Be positive.

Your house is likely to sell, but it can take a while.

@Mearabade thank you x

OP posts:
MumonabikeE5 · 05/12/2024 15:08

One week. Just before Christmas.
you are being unreasonable.

no one is looking this week.
they start looking on Boxing Day once they’ve spent the Christmas sitting in their pokey/dingy/annoying house or because the are finally about to seek divorce
but not this week.

so don’t fret.

blackcatsarethebestcats · 05/12/2024 15:08

Could you add the stamp duty onto your mortgage?

GeorgeBeckett · 05/12/2024 15:08

It’s been a week and it’s December. It’s probably not the perfect litmus test.

People might browse Rightmove over the bank holidays, but they’re probably not going to book viewings in the next couple of weeks. Everyone’s too busy running around prepping for Christmas!

When they’re finished trying to cram all their Aunts and Uncles around the table at Christmas, realised what a struggle it was and how unsuitable their house is and now sitting on the sofa eating quality street they might have a browse!

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.

MereDintofPandiculation · 05/12/2024 15:07

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.

Well, there you are. If they’re looking at rightmove over Christmas, they’re not ready to view your house yet, are they?

Mearabade · 05/12/2024 15:07

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.

I think everyone, when they put their house up for sale, has the worry that no one will ever buy it.

I thought that when I put up my first house for sale.

It did sell six months later.

Be positive.

Your house is likely to sell, but it can take a while.

Yesaigust · 05/12/2024 15:07

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

OP posts:
Yesaigust · 05/12/2024 15:06

@FoxFaceRabbitFish thank you. I’m happy with the photos but perhaps need some more details like outdoors and entrance. Thank you for the suggestion

OP posts:
WallaceinAnderland · 05/12/2024 15:05

What improvements have you done to make it worth 20k more than it was 2 years ago?

GridlockonMain · 05/12/2024 15:05

Take it off the market and relist after Christmas. People might browse over the holidays but they’re not seriously looking. It will do better in the new year.

Yesaigust · 05/12/2024 15:05

I need it to sell for a bit more so that I can afford the stamp duty. I know you pay stamp duty upfront but that’s all my savings so I am trying to protect that so I can replenish the savings if that makes sense

OP posts:
Potentiallyplausible · 05/12/2024 15:05

I think the “break even” thought needs to be rethought. If you were renting, how much would you have paid out? That’s what I think you should compare breaking even to.

FoxFaceRabbitFish · 05/12/2024 15:05

Is the listing the best it could possibly be? Great photos? Full description? If things don’t pick up could you do some extra photos for example of the front of the house with a lovely wreath etc? I really think a great photo with little details like that can be the difference for people clicking on the listing or missing it.

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