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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

Anyone just put their house OTM

47 replies

WithGusto2 · 11/11/2020 18:05

Sorry clearly posting for traffic.

Anyone put their house on the market in the last week or so?

We put ours on just under a week ago and haven't had a sniff of interest. It's in a v desireable village, period, extremely well turned out, new kitchen etc. only downside is it's 4 houses in from busy main road but this street is always popular regardless. Price sensible actually would have been comfortable with a little less and was suprised when agent suggested this but think it's around average for house/location.

I know I know we're in lockdown but we were convinced by the agent to put it on, we'd had the pics done a few days before they announced it and things that aren't as nice, right on the main road, have languished for ages etc. have all sold recently so we went for it.

And before anyone says we're taking advantage of a situation, we're not, we were actaully planning to put it on in April/May and were halfway through a massive but necessary DIY project when lockdown was annoucned. Finally managed to get it all finished last month and we're moving due to relocating.

Just wanting see if there's anyone else out there in similar boat. We sold our old much less desireable property in the middle of the last recession and had more interest than this in this amount of time!

Thanks

OP posts:
Saladseeds · 11/11/2020 18:10

Elderly relative has just taken his off the market after a very frustrating trial. In a major property hotspot so we thought it would fly.. but multiple viewings and nothing doing. It seems a terrible time despite the agent hyping the draw of the stamp duty break, and I suspect considerably overpricing to get the business. Now demoralised and abandoned until the spring as he found he process stressful (frail elderly). His house needs work and supply chain/building probs seem to be putting off investors. Hope you have more luck.

Abitbored · 11/11/2020 18:19

You haven't given it long. Think you will get more interest shortly. But if you want brutally honest opinions of what would put potential buyers off, you could put some details/photos on here. Ask for **constructive advice on what could be quickly done to help Smile

WildWaterSwimmer · 11/11/2020 18:22

The rush of buyers wanting to benefit from the stamp duty exemption is drying up now as it's cutting it fine to meet the March deadline.

Unsure33 · 11/11/2020 18:26

Yes I think we missed the window . No viewings . We thought we might have overpriced it a bit but thought we might get offers.

UnconsideredTrifles · 11/11/2020 18:28

We had the surveyor out today (sold in September) and he reckoned that there would be a rush of buying at the start of January, when English lockdown was over and everyone had spent Christmas looking at Rightmove. Good luck!

julyjulyjuly · 11/11/2020 18:33

I’ve not put mine on, but I’ve been scoping out the market as I’m considering selling. I spotted a few places I liked come onto the market about 10 days ago, checked back today and they’re both sold STC - I couldn’t believe it!

Yorkshirepudding1987 · 11/11/2020 18:42

Ours went on last week. Had first viewing today.

We had expected more interest, properties in this village don't stay on the market long, but then again its only been a week!

Original poster
WithGusto2 · 11/11/2020 19:16

Oh no @Saladseeds your poor relative it is a hideous process even when things are going smoothly.

It's been the same here @julyjulyjuly things going on to STC in under 2 weeks and then stuff that's been on for over a year finally selling, just don't know if we missed the bubble by a hares whisker!

@WildWaterSwimmer well we thought that would happen, but on speaking our mortgage advisor a few weeks ago he said it had been really busy throughout lockdown pe the stamp duty announcement and that he'd had the busiest q1 (so before we even really knew about covid) since 2014. He said the stamp duty hol was like chucking parafin on an established bonfire. So don't know what's giving! Seriously hope he extends it or even gives a reduction like they have in Scotland.

We're thinking the same @Unsure33 so frustrating!

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Original poster
WithGusto2 · 11/11/2020 19:19

Haha it would be so outing @Abitbored but quite a constructive thing to do so might consider it.

Think it might be the road issue as well, but anyone who doesn't live local will come to realise if you want a turn key family sized period home in the village for under 800K you need to accept it'll be on or near one of the main roads. Even then they're like hens teeth.

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JanetPudding · 11/11/2020 19:33

We sold ours in early July and moved late September. All I'm seeing now is a list of price reductions where stuff is stagnating. A house on our road went up two weeks ago £150k more than ours was. I think it'll take some time to shift. I think we caught the peak of activity...

Downinthedumps99 · 11/11/2020 19:34

We wanted to sell up but decided to put it on hold till nxt year then our nxt door neibour put his up 2 weeks ago, over the advised price, constant flow of people looking and he has had 4 full asking price offers and 5 just under, its making us maybe rethink things.

Coldilox · 11/11/2020 19:40

We sold just after the last lockdown and moved three weeks ago. Things in our area still moving fast if Rightmove is anything to go by

LittleLadyCece · 11/11/2020 19:51

As an estate agent myself up in the North West of England the market is extremely strong at the moment. It your getting the hits on Rightmove but not the viewings you need to speak with your agent. How are they actively promoting your property? Are they ringing out applicants to get them to view? Maybe they have priced you too high?

Here in the North West I've sold 5 properties myself in the last week - our target as a branch is 2. We're actually running out of properties to sell!

Slippy78 · 11/11/2020 19:54

Mine went on the market last week. Had 6 viewings and 4 offers and accepted the one that was £10k over asking.

You're overpriced.

Original poster
WithGusto2 · 11/11/2020 20:15

Thanks @LittleLadyCece they have matched it out to 16 apparently chased up one who they thought was a bit of shoe in as they've been looking on the road for ages, but apparently want the quieter end.

Not sure about RM hits, will ask. I was surprised re price but not far off, they've put it on at 580k I would have gone with 560 with view of standing firm to get 545k. Urghh I don't want to reduce it though, can I take it off and relaunch it, might do that and put it back on between Xmas and NY.

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HomeSliceKnowsBest · 11/11/2020 20:56

No but I've just bought my dream home and should be in for Christmas.

Slippy78 · 11/11/2020 20:57

can I take it off and relaunch it, might do that and put it back on between Xmas and NY
It has to be off Rightmove for 14 weeks before they add it as a new listing...
hub.rightmove.co.uk/5-things-every-agent-on-rightmove-needs-to-know/

LittleLadyCece · 11/11/2020 21:44

Give it another week or so and then reduce if you still haven't had any interest. If priced right you'll start getting the viewers in. Did you have any other agents around to compare valuations?

StillCoughingandLaughing · 11/11/2020 21:52

Urghh I don't want to reduce it though, can I take it off and relaunch it, might do that and put it back on between Xmas and NY.

I’d advise against this. People are wiser to this than you might think - certainly more so than estate agents think. I’m currently looking and have had two tell me how properties have ‘just come on the market’ and that there’s been a lot of interest. Their faces have dropped when I’ve said ‘Yes, it’s just come on the market with you - but that was after three months on the market with your competitor’. People shortlist and watch properties on Right Move - they’re even more likely to do so with desirable locations.

I doubt buyers are worried about the end of the stamp duty holiday yet - there’s four and a half months to go yet. If anything, it’s more likely to be Christmas looming that’s an issue; people know they won’t be able to move before then, especially we’re still in lockdown for at least three weeks.

Original poster
WithGusto2 · 11/11/2020 22:03

@StillCoughingandLaughing I'd be happy with reducing it in the actual sense, I just don't want it to say reduced on the Rightmove listing, lol! Just being a bit precious really.

Thanks @LittleLadyCece good advice. And no......I know! We know the partners loosely, they've also handled a few bits for my parents and have also been excellent and given them really good advice so I felt comfortable and they're very local, should have gotten a second opinion though shouldn't I.

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Original poster
WithGusto2 · 11/11/2020 22:06

And yeah @StillCoughingandLaughing I think Christmas is always a factor. Apparently though if you haven't agreed a sale by Xmas though a lot of solicitors are saying they can't guarantee they'll get you over the line for the deadline date.

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Original poster
WithGusto2 · 11/11/2020 22:07

@LittleLadyCece what about putting no onward chain. We're resigned to really take our time to find the next prop -especially as we're relocating and think we'll more thank likely rent for a bit to suss things out. Do you think adding that to the listing would make a diff?

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Pipandmum · 11/11/2020 22:15

I put mine on start of October. It is a big house in the part of the road that had mostly smaller or houses converted to flats. And it's a busy road. Had three viewings first week, a second viewing second week, then nothing for ten days then four viewings (including a second) this week. It would have been better if I'd put it on early September but it wasn't ready. I really don't want to move until summer but realise I have to market it when things are hot and just rent if need be.
No one has a crystal ball - will things pick up after xmas or flattened out with more redundancies and end of stamp duty break? We shall see.
I think it's too early for you to lower your price - even in a so called hot market the average is 30 days from listing to accepting an offer.

moronseverywhere1 · 11/11/2020 22:18

This is a quieter time of year with people not wanting to clash with Christmas, plus there was a lot out there online, media etc stating chains most likely had to be completed by Nov 1st to make the stamp duty deadline (not that you can prescribe that really). I wonder if it'll get quiet now with people not benefiting from the tax break and wanting to see if prices drop after the fact.

Either way, people who need to move, move. I would set your expectations now and just expect it to take a little time. I empathise though, we went through it this year and it was a fractious time.

Heyahun · 11/11/2020 22:35

We just bought a lovely ground floor flat with a garden a few weeks back - London zone 3, was on the market for a few months - we got offer accepted 40k less than asking price - I guess they got desperate and wanted to sell up! I was surprised tbh as expected to pay asking price - it’s a great location, quite spacious and a very big garden for London

Market seems quiet though