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

[Yesaigust]

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.

Do you need to sell urgently? I don’t think pre-Christmas is a great time - there’s likely to be much more interest in the new year.

It’s only been a week!

Have you done improvements to increase its value in the last two years?
If I were looking, and saw it sold to you recently, I would assume you had done some upgrades before reselling

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.

@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.

Nobody is focused on house buying at this time of year, as pp said new year things start to pick up again.

I’d take it off and relist it at the end of January.

Nobody is looking at houses now, and by the time they start again next year they’ll see it’s been sat there for a couple of months already.

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)

Why do you need to break even?

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.

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.

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

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.

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

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

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

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.

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

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.

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!

Could you add the stamp duty onto your mortgage?

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.

@Mearabade thank you x

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

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