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.

To be honest it's really a bad time to put on the market, you need to hang in there, people start house hunting from Christmas Day onwards

they are absolutely bullshitting you.

never trust an estate agent.

I don’t know why posters are banging on about the price in such a negative fashion- it’s been valued by the bank and the EA for 540k and only on the market for a week, there is zero reason to think it’s overpriced or needs to reduce.

but OP- you are being incredibly unrealistic thinking you’d have any traction after a week. Properties take months to go under offer. Reset your expectations and try and look on the bright side - you won’t have to accommodate Xmas with kids alongside viewings!

You just need to wait - nobody is going to be making an offer before Christmas, the housing market always slows down at this time of year, not sure why your estate agent told you otherwise....

Why are you so desperate to move only 2 years after buying? Depending on where you live you could find that prices are the same or even lower than 2022. How much a house is worth is only as much as someone is prepared to pay for it, not what you want to sell it for. And it's only been on a week at a slack time of year, no need to panic just yet!

@AquaPeer I think because it's easy to go in on rightmove and look what it sold for 2 years ago when prices were at their peak and it's then difficult to justify paying £20/£30K more now when interest rates are a lot higher and prices have gone down.

According to EA, Boxing Day is the busiest day for Rightmove traffic. Currently selling a property due to bereavement and his suggestion was to reduce the price on this day.

I'd say now is a terrible time to list a home. January, yes. Fresh year, new start.
It's only been a week, but I'd have waited personally. Estate agents talk a load of shit. Keep that in mind.

It's not the best time OP. I'm a Rightmove stalker and the number of new listings always drop off in December.

It will pick up in the New Year I am sure.

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?

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.

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.

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.

The agent is talking rubbish.

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.

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.

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 🍀

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.

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

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.

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.

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

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

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

This is so wise.