Page 5 | To feel bloody miserable that my house probably won’t sell?

Yesaigust · 2024-12-05T15:00:59+00:00

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.

DogInATent · 05/12/2024 17:04

LakieLady · 05/12/2024 17:02

I agree.

Many years ago, I worked as an estate agent. We were open on the day after Boxing Day, and we were SO busy!

I sold 4 houses on the first day. We reckoned everyone had spent Christmas with too many people crammed into too small a house, and decided they had to move to somewhere bigger.

For the three years I worked there, the last few days of December and the first couple of weeks of January were the busiest of the year. Leave it on the market so it's available for viewings straight after Christmas.

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The houses that "sold" the first day, these were offers made on previously viewed properties, or offers made blind?

Mrsttcno1 · 05/12/2024 17:04

TENSsion · 05/12/2024 16:57

I think you’re being unreasonable to expect a buyer to pay £20k more than you paid 2 years ago just because you need that money to cover your expenses.

When we were looking at properties I was suspicious of properties that had only been lived in for a few years without any improvements. It suggests there is something wrong with the area/ house. I wouldn’t be paying £20k to find out.

Exactly this! If I was browsing and saw you had bought it for 520 for it 2 years ago and are now listing for 550 having done nothing to improve it to justify that, I’d think it was cheeky. You’ve said yourself that you think you paid over what it was worth so now you’re selling for even more again?

MzHz · 05/12/2024 17:06

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.

and the holidays mean over christmas, its not Christmas yet. breathe. see what happens in the new year

MumblesParty · 05/12/2024 17:06

I can’t imagine that many people think, in the stressful run up to Christmas, “I know, I’ll start looking at houses, and put myself through the painful process of sorting a mortgage, selling my own house, arranging surveys, while simultaneously buying presents for my kids, decorating the house, writing cards, going to a million school events, work Christmas parties etc”. I suspect the estate agent meant that over Christmas and new year, when they’re bored with the festivities, people will sit and browse Rightmove with a glass of wine, and will plan to look seriously in early January. I wouldn’t even start to think of worrying for at least 2 months from now.

BIossomtoes · 05/12/2024 17:08

MereDintofPandiculation · 05/12/2024 15:09

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

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House prices aren’t tracking inflation. 2022 was at the top of the market and fell back last year. They still haven’t recovered to 2022 levels.

https://www.yopa.co.uk/homeowners-hub/house-price-tracker/

Are House Prices Going Down? - Live Tracker | Yopa

Accurately predicting the near-term future of house prices is challenging. However, in an attempt to try and gauge which way the market is most likely to head, we’ve collected and aggregated predictions from property experts to produce a ‘poll of polls...

https://www.yopa.co.uk/homeowners-hub/house-price-tracker

Abra1t · 05/12/2024 17:10

We have had four viewings just this week, and the house isn't new to the market (been on for eight weeks).

Some people are trying to buy ahead of the stamp duty increase in April. So I wouldn't say it's a bad time altogether. People get pay rises, divorce, move jobs or schools all through the year and need to look at new houses. They don't know that they're not supposed to be on Rightmove in December.

Isobel201 · 05/12/2024 17:12

I had a house on sale from August 2022, I didn't get a serious offer until January 2023, so its not unusual for it to be that long.

Stealthmodemama · 05/12/2024 17:22

Your best bet .. take it off the market

Get it listed on Christmas day most popular day to look at listings.

If you price it right it will sell - houses always find their value - if you put it on for les s- more people will come in and look and 'bid up' ..

If you need to move quick you might have to suck up a loss.

shiverm · 05/12/2024 17:26

I've no experience of selling yet but... We bought our house just before Christmas a couple of years ago. We'd probably have been priced out of buying it had it been at another time, there were only a couple of other viewers. And a smaller house two doors down the street sold for significantly more a few months later.

Morechocmorechoc · 05/12/2024 17:28

Look at best time of year and worst to sell, March is best, you want to list in Feb, you'll do much better.

viques · 05/12/2024 17:28

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.

Looking at rightmove and making an offer are two different things though.

BunnyMum2000 · 05/12/2024 17:31

Hi OP,

So we are looking to put our house on the market.

I had 3 estate agents round a couple of weeks ago and they all said not to put it on the market just yet. They said its really quiet - so it will just sit there, and then potentially it will look like there is something wrong with it when it doesn't go under offer quickly.
So we have spent the last couple of weeks doing it up - painting and clearing etc.
We have the estate agent coming round tomorrow to make the photos - and then we'll "go live" just before Xmas .. so its there for everyone sitting around browsing Right move over the holidays (as said by other posters - apparently Boxing Day is the busiest day of the year on Rightmove)

We are similar to you - we will be putting ours on at £560 initially. (Would like a minimum of £550k so that gives some wiggle room)

So don't panic yet - like you, I'm hoping lots of people in January will want to try and buy before stamp duty goes up in April

XxSideshowAuntSallyx · 05/12/2024 17:31

TENSsion · 05/12/2024 16:57

I think you’re being unreasonable to expect a buyer to pay £20k more than you paid 2 years ago just because you need that money to cover your expenses.

When we were looking at properties I was suspicious of properties that had only been lived in for a few years without any improvements. It suggests there is something wrong with the area/ house. I wouldn’t be paying £20k to find out.

We made 40k on our house in 3 years, 5 years ago, did nothing but redecorate and re-carpet and put wooden floors down (didn't even put the skirting boards back on), we sold because we were getting divorced not because the house or area was dodgy.

I miss that house and area so much.

Never judge why a house is on the market after a couple of years, you don't know the sellers or what they're going through. We specifically told our estate agent not to mention our divorce to potential buyers to stop the cheeky offers. It was also breaking my heart to move and I didn't need people using my misery to their advantage.

TheSilkWorm · 05/12/2024 17:33

XxSideshowAuntSallyx · 05/12/2024 17:31

We made 40k on our house in 3 years, 5 years ago, did nothing but redecorate and re-carpet and put wooden floors down (didn't even put the skirting boards back on), we sold because we were getting divorced not because the house or area was dodgy.

I miss that house and area so much.

Never judge why a house is on the market after a couple of years, you don't know the sellers or what they're going through. We specifically told our estate agent not to mention our divorce to potential buyers to stop the cheeky offers. It was also breaking my heart to move and I didn't need people using my misery to their advantage.

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5 years ago was pre Covid and pre brexit. A very different landscape.

TENSsion · 05/12/2024 17:34

TheSilkWorm · 05/12/2024 17:33

5 years ago was pre Covid and pre brexit. A very different landscape.

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And with renovations!

Gettingbysomehow · 05/12/2024 17:36

You really can't sell anything until February. At the earliest, spring is far better I've bought and sold loads of times just don't do it. Your house will be on the market for months and people will notice it hasn't sold and automatically won't want to buy it. Nobody wants a home that's been on the market a long time.
It's a complete waste of time putting it on now.

CurlyhairedAssassin · 05/12/2024 17:58

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.

So you know a wealthy couple who lost money on every property transaction and the inference is that they had houses they loved in places they loved so what the heck? Can you see how silly this sentence looks? It's like Mrs Merton asking Debbie McGee what she saw in the millionaire Paul Daniels.

Being wealthy gives you choice and freedom. Someone wealthy couldn't care less if they lost a bit of money on a move as long as they got their choice of where/when/what to buy. That's a bit of a luxury, especially in an uncertain housing market. As is needing a sale so you can "start your next chapter". You don't know OP's financial situation. You don't know what circumstances OP is governed by. It's nothing to do with mindset for most people as most people don't have the luxury of wealth to give them more choice about how to proceed.

user1471538283 · 05/12/2024 18:01

I was desperate to sell my house after the first lockdown and it didn't sell for 4 months until the August. That was only because I reduced it to less than I bought. This was before prices went mad.

But I do think December isn't a great time to sell as people are preoccupied with Christmas. Keep trying in the new year.

BunnyLake · 05/12/2024 18:03

I’d try after NY. Are people actively house hunting just before Christmas?

MsCactus · 05/12/2024 18:06

I think 2022 was a high in the market wasn't it? When I bought over the summer prices had all dropped since 2022

user6476897654 · 05/12/2024 18:08

Most houses take a few months to sell. Our neighbours has been advertised since may/june. The sold sign went up yesterday, so think you’re being a bit panicky.
One in our village was for sale for over two years! Eventually the market caught up with what they wanted for it…reducing the price is the only way to encourage a quick sale, but you're not there yet after a week!

Ophy83 · 05/12/2024 18:17

If the plan is for people to look at Rightmove over the Christmas holidays then have a little patience. The holidays start in 2+ weeks. They probably won't start browsing until the 27th. No one will be looking at Rightmove now, everyone is in the middle of work parties/nativities/shopping/carols/non-uniform days/family gatherings etc.

ffsfindmeausername · 05/12/2024 18:18

Why did you buy the house in the first place if its not where you want to be? sounds like you've never really liked it there. Buying a house and moving is a huge and costly thing to do so it's best to make sure its a house and place you really want to be. very few house sell within just 9 days so please don't stress. I'd relax and focus on making the most of enjoying your last Christmas there with your dc and I'm sure your next Christmas will be spent in a new home.

Mumofacertainage · 05/12/2024 18:24

We sold my Mum’s in December last year and I sold one a few years ago in Dec.
You only need one good buyer who needs to buy, we got two offers on Mum’s

Harrysmummy246 · 05/12/2024 18:28

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.

And that is not yet so stop panicking and adjust expectations accordingly