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.

I saw a video on this from an estate agent locally backed up with data. He was saying that January is when Rightmove see’s the peak traffic. The whole December thing is a bit of a myth (apparently).

I always keep my eye on the market in case something nice comes up, but I couldn’t think of anything worse than house viewing in December. I probably wouldn’t bother even if I loved a place, I’d just wait until NY.
I’d take it down and relist in January.

What’s meant to be will work out in the end, trust the process.

Yeah that agent is talking BS. More likely he or she has targets of a certain number of houses per month to be listed.

There's legal fees
Plus estate agent fees
Plus stamp duty fees
So not pretty

Hang in there. We viewed our current house on Christmas Eve years ago and moved in at the end of February despite issues with our buyer. It can happen!

You're so right. Nobody is looking to move now.

It's not a great start if you haven't had a single enquiry. The first two weeks of marketing are the time when you get a flurry of enquiries if the property is priced correctly.
Why are you marketing the house for more than you bought it for in 2022 when that was the peak of the market in most areas and prices have generally fallen since then? Estate agents are tending to over value a lot in the last couple of years to get business. Sadly, the market doesn't pay more than a house is worth because you don't want to make a loss.
If I were you, and assuming you really want or need to see, I would take it off for now and re-market around February when more people are starting to look again. I think you will probably need to market at slightly lower price to get some initial interest.

Or, rather, fortunately it’s not how it works. Otherwise the first time buyers would be essentially covering the stamp duty and legal fees for everyone above them in the chain!

I feel for you. Selling a house is very stressful, doubly so if you are doing it alone. Your house will sell. My house took a month before I got an offer. A month from listing to offer was quite quick in the area that I lived. (I had about 20 viewings and I just felt nobody wanted it). Hang in there. This time next year you will be in your new home. Good luck OP.

my bank will give me one on demand via their mortgage portal. There is always a valuation there but I can request a specific update whenever I want.

thats in no way applicable to everyone though. My house has gone up loads in the last 2 years

I bought a house I viewed on 27th December. Exactly what the poster said, New Year’s resolution to move discussed over Xmas. We completed that March

You have no way of knowing that unless someone makes an offer on it. The housing market fell sharply last year and still hasn’t recovered to 2022 levels.

There's hope. We have just sold after just over a year of realising we've made a mistake of moving to where we currently are. We did tons of work, spent quite a bit, we are out of pocket but made more than we bought for & there's ways, we're downsizing a bit,& aim to make the money back on the next house.

We didn't expect to sell with the time of year & did have to wait. Just make sure you have a good estate agent.

I'd keep the house on you've nothing to lose, like people have said there will be browsers over Christmas.

Yes I do, I bought mine two years ago and my next door neighbours was sold recently.
And as above, my mortgage lender offers a live and updated desktop valuation. I also have access to a huge amount of housing economic data due to my job which involves tracking such info in for corporate investment. And I know the area I live well.

You don’t know everything about other people’s knowledge and experience so can’t make assumptions

2022 was a bit of a spike driven by Covid. House prices still rose by 6% in 2023 though.

Nobody knows what their house is worth unless they put it on the market and see what a buyer is prepared to offer. Everything you mention is pure hypothesis.

That isn’t what this graph shows.

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

You can’t make assumptions, from the person whose entire post is one massive assumption!
😁

What are you talking about? Even if the desktop valuation is 10% over estimated (incredibly unlikely since this sets the value for borrowing) it’s still increased by loads. It’s not rocket science you know. I’m not claiming to know what my house sells for to the pence but I am very certain I have a very good idea. You hop along with you basic knowledge assuming everyone else is a bit thick

You’ve already posted that. The Halifax and Land registry showing prices recovering to 2022 levels which I wouldn’t have expected.

You hop along with you basic knowledge assuming everyone else is a bit thick

I think you’ll find it’s you doing that. Your posts are a classic case of optimism over experience.

Oh well I’ll to go into work tomorrow and explain my optimism is stronger than my 25 years experience in house building so maybe they should give me a nice easy reception job rather than run the investment division any longer 😂

Great advice here, OP.

Don't buy when you're desperate or feeling it's now or never or this is the only house you'll ever see that's nice or because there's a deadline looming.

I'm a single parent too and I recognise your anxiety.

But I think people will browse over the Christmas holidays and you may well see some interest a few weeks after Christmas when people have paid the credit card bills.

How do you know that?

That's a desktop valuation.
It doesn't look at the individual property, and they're very unlikely to value it at less than the [Loan]/[LTV]*100. It's not a meaningful valuation, and definitely not one to base your expectations for offers on.