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.

It isn't the holidays yet.

Bless… 🤣

I didn’t say it was. You asked why the OP had one (has she been “trying to extend the mortgage?”) asked without, I’m sure, a hint of judgement 🤨

That's rubbish. House market seats dips at this time of year and picks up in Jan. People are too busy with Christmas. He's just telling you that as he wants some business during his quiet period.

Well it's the only way you might get a reasonable valuation from the bank. Otherwise it's just the BS one you can request online. If you ask them to extend the LTV they might be interested enough to do a proper job of a valuation.

I would keep the house on the market op. Not everyone is Christian/celebrates Christmas. Your house might also sell to someone moving to the UK.

Where I live it's really unusual for houses to sit on the market for more than 2 weeks. So it really depends what area of the UK you are in. My friend is a estate agent and literally ran of her feet with house sales at the minute and her viewings are booked right up solid until the 23rd of December.

Also generally people have a look online and make a list of houses they like. Then whittle it down from there. You would be giving yourself a chance to get on people's list and maybe a first viewing or offer before the holidays.

"The agent said before Christmas was good time to list" TBF an agent will say whatever they can to have fresh property on the books to make commission. I assure you no matter what time of the year they would tell you why "right now" is a great time to get it on the market, they're in sales and need leads and housing stock.

Seriously don't worry about it being 9 days it will be 100% due to everyone concentrating on Christmas especially if you're main demographic of buyers are families, I have barely had time to think. Give it a month and if it hasn't budged take £10k off to bump it to the top of rightmove.

Why would OP be paying CGT?

Boxing Day is the agents busiest day apparently - we had ours ready to go and it went up on Boxing Day, had about 15 enquiries by the 28th, so I think there’s something in it. If you’ve got it up already it won’t come up the top of the listings after Christmas and now isn’t a great time as everyone’s focused on Christmas itself.

Those telling me I shouldn’t be ‘expecting’ someone to replenish my savings… it’s a free (ish) country still and I can advertise what I like, if someone is willing to pay that’s up to them!

thansk for all the supportive messages x

2 years is not enough to see an increase in property value, regardless of market conditions right now. You need to hold a property on average for 5-10 years to see any gain. Why are you selling so soon? Surely there are compelling reasons?

You can, of course. Posters are only advising you that potential buyers will see it for what it is. Your very thread title is bewailing the fact that your house isn’t selling 🤷🏻‍♀️

@SilverChampagne of course, but there needn’t be judgment for the reasons as to why I want more money from it 😂

Of course you can advertise it for whatever you like. Whether it is realistic to expect it to sell is a different question. So far, you haven't even had a single enquiry in what should be the busiest period for viewings.

Those suggesting that the Land Registry, etc say that house prices have risen in the last year might not have seen articles about the amount of revisions the ONS are making to their data and how the revisions have been increasing to the downside.
https://www.telegraph.co.uk/money/property/buying-selling/uk-housing-market-in-deep-trouble-charts-prove/

Time to get a new agent then…..worst time possible….then everyone else will list feb time and you will need to reduce the price just to get a viewer…..our estate agent told us if you have net had an offer in first10 days then you won’t get your asking price

There was an article in the times last week which analysed when houses came onto the market and when houses were sold over the past five or six years excluding Covid period and stamp duty changes I think this is a really really slow time.

It's only been a week and your wanting over half a million for your property things like this take time just wait it out you could end up with a bidding war you never know

Of course. Ultimately it's a case of striking a balance between how badly you want to sell quickly and how much you want to get for it.

People will see you only bought a few years ago and that will raise doubts in their minds too

This isn't true lovely, this agent just wanted your business. 100% people don't look at properties in December, they are too busy with Christmas events, school holidays and life happening.

January will be better.

I'm sorry you've got your heart set on the next property before yours is settled.

You say, to break even you need xx, but what do you need for the next property really? Do you need xx, to get the next property to the penny or is there wiggle room?
Because if there is don't worry about breaking even because you've made a mistake etc and best yourself up, just focus on what getting what you need for the next step and if you take a hit, so what? As long as you are ok it'll be ok!

People are really nervous about property right now because of interest rates in flux etc
January will be better. Enjoy Christmas.

You may lose the house, but if it's meant to be then it's meant to be and the market will be sluggish for them too until Jan. Try not to worry.

Declutter, declutter declutter. Do small things to go r curb appeal and do pictures again in new year.

It’s been on a week! Ours has been on 2 months at 475k we bought in 2022 for 500k. We’ll lose money on it but we need to sell cuz we have neighbours from hell and my mental health is at breaking point.

Sorry but being on for a week at this time of year is nothing.

This is the least busy time of the entire year. The market will be dead now until the new year. And it won’t really get going until the spring.

How much is the new house? Why are you moving?

The trouble with property is it can take a long time to sell, even over a year in some cases. Of course, you can keep dropping the price but this is expensive! May to June seems to be the best time to sell.

No, there needn’t be judgment, but the fact that there is may give you a clue as to how potential buyers will be thinking.

It’s only been a week or so, and people aren’t off work yet for Christmas. In fact, people are busy sorting their current homes’ Xmas decorations and shopping for gifts. I wouldn’t expect anyone to be house hunting right now. If you get no interest come January, you may have a problem. Until then, hold tight.

I live in a village where houses are usually slow to move. Four have gone up for sale this week and three already have sold signs. I don’t really see why taking it off the market would help. If it does not go you can always list with a diff agent after Christmas if you think it would help but I don’t see how anyone would be put off if a house has been listed only a month.Better to list at offers over 540 than 550
If it is overpriced unless someone is desperate it is unlikely to sell. Whilst it is nice to have the house you want to move to if you cannot afford it you need to choose somewhere less expensive.