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.

Same. We bought in 2021/22 (viewed and offered in the November and completed the next year) when prices were high, but the same houses where we live are now selling for 17% more. Anything over £200,000 is taking longer to sell but is still going within a few months. Totally depends on the area in most cases.

Plus some people think they will get a foot in the door before all those who can't be bothered to look because it's Christmas potentially.

I agree and already said that in my first post on the thread but not a single enquiry does suggest a problem at any time of year. I can't see this Spring being SDLT increasing from April 25 and the economy visibly deteriorating. It's time to be realistic rather than price aspirationally if you actually want to sell.

My SIL works for an estate agent and says she is always busy between Christmas and New Year. She has even had people requesting viewings on Boxing Day!

I bet that goes down a storm with sellers!

It’s been on a week. You need to chill out a bit 🧘‍♀️.

Also this time of year isn’t the best from my experience. Most people tend to market in spring with a view to move over summer and be in their properties before the autumn school term starts and definitely before winter/Christmas.

This last 12 months has also been crap. Loads of buyers holding out for the election, then the budget. The economy has made people feel uneasy about buying.

Unfortunately you are unlikely to sell now until February. It's just how the market is. I'm sure interest will pick up again in 6-8 weeks. School places are announced in March which is historically when there is more movement in the housing sector.

Agents tbf say anything to get a listing ,
this is ( sorry OP) a completely shit time of year to sell a house.
spring is coming, and gardens look better people start to think about moving.
for now just do what you can to get it sale ready, declutter etc
and hang on in there
🤞

Hope it all works out for you in the end.

The estate agent's comment is awful, but what do you expect from the largely unregulated profession of spivs and chancers?

Early days! We had nothing between late Oct and Christmas then as soon as New Year arrived we had a two couples who got into a bidding war for our house and we sold at a great price.

I've just started marketing my house in Edinburgh privately, without using an agent. Have done this with my last 3 properties, though in England. Up here you have to have a Home Report survey done prior to marketing, but that went smoothly enough. Have prepared a portfolio of photos which i'm very pleased with and have a floor plan & full particulars ready to email to enquirers. Bought a 'For Sale By Owner' sign and am currently listing online. Not only do i save agents fees, i could take time getting the photos exactly right, the particulars as i wanted them and build a good relationship with my buyer. If you're not under time pressure and willing to do the viewings yourself, i recommend it. You do not need an agent.
Personally i would leave your house on the market. It only takes one buyer and there may well be someone thinking they won't be able to find a house at this time of year. On another positive note, you won't be in competition with many other sellers! Hang on in there.

Please please please watch “moving home with Charlie” on YouTube you can private message him as well on his fb, I think I know what he would tell you and that is that the market has significantly dropped since 2022 despite how estate agents are pricing houses.

Sounds like the agent is perhaps new to their job! Nobody wants to think about moving at Christmas! Wait until it’s all over and people are back to work in the New Year. That’s when we all start thinking about changing things.

It’s only been a week, it isn’t a great time of year to sell but DP got an offer on his property a few weeks ago. It was the only offer. It’s a tough market at the moment but it is possible you’ll get what you need. Property prices have gone down as we were due to move at the start of this year but then we had an issue with getting a mortgage so this offer is slightly less than the one at the start of the year.

As I’m sure the estate agent has said if you’re looking at a lower offer the property you buy will also be less than before.

Best of luck

The housing market is screwed at the moment because you can't view a property without having sold yours first (the estate agents blame solicitors for this new phenomenon which is supposed to speed up the process). In April 22 and April 24 we accepted offers on our bungalow only for the ever lengthening chains to collapse by October each year when those that have been waiting to move get fed up and pull out for one reason or another. The uncertainty caused by Labour's election has been further exaggerated by Reeves' stamp duty changes

Given that the increase in stamp duty only affects second properties that seems unlikely.

Not from April!

Only at the bottom of the market.

A week and no enquiries? You need to manage your expectations, my house is in a super area, great schools and very sought after but we are in a tricky price bracket - too much for most first time buyers and a stretch for other people too - it’s been on since September and we’ve had 4 viewings - all stated it’s immaculate but not bought it. The market is a nightmare at the moment and we knew it would take a while to sell. We work in mortgages so we know what’s going on locally with house sales. What’s selling near you and what’s stuck? I’m afraid nothing is moving quickly at the moment and the recent budget hasn’t helped. You’re going to have to bed-in for the long game on this one I’m afraid.

Oh dear OP. You seem to have a very rosy view of selling a house. My immaculately presented former show house was valued at £495,000 to £515,000 in 2022. This was being achieved by neighbours' houses, then the market crashed. I sold a year later for £435,000. A year on and another neighbour has just sold the identical house, but in a better position, with a garage for £425,000. I live within commuting distance of London, so a popular town. It was weeks before my first viewing. Before October 2022 was peak time for selling and people were paying far too much. You have said yourself that you did. Agents over value to get your business, but they know full well that you are unlikely to achieve their valuation.

We recently sold a house due to bereavement and heavily reduced the price just to sell as after 6 months you have to start paying council tax and insurance on empty houses are through the roof. It was very stressful particularly at a time when you are grieving. Hope it sells soon.

@DreadingWinter dd2 and her husband brought a house in early 2022. At the time every house they looked at had multiple buyers trying to outbid each other. They paid about £1.5 million and have spent another few hundred thousand renovating it and have just moved in. They intend it to be their forever home - and they don't have a mortgage- so the value on the open market does not bother them. It must be very difficult if you end up in negative equity though.

We were looking to buy in January many years ago after a seller pulled out last minute. We viewed one that had multiple holes in the walls and doors due to marital arguments. The seller was desperate but we thought the house had a sad vibe and didn't go for it.

It’s an extra £2500 for any buyer of our parents’ house in a London suburb. OK, not vast given the cost of the property, but an increase that people could avoid by getting their skates on.

ON A POSITIVE NOTE;
I know the messages on here about the time of year for selling, the market being tough right now and the market falling since 2022 May not sound like positive news for your sale, it also applies to the purchase of the house you want, which is very good news for you!

The house is likely to still be on for a while yet and you can probably get it for less!!

A slow and reduced market is good news if you want to buy!