House selling woes....again

[Ep9993]

Hi everyone,

I posted a thread a few months ago about my struggles to sell. It took 5 months of viewings and flaky offers to get a proper offer 10k under asking for the buyer to pull out a month later. In that time we found our ideal house in a great location and had an offer accepted on that. It was sheer luck the house was due to come back on the market - it's one we viewed many months before when we had another buyer.

Anyway, the vendors of the new house have kindly given us time to find a buyer and with no set time limit. I'm sure if we take too long though they'll start getting frustrated, and I don't blame them!

House is back on the market as of last week for 20k under the last price. We've had one viewing and no other enquires. For context my partner bought the house in 2022 south west London at the absolute peak and I'm sure overpaid for it. We're on the market for offers over 580k (yes I know offers over is a mistake). House next door sold for 600 middle of last year and another on the road is on for 600 currently. I don't believe we're far off the mark but it's only worth what someone will pay!

To keep the current house we're trying to buy and to speed things along estate agent thinks we should reduce to 570...or something similar. My partner is so hesitant to do this as she's got a figure in her head and sees it as losing money. I've offered to make up for the loss in the next house and pay the difference. I've also pointed out if we were to take say 20k less it's not a life changing amount. We're very lucky that we have a large deposit and even with this loss we'd both be able to work part time in a better area and in a house with so much more space. I'm not really sure what else to do. It feels like at this rate we will be hanging on another 6 months for a buyer and who knows what prices will do! We've also already spent a few thousand on solicitor fees and a survey so that currently feels like money down the drain.

Has anyone had a similar experience?

It's worth reminding yourselves (her) that you are buying and selling in the same 'market'. Of course you may not be. If you hold out for a higher price, the other properties will also be higher. So on balance you're in the same position.

The point raised about properties selling for more in the area, have a look and see if they were more desirable, new kitchen/bathrooms/garden/decor.

I would try another agent personally, sounds like your listing with your current one has gone a bit stale. Usually you can do this fee free after 3 months with the first agent. Maybe reduce price as well, and change the wording not to be offers over. A fresh listing with a new agent may work, they may take better photos to get more interest. But a new listing will put yours to the top of the list. Enquire about having your listing boosted on Rightmove etc too

Another thing to look at is do you really need to put your life on hold? Why not crack on with the IVF?

Yeah I think she knows she overpaid, her mum even said it at the time.

Yep I owned before and made a decent profit so we've got a good deposit even if she takes less on the house. Speaking to estate agent next week who's going to come up with a plan. Assuming he'll suggest reducing!

Well we don't have enough space apparently. Although I'm sure IVF will be a long process anyway! She's very much into planning things meticulously whereas I just want things done...as you can probably tell haha

IVF takes up NO space 🤣🤣🤣

being pregnant only takes up a tiny but if space in front of you 🤣

babies themselves don't need much space & you can decide what 'things' to buy as you need them. But that's st least a year down the line.

Does she actually want to move ? Or to have a baby? I can understand not wanting to feel like she's 'wasted the inheritance' but is she really just not wanting to sell the house she bought with it? If she's really ok about selling. Could she be persuaded the amount you're dropping by is the mortgage you've been paying pff & the inheritance isn't being lost, just transferred to the new property?

It might be helpful to explain to her it smarts 'her' house is not as worth as much as she had hoped in the current market ... this also means the house you are hoping to buy is not either. ie if 'her' house was worth more ... so would this other house be. And then ask her how she would feel if she doesn't drop this house £20k and then goes on to lose the other house. Would she regret her decision?

So we had a last minute viewing last night and they've offered this morning! Only 15k less than the last one so happy with that. I won't relax until we actually move though!