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Original poster

House we're keen on buying has been on market for months with little interest - should we be concerned?

51 replies

Honey1975 · 07/02/2017 07:48

We've viewed the house a couple of times. It needs updating throughout, elderly couple have lives there 25 years, but the size and layout are just what we need and it has potential to extend. Location is lovely, peaceful and not overlooked.

The thing that concerns me is that it's been on the market on and off since last May. In that time it's had one offer which was rejected.
There seems to be little interest in the property and we're wondering if we're missing something?

We put an offer in the other week which was rejected but I can't stop thinking about the house.

Should we be concerned how long it's been up for sale?

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Original poster
Honey1975 · 07/02/2017 10:37

That makes sense namechanged although not in this case as they are a lovely retired couple who I suspect are finding a largeish house with stairs more difficult now and so want a bungalow.

It's so hard to know what to offer as a 2nd offer. We could never afford a house of this size that was all done and lovely inside. This is the only way we'll be able to get a bigger house in the area. We could afford what they want for it but if it wouldn't leave us enough to update it, is it worth it? We could probably do half of it and then would have to save for the rest which would take a long time!

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namechangedtoday15 · 07/02/2017 10:47

For me personally, I would go for it, offer perhaps slightly less than the EA said they will accept but stress your position - perhaps you'll exchange and complete to their dates? Already got everything lined up with your sale / solicitors / mortgage etc?

We were in a similar situation - specific location meant that houses were very expensive and only option was to buy a house that needed everything doing to it (although it was structurally sound) - liveable but needed every room doing / extending.

We've been in 7 years now. Have only just extended / said goodbye to the peach bathroom suite etc etc. It was hard living in a "work in progress", doing little bits as and when we could, explaining to new friends etc that the decor wasn't my choice etc - depends if you think you'd be able to cope with all that.

House prices have gone up exponentially and we would not be able to afford to buy it now. Depends what the market is doing where you are.

Original poster
Honey1975 · 07/02/2017 10:51

Thank you namechanged that's helpful. Part of me feels really excited but another part terrified in case we take on too much!

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purplecollar · 07/02/2017 11:05

We bought a house like this. It was at the top of our budget. And then we took out a £10k loan to put in heating and electrics. It's been hard but my dc have had a wonderful time at the school they managed to get into. That was the trade off for us.

We were forced to replace the kitchen because it flooded. We've only just replaced the bathroom after 8 years of living here - and then by stealth really - the toilet broke first, then the bath. I've painted every inch of this property, sometimes more than once.

We're now trying to sell it as we want to reduce our mortgage long-term and school places are no longer an issue. We haven't done all the work. But it's in a much better state than we bought it.

The reality has been we've not had much disposable income. It has got me down the constant work that needs doing. Every weekend we've had DIY of some sort to do. It's been embarrassing to invite people round at times. But, it's in a fantastic location. It's very private. It's delightful in some ways - beautiful garden with birds and squirrels, views of trees out of every window. Mostly it enabled us to live somewhere we couldn't otherwise afford. So I guess you have to weigh up what's important to you.

We are now selling it and have had some low offers we've rejected. We're not desperate to sell - it's a long-term plan. So happy to wait and see if we can achieve asking price. I think that's the thing - we get people come round who are delighted to find the only detached property they can afford in this area, but then say they can't afford to do the work. It's marketed as needing some work doing and priced lower as a result than had it been perfect. So I think they will wait for near asking price myself.

If you can't see that you have the money to do the repairs - maybe assess what it needs and fathom out if you could live with that kitchen/bathroom for a while. You can do painting/flooring relatively cheaply. Windows was our biggest problem - that's a big cost for us. And that did get me down because I was forever wiping mould off them.

Ruhrpott · 07/02/2017 11:09

We have redone almost every room too. It has taken time and money and effort but we are almost there now. Was livable in but the previous owners had been in there 32 years and the stairs and garden were getting too much for them. We get the plasterer in once a year to come and plaster over a bit more artex. Think we now have a permanent slot in his yearly diary.

namechangedtoday15 · 07/02/2017 11:28

purple's post has made me want to add something - is this your "forever" house, or at least a very long term house? For us, we bought specifically for schools at the start of our DC's schooling (to be in catchment for primary / secondary schools) - knowing that we wouldn't move again for at least 18 years (and probably longer).

If its a short term house - 5 years or so, that's a different decision (in my view) than a decision for a long term house.

5OBalesofHay · 07/02/2017 11:35

Our current house was on the market for ages because it was horrid, but its great location good size and huge garden. It had 'good bones' and just needed vision and work. It's lovely now and way better than we would otherwise have afforded. Some people either can't see potential or don't want the hassle so perfectly good houses languish on the market

cartismandua · 07/02/2017 11:43

It looks to me like the vendors are in no particular hurry to sell, or may even be just testing the market. It's probably pointless asking the EA, it's even possible the property is not in sole names. In my experience in elderly care the motivation to sell in a timely way usually comes when health concerns become more pressing or they need capital.

On the modernisation side, some people are not keen on doing the work after moving in (like me) and that means a purchaser will need spare capital.

CryingShame · 07/02/2017 11:57

I would offer less than they want, it's supposed to be a compromise based on both parties agreeing, and stress that is your final offer and what a good bet you are in terms of how quickly you can move etc.

If they want to sell they will, otherwise walk away and put a bid in on the bloody probate bungalow to spite them look at other properties.

LillianGish · 07/02/2017 12:30

Decide what you want (can afford) to pay and offer that. If they are not interested walk away. If you really love it - go up to your limit. If they don't want to sell it forget it - we had this with another property we were looking at when we bought our current place. I loved it at the time, but had actually forgotten about it until I read your post which goes to show you can move on and love something else. There may be all kinds of reasons it's been on the market a long time, in our case the seller was an awkward bugger who wasn't really sure if he wanted to sell and no offer was high enough. From your description it sounds perfect for you - others may not see the potential (or may think it's too expensive). I wouldn't worry about that if you can get it for a price you can afford.

EssentialHummus · 07/02/2017 12:37

I bought my flat (London Zone 2) after it'd been on the market a year. In your circumstances, it sounds like sellers wanting to hold out for a higher price. Only pay what you feel it's worth.

trixymalixy · 07/02/2017 12:52

My neighbour's house took ages to sell because it needed loads of work done to it and they were completely unrealistic about the price. Similarly a friend's house has been on the market for ages as she ignored the estate agent's valuation and put it on higher than advised.

Mine and my other neighbour's houses sold in just over a week.

Original poster
Honey1975 · 07/02/2017 12:55

Oh yes it would definitely be a long term house. We love the village we live in and our children are settled in schools. We don't want to move out of the village but we need more space as we have one small living room and small kitchen and as the children grow we all have different requirements!
The house we have seem is only in the next road which is why we're so keen.

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BreezyThursday · 07/02/2017 14:45

Our house was on market a year without offers and one price drop before we viewed and we then got it under asking. Some may think we still paid too much, but it offered rare things most houses in the area we wanted don't (e.g. parking; many would probably do without but we wanted own space).
It had been a family home - but family grown up - and think seller was in no desperation to move but house had become impractical.
We done some big jobs already but viewed it as our long-term home so willing to spend on it.

Offer with a bit of wiggle room and see what happens- doing so might reveal more information and worst case scenario you have to keep on looking.

Original poster
Honey1975 · 07/02/2017 16:48

Hi Breezy did they accept your first offer? As they've already turned us down once, we're finding it hard to judge what to offer next.

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crabwoman · 07/02/2017 17:26

We moved in December. The house we moved into had been on the market for a year with a few offers.
It's a big house, 7 double bedrooms. It's been beautifully maintained, new windows, boiler etc. Survey came back as expected with a 150 year old house, but no horrible surprises

However the decor is very, very dated, and we anticipate 5 years to get it sorted. It's too big a project for many people. I think most people looked around and thought there would be more work needed. Estate agent said that whilst most ppl like the idea of a project, most go for somewhere 'they can just hang pictures up'. Especially at the moment, people are risk averse.

So they needed to move, but weren't desperate. Wouldn't accept low offers and wouldn't sell to a developer for flats. They were happy to wait as long as it took for the right buyer.

PolarBearGoingSomewhere · 07/02/2017 17:33

The house we live in was on the market for 18 months before we bought it. The woman living here was in absolutely no hurry to move (divorce case, she was having to give up her family home and go to something much smaller). The viewings were hilarious, she had an Asda delivery arrive during one and was boiling cabbage (seriously! ) during another. She also refused to negotiate much on price. So, it could be circumstances or it could be something you're missing - overpriced, too much work, dodgy area? If your house is going to be a home some of these issues may not make it the soundest investment but if you love it hen don't worry unduly.

BreezyThursday · 07/02/2017 17:42

Honey They didn't accept our first offer, but didn't require much more...We ended up paying 10% less than their initial price.

I'd like to be really hard line and say go in higher but firmly and be ready to walk away, but know how hard it is.

sparechange · 07/02/2017 20:57

This Ian a really interesting thread as DH and I are on the cusp of putting in an offer on a house that's been lurking around for ages.

They've dropped the price twice so can't be totally unrealistic on price, and the decor is very tired but I can't understand it
The agents excuse is 'the market has slowed right down'

bojorojo · 07/02/2017 21:30

This elderly couple probably have relatives pulling their strings on the value of the house. If they want too much then you may have to walk away. Obviously no builder can make it stack up. If there are few houses for sale near you, this may mean they think they are in a strong position but no-one seems to agree. I wonder if the other potential buyer got as far as a survey? Anything expensive to put right would put buyers off. Offer a realistic price plus a bit because you want it!

Original poster
Honey1975 · 08/02/2017 07:20

We spoke to the agent last night and asked him why he thought it had been on a while. He said they'd shown a few families round but some didn't want to the work needed to update the property and some thought garden wasn't right for them. He said there has been one offer made in the past but no surveys carried out as it didn't get that far.

DH and I spent all evening working out our finances and he now wants to go back with an offer closer to what we think they want. I am so nervous as it's such a lot of money and commitment and work but it could be a lovely family home and give us the space we need. Is it normal to feel so scared!!

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namechangedtoday15 · 08/02/2017 08:21

Yes absolutely! It is a daunting prospect but keep the bigger picture in your head! Good luck with your offer!

Original poster
Honey1975 · 08/02/2017 08:43

Thanks namechanged for your good advice😊 Fingers crossed!

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LillianGish · 08/02/2017 08:52

Is it normal to feel so scared? It's the most expensive thing you'll ever buy - of course it's normal. Fingers crossed for you and remember - if they don't accept your offer then it's not the house for you.

Original poster
Honey1975 · 08/02/2017 09:09

Thanks Lillian

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