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Original poster

Sellers roll call! How many viewings are you gettingin this stagnant market?

974 replies

Pixiedust1973 · 15/01/2018 14:45

I thought it would be nice to update each other with our progress as I seem to of lost the other sellers thread!

My house has been on the market on & off since April last year. We found a house we liked, got a buyer before putting in an offer. Had a low offer but managed to negotiate them up & the house we want down to an acceptable level, just! Turns out after many months that their buyer can't proceed so we decide to cut off from our old agents & start afresh with a 25k reduction for quick sale, making us without question the best house in the area for the price! Comparables being 40-50k higher! Im in an expensive part of Surrey btw, hence silly money for very little!

Been on 55 days now & had 11 viewings, 2 cheeky try their luck offers we can't accept because they're 30k below our asking price already reduced by 25k. Id say that given how stagnant the market is we're getting a reasonable amount of interest. Getting lots more hits online since the new year & hopefully its only a matter of time. The viewers we are getting are proceedable viewers, mainly chain free. Probably explains the low offers! Hmm Had a second viewing on Friday & awaiting their feedback today. Thought they were keen but the later in the day it gets the more nervous im getting!

OP posts:
flamingofridays · 17/07/2018 18:53

No sophie but I'm not expecting I will have to. I'll reduce in time if I have to bit there's no way it would be by 20%

You could sell anything after a 20% reduction obviously! After a 20% reduction my house would be up for less than I paid for it.

FabulousSophie · 17/07/2018 18:58

flamingofridays Yes my mum got less than it was bought for originally (it was given to her in a divorce settlement) £625k originally. She first put it on for £695 and dropped to £550k (three identical valuations).

FabulousSophie · 17/07/2018 19:12

flamingofridays My mum made two reduction in the asking price over the course of the year to bring it down to £550k, so it wasn't in one fell swoop. It might comfort you to know that prices of more expensive houses than yours are dropping like stones, so you could be in a strong negotiating position for an onward purchase.

TulipsfromAmsterdam · 17/07/2018 19:13

Just joining you all now after being on and off market since June 2017. Got offer within weeks but couldn’t get offer accepted on House we wanted so lost buyer. Came off market for a few weeks then decided to try again but in 8 months have not actually had a proceedable viewer. Most haven’t even got their places on market so it’s been tough.
We know have a potential buyer but they need offer on their house first.
Viewed a house today which would have been perfect for us and discovered it sold today after first viewing since going on market on Friday.
I will persevere.....

flamingofridays · 17/07/2018 20:00

sophie I think it was silly to sell it for so much less and in the real world people can't afford to do that.

FabulousSophie · 17/07/2018 20:42

flamingofridays I'm certain my mum is not the only seller obliged to reduce her price to find a buyer. If you also found one of the increasing numbers of "silly" sellers, you could get a higher percentage off your onward move than you had reduced yourself. At the end of the day you would be quids in, and dropping your price would not be such a "silly" thing.

flamingofridays · 17/07/2018 21:15

It would because id be in negative equity and unable to buy another house Hmm

FabulousSophie · 17/07/2018 21:28

It sounds like you only have a small amount of equity in the house and it's mostly mortgage debt. Could you not increase your mortgage repayments to increase your equity?

flamingofridays · 17/07/2018 21:39

Not really. If I sell it at the sale price it's on at or about 10% less I've have enough equity to buy another house at the price I want.

I can increase the mortgage payments but realistically what difference is that going to make now?

What world are you living in? I find your tone really condescending and rude.

FabulousSophie · 17/07/2018 21:45

I'm not being rude or condescending. I'm trying to chat and help you get what you want in today's deteriorating market. But if you don't want to chat about the different options, that's ok. But please don't shoot the messenger or the person who likes to think about different solutions.

FabulousSophie · 17/07/2018 21:50

And to answer your question regarding mortgage repayments, overpaying on your mortgage is never a bad idea.

flamingofridays · 17/07/2018 21:58

sophie I don't need different solutions. Your solutions don't work for me. You either think I should drop the price so I'm in negative equity and throw more money at mortgage for a house you think I should practically give away.

I might as well burn fivers.

shabbycaddy · 17/07/2018 22:13

Flaming, I don’t mean to be rude, but you do know house prices go down aswell as up ? There are many places in the uk since 2007 which have seen little increases and decreased in prices. The south east is in a bubble, prices are starting to stagnate and are dropping at the higher ends, this will feed into the mid and lower ends. Sadly you can either wait it out and hopefully get a buyer, or you will end up chasing prices down and get into negative equity.

FabulousSophie · 17/07/2018 22:13

flaming The alternative may well be staying in your current house for longer than you anticipate, unless you find a buyer in the not too distant future, which may or may not happen (it took my mum over a year to sell with significant reductions). The options you have are either sit tight and hope for a buyer at your current price, reduce your price, add equity, or some combination of the three.

Lilmisskittykat · 17/07/2018 22:17

To be fair to Sophie I can understand what her point is for some houses (obviously I've not seen your home to make a personal comment - nor am I trying to) and it's the basic one if if it's not selling - the price is wrong.

that was said to me by an experience estate agent showing me around a house saying a right priced house will sell in four weeks, I'm guessing from the fact it's still on the market he was trying to tell us something about the listed price.

I know it's not always nice to hear but sometimes it can be the reality in this current very strange market ...

I too took a reduction in my bought price of my home after being on the market a year (three offers from time wasters, a Down value then a final sale later - it was a shit year) - as it was apparent it hadn't recovered from the 2008 value I'd paid for it and we really just wanted to move on

Now I'm hoping to get that off my onward purchase though to be fair that's a tactic that to date hasn't worked. So don't bank on it... if it's your only option. I'd overpaid by a fair amount so had managed to build equity despite selling for a lot less. Still totally sucked though. But I guess I had to live somewhere for ten years. 🤷‍♀️

Now another year on, yes two years of house selling and buying crap! No one can be as pissed off as me about the whole bloody house market.... That's how awful I'm finding the buying market is right now - without upsetting anyone here as each is a case by case....

We've offered 5% less than asking price on a house we like and the buyers are just being greedy by refusing it (homes in that area just aren't worth more...and I don't fancy a second down valuation experience ) but they have a lovely big new build they want some sucker to pay for for them. personal rant over

Just really feel for all of you at the moment, it's a funny old time with stand off happening between buyers and sellers, grumbled of a falling house market setting nerves and the very real threat of interest rate rises and then thrown in brexit on top.

Babdoc · 17/07/2018 22:17

I find this thread gobsmacking! My DD is trying to buy her first property in Edinburgh, where flats go to a closing date within days of being advertised , and sell for £40,000 over the asking price! There’s certainly no sign of stagnation in the Edinburgh market, more’s the pity!

flamingofridays · 17/07/2018 22:28

shabby of course I do but it's not gone down so much in 6 weeks that I should be looking to leave myself in negative equity.

We will look at reducing but not by that much and not while we have lots of viewings every week either.

It's definitely not too expensive. Yes I could give it away but it won't benefit me in any way shape or form. I'd rather stay here than sell at a loss. We only bought it in 2014

Lilmisskittykat · 17/07/2018 22:54

Flaming as a seller your in a good position as you'll be happy to stay where you if you don't get the price you want.

Although as a buyer, that kinda seller makes me think twice, I stepped away from offering on a house (slightly ambitiously priced say 5k) because the sellers indicated they aren't really looking to move. I just think what's the point?

However back to you - its great you are getting lots of viewings that must mean it's in the right ball park for people to look and your argents working hard... what's your feedback been like to date? Anything you could improve on?

Lilmisskittykat · 17/07/2018 22:55

Clearly I meant agents not argents 🙄

flamingofridays · 17/07/2018 22:56

We definitely want to move but I wouldn't sell for negative equity.. why would anyone if they didn't have to?

Feedback has just been no garden (have a back yard but park on it - could turn into garden but then lose odd street parking) and not sure on area.

Lilmisskittykat · 17/07/2018 23:19

I guess if you will end up in negative equity by selling and are happy to stay it makes sense to do so...

This might be an obvious one but, is there a photo /blurb to explain the yard is used as parking? Just helps weed out those looking for a garden if they can write off a viewing with a couple of decent photos of the situation

flamingofridays · 18/07/2018 07:17

I'm not happy to stay I hate it here but id rather that that need up in negative equity. I'd have to reduce by a lot to end up there though so it's probably not really an issue anyway.

Yep there's 2 pictures and an explanation of what it's currently used for. We also have a small enclosed front garden that you can clearly see on the pictures.

Alexalee · 18/07/2018 07:32

Tbh flaming if you are getting viewings then the issue is not the price.
If the price is too high you would be getting no viewings at all... or low cheeky offers.
Would you post a link or pm me one?

Equimum · 18/07/2018 07:46

Flaming, are you getting feedback from your viewers. If they are not saying you are overpriced, you possibly aren’t.

We moved last year, and houses on the village we moved to were selling really fast. One exception was a new neighbour, who we considered to be overpriced at the time. They are now back on the market, together with some beautiful houses, all cheaper than they would have been a year ago. None are selling. There’s a house up the road which has already dropped from £475k to £425 and it is still hasn’t sold. I guess massivel yteducing May work for people that need to sell, but otherwise it just looks like things are very slow at the monent.

Lilmisskittykat · 18/07/2018 08:29

Flaming - it's good you have some wiggle room to reduce a little. We used the tactic of keeping it up at a certain price cause we were getting viewings and just had a bottom line in mind for offers.

Sounds like you have the garden issue covered so that's frustrating as it's there on the listing. And you already know you are competitively prices

Have you checked what nationwide house price index / Zoopla says your house is worth - I know it's not completely accurate but gives a ball park if you need the assurance.

I'm Not angling to see the listing (I wouldn't be keen to put mine on here) but have you looked critically at your home?

I only say this as I had lived in mine for a good few years and all those minor jobs I put off I cracked on and got done, filling skirting boards, fixing sealing / grout etc fresh coats on paint in room declutters completely... stuff you don't see day to day. I really made a difference to the house ... (actually wished it had been like that from the start😂)

Think other posters since my last could well be right, it's just a matter of the right person viewing the house now ... and it is a very slow market