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Original poster

Staying on the market or not

47 replies

Person123 · 01/10/2019 15:33

Me, DP and the dog live in our two bed terraced house in a town within commuting distance to London. We purchased it about 18 months ago and planned to stay for a couple of years and then move on to what would likely be our forever home.

We are now looking to move a bit sooner due to work promotion and wanting to get married and start a family. We started to see what is out there, saw something we liked and so put our place on the market. The place we liked is not happening (they want too much for it in our view) but we’ve kept ours on the market and considered some new builds slightly further away from where we are.

We’ve been on the market 8 weeks but had no offers and have made one price reduction (due to seeing the place we liked). We have had a fair amount of viewings - feedback has been we like the house but want off street parking or we are first time buyers and it’s one of the first places we have seen so want to see some more first. Nothing for us to improve on! The developer that we like can’t do part exchange and I’ve now served notice on our EA to terminate instructions because I’m getting a bit fed up. AIBU? Is stuff shifting but just taking longer to do so? Oh how easy it was being a first time buyer!

OP posts:
Alexalee · 01/10/2019 16:43

If you only bought 18 months ago in a london commuter town and you arent selling for less than you paid then you simply wont sell it.
Buying a house for a couple of years is a crazy thing to do and horrendous timing on tour part, you should have rented.

Original poster
Person123 · 01/10/2019 17:44

Did you actually read my post properly? Your comment smacks of judgment and is quite frankly rude - why would we better off renting? Why is it a horrendous idea to buy a house to live in for a couple of a few years? Whilst making these sweeping statements it would help if you could back up your points. You do realise that many people buy smaller starter homes to get onto the property ladder and then when they’ve saved a bit more, maybe had a couple of promotions then move up the property ladder?

There isn’t an issue with the price point on our house (based on feedback and numbers in the doors). The area that we are in has had a small percentage increase in house prices. We are only looking to cover what we have spent and accept we won’t be making money but for the longer term it is something we are willing to do.

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PositiveAttitude · 01/10/2019 18:02

I think that Alexalee probably did read your post and posted her thoughts. I don't see any judgment from her at all and no rudeness.

I was going to reply to your post but after your response to the one response you have had I wont give my opinion for fear of being replied to in the same way.

Original poster
Person123 · 01/10/2019 18:09

@PositiveAttitude - that’s disappointing.

“Buying a house for a couple of years is a crazy thing to do and horrendous timing on tour part, you should have rented.” - that was what I found rude and judgmental. I also felt I clearly explained why we are now looking to move sooner than initially planned. Maybe I’ve been oversensitive - I would just really like to get married and have a baby and that’s just not very practical in our current house.

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Yoohoo16 · 01/10/2019 18:35

It’s just taken us 12 weeks to sell and the property we are buying has been on 10 months! Where we live, property is shifting very slowly. I think you just need to stay on the market as frustrating as it is. Eventually the right person will come along.

Neron · 01/10/2019 18:37

Genuinely don't understand why you can't get married OP? Why does living in your current house stop you?

Also, you're in a 2 bed - you could start a family now? Plenty of people getting married and having families in 2 bed terraced houses. Baby would be in with you for a while.

Since2016 · 01/10/2019 18:39

Previous posters are right.

For what it’s worth I live in a two bed terrace in London and this is the third time we’ve tried to sell. We planned to move when first child was 1 but couldn’t... and didn’t want to drop the price. 2 years later (and a significant price drop and a second child) we’re (hopefully) moving.

You can have a baby in a two bed terrace. It’s small but doable.

Prices are going to drop further. So either stay put and ride it out or reduce. It’s a buyers market. 8 weeks isn’t long in the current climate...

Original poster
Person123 · 01/10/2019 18:39

@yoohoo16 - glad to hear that you’ve had a positive experience! Totally agree on the right person. Our house ticks all the boxes for a first time buyer really - walking distance to shops, station etc. I’m not sure if I’ve been a bit hasty serving notice on our agents or not particularly given we decided to start marketing in the holiday period which let’s face it - isn’t the best time anyway!

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Lightsabre · 01/10/2019 18:40

It's the market. As you know, the property market goes in cycles and we are on a downwards turn generally. Not much you can do other than stay and make the best of it or sell for an even lower price. In your position, I'd take the financial hit and move on, particularly if your next property will be a long term house.

Original poster
Person123 · 01/10/2019 18:43

We have a home office for work and that takes up the second bedroom. Sure it’s doable up to a point to have a baby in there but longer term would have to move anyway. Logic behind doing it now so that it’s done and we don’t have to do it with a baby in tow at some point in the future and when the cost of a baby would no doubt affect what we could borrow then etc. I appreciate idealism doesn’t always happen, we would just prefer it if we could move sooner rather than later then do wedding and baby rather than wedding, baby, we need a bigger house.

OP posts:
Original poster
Person123 · 01/10/2019 18:45

@Lightsabre thanks that’s kind of my point. That so long as we sell to make the onward move work (based on equity in the house, which we wouldn’t have had we been saving and renting) then it works. I just don’t know if now that I’ve served notice on the agents I’ve been too hasty and whether to renegotiate with them.

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Original poster
Person123 · 01/10/2019 19:01

@Since2016 do you mean you’re selling your house for less than you paid for it? I know of a few people in London in that position but not where we are.

OP posts:
Alexalee · 01/10/2019 19:10

My post was not meant to be rude or judgy.
But buying a house to live in for under 2 years unless in a massively rising market is a sure fire way to lose money
Buy for long term, rent for the short term.
Must be a very niche area if prices have risen in the last few years.
If a house doesnt sell it's usually always price tbh, and sellers always think it's well priced
What are you losing by keeping the house on the market?

Original poster
Person123 · 01/10/2019 19:42

Thank you for your reply @alexalee - we aren’t losing anything by keeping the house on the market other than it being known it has been up for X period of time. We’ve had a lot of viewings and there doesn’t seem to be anything wrong nor any negative feedback - we just need the right person to come in. I just don’t know if it’s worth waiting. I appreciate my OP could have been clearer - we bought the house as a 2-5 year house. I do however disagree with you that we would have been better off renting.

OP posts:
NotGreenNotKeen · 01/10/2019 19:52

Alexalee is so stupid for that idiot judgement 😂😂😂 horrendous timing? Bollocks!!!! 😂😂😂 If you were renting youd have wasted £12000 on someone else's mortgage rather than your own, and prices only go up or stay same at the moment nr London!

Alexalee · 01/10/2019 20:03

Notgreennotkeen you clearly arent the sharpest tool in the shed are you... 12k could easily be the cost of stamp duty and legal fees... buying is for long term renting is for short term.
Yep prices always go up in the long term.... do you consider 18 months long term?
Prices have fallen in pretty much every london borough since 2016... they will be higher than 2016 at some point.. might be 5, 10, 20 years... that's what happens in an inflationary economy

JoJoSM2 · 01/10/2019 20:06

Well, if your bedroom 2 is your office, then that might be an answer. there seems to be a market for the type of house if you've had viewings. Lose the office, have a lovely bedroom. Present the house beautifully and let people fall in love with it.

Since2016 · 01/10/2019 20:27

@Person123 god no - we’ll still make a tidy profit on it but we stayed longer here rather than drop too much to sell, although we have dropped in price. I’m just saying you could ride it out or drop to sell. Buyers are super picky at the moment!

NotGreenNotKeen · 01/10/2019 20:30

I'm sending jealous renter who can't get on property ladder alecalee

NotGreenNotKeen · 01/10/2019 20:34

Sensing* Anyway allecalee stamp duty of a 2 bed or even 4 bed in a commuter town would be a fraction of 12k so you obviously don't know what you're on about 😂

Alexalee · 01/10/2019 20:45

Me renter... nope...
10k stamp duty is a 400k house plus 2k for legal fees, perfectly normal for commuter towns... looks like you dont know what you are talking about, obviously a sad little troll bringing nothing to this conversation

GinUnicorn · 01/10/2019 20:49

@NotGreenNotKeen I don’t think Alexa is that far off actually.

Moved recently and estate agent fees for selling were 8k and the stamp duty on the new property were almost 17k.

Then add moving fees and it gets expensive.

Honestly OP I’d leave it on the market a little longer. It’s tough right now.

GinUnicorn · 01/10/2019 20:51

Cross posted @Alexalee and just realised I missed solicitors fees too!

DogHasEatenTheSqueaker · 01/10/2019 20:53

The second bedroom being configured as an office won't be helping. Stick a bed in it, let people see the use.

If you WFH, are there any office spaces to rent near you? You might find that financially it's cheaper to do that than move and cop a bigger mortgage, and free up a baby bedroom.

isitfridayyet1 · 01/10/2019 21:02

OP it depends on how long you want to wait to start getting on with your life plans. There's no way with the current uncertainty in the economy that I'd wait to until I'd moved to get married and start a family. I have a friend who took 4 years of trying before she became pregnant, surely in worse case scenario baby could be in what is now your office. I guess it depends on how young you are too.

I think often people forget that baby is supposed to be in their parents room the first 6 months anyway so potentially you'd still have your office regardless. I think it's best to not stress in these circumstances and try not to second guess what potential buyers are thinking.