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Original poster

House sale really getting me down

66 replies

Rick83 · 06/10/2020 21:00

Hello all,

Just wanted to post on here as I think my wife is sick of me sulking about everything, but genuinely am feeling pretty down, bordering on depressed....

Basically we have been in our house now for nearly 8 years. Its a nice house, but I've been wanting to move for the last few years. My wife has ssid no to moving until our youngest got in at the local school which happened this year.

Anyway, put the house on the market back in March 2020. Only had 4 viewings in 2 weeks, but got an offer 5% below asking price. It was a little less than I wanted, but we fo live in a little village so not a huge demand. Anyway, the day we accepted the offer.... lockdown! During that time, alot of the paper work got done, surveys etc. Lockdown lifted, housing market re-opened, srraight away we got a call from our buyers thtough EA asking if we had found anything. 2 weeks later, there was still nowt on the matket, so we agreed to rent, put down a deposit on a rental... then they pulled out!!! So annoyed.

Anyway, I thought never mind, house sold in 2 weeks, so should sell again. 6 weeks later all we had were a few more viewings, and 1 other offer which was insulting. We have now changed ea to freshen things up, but still hardly any viewings.

I really am getting down about it all. Its hard not to take personally, we've spent so much time/money on the house over the years and it just seems that no one wants it. Other houses in surrounding area are getting snapped up within a week or 2 of going on. Can anyone else relate to this? It might sound silly, but I'm losing sleep over it, and struggling to concentrate on work, plus my wife says I'm walking around with a face on me all the time, but really cannot help it.

Sorry for thevlong post

OP posts:
whoopma · 07/10/2020 00:04

That's difficult. I'm in SW London & the properties I know of that are actually proceeding are going for at least 10% under asking.

Are neighbours have accepted about 13% under, not a big problem for them though as what they are buying has also dropped by a similar %.

whoopma · 07/10/2020 00:05

I've only bought & sold 1 house so little experience but what happens if you can't get the price you want, do you just leave it on the market for months?

jimmyjammy001 · 07/10/2020 03:36

If a house in general is not selling, then 99% of the time it is the price, they keep going up year on year and are currently at all time highs and they have got to be near a point where nobody can afford them so people will need to start lowering them in order to sell unfortunately. Especially in the current climate, if FTBs can not buy at the bottom of the ladder this causes problems for everyone else, second steppers, downsizers e.t.c

FauxAmis · 07/10/2020 03:49

If a house got sold in 2 weeks, it must be attractive and well staged already. So much so that after lockdown the first buyers got in touch about it again. It doesn't sound like a property problem it sounds like a market problem. All that's changed is bloody covid. People not buying because of uncertainty and hoping that the market will drop down more. I would either sit tight or reduce the price significantly enough for a quick sale. Either way you must find a way to cope. It is really shit x

DaphneduM · 07/10/2020 09:35

Your house sounds lovely and I'm sure it's more about the market at the moment than the price, especially as you have now reduced it. It seems to me that there are actually huge variations depending what part of the country you live in. You say you're in a village, so presumably fairly rural? Which should be attractive for people. What part of the country are you in? We're in a very nice village in Gloucestershire and there are some lovely houses that have come in the market recently - competitively priced - that I thought would have sold really quickly, but they haven't. One had an open day on a Saturday, and that didn't produce any buyers either. I think you should leave it on the market but try to not get too invested in selling - while not necessarily being as blase as your wife, try to take a step back and a 'what will be, will be' approach. Hard though, but your house sounds eminently saleable so I'm sure you will get a buyer before too long.

ImaginaryCat · 07/10/2020 09:49

My observation about the market around us (Home Counties, large village, walking distance to big town) is that houses over £600k get snapped up quickly, because demand outstrips supply, maybe Londoners wanting to escape after the experience this year, or simply that high earners facing the prospect of WFH long term want to do so in a nicer house. So it's a sellers market.

Whereas properties under £500k are really slow to sell now. It's the complete opposite, supply exceeds demand, so is a real buyers market. Maybe lots of people selling after losing their jobs, or similarly wanting a nicer WFH setting, but buyers in the lower bracket are fewer, less job security, maybe fewer FTBs at the bottom of the chain.

Pinkdelight3 · 07/10/2020 09:52

I guess potential buyers, likely families with DC for a four-bed, will have the same issues that you have - the the house is lovely but they need to be closer to transport links and shops. There will be someone like your wife who doesn't mind being further away, but there'll be more who share your reservations and can get what they need for that amount in a more connected location. Not saying this to depress you further, just to say it's bound to be a waiting game rather than numbers game and that the swift offer last time may have given you a false hope of how fast things would shift. You will surely find the right buyer at the right price but time is more likely the key so you'll have to find a way to switch gears from wanting to get it all done asap to being a bit more zen about it.

goodbyestranger · 07/10/2020 09:54

ImaginaryCat well I wish that was true, that it's a sellers' market at over £600k! (very pretty cottage by the sea, in one of the most popular villages in Devon).

OP/ oliversmumsarmy I'm completely with you.

goodbyestranger · 07/10/2020 09:56

And Rick83!

goodbyestranger · 07/10/2020 09:59

Having a slow day. Sorry OP, didn't clock your username.

goodbyestranger · 07/10/2020 10:03

Pinkdelight3 but do houses which have been on the market for months actually sell without anything changing?

I know the single drawback of my own house for example (parking on road as opposed to off road), but the price reflects that (£175k less than strikingly similar properties and £50k lower than the agent suggested).

premiummoo · 07/10/2020 13:00

Sorry to hear this. House buying and selling is really stressful especially when you think you have sold and it falls through.

I think the market has slowed in many areas now and is very likely to slow/ fall further rather than bouncing back. Would you consider lowering the price in a couple of weeks time to try to get a sale? Would you consider posting a link here?

thehousefinder · 07/10/2020 13:07

It's such a difficult process at the best of time with so many unknowns so how you're feeling given what you've experienced is more than understandable. It's so difficult when these things are out of our control and can bring up lots of different things for us.

One tip I can give for viewings is to make a one side leaflet/brochure for the estate agent to give to them which has a paragraph about why you love the house: what's your favourite room? Is it good for entertaining and if so why? Where is it most sunny? etc. Then another paragraph about the location: what's on your doorstep which you like? What places are nearby that you love? What do you like about the community? What's parking like in the area? Schools? Doesn't need to be anything fancy - you could just add the first line of the address at the top and a few words like "we hope you enjoy viewing our home" or "here's a little more about our home".

You might also consider selling through Purplebricks or similar (promise I don't work for them! I have experience buying and selling bought through them in London) and doing the viewings yourself (then you'd save even more money) as then people can see directly how proud you are of the house and how it's been a good home for you. That way you also have total control of the diary and can make certain times available for viewings like Thursday evenings or Sunday mornings or whenever. That way you're not living in perpetual anticipation of a viewing at drop of hat and having to keep the place spotless which can't help the stress levels.

Good luck!

@thehousefinder

sopopollo · 07/10/2020 13:35

We sold our flat to one of those webuyany type of things. The idiotic leasehold system combined with an arsehole freeholder meant that it wasn't going to budge any time soon, and we've got our lives to live. We got around 80% of the market value so it did make sense to us since it didn't really affect us financially. We can always get more money, but we can't get wasted months or years back.

Obviously, there are cowboy ones so do your research if you decide to go down that path. I'd recommend this website www.napb.co.uk/members/ since the members are supposed to follow some sort of code of conduct and not fuck you over at the last minute.

BeijingBikini · 07/10/2020 20:49

doing the viewings yourself (then you'd save even more money) as then people can see directly how proud you are of the house and how it's been a good home for you.

I wouldn't really recommend this, as a buyer. When I've viewed properties where the seller was showing us round, it felt really awkward as we couldn't be honest or critique anything. He was really trying to sell his favourite features, like the rain shower.......that actually I hate and would rip out straight away, but couldn't say in front of him.

IheartNiles · 07/10/2020 22:27

If you’re in the M25 it might be worth contacting Nested. If they don’t sell it quickly they can give you a loan from the future sale which allows you to buy and move out. You lose a lot less than if you go with a we buy any house company. Or look into modern auctions.

Oliversmumsarmy · 08/10/2020 12:50

We had an offer yesterday.

It was so low £200,000 less than asking. I asked the EA what we could afford in the area if we took it.

He said a 2 bed terrace house.

My reply was if the bidders could only afford a 2 bed terrace house then why didn’t they go after 2 bed terrace houses instead of 4 bed detached
They need to be realistic.

TheGriffle · 08/10/2020 13:39

Our sale has just fallen through and it’s gutting. Spent a happy few days ecstatic that we were finally getting out (been on the market 3 months already) got an offer, a little low but we accepted. They don’t have the bloody funds so have had to withdraw. We are gutted. Especially as our dream home is currently on the market so we will probably never get the chance of owning it.

pilort · 08/10/2020 14:25

I think lending has tightened. My friends sale has fallen through & neighbour reduced by 50k this month.

In my area of SW London there is a lot on the market so buyers can be a bit pickier I guess.

pilort · 08/10/2020 14:31

@Oliversmumsarmy 200k is crazy if your house is on for 500k but not necessarily if it's 1m plus. Some friends bought a house for 1050, asking price was 1160. That was Feb so just before Covid, the sellers were keen to move & had only paid 300k so obviously more room to manoeuvre. A house on the same road has been put on for 925k, not as high spec but bigger so something is definitely up.

Oliversmumsarmy · 08/10/2020 22:16

pilort

Definitely under £1million.

Oliversmumsarmy · 09/10/2020 08:25

Maybe what I should do is put my house on for over £1million then someone would get a bargain by hammering me down 25%.

The thing with saying that everyone is taking a 10% or 13% reduction on their asking price just means the asking price is 10-13% more than it should be.

Does that mean if someone put their house up for sale at the lower price someone wouldn’t just come along and still knock 10-13% off.

pilort · 09/10/2020 14:56

@Oliversmumsarmy so taking an offer below 10% means your house was overvalued? House prices aren't fixed, there isn't really a set price of what someone should pay, a lot depends on what a buyer believes it to be worth & the sellers motivation to move. My friend is desperate to leave London hence the 50k reduction, it doesn't necessarily mean all our houses have dropped by the same percentage & a buyer won't pay more, but it might.

pilort · 09/10/2020 14:58

Perhaps your house is just not worth as much to buyers as it is to you.

Oliversmumsarmy · 09/10/2020 22:07

Or perhaps there are a lot of chancers out there who want something for nothing.

Years ago I was bid £25000 for my house. It was on for £125000. Turns out the couple had been banned from a neighbouring town EAs for wasting everyone’s time as they were going round £500,000 mansions and bidding £25,000.

I ended up with the £125000 a few days later.
Just because someone puts in a low offer doesn’t mean that is the value

As I said to the estate agent. If the only thing I can afford if I sell at the really low price they are offering is a terrace house then offer them terrace houses and don’t show them mine.

Stop wasting your own time showing them around places they can’t afford.