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Original poster

Need some perspective - help!

18 replies

Tigergrey · 19/10/2020 10:44

Hi all,
I need a little outside perspective as suspect I am too close to this problem - we put our property on the market 3 days ago (Friday 16th) and so far have only had one request to view. Is this normal?!

I'm aware that pre-Covid current housing boom it could take months to sell so would not have been concerned then but in the last 3 months several of our friends have sold in the area and all did so within the first 48 to 72 hours of being on the market. So just one viewing in 3 days seems rubbish in my eyes in comparison!

We were FTB on this house so have never sold before and I'm worried I have no perspective on this one. I am desperate to move so secretly hoped we would also have cheerful, snappy sale in 72 hours. It seems this is not so. Am now worried we will be completely unable to sell and I will be stuck to neighbours from hell forever more! 😖

Help?!

OP posts:
Chumleymouse · 19/10/2020 12:59

All neighbours are neighbours from hell , the only good ones are if you live next to a graveyard or in the middle of nowhere 😃. Good luck with sale
Our last house sold in the first day ( ftb ). But they fannied about for ten weeks before we pulled out 🙄. So I quick offer didn’t mean ow’t. 🙂

ComtesseDeSpair · 19/10/2020 13:12

If your house typically appeals to FTBers then it may take longer than expected to sell given that so many higher LTV mortgages have been pulled recently: anecdotally, several friends who were planning to buy for the first time this year have had to put plans on hold whilst they save to increase their deposit so they can get a mortgage, and just aren’t viewing anywhere.

Of course it could also be that you’re overpriced, the photos and listing the agent has prepared are terrible, or your house doesn’t look very nice. Impossible to say without seeing the listing.

MikeEhrmantraut · 19/10/2020 14:41

I think @ComtesseDeSpair makes a good point. We just sold our first house which is a typical starter home. It was mainly older couples moving from a more expensive area down the road who viewed and our buyers were downsizers getting mortgage free.

JoJoSM2 · 19/10/2020 14:45

it could also be that you’re overpriced, the photos and listing the agent has prepared are terrible, or your house doesn’t look very nice. Impossible to say without seeing the listing.

Basically.

Original poster
Tigergrey · 19/10/2020 15:18

Thank you all, you make a very good point which I hadn't given much rational thought to, which is that it's very much a FTB house and the issues with mortgage and finances right now has robbed them a little of the chance to buy.

Possibly the long game needs to be played!

OP posts:
beckyyl · 19/10/2020 15:32

My house is a ftb house and has been on the market for months now, a few viewings here and there but no where close to anyone thinking of offers, and it's a beautifully decorated house. We've been told that ftb are finding it hard to get mortgages so the market for them has really plummeted and been told to play the long game.
It's frustrating when you just want to move, our previous house we sold within 6 hours of being on the market so finding it hard this time.

AcornAutumn · 19/10/2020 15:35

I started a thread about moving to beat stamp duty.

In general, I’d say that no viewings yet is okay. But it might interest you to hear that the EAs I spoke with said there was a dramatic drop in activity from the first week of Oct to the second. Can only suppose it’s partly due to threat of lockdown and partly due to people realising they’ve possibly missed the boat on stamp duty.

Original poster
Tigergrey · 19/10/2020 16:44

@AcornAutumn Oh my word, have we really missed the stamp duty holiday?! I would have expected to exchange by 31st March if someone magically decided they wanted my house today.

Think I might invent a time machine to travel back to August and stick the house straight on the market! 😂

OP posts:
Figmentofimagination · 19/10/2020 17:03

I'm in the same boat as you but over a month ahead (and also with horrible neighbours). Typical FTB home, hardly any viewings.
I was discussing it with the EA who said it was due to FTB now having to save a bigger deposit to get a AIP, and due to covid EA's are reducing the number of people who can view unless they are already proceed-able (so already have the AIP sorted if FTB, or have an offer on their house if selling).
It's frustrating as I was wanted to move before primary school applications closed in January but it doesn't look like that will happen now.

AcornAutumn · 19/10/2020 17:23

Tiger “ Oh my word, have we really missed the stamp duty holiday?! I would have expected to exchange by 31st March if someone magically decided they wanted my house today.“

My estate agent told me I was cutting it fine if I had the flat on by next week. He said delays to mortgages and surveys are a big issue. As you’re already on the market, you should be fine.

AcornAutumn · 19/10/2020 17:24

I reckon at some point they’ll extend the cut for people already in the conveyancing process.

Original poster
Tigergrey · 19/10/2020 18:45

@Figmentofimagination It's a tricky position to be in for all concerned, isn't it? 🤔 I hope you get the move you need before school applications close!

@AcornAutumn Oh, I hope there is an extension of play on the Stamp Duty pause! Fingers crossed for us both 🤞

OP posts:
Figmentofimagination · 19/10/2020 19:17

Thank you Tiger. It is very tricky. Just a couple of weeks before we put up our house for sale, a house on the same road sold very quickly. It was an end terraced instead of semi and had a smaller conservatory. As soon as they put a for sale sign up they were adding the under offer sign.
But since we put ours up we've only had a handful of viewings. And before anyone says it's the price, it's not. They have knocked their kitchen through into a kitchen diner, we have not and that is reflected in the price as we are up lower.

Original poster
Tigergrey · 19/10/2020 20:00

@Figmentofimagination Oh, that sounds so frustrating! And totally unfair. Similar sort of thing happened on my road, I have since found myself wondering if those people had some sort of magic house selling trick going on - if so I want in on it! 😂

Sending you lots of good house viewing wishes!

OP posts:
Figmentofimagination · 19/10/2020 20:19

you too Tiger. And if you find out what the magic is, please let me know!

MyDucksArentInARow · 19/10/2020 21:40

If you appeal to ftb and under 300k you don't need to worry about the holiday as they'll still qualify for 300k no stamp duty.

LooseMooseHoose · 19/10/2020 22:21

As well as ftbs struggling to get mortgages and the sdlt deadline, I also think the pent up demand has gone.

Before having our offer accepted in August, we had been looking for 18 months in a dead market. The Brexit uncertainty was stopping so many houses coming on the market. But after lockdown, it was kick-started and we had proper choice for the first time. I know quite a few people in the same position as us and we have all now found houses. Lots of sellers are now coming to market, priced higher and are finding that there aren't as many buyers now.

FeelinSpendy · 20/10/2020 15:07

I agree with @LooseMooseHoose - I think the pent up demand has mainly gone now. There was a huge rush to get properties on the market in July/August and things were being snapped up within days.
People seemed to be aware there could be a short window between lockdowns but are now holidng out as prices are expected to plummet. I was lucky and sold my flat and am currently buying a house, but if my purchase falls through I'll rent and wait for prices to drop, and then re-start my search in the spring.

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