Can’t find anywhere to buy - starting to panic

[creamcustard]

I need to put my house on the market this year due to financial issues caused by Covid. I’ve known this was coming for a few months now, so have been keeping an eye on properties in my chosen towns to get a feel for the market.

The problem is there is barely anything coming on, I’m assuming because we’re in lockdown and most people wouldn’t want viewers tramping around their homes in the middle of a pandemic.

Another issue is that it’s very difficult to visit areas and get a true feel for them with the Covid situation.

I don’t know what to do - do I bite the bullet and list my house now, taking the risk that I may not find somewhere to buy for months and months because the market is so quiet? Or do I wait it out for a few more months in the hope that the country is in a much better place by then, with more things coming up for sale and more opportunity to visit places?

Renting isn’t an option really as we have pets.

What would you do?

Can you afford to wait a couple more months with the financial difficulties you're having?

If so, I'd be tempted to wait a month or so - if for no other reason than if Rishi Sunak announces a stamp duty extension things might begin to move again, things are likely to be opening up a bit etc.

When we put our house up for sale it took a little while for the agents to come round, sort the photos and get it for upload anyway - is it worth doing some of the ground work on choosing your agent now but just waiting to flip the switch on the sale?

I'm sorry you're having to sell in difficult circumstances though

@BrowncoatWaffles thanks for the reply. As long as I sell by the end of the year I will be fine, so I do have a bit of time to play with.

How likely is an extension to the stamp duty holiday I wonder?

I agree there really is not much coming onto the market at the moment. There was a mad rush last July and then it has completely slowed up in the traditional quiet pre Christmas time and not really moved much in Jan and Feb.

I think it will move again but Spring/early Summer. As the vaccine programme rolls along I would also assume this will encourage more people to plan a move who are holding on at the moment. It's all a
very difficult time all round at the moment. Good luck.

@BrowncoatWaffles thanks for the reply. As long as I sell by the end of the year I will be fine, so I do have a bit of time to play with.

I put my house on the market in July 2019. It will be at least another month before I finally move.

If you're working to deadline, no matter how far off it is at the moment, don't hang around.

Market has picked up a lot this month where I'm looking -- and been active before December. But I bet in most places it will pick up in spring!

If your house is very likely to sell quickly, I'd wait till end March - lockdown should be easing around then, people will be more in the mood to get going, but also more will be selling due to finances too. If you think it will take ages to sell yours - you aer not losing anything by doing viewings, and letting people know you'll have to find to buy.

You would need to be under offer to view, in most cases.

not many will put their houses on sale during lockdown, no one wants their property sit on rightmove and going down in term of pages, it gives concerns to buyers.
I'm suspecting the lockdown will be over very soon, weather gets better this will create the surge and rush to purchase/sell.
stamp duty might be extended as well.
get ready to put it on the market, by decluttering x2.
line up your conveyancer and agent.
search the next area and narrow it down.
knows your compromise and red lines.
this will help to be amongst the first one :)

If you're working to deadline, no matter how far off it is at the moment, don't hang around.

This ^

I would be spending the next month, meeting agents decluttering, painting (if needed) and getting the photos done etc. and then you would be ready to launch in 4 -6 weeks. There may well be a small uptick in interest (there always is in spring) for those who have realised in this lockdown that they really do need to move. Going into winter is risky, what if we had another wave and the housing market gets worse.

As the PP says it could take you months and months to sell... and meanwhile if the right property comes up you won't be in a position to offer etc.

Thanks for the replies. I’m not worried about selling, as houses have been going extremely quickly in my area. My concern is that I could get a buyer then not find anywhere to move myself for six months!

Thanks for the replies. I’m not worried about selling, as houses have been going extremely quickly in my area. My concern is that I could get a buyer then not find anywhere to move myself for six months!

OK - so what happens if you don't put your house on market now, but in 6 months there's still nothing coming on the market. What's the plan then? If you have the luxury of waiting until the market picks up - however long that takes, then wait. But if you need to move and might end up having to compromise on what you buy because of that, I'd still advise getting started sooner rather than later.

That’s a good point!