Do downsizers ever downsize?

[NewbieOnHolidays]

We’ve seen so many detached family houses with husband and wife in their 50-60s (kids grew up and left), so now just 2 people living on 200+ sq.m. They all say they want to downsize, put house on the market at an astronomical price and fail to get offers anywhere close to asking and then just take it off the market. So once again a house came up, after 3 weeks they managed to get about 10 people who wanted to view, did an open day, we put an offer below asking, were now told there were 5 offers with 3 above asking, so they rejected our offer. We’ve been in this boat so many times and it always end up same way: we compete against non existent buyers who are very keen, offer way above asking, then we see the house keeps staying on the market or just disappears without sstc. Same street couple of months ago after 3 rounds of best an final competing against “many interested couples” and upping our offer every time we just got fed up and walked away, in few weeks sellers took it off the market. Do downsizers ever downsize?

And just fed up with all the bluff from estate agents. How people ever manage to buy a decent property in uk?

I don't know. In theory I want to downsize. Except that I don't want a smaller house, just one nearer amenities and possibly with a bathroom downstairs.
I have no wish to live in a smaller place than I have but our house is rural and so won't be suitable when we are old and decrepit.
I haven't moved for 35 years, live in an areaof cheap housing but could take monto sell. Problem is if I put it up for sale I can't really offer on a new place until it's under offer and then what if I can't find what I want.
It all seems too stressful. Perhaps that's what other people think.

Maybe you need to offer towards the higher end of “ offers around”.

Have you sold your property? DP are down sizing but are really only interested in a very short chain as less stressful. They are not in a huge rush so can cherry pick a buyer.

We don’t need to sell, so no chain on our side. We don’t want to offer close to their “astronomical valuations” where they want to move “just a bit further out, but have same space with extra cash from sale for their pension” as when we check recent sales on rightmove they are all 20-30% less than asking for same sq m and same condition

yep - I downsized from multi bed family home to 2 bed bungalow. My neighbours have done likewise, my in-laws did, my parents did...... it is common.

OTOH - There are some couples in my old street who I think will stay in their large family homes until they are carried out - with all of the ongoing maintenance that gets harder to do with (usually) less funds to do it. Some people are very emotionally attached to their home - it's not logic it's pure emotion keeping them there 🤷🏼‍♀️

I’m not sure I understand your issue. Are you pissed off that people aren’t accepting the offer you’re willing to make? Or are you pissed off that people aren’t moving when you want them to?

I think the big problem with downsizing, is that people often want some of the perks of a big house, without the house itself.

So, a big garden (now they are retired and actually have the time and interest), detached, parking for 2 cars, garage, spacious frontage, and perhaps separate dining room. How many 2 bed houses offer that?!

And I get it, because tbh, I will be wanting exactly the same.

Add in the stress and uncertainty of moving, which is hard enough when you have inly lived somewhere 5 years, let stone 30, and I can understand why staying put feels preferable

my relatives all want to downsize but resent paying stamp duty. I'm not sure why when most have 1m plus equity

Our next door neighbours downsized when they moved next to us ... But it's a detached 4 bed, 4 reception room house with half an acre of garden so dear knows what they lived in before! Couple in their mid 60s.

I’m pissed off by people creating huddle by putting their properties on the market without clear intention to sell and agents creating lots of bluff that takes time and mental load to filter out just to always realise at the end that people didn’t want to move in first place unless we fund their retirement/new big house with inflated asking price

Creating hussle

I do think lack of suitable properties is a problem. My mum would be happy with a 2 bed but she wants off street parking & doesn't like bungalows.

I want to downsize but I don’t want the teeny tiny reception rooms that seem to be standard with 3 and 4 bedroom houses. I’ve been looking for a couple of years but nothing fits the bill. I don’t want to put my house on the market as I’d have to withdraw it if I couldn’t find anything suitable.

We'd like to downsize to something smaller and more central. Which will cost 40% more than our existing house...!

I know a couple who have been trying to downsize for several years. House has been on and off the market, had one buyer it fell through, put it back on then off etc. The house they were buying when the chain fell apart was a 5 bed. So they’re clearly downsizing from their 4 bed.

I think it’s a case of head vs heart, and that’s why they get so indecisive.

Also these inflated prices result in the buyers banks down valuing the property and refusing a mortgage without a huge deposit. They aren’t then able to complete and buy what they have offered on.

I intend to downsize where the kids leave, but most smaller properties aren’t in nice areas - that’s not something I’m willing to compromise in.

We want to be downsizing in the next few years. Problem is we want less bedrooms and a smaller garden I don't want a living room so small It fits a couch and a TV and nothing else and a kitchen so small Dh and I can't stand in there at the same time, and space for the dining table is so tiny, it'll be a table for two. We still have family coming by.
These downsized houses also cost as much as out big house as according to the estate agents they are in demand.
Dh has said he'll stay put and put in a stair lift if he has too if that's all that's out there. He'll need a gardener too.

My parents are trying to downsize from a 4 bedroom detached house, but it's taken them a long time to accept that they don't need to keep the extra bedrooms for when their children and grandchildren come to stay. They've lived in their house for almost 30 years, it's immaculate, they've put in a stair lift, they can still manage the garden, and they like their neighbours. In theory they'd like to move to a 2 bedroom bungalow, but everything that comes up that's the right size is in the wrong place, expensive for its size, or needs a lot of work and they're in their eighties and don't want a renovation project. So they may never actually manage to downsize while they're both alive.

DH and I are in our fifties and may downsize when all the DC have stopped boomeranging, but we're not moving until we're moving to somewhere.

My neighbours did this. They had their eye on a new build but the day it was released another couple beat them to reserving it. They couldn’t find anything else and I have to say that there wasn’t anything on the market. Their buyers offered and extra £20k but they ended up turning that down and staying. I believe they did intend to move.

I would like to downsize. I would like a small garden, I don’t want parking or a garage. I want to be in a city but I don’t want a flat with service charges. I want storage space too. I’d like a downstairs toilet.

They can cherry pick that’s why.

Im 58 in a 4 bed semi in a very desirable area. Still have a Millennial and a Gen Z at home though.

House opposite ( 2 retirees no children at home) went for 55k over the asking price. Some are going for 64% over asking price according to rightmove.

Youre not offering enough money, and they will only move to a perfect house. Maybe if the government removed stamp duty for downsizing it could unlock that part of the market.

I would be happy to downsize when I retire in about 15 years but I don’t want to go downmarket, I have worked my way up the ladder to the large detached house and I don’t want to go back to a terrace or a semi, I still would want the large living space I have now, but won’t need 5 bedrooms, I would still want to be detached with a private drive and close to the amenities and preferably with some character, where I want to live houses like this do not exist. There is a huge gap in the property market for detached houses on decent sized plots with large living areas but only 2 bedrooms, house builders seem to think people who retire want to live in little flats, a vast majority don’t.

Maybe if the government removed stamp duty for downsizing it could unlock that part of the market.

I just don't understand this logic.