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?

I’m in mid 30s with 3 young kids in a 50sq m flat trying to buy for past 2.5 years

@Alphabet1spaghetti2 Yes that's the issue where we are, as per my previous post and why it's a street of 50, 60,70 somethings with 4 bed late 70s detached houses with drives and garages and decent gardens

I could have written exactly your post. I don't want to have less space but I want different space. A modern house in an urban area with fewer rooms than my victorian house has but much bigger rooms. I want to stay around this area because family are all here. Prepared to move 15 miles in any direction. Nothing at all available. So few houses for sale in our nearest town that the estate agents are not accepting anyone who is not a cash buyer or has a definite buyer. None of the houses available are suitable so no point selling my current house.

Yes some people downsize. I did last summer. Moved from a 4 bed semi with huge garden to a 1 bedroom bungalow. Total of 4 rooms and a lovely manageable garden. I put my house on the market as soon as I saw the bungalow for sale in April 2021. Had 6 viewings in one day and received 4 offers. I accepted the one just over asking price even though another offer was higher, as the family had no property to sell.I moved in August and love my little house. So easy to look after, nearer to all shops and other amenities than my old house. My DD left home in 2017 and my DS in 2019 so I was alone in a big house which was ridiculous.

Probably better looking at the bigger picture. If you did downsize would you end up with a cash amount. What did you pay for your house and what's it worth now if it's still a chunk of money that's 17k is well spent.

A lot of people have far too much stuff. When you live in a large house you don't think about where you are going to keep stuff and don't mind accumulating all sorts of stuff like bread machines and pressure washers You end up with extra wardrobes for clothes you don't need and spare rooms stuffed full of rarely used stuff (sometimes never). People like to shove stuff into attics or cellars 'just in case'. Most stuff that goes in there is eventually got rid of, to make more space to shove things in. People rarely need all this stuff but true downsizing requires a complete re-evaluation of how you live and letting go of a certain lifestyle and potentially years of happy memories. You can't keep four cheese graters and ten saucepans and you won't need ten sets of bedding and stop acquiring stuff you don't need. It must be very hard when there isn't an immediate need and moving house is so stressful and if you want to be a hub for grown up kids. But for a lot of people, like my nan, the large house you love ultimately traps you in an unsuitable living situation.

Luckily here n Canada our real estate purchases are different as there is no 'chain' (which I don't really understand). Once you put in an offer and it is accepted, then it is a signed contract with no backing out. Of course you don't know who else has put in offers.

And people downsize for different reasons, but like many others, our needs and wants change as we get older. We don't need the bedrooms or big garden, but we do want to fit 12 around the dining table, and park our cars/boats/rv's in the drive. We want to live close to town with a nice view or neighbourhood. These types of homes are hard to find.

Tbh this is not a downsizer specific problem. This is a general U.K. house selling problem because IMO our chains work the wrong way around.

The top of the chain should agree a purchase before selling. Then you have incentive. It also caps the price problems. Because you have to be a little more conservative in agreeing a price before you sell your own property or the sale will fall through.

It’s just back to front. Probably because it encourages ever rising prices.

It sounds like you've had a run of bad luck OP in a tough market. I had that when I bought my last house, vendor wanted an astronomical amount, I put in an offer, they dithered for months, I bought elsewhere.

But soon it will be my turn, I'll be on my own in 2200 sq ft house and I really will downsize!
But like others I will want a decent sized living room and kitchen. Might have to build it myself 😀

My parents downsized from a 4 bed detached to a ... 4 bed detached.

When I queried their decision, they pointed out that the new house only had a SINGLE garage and not a DOUBLE garage.

I think my parents don't know what downsizing means.

This we need a bungalow and would be happy selling our big house for a small one but they're all nearly the same price as ours which makes the stress of moving seem pointless

Maybe you need to look somewhere different op? That may increase your chances.

At the end of the day people can market their houses for what they want. The are only worth what someone will pay for them.

Why are you offering below asking price on houses you want and then acting surprised?! Offer what you're actually willing to pay and be done with it.

We near,y downsized recently as sadly my Dad died and we want to move to be near my Stepmum. Youngest is going to university in the autumn so it seemed like a sensible time to downsize. We offered on a 2 bed bungalow and just as we did another buyer apparently did which I think was fictional. We declined to offer more as I had seriously cold feet about it.

it was great in theory but when faced with the reality of getting rid of so much stuff I didn’t feel ready and was worried about not having enough space for the DC when they come back. I really don’t want a smaller kitchen or living room either. We are now slightly upsizing to a house split into 2 flats so can have the big rooms we want plus space for the DC until they have homes of their own for as and when needed.

I’m very happy a young family are buying ours.

Two bedroom bungalows cost more than 4 bed detached houses where I live, so there’s no point in spending a fortune to move to something smaller yet more expensive.

the chain thing here really is shit

My parents don't know what down sizing means. I feel stressed just thinking about it.
They moved from our childhood 1960s 3bed semi to a detached 2bed with study, then knocked through the garage for an extra bedroom, built extra sheds for the garage stuff and filled the attic. then added an extra shower room.
They can't keep on top of it, refuse to declutter, conversations always refer to the stress of stuff. Eg The massive linen cupboard is crammed with every towel they've ever owned including the multiple 'best' towels, 'guest' towels, 'spare' towels, lovely towels that matched the previous bathrooms.
I will not inherit their stress, I shall downsize the lot into a skip.

There are motivated buyers and motivated sellers but not all buyers or sellers are motivated in the same way (or at all). Many downsizers may only be motivated by a significant financial incentive because they don't NEED to sell. Property prices in the UK are not based on price per sqm. Of course size comes into the price but it's not always easy to compare one house to another price wise and even a few months can be a massive price difference.

How do you know they don't have offers above asking price? Round us virtually nothing goes for under asking, even on one's I think are grossly over valued. And they don't always go SSTC either but have sold- I check the land registry prices every so often as I like the housing market.

I think it’s very hard.

My parents (early 60s) said they were downsizing and if we are being picky technically their new 4 bedroom detached house is slightly smaller than their current 4 bedroom detached house but it’s still a massive house and more space than they need.

They say they are “downsizing in money” as the new house is about £250k less than their current house as it’s in a cheaper area nearer to my brothers and me so they will release capital for retirement but it’s not really downsizing 🤷🏼‍♀️

My aunt and uncle moved from a 5 bed to a 4 bed. Again, technically “downsizing” but still a massive house!

I paid 250k for my house in 2013. We added an extra bedroom and bathroom and now it’s worth 550k or more.

When you add in fees and stuff, it would cost about 23k to move to a smaller house. What’s the point? So a house for say 330 k ( which would be quite small) would cost nearly 350k. Then there’s furniture kitchens etc. so maybe 380k? Is it woth moving to release £130k equity for a house that’s 200k cheaper? And much smaller? Losing 70k when you don’t need to?

It’s not like moving up when you need space or schools, and you have to do it.

Its not worth it. And I’d quite like to downsize. But don’t want to pay stamp duty. So l stay

I think the issue is, when they've lived in their family "forever home" for years, to downsize they want to get it completely right. It's likely to be their last move so they have a list of "must haves" and often can't find exactly what they want.

They put theirs on the market to test the water, get a load of interest then find they can't locate their perfect retirement home so mess about with offers and prices only to take it off the market.

My inlaws regularly talk about downsizing, to a 3 bed house from a 4 bed. Ultimately for them it comes down to not wanting do been seen in a "old persons house" in a less fashionable area. So I doubt it will ever happen.
My mother has just moved from the family home to a 2 bed flat. She was thrilled to lose the garden maintenance and the schools traffic. But decluttering has taken 3 months...

We are planning to downsize in about 5 years. We live in a 4 bed semi in a lovely area.
I've started looking around and there isn't much out there! Bungalows needing total modernisation which I can't be arsed to do. Chappy new builds with no storage. Retirement flats..no thanks.

I want to downsize but struggling to find anything suitable. As alluded to above, when I move I need 2 bedrooms but want space to host family and a bit of a garden as I hope to have time to do that more once retired. Also no flights of steps up to house etc. Not easy to find.