About to put our house up for sale...anyone else? Part Two!

[InTheCludgie]

Hi everyone here is the new thread for those of us who are about to, or are currently trying to, sell our homes!

So we are now back on the market and have a viewing tomorrow morning, plus one for early next week. This week is a bit tricky as it's DS's birthday so have had to say no to a couple of suggested times for viewings.

How is everyone else getting on?

That is beautiful. But very well photographed and not as big as it first looks. And ground floor bathroom. (Just trying to help put you off!)

It IS also in a very flat, low-lying area near the sea, so a possible floor risk. Just... that kitchen. I would happily live just in the kitchen.

Beautiful house Jesus ( I remember your excellent user name from years ago when I lived somewhere Ocado would deliver!) But you'd have to be able to swim. That house WILL flood.

You can make that kitchen somewhere else! I’m currently considering a freestanding kitchen so saw that as inspiration.

Thank you! We keep telling ourselves it will indeed flood, and we've also banned ourselves from looking at it on Rightmove because it makes us Sad.

I might just insist on a slate floor, wherever we end up. I have no idea whether they're practical or not, I just love them. It would blow the budget though, so would have to use a smouldering car tire as a cooker.

@onthefencesitter I'm not a FTB but DB is and we're encouraging him to buy. When/if prices hit rock bottom unless you have bank of MAD to prop you up (he doesn't) you'll find it hard to buy as lending criteria will get stricter. Higher deposits will be needed.

We're going through conveyancing for our sale now. With the lack of SD payable at our sale price if it falls through we'll put back on the market likely for more.

I am (attempting) to leave a house with a slate floor.

Pros - it warms up quickly in the sun.
It looks lovely

Cons - every damp cat paw print shows up on it
So does dust
It scratches easily

I was always told by older relatives (who did need mortgages) that it was easier to upsize in a falling market...

Can I join. We have had our house on the market for almost 3 months. 3 offers all with something to sell. None have sold so it has remained on the market. The only concern we've had from other potential buyers is lack of parking. We do actually have a parking space in the garden but had built a pergola there. So yesterday my DH took the pergola down and I've taken photos with his transit parked around the back. We still have a big garden with summer house and shed. Fingers crossed this may attract more buyers, preferably those that are able to proceed.

@onthefencesitter the sentiment remains... you need a strong deposit (your cash/ parents cash/ equity) to buy in a falling market. In a rising market lenders take more risk.

You need that anyway in a rising market? At least thats what my experience buying in london was. Though when I bought, london was already falling post brexit vote.

I am just joining as we are just about to go to market. I was feeling pretty positive, but this thread has scared me a bit. Another "house will fly off the market". I really hope it does, I am so wanting moved by Christmas!

@onthefencesitter in a rising market you are more likely to get 90%/95% mortgages in a falling market the higher LTV mortgages get pulled.

Hence, in a falling market those with limited means suffer the more. Bringing me back to my original post - FTB are best not waiting until the market (potentially) falls as unless they have bank of MOD/ lots of cash they will struggle when more to get on the market.

I bought my first flat in london after brexit. No bank of MOD even with a great salary (higher rate tax payer) the earnings multiplier given to me was significantly lower than my friend who earned less than half my salary but had a large gifted deposit.

We bought our first flat after brexit with a 85% mortgage. Deposit was saved due to living with family. We would never have afforded it with a smaller deposit.

We would have a 20% deposit for our next flat (mainly due to equity) even though it is more expensive! If the value of our home falls and there is less equity, the next step would also fall.

Hello. Can I join the thread?
We are about to put our house up for sale. Going to book in a couple of valuations next week and then choose between estate agents.
Not going to lie though the current market is making me very anxious. And I am worried we made a bad decision.
For a variety of reasons, we decided to buy first before selling our house. We are about to complete on our new home at the end of the week.
We were in the sad position to inherit a tidy sum of money that allowed us to buy a bigger property. We could have fully paid off our mortgage but decided to upsize for our growing family instead. So we bought our forever home.
We didn't put our house on the market immediately because we wanted to give it a lick of paint, change the carpets. This was the advice we got from an Estate Agent at the time.
Our decision was partly reached in the knowledge that our neighbours got an offer for their identical house that was 90000£ over what we paid for ours 3 years ago. They got that offer within one day of being on the market.
That was in July. Crazy only 3 months ago.
But it is a very different market situation now and it is making me soo anxious. I worry our current house will be on the market for a while and I don't expect to sell it for as high a price as our neighbour did theirs.
I wish we had put it on the market earlier.

Ideally you have cashed out before the SHTF and try to get a bargain on he way down for the next one.

Welcome @FigandHoney !
We are in a similar situation- completed on our new house in the summer (offered in feb but conveyancing took ages). After we exchanged we put our flat on the market . Priced competitively (we think) and got an asking price offer within 2 viewing days. The flat is going through conveyancing and are keeping everything crossed it doesn't fall through.

Though our mortgages are fixed would rather not be paying two for too long.

Too late to fix rates now, the affordability for most people has massively reduced already, and lenders are pulling the plug on deals, house prices need to correct there is no other way out.

Thank you for the welcome.
Good to hear you got an offer within 2 viewing days. Do you feel the market were you are hasn't slowed down yet?
I noticed that properties are very clearly staying longer on rightmove before being marked as SSTC then they were even a month ago.
Our current house is fixed for just under 2 years. But paying for it will eat I to our savings, so just want to sell it as soon as possible now.
Combined with it being the first time that we are selling and don't know exactly what to expect, I am having sleepless nights

We're going through conveyancing for our sale now. With the lack of SD payable at our sale price if it falls through we'll put back on the market likely for more

with interest rates rising as they are? I would say that's unlikely.

Welcome @FigandHoney . We were paying two lots of mortgage and bills until last week and I also had sleepless nights. Hang in there and take it Day by day. It will happen eventually, it takes time though. I spoke to our agent regularly and he spoke to our buyer and the other agents and solicitors regularly to check how things were proceeding which definitely helped. I contacted him for an update about once a week.

I’m sorry you have arrived when we have people over here who are doing a good impression of being over here from the House Crash forum who have been turning up on MN for years on and off and are best ignored as go around trying to spread panic to undermine confidence. Clearly we are heading into difficult times but don’t panic and keep calm.

Hi All, our house went on the market last week, we’re looking to upsize and hoping our house will go to a first time buyer.

Multiple estate agents said it should have sold within a week but so far we’ve had 1 day of about 6 viewings and nothing else, a few people didn’t turn up, a few liked the house but no offers.

We aren’t in a huge rush, eg. I didn’t expect to be in a new house for Christmas but want to be in a new house before we start TTC DC2, I’d prefer not to have the faff and stress of moving when pregnant. So all moved by spring next year is what we’re aiming for.

Its worrying how many houses have fallen through lately and what’s going on with mortgage lenders, especially the headlines this morning.

All for the estate agents round here are advising sellers not to accept any offers unless the buyer has an offer for their own house so we can’t really do anything until ours is ‘sold’. Is this the same elsewhere?

This is a perfect example of why removing stamp duty does not make houses more affordable. It just deprives the govt. of tax revenue, which is collected later from general taxation, or cuts in services, or in our case, added to the debt mountain to be paid by our offspring.

I had some possible cheery news yesterday. Our buyers solicitor ( who is acknowledged to be as slow as a slug on diazepam...and is also part time...and is therefore slowing up our short chain) is leaving! Her replacement is apparently a bit speedier! (Inside info from my very co- operative sales progressor)

My fingers are crossed for a bit of action now. And for everything to go smoothly. We're on to enquiries now.