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Original poster

How's it going for sellers?

82 replies

Hairydogmummy · 22/10/2022 16:58

We put our house on a week and a half ago. It's had one proceedable viewer. It's priced on the lower end of the Zoopla valuation and lower end of estate agent valuation. No similar houses in our highly desirable village. We need to see in the next few months as can't afford mortgage when fix ends in March. How's everyone else getting on trying to sell in this market?

OP posts:
Stayingstrongish · 22/10/2022 18:21

Been on for a couple of months, had three offers 5-10% below listing price, so far two have pulled out the next day saying they changed their mind!

Original poster
Hairydogmummy · 22/10/2022 18:56

@Stayingstrongish oh crikey. We couldn't afford to accept that sort of offer. We had one person who wanted to look at ours even tho theirs wasn't on the market but they planned to put it on if they liked ours! Riiiight... we had a no show and one who changed their minds and took theirs off the market after seeing ours and a few others! There isn't much at all going on or selling round us despite what our agent insists!

OP posts:
Digimoor · 22/10/2022 20:15

How many other viewings have you had?
We have sold now but had multiple offers within a week
I suspect it depends on area

Stayingstrongish · 22/10/2022 21:23

@Hairydogmummy oh yes I’ve had a few of those not on the market yet but looking anyway to see if they like something!

Original poster
Hairydogmummy · 23/10/2022 09:49

@Digimoor one other from people who have now taken theirs off the market and we have one tomorrow. It's a highly sought after village where things normally fly off the shelf.

OP posts:
InTheCludgie · 23/10/2022 13:25

We have been on the market for three months. Have had about 20 viewings, one offer which was withdrawn a week later for no reason. This is an area where houses often go to sealed bids and nothing sits for very long due to the good schooling but the market overall has been very flat since the summer.

A year ago we would have sold within a few weeks but lots of properties in the area have been sitting for weeks, closing dates are now few and far between also.

NCFT0922 · 23/10/2022 13:27

We sold one of our rentals last week. It was on the market 2 days and we had 7 offers & 13 viewers. Many more wanted to view but we were happy to take the offer we’ve gone with.

EmmaRT · 23/10/2022 13:47

Not great, one month on the market, 5 viewings, no offers. Have reduced already and may need to again. If we have to reduce much more then we can’t buy what we’re going for, unless they agree to reduce too (price agreed 6 months ago). This isn’t what I was expecting but agent said it’s the same across the board. Not much is moving at all unfortunately.

oiltrader · 23/10/2022 14:22

it's a buyers market now and no one wants to catch a falling knife

maxi2100 · 23/10/2022 15:01

If I had to sell I would rather price lower now and get the sale than chase the market down and find you are 10-15% lower in March and still can't sell it.

rainingsnoring · 23/10/2022 16:33

maxi2100 · 23/10/2022 15:01

If I had to sell I would rather price lower now and get the sale than chase the market down and find you are 10-15% lower in March and still can't sell it.

I agree with this.
If you really want/ need to sell now, better to price realistically than for it to sit around and be worth much less next year.

Original poster
Hairydogmummy · 23/10/2022 18:09

@InTheCludgie yes it's same round here normally. Not much changes hands at the best of times but houses are always snapped up unless ridiculously over priced or irredeemably horrible! I don't want to be sitting on it for months as we will be in trouble with the mortgage. We bought as an investment only just affordable at the time but we've always had to do that. Do em up and sell them on with a profit from the rising market otherwise we'll never be able to retire. DH had a terrible divorce settlement and maintenance to pay so it's been a real kicker especially for him.
@EmmaRT that sounds a nightmare, that's what I really can't contemplate. @maxi2100 I think you are right but DH won't budge in terms of cutting the price at the moment.

OP posts:
XingMing · 23/10/2022 19:02

Fascinating thread. We're not on the market but are 66 and planning to downsize A bit and move overseas. Locally there are three houses like ours, and only one has changed hands in 25 years. How do you value in that situation?

XingMing · 23/10/2022 19:09

3,800sq ft including cellars, huge rooms, fab views, new kitchen and bathrooms.. 0.5 acre plot (on a steep hill). School is only okay, employment opportunities limited but okay -- if you bring it, but otherwise ropey. You'd need one partner earning well WFH.

XingMing · 23/10/2022 19:13

Superfast broadband, great community, and if you drive well, it is just possible to be in London in a tad over three hours.

Original poster
Hairydogmummy · 23/10/2022 19:17

Sounds beautiful @XingMing those sorts of properties are hard to value for sure but a good local agent can tell you in theory. Trouble is, they only really know the value a few months back before all this nonsense and that might not be attainable now. It's so hard to know what to do. Obviously you want to maximise your sale price and, like us, if you're buying a cheaper property, a 15% cut in your current home value will be a lot more £££ than a 15% cut in your new purchase.

OP posts:
XingMing · 23/10/2022 20:11

Anything I'd fancy is so overpriced in the UK, wherever I look that I am certain we shall buy overseas.

3ofus3 · 23/10/2022 20:13

Ours was on 2 weeks and sold. Really quick to be fair.

Notyetthere · 23/10/2022 21:14

XingMing · 23/10/2022 19:02

Fascinating thread. We're not on the market but are 66 and planning to downsize A bit and move overseas. Locally there are three houses like ours, and only one has changed hands in 25 years. How do you value in that situation?

I think it depends. If you can wait to sell then I would consider it. What type of buyer do you think would buy your place in terms of if they need a mortgage or not? If they do, then rates have rocketed and I reckon affordability checks are affecting how much people can borrow. I know very well I couldn't afford to buy my house now as we wouldn't pass the affordability checks.

Your potential buyer 3-6 months ago will probably now not be able to afford your place. Unless of course you price it keenly. Good luck with the move.

paintitallover · 23/10/2022 21:17

I know 2 people, both sold, different parts of country, nearing exchange. Surprisingly good, I thought.

bercan · 23/10/2022 21:29

3,800sq ft including cellars, huge rooms, fab views, new kitchen and bathrooms.. 0.5 acre plot (on a steep hill). School is only okay, employment opportunities limited but okay -- if you bring it, but otherwise ropey. You'd need one partner earning well WFH.

The energy bills would terrify me!

HiveBee · 23/10/2022 22:22

My sister sold within three days of being on the market for substantially more than she bought it for four years ago and they’ve done nothing to it.

Whereabouts in the country are you?

HarpoBoy · 24/10/2022 09:39

Don't get panicked into cutting the price by a lazy EA, or the nutbags over on HPC.

Despite the media click bait headlines, house prices are still rising. The issue, according to RICS, is a drop in both supply and demand slowing the market.

Have you considered going interest only until you sell?

oiltrader · 24/10/2022 10:14

HarpoBoy · 24/10/2022 09:39

Don't get panicked into cutting the price by a lazy EA, or the nutbags over on HPC.

Despite the media click bait headlines, house prices are still rising. The issue, according to RICS, is a drop in both supply and demand slowing the market.

Have you considered going interest only until you sell?

Bad advice OP. cut now to get the sale or else you will be chasing the market down

XVGN · 24/10/2022 10:14

bercan · 23/10/2022 21:29

3,800sq ft including cellars, huge rooms, fab views, new kitchen and bathrooms.. 0.5 acre plot (on a steep hill). School is only okay, employment opportunities limited but okay -- if you bring it, but otherwise ropey. You'd need one partner earning well WFH.

The energy bills would terrify me!

Yep, big houses are going to be disproportionately affected.