How's it going for sellers?

[Hairydogmummy]

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?

The land registry data just seems so random - why does it take some transactions months to show up whereas others appear promptly?

That seems to be what’s happening in my area. Some sellers are listing properties at wildly optimistic prices, as though the buying frenzy of 2021 is still ongoing. But it isn’t, so properties that would have been snapped up within a week if they’d been listed 18 months ago are languishing and being reduced.

By the way, I’d take Zoopla estimates with a pinch of salt. When I was selling my last property, I thought about “saving money” by not using an estate agent and pricing it according to the Zoopla estimate.

Thank goodness I didn’t, as the estate agent sold it for 15-17K more than the Zoopla estimate, so she certainly earned her fees especially when my buyer was playing silly buggers and tried to gazunder me shortly before completion.

I’ve since seen some pretty peculiar Zoopla valuations for a couple of properties I know well.

Absolutely right.
It is a peculiar UK delusion. This country is so obsessed and dependent on perpetual house price rises to fuel ever increasing debt that some people can't even consider the possibility that prices may fall.

American commentator. In many ways, the US is much better protected than the UK with v long term mortgages.
wolfstreet.com/2022/10/25/the-most-splendid-housing-bubbles-in-america-biggest-price-drops-since-housing-bust-1-record-plunge-in-seattle-3-9-near-record-in-san-francisco-4-3-denver-drops-spread-across-the-us/

To add, imo, the recession has already started.
The figures already show a fall in consumer spending and the figures we have are looking at behaviour from a couple of months ago.
The problem is, we have recession and the consequences of this plus high inflation on energy and food which are clearly essential, rising interest rates and a massive amount of debt globally, far higher than in 2007.

You put it on the market and see what people want to offer, and price it according to the prevailing interest rate.

We listed just before Kwazi did that bonkers budget and things went to shit - no viewers for a while until that settled down and we did have to drop the price a little bit (but we thought the EA had overvalued it slightly anyway so were prepared for that). Minimal viewings (and very much the "we wanted a three bed but we thought we'd look at two-beds as well" frustrating type) but we were prepared for that as it was over the school hols.

Then things went a bit bonkers - two houses up for sale in our small street - both got offers from Hong Kong families wanting to move over to the UK - so we managed to get a solid cash offer from them walking up and down the streets here looking for sold boards. The usual buy to let bunch who tend to buy lots in these streets now (transport links have changed since we originally bought and it's good for those commuting into our city) are back looking at anything that comes up for sale as well here - but we're very much starter home/small buy to let after watching too much Homes under the Hammer territory.

I'll dare to believe it's happening when the keys get handed over - but it's got a fair way down the line so far.

Our whole area is having a real influx of families moving over from Hong Kong though so things are selling faster than in lots of areas I believe.