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Original poster

Will spring next year be a better time to sell our house?

33 replies

nellytheelephant1980 · 26/10/2022 14:53

We need to sell our house within the next 18 months.
The market is dead round here at the moment. Mixture of everything going on and then winter is quiet for the housing market anyway .

Is spring likely to be a better time to sell? Normally it is, but I'm a bit worried. Are we likely to see anymore stability next spring time for house sellers/movers?

Thanks

OP posts:
donttellmehesalive · 26/10/2022 14:56

I'm sure lots of people will be on with their opinions soon but the honest truth is that nobody knows. I know that doesn't help you but it is the truth. The internet is full of 'experts' asking the same question. FWIW, if I had to sell, I'd be pricing realistically and getting shot of it now.

Mooserp · 26/10/2022 15:32

I agree, no one knows what will happen but I can't imagine that house prices will be higher next Spring

Mooserp · 26/10/2022 15:35

Also agree that the price needs to be realistic I am trying to buy at the moment and there are still some coming on at crazy prices which then get reduced.
Seen one today on Rightmove (not one I'm interested in) reduced from £450k to £400k after only being on the market 2 weeks.

Original poster
nellytheelephant1980 · 26/10/2022 16:15

Thank you. Just wondering if people think the market would be more active with more buyers around in spring?

OP posts:
donttellmehesalive · 26/10/2022 16:52

My feeling FWIW is that, short of dramatic government intervention, house prices will be falling - maybe quickly, maybe gently depending on economic factors - next spring. Everyone who comes off their fix in the next six months and needs to sell will be trying to do that next spring. If I knew for sure that I had to sell, I'd be trying to get ahead of them by doing it now.

Motherofalegend · 26/10/2022 18:48

I’m just negotiating buying my first home. I put in a fairly low offer, asking was £240, I went at £195. It’s an ex council house and been vacant for around five months. My offer was declined, they reduced to £230 and told me that nothing below this would be considered.

it’s now been about two weeks and it’s still available. I revised my offer to £215, which was also declined but they’d accept £220. That price would still make it one of the most expensive on the street.

im currently renting with two small kids and it’s likely the landlord will be increasing rent from Feb when the contract is up. I feel like I need to buy to have some stability and control.

still feels like too much, but unsure if I should wait until spring or go for it now? Tempted to wait until the government announce their plans and go back then with an answer - as would also need to see if I could raise the difference.

So as a buyer I’m massively unsure and I’m not alone in that.

Octomore · 26/10/2022 18:51

donttellmehesalive · 26/10/2022 14:56

I'm sure lots of people will be on with their opinions soon but the honest truth is that nobody knows. I know that doesn't help you but it is the truth. The internet is full of 'experts' asking the same question. FWIW, if I had to sell, I'd be pricing realistically and getting shot of it now.

Agree with this.

FWIW, in my neck of the woods, houses that would have sold in a day or so last autumn are sticking around for weeks now, with some being reduced.

Spring usually sees a bit of an upturn, but unless the economic conditions change significantly, I can't see it picking up that much.

Octomore · 26/10/2022 18:52

Motherofalegend · 26/10/2022 18:48

I’m just negotiating buying my first home. I put in a fairly low offer, asking was £240, I went at £195. It’s an ex council house and been vacant for around five months. My offer was declined, they reduced to £230 and told me that nothing below this would be considered.

it’s now been about two weeks and it’s still available. I revised my offer to £215, which was also declined but they’d accept £220. That price would still make it one of the most expensive on the street.

im currently renting with two small kids and it’s likely the landlord will be increasing rent from Feb when the contract is up. I feel like I need to buy to have some stability and control.

still feels like too much, but unsure if I should wait until spring or go for it now? Tempted to wait until the government announce their plans and go back then with an answer - as would also need to see if I could raise the difference.

So as a buyer I’m massively unsure and I’m not alone in that.

Honestly? I'd tell them that I was leaving an offer of £210k on the table and give it another couple of weeks.

Octomore · 26/10/2022 18:53

Put the ball in their court and wait.

Octomore · 26/10/2022 18:56

Out of interest - what is it that means you have to sell within 18 mths? Is there anything you could do to wait it out if you had to?

donttellmehesalive · 26/10/2022 18:56

Octomore, so you've offered £215k but they're pushing for £220k? If it's your dream house, just up your offer. It's not worth losing it for £5k especially if you're paying rent in the meantime. If you're indifferent, offer £215k again so that they know it really is your final offer and hope for the best whilst being prepared to walk away with no regrets.

donttellmehesalive · 26/10/2022 18:56

Sorry addressed the wrong posterSmile

Octomore · 26/10/2022 19:00

donttellmehesalive · 26/10/2022 18:56

Octomore, so you've offered £215k but they're pushing for £220k? If it's your dream house, just up your offer. It's not worth losing it for £5k especially if you're paying rent in the meantime. If you're indifferent, offer £215k again so that they know it really is your final offer and hope for the best whilst being prepared to walk away with no regrets.

It was @Motherofalegend

Normally I'd agree with you, but I think right now is not the time to stretch yourself to buy an overpriced house. I don't have a crystal ball, but it seems likely that we are at the peak of the market, and waiting 6 mths could mean a £20k smaller mortgage to pay off. That's a lot of money.

Octomore · 26/10/2022 19:02

I also think that if that poster leaves her offer on the table, she'll be getting a call from the vendors pretty soon.

It's been vacant 5 mths. They won't want to leave it vacant over the winter.

rainingsnoring · 26/10/2022 19:21

Octomore · 26/10/2022 18:52

Honestly? I'd tell them that I was leaving an offer of £210k on the table and give it another couple of weeks.

Show quote history

I agree. I wouldn't push your finances nor over pay at the moment unless you desperately need to. Prices are coming down in most areas.

@nellytheelephant1980 why do you need to move?

Original poster
nellytheelephant1980 · 26/10/2022 19:35

We have wanted to move away (from the South of England) for a very long time, and 2024 is when a perfect natural cut off happens with the children going to sensible school/sixth form. If it's not in 18 months, it'll have to be 2 years after that really 😬

OP posts:
Octomore · 26/10/2022 19:38

If the worst comes to the worst, could you rent it out and rent in your new location for a while?

TheFairyCaravan · 26/10/2022 19:40

We put the offer in on the house we now live in at the end of January last year. There was hardly anything on the market at the time but what was available was being snapped up either before marketing or straight away. Most houses went to a bidding war.

Now we’ve seen 4 or 5 houses on the street go up for sale and end up either being reduced, hanging around for ages or being taken off the market. I just think the market has changed a lot in the past few months.

TheFairyCaravan · 26/10/2022 19:41

January this year, not last. Sorry.

I wish there was an edit function

Grumpybutfunny · 26/10/2022 19:44

We actually offered on the house we are in now this time last year. It will be going back on the market around feb time. I think a lot of people avoid winter as it gives the impression the house isn't selling and invites lower offers.

ThroughThickAndThin01 · 26/10/2022 19:51

We just don’t know but…..I think next year is going to be rubbish for selling, I can’t see many buyers but loads of sellers.

I’d have a go at selling now before the col crisis bites.

DeadHouseBounce · 27/10/2022 16:47

Grumpybutfunny · 26/10/2022 19:44

We actually offered on the house we are in now this time last year. It will be going back on the market around feb time. I think a lot of people avoid winter as it gives the impression the house isn't selling and invites lower offers.

Mortgage rates going from about 2% to around 6%+ will ensure low offers are the new normal, holding out for last years prices will just be stressful and pointless.

TomTraubertsBlues · 27/10/2022 17:08

Grumpybutfunny · 26/10/2022 19:44

We actually offered on the house we are in now this time last year. It will be going back on the market around feb time. I think a lot of people avoid winter as it gives the impression the house isn't selling and invites lower offers.

Listing in winter isn't what gives the impression a house isn't selling. The date on the Rightmove advert does that.

If someone is looking to buy, they will be all over Rightmove every day. They will know exactly how long the houses in their search area have been up for.

TomTraubertsBlues · 27/10/2022 17:09

Given the cost of moving house (stamp duty, fees etc), I'm really surprised to hear about people buying a house and only living in it for a year or two. Is this normal now?

HiveBee · 27/10/2022 17:27

January is divorce season basically people have time off from work over Christmas and decide they can’t stand each other so the most houses go on the market in January.