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Original poster

If you’re a real estate agent

7 replies

Blingfreeempire · 29/01/2023 09:17

What would you do in my circumstance? London Zone 2. Live in nice enough home - Victorian townhouse - but for many years. Great neighbourhood. But a bit bored and not much we can do to the house to make us feel excited about it.

We don’t want to retire in this house as there are too many stairs. I would like more light and lateral space rather than vertical though it’s hardly pokey.

We have been on the market since start of the year. Priced about 100k more than very bland or non-done houses in far less desirable streets but 100k less than staged houses. The only people viewing seem to not be on the market yet but know so few houses come up on our road that it’s a must see. Feedback has been nearly all ‘love it’, ‘want it’ so ‘exploring putting house on market’. One or two have said would want to do some work. (Needs recarpeting, would prob want to redecorate). Problem is, none of these people are even on the market yet they’ve all been ‘thinking about’ upsizing.

Do we pull off and wait till March/April? Am worried that being on Rightmove and lingering will make buyers think ‘hmmm must be something wrong with it, why hasn’t it sold?’

What is your experience of buyers? We are on for £1.6m which is 100k less than valuation.

Onward potential purchase had sold and attracted multiple offers last summer before chain collapsed during THAT Prime Minister’s time in office. The only reason we are selling is that onward purchase has come back on at a lower price, is in an amazing location, huge garden and normally entirely out of our reach. This time round they just want it sold.

It’s nearly derelict but offers lots of opportunity. Do we risk pulling off Rightmove? Who in your experience is buying or even thinking of buying right now? Or do we dig in as one of the few big houses on the market in our area now? We know the house we want has had some very cheeky offers but again, no one is in a position to secure it. We own our house outright as of last month but still need to achieve max price as potential new house needs half a million pounds of work but is already priced at more than ours. The potential is massive though…

OP posts:
HarryRoss · 22/07/2023 14:41

This reply has been deleted

Message deleted by MNHQ. Here's a link to our Talk Guidelines.

kidcrazy · 22/07/2023 16:57

Blingfreeempire · 29/01/2023 09:17

What would you do in my circumstance? London Zone 2. Live in nice enough home - Victorian townhouse - but for many years. Great neighbourhood. But a bit bored and not much we can do to the house to make us feel excited about it.

We don’t want to retire in this house as there are too many stairs. I would like more light and lateral space rather than vertical though it’s hardly pokey.

We have been on the market since start of the year. Priced about 100k more than very bland or non-done houses in far less desirable streets but 100k less than staged houses. The only people viewing seem to not be on the market yet but know so few houses come up on our road that it’s a must see. Feedback has been nearly all ‘love it’, ‘want it’ so ‘exploring putting house on market’. One or two have said would want to do some work. (Needs recarpeting, would prob want to redecorate). Problem is, none of these people are even on the market yet they’ve all been ‘thinking about’ upsizing.

Do we pull off and wait till March/April? Am worried that being on Rightmove and lingering will make buyers think ‘hmmm must be something wrong with it, why hasn’t it sold?’

What is your experience of buyers? We are on for £1.6m which is 100k less than valuation.

Onward potential purchase had sold and attracted multiple offers last summer before chain collapsed during THAT Prime Minister’s time in office. The only reason we are selling is that onward purchase has come back on at a lower price, is in an amazing location, huge garden and normally entirely out of our reach. This time round they just want it sold.

It’s nearly derelict but offers lots of opportunity. Do we risk pulling off Rightmove? Who in your experience is buying or even thinking of buying right now? Or do we dig in as one of the few big houses on the market in our area now? We know the house we want has had some very cheeky offers but again, no one is in a position to secure it. We own our house outright as of last month but still need to achieve max price as potential new house needs half a million pounds of work but is already priced at more than ours. The potential is massive though…

So you want to sell yours at max price but buy the next one cheaply… I mean sellers need to wake up to the reality. You can’t have it both ways.

CupEmpty · 23/07/2023 07:18

@kidcrazy this post was from January so I would be really interested to know what happened.

however I completely agree with you. We were trying to upsize but have been so frustrated at sellers of these bigger type homes just refusing to acknowledge the changing market. All ‘boomer’ generation (i don’t mean this as a slur/ insult) who are mortgage free and do want to downsize but seemingly not for realistic prices!!

I phoned up somewhere last week to ask for a viewing (house had already been on market for over 12 months) and they made it clear they wouldn’t be considering ANY offers and it was asking price or nothing. I didn’t even view! They have multiple properties and have moved out into a bungalow and left their £900,000 house just sitting there as they don’t need the money! It’s madness!

like the OP who is mortgage free on a 1.6million house presumably because of riding the property market boom.

Barleycat · 23/07/2023 07:31

As opposed to a fake estate agent?

Original poster
Blingfreeempire · 24/07/2023 13:34

So update: the house we were after sold two weeks before we got a full offer on ours at a decent price. Our timing was terrible: January market was a disaster yet of the buyers that looked at ours, only two did not want it.

Six families put their houses on the market immediately to try to secure it. Sadly the one with the best and firmest offer was just two weeks too late for us to secure the onward purchase (which went to cash buyers with nearly a million to spare for renovations).

We have since looked at others and are appalled - like the PP - at the state of the houses for the asking price.

Turns out while our house was a bit more than others back in January, other lesser properties have come on for more and been secured for more. But I don’t actually want maximum for ours if we can secure a decent price on onward purchase.

We have figured that our road, transport links and house are actually rather lovely!

We will move only if investments mature and we find the right house. The current repayments would be unsustainable and that’s with an early seven figure deposit.

In the meantime, several prospective buyers have come out of the woodwork to say they will pay more for ours than we had asked but we are keeping them at bay as there is just no movement.

We don’t live in a palace but it has a great vibe and the street is fantastic and is very sellable.

In hindsight maybe we should have risked it all on a bridging loan but the whole renovation would have been painful. It wasn’t meant to be!

OP posts:
CasperGutman · 24/07/2023 15:36

Some friends made an asking price offer a couple of weeks ago, and were told the sellers wouldn't be accepting as they were holding out for 10% over asking! 😏

kidcrazy · 24/07/2023 19:11

Blingfreeempire · 24/07/2023 13:34

So update: the house we were after sold two weeks before we got a full offer on ours at a decent price. Our timing was terrible: January market was a disaster yet of the buyers that looked at ours, only two did not want it.

Six families put their houses on the market immediately to try to secure it. Sadly the one with the best and firmest offer was just two weeks too late for us to secure the onward purchase (which went to cash buyers with nearly a million to spare for renovations).

We have since looked at others and are appalled - like the PP - at the state of the houses for the asking price.

Turns out while our house was a bit more than others back in January, other lesser properties have come on for more and been secured for more. But I don’t actually want maximum for ours if we can secure a decent price on onward purchase.

We have figured that our road, transport links and house are actually rather lovely!

We will move only if investments mature and we find the right house. The current repayments would be unsustainable and that’s with an early seven figure deposit.

In the meantime, several prospective buyers have come out of the woodwork to say they will pay more for ours than we had asked but we are keeping them at bay as there is just no movement.

We don’t live in a palace but it has a great vibe and the street is fantastic and is very sellable.

In hindsight maybe we should have risked it all on a bridging loan but the whole renovation would have been painful. It wasn’t meant to be!

In hindsight maybe you should have priced it appropriately.

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