Buyers and sellers: What’s it like out there?

[AgingLikeAFineJacobsCreek]

South east specifically, what’s it like being in the game right now?

Id like to move to a different part of the county, so not far, but holding for now. Are houses shifting slowly? Going for a lot lower than asking?

if you could get off the merry go round, would you?

love to know how everyone is finding it before deciding whether now is the right time.

I’m buying second rung up the ladder, not a FTB, but still feel new to the whole process!

Buying and selling in the south east right now. For me personally, selling a small ex-new build (3 years old) has been quite tough. Not seeing the FTB influx you would’ve done before interest rates soared. Had a few viewings then it dropped off a cliff after a week or so.

The positive is that I found a house cheaper than I would’ve done before interest rates went up, but I’m finding the unstable market has meant my buyer is not super keen to progress. That 2020 hot market urgency has gone, which has its positives and negatives. Houses aren’t going as quickly which is probably a good thing as a buyer but as a seller, yes I wish I could get off the merry go round!

@llihl13 can I ask some questions?

how much lower than asking would you accept in order to proceed with the house you have found?

we’re the agents OK with you looking round as you aren’t proceedable? I seem to remember not even taking a phone call unless you had proof you could move forward.

We’re on the way to exchange now. London outskirts. Just sold a terraced Victorian for 20k after asking. Bought our next step up for 5k over asking, we were among a bunch of offers but local so were chosen. If you have a good house, there are buyers out there.

Yes sure.

To the first question - we have accepted an offer on our house and it was 15K below asking. Not ideal but they are a cash buyer and we wanted a quick sale. With the little other interest we had, I soon realised we weren’t going to achieve asking price in a short time frame.

To the second question - it’s a new build we’ve found so the process is slightly different. The developer actually helped us with the sale so we could reserve the plot. But when we were having viewings on our house, we had several from people that weren’t proceedable. If our sale falls through and we go back on the market, I would ask the agents to only accept viewings from people that are proceedable

We are buyers in the south east with no chain. It's pretty comical at the moment how many houses are on with two, if not three agents because the original agent hasn't managed to sell them after 2 or 3 months on the market. As buyers we are looking around 2020/2021 prices and would match those.

Stuff that is reasonably priced is moving but anything over is sitting for months. Now is not the time to test the waters to see if you can get a high price if you want to sell. Check what similar houses to yours sold in the last year or two. Compare to the ones still on the market now that aren't budging and don't think oh we are 10k less or are asking the same that's fine we are correct pricing. Get under the marketing prices of others and you'll sell quickly.

We don't bother going to view houses that have been up for ages and over priced because it's a waste of time looking at unrealistic vendor houses.

We spoke to an agent yesterday on a viewing and the issue they're having is that vendors sign with the person who values highest usually even if it's not a realistic price. This leads to all the agents valuing higher than realistic still as they all want the business on their books. What then happens is the house sits there for months and gets a bad reputation and is even harder to sell.

Put it on at a realistic price if you need to sell. Anything will sell at the right price

As an example
Previous sale fell through and they're still after £325,000 and rather than reducing they've gone with a second agent. www.rightmove.co.uk/properties/132236807

This house was on last summer at £300,000, no takers, dropped later in the year to 290,000 and then came off the market. Now back on at £280,000 with two different agents.

www.rightmove.co.uk/properties/130523978

This house is now on with three separate agents and reduce multiple times.

www.rightmove.co.uk/properties/131537933

Sellers, if your house isn't selling, it's not necessarily a terrible agent or that there is anything wrong with the house. It's the price. Lots of us out here want to buy houses but have lost about a third of our spending power.
Don't let your house get a bad name and let it sit there!

I'm not south east but just sold my house- agreed in Sept but only completed last week. I ended up 5% below asking price (although 10% above where I bought it in 2020). Market was slowing and my house was a premium one for the area- I thought I would struggle more if I kept it on the market as people became more price sensitive. I'm renting for a year while I look to buy chain free. Seeing the same as others- many properties lingering for months and being relisted at same price with new agents. No bidding wars. Reasonably priced properties moving quite fast but people stuck on inflated valuations are not shifting. Going to sit on my hands a few more months and see what happens!

@grosslyunfair why are you selling so soon? I'm not in the UK but looking to buy and I always check when the house last sold (and for how much).

@TooTightToSwim downsizing. Loved the house but wanted to make some lifestyle changes. I think the market will be flat to down this year and my place was lovely but you could get similar for 100k less if you moved back two streets or took one less bedroom. Only needed a 3% drop on my offer to be out of the money by renting for a year and thought it would make me a more attractive buyer to be a cash option

Sold easily in London in September, asking price, all done and dusted in just over 3 months.

Now renting in a Kent seaside town and can't find anything suitable to buy...

A lot of the houses in my budget need a lot of work but the owners (usually elderly people who have not updated their house for 30/40 years) refuse to be sensible about prices/offers so the houses end up being advertised by different agencies, eventually the owners will reluctantly reduce the price a little after a few weeks but still won't consider offers. A lot of stuff ends up at auction as a result.

Frankly I am so fed up with it having had a couple of offers at 5% under asking price for really average properties that needed full refurbishment rejected that I am looking at nearby, bigger towns with more/better housing stock for sale and hopefully more sensible sellers.

Hopefully someone will appreciate a chain free buyer with cash in the bank.

@Greenfairydust that's very similar to what I see here - there are properties on since August relisted with multiple agents but at same price or very tiny reductions. I'm not bothering to view them as yet. I'm in no rush, and no point wasting my time or theirs if they aren't open to discussion

In my city the availability has doubled since last may. But the prices are still unrealistic. Prices are dropping slowly.

I'm in a no chain either side straight buy and it's still taking ages. Mortgage rates are up and down.

@Greenfairydust - this is my position but I put in good offers and for one I was completely rejected on the promise of a buyer who hadn't even sold had made a better offer! It's bizarre.

''@user1471538283 · Today 19:51
@Greenfairydust - this is my position but I put in good offers and for one I was completely rejected on the promise of a buyer who hadn't even sold had made a better offer! It's bizarre.''

I think it is just pure greed that blinds people.

They just want to go for the highest possible offer no matter what but don't consider/scrutinise the buyer's position.

In many cases the chain will ultimately just collapse or the buyer made an over-enthusiastic offer and won't get a mortgage or they will negotiate the price down at survey stage once they have secured the property, but the sellers just can't see past the shiny higher offer.

I am staying philosophical as with insight the two houses I offered on were just not right for me and there was too much work involved compared to the price they wanted for it.

I think there’s a lot of vendors still fixated at peak prices. Going with highest offers even if they aren’t proceedable and refusing to renegotiate in the face of awful survey findings! Or maybe that’s just my bitter experience as someone who thought we’d be desirable - chain free with a high amount of deposit…