House market - anyone struggling to sell?

[Doingthingsdifferently]

We are in the south east and have we been on the market for ten weeks with what we thought would be an easy house to sell. We had an early offer that fell through and now we are back on with a 5% drop in price. We have had hardly any viewings for six weeks and no further offers - is it the market, are others struggling to sell at the moment?

It's definitely the market. Been on since October. Next door both sides sold on day one back in June. I'm now marketing mine at £50K less and mines a much larger house. My house is in a desirable area and is in perfect condition.

Dropped the price to a ridiculously low level three weeks ago and no viewings.

Thanks for sharing, the market just seems to have died. I think the lack of viewings is worrying me more than the lack of offers, there just isn’t any pipeline. I was hopeful for a spring boost but that doesn’t seem to be happening, if anything it’s getting worse. What will you do - just keep dropping the price?

Agree I think it’s the market. We saw a beautiful house last month but have decided to hold off on moving because of market uncertainty. We will probably look again in September.

It is the price. It is always the price. Sellers have been too used to constantly increasing prices in recent years.

Thanks @Kentlassie that is interesting to know, what would make you look again in September if you don’t mind me asking - interest rates slowing or more houses on the market / lower prices?

Thanks @Sprig1 I hear you but this seems more than price, we have dropped a lot and still no one is looking - genuinely not priced high for the area or recent sales (a lot lower than houses sold in 2022)

debt is expensive now & it's only just starting to filter through.

I work in estate agency, the market has been worryingly slow but strangely despite the rate of inflation and interest rates going up yet again this week, we’ve had a huge spike in viewing numbers and a reasonably healthy week of sales. I pray it continues not only for myself and my colleagues but also as the housing market affects so many from conveyancers and surveyors to removals and tradesmen.

It is likely that you might have to drop the price.

Banks have been tightening their lending.

Interest rates going up, council tax going up, high energy bills...people are more cautious and waiting to see what happens.

I’ve just started another thread about something linked.

Sold a flat last year, onward purchase fell through. So stressful trying to buy last year, so took 6 months off. Intend to start viewing again, after the Easter holidays. Will require a mortgage - not a huge one but a mortgage all the same. Im really concerned, that given the news we are seeing about banks, that we are heading for another credit crunch. I wonder if this is why buyers are holding off?

genuinely not priced high for the area or recent sales (a lot lower than houses sold in 2022)

how much lower though, buyers are facing hundreds of extra pounds to borrow now & that extra money is only servicing debt. It's quite a kind shift to the last decade.

mind not kind!

When you say sales do you mean completions or accepted offers?

@Doingthingsdifferently for us it would be a big move to a different area. We need to remortgage in August and will hold off to see what happens with interest rates until then. If rates were still as low as 2 years ago/ there wasn’t the panic about credit crunch etc we would go for it. Having said that, if the house we like is reduced in price we might offer anyway (not logical but it feels like the one and maybe that’s a sign it’s meant to be..).

If you want an objective review of your RM listing, happy to have a look!

I think it’s partly the market and partly luck. We were on the market for 4 months last summer, no viewings at all in august. One low offer which we accepted and then our buyer dropped their offer by 20k (after we’d had an offer accepted on a house we loved and a mortgage agreed) which we couldn’t afford to accept so pulled out. So came off the market very fed up. Fast forward to this feb and we had a cash offer (higher than the offer over the summer), day 2 on the market. Nothing different about our house, same asking price, just different people looking. We’re in the SE, houses here taking much longer to sell. Good luck with your sale, don’t give up hope just yet!

If dropping the price 5% didn't drop you into the next rightmove band down then probably wouldn't have got any new eyes on it

Thanks @Kentlassie that is a really helpful insight - and yes please all thoughts would be helpful https://www.rightmove.co.uk/properties/131117486

There are quite a few houses round my way been for sale for 15 months + , some people have given up and taken them off the market .

so much food for thought here thank you - I guess we have to hope we will be lucky and get used to the idea of being on the market for a good while.

It’s a lovely house OP. I don’t know the area, so can’t comment on price etc.

Lovely house I can't see anything obvious that I would change and the price compared to what has sold in the area recently is comparable/competitive. Do you have to move/ sell now? Or can you wait until the market is more favorable?

Also where is your dining table from? I quite like it. Thanks in advance.

Thank you both, that is very kind. We do need to move, the other option I guess is to rent it out and rent somewhere in the new area - I guess we can give it another month and then change tactics as needed.

What a beautiful house.

I can't see a thing wrong with it, though the artwork is staying in my head rather- I chose to neutralise my taste in artwork for the sale period.

I do note that if I go into Rightmove separately, it doesn't come up if I search for a 4 bed in your area - unless I've somehow got the area wrong.

It's an expensive house in itself I guess. Who is going to buy it? Is it a bit too expensive for families who want a 4 bed?

Hi @Ireolu it was from west elm a few years ago