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Original poster

Anyone else selling?

701 replies

Hibernatalie · 03/04/2023 19:09

We are about to be listed - photographer coming this week. Obsessively checking Rightmove but think we’ve already found the one (could easily go before we can put an offer in but that’s the one we are hoping for).

Anyone else? What position are you in?

OP posts:
tigerbear · 25/04/2023 23:01

Me!
Ours has been on the market for 2 months.
only had one offer, £15k below asking price, which we’d be happy with, however our buyer hasn’t yet had any offers on theirs, at least 4 weeks after offering on ours.

We are looking to move from a very expensive area, to a much cheaper area, but where prices are rocketing massively. Most people are starting to realise that this area has been underpriced for years, and houses are going under offer within days.

We saw a place we loved last week, but the agent told us as soon as we arrived to view, that they’d already had 4 offers within 2 days. We offered £50k over asking, were declined, then increased to 60k over asking, and were accepted, despite 8 other offers and not being proceedable! I’m now only having people who are chain free to view my house, but no other offers forthcoming yet.
😬

Twiglets1 · 26/04/2023 06:33

Tormundsbeard · 25/04/2023 22:37

it’s been nearly two weeks for us with only one viewer who said the garden was too big and kitchen too small.. I did think there would be more interest. I’m not that happy with the photos, but they’re not terrible.. is the logical conclusion it’s overpriced?

Only one viewer in your first 2 weeks on the market is definitely on the low side. I would give it one more weekend and if no more viewings by Tuesday (seeing as it's a bank holiday on Monday) then reduce the price next week.

PurpleBananaSmoothie · 26/04/2023 14:46

@BeastOfBODMAS did you have professional photos done or just the EA? I thought they were a bit of a gimmick tbh but we had them with ours as I negotiated for them and it made such a difference. I feel very bad for rolling my eyes at the ‘need for professional photos’. Somehow they managed to capture the bits of the house that still need work and it’s clear it still needs work but also made it look nice. Witchcraft! Does your EA offer 360 video tours that they can put on RM? I think that might also help as you can get a better sense of all proportion rather than standing in the corner of the room. The house we’ve put the offer in on had one and it allowed us to see all the house and the selling points for us weren’t obviously seeing as a selling point as none were featured on the photos.

I’m sure you house isn’t horrible but it just isn’t the right market for it at the moment. That’s nothing you’ve done. We bought this house 6 years ago and it was on for 4 months before we put an offer in. We expected similar but it sold in a week. My mum had similar, she sold just before the pandemic. She tried to sell a bit before that and hadn’t got any offers. She tried a year later and it went within a week for £30k more than she was told it was worth the year before. I get you might not have the opportunity to wait the market out but your house isn’t horrible, it just might not be it’s time to shine due to weird market forces.

mnahmnah · 26/04/2023 18:39

I think we have found a house to buy… it needs work doing though. Not tons, but there is enough that we need funds to do it!

We would have some from the sale of course, but does anyone know if you can borrow more on the mortgage in order to do the work? I do they only lend you the purchase price exactly?

Twiglets1 · 26/04/2023 18:49

mnahmnah · 26/04/2023 18:39

I think we have found a house to buy… it needs work doing though. Not tons, but there is enough that we need funds to do it!

We would have some from the sale of course, but does anyone know if you can borrow more on the mortgage in order to do the work? I do they only lend you the purchase price exactly?

You can keep some of the deposit money for the work and simply borrow more towards the mortgage (as long as you’re allowed to borrow more based on your salary)

PurpleBananaSmoothie · 26/04/2023 19:13

mnahmnah · 26/04/2023 18:39

I think we have found a house to buy… it needs work doing though. Not tons, but there is enough that we need funds to do it!

We would have some from the sale of course, but does anyone know if you can borrow more on the mortgage in order to do the work? I do they only lend you the purchase price exactly?

If you have £100k equity and that is a 25% deposit, you would take your deposit down to say 20% and use the £20k from the sale of yours to do it up. It does mean the mortgage company have to approve a mortgage for £320K vs £300k (based on £400k purchase price because I can do the maths on that). It might be a slightly worse interest rate but not enough to massively affect repayment rates and would be very little difference each month. The main thing would be your affordability.

lemonyellows · 26/04/2023 19:28

We had a couple of viewings today so will be interesting to see if anything comes of those. Also waiting to see on a possible increase from an offer.

I expected this all to be faster but it's steady I guess.

Still nothing in the pipeline to buy. One will need to drop before we view it. Hopefully with an offer to compete with

mnahmnah · 26/04/2023 20:00

@PurpleBananaSmoothie

Thanks. I’ve emailed my mortgage advisor. See what she says on our figures. All depends what we can get the house for! It’s a probate sale that’s been on the market for over two months, without a lot of interest and no offers. Fingers crossed!

Mctm123 · 26/04/2023 20:01

We have been on the market 2 weeks today and have had 5 viewers but no offers. All different feedback but I get the feeling it’s mainly down to the price so we’ve reduced by 10k today. We’ve found a house we absolutely love and the vendor has said providing we can sell fast she will offer to us but there’s lots of interest in hers! Willing to take an even bigger drop if need be but I need people through the door!

Fidgety31 · 26/04/2023 20:04

My house has been on the market for 3 weeks and had five viewings. One offer which I rejected at £30k under the asking price .
The estate agent tried to persuade me to accept it by saying there are no more viewings booked in .
Would you be worried at this stage about reducing the price?
it’s fairly priced for what and where it is and I’m not in a financial position to take much less . But haven’t sold a house before so not sure how it goes

littlebopeep1991 · 26/04/2023 20:12

Fidgety31 · 26/04/2023 20:04

My house has been on the market for 3 weeks and had five viewings. One offer which I rejected at £30k under the asking price .
The estate agent tried to persuade me to accept it by saying there are no more viewings booked in .
Would you be worried at this stage about reducing the price?
it’s fairly priced for what and where it is and I’m not in a financial position to take much less . But haven’t sold a house before so not sure how it goes

I'm not an estate agent but I've always been under the impression you get your best offers in the first few weeks. We viewed a house last week that they had an offer of £320,000 on an asking price of £350,000 when they went on the market in January but rejected it. That house is now on for £305,000

Fidgety31 · 26/04/2023 20:15

@littlebopeep1991 that’s interesting to hear about the first few weeks being the most likely to sell!
maybe I’ve blown it then by rejecting the offer !?

Twiglets1 · 26/04/2023 20:17

Fidgety31 · 26/04/2023 20:04

My house has been on the market for 3 weeks and had five viewings. One offer which I rejected at £30k under the asking price .
The estate agent tried to persuade me to accept it by saying there are no more viewings booked in .
Would you be worried at this stage about reducing the price?
it’s fairly priced for what and where it is and I’m not in a financial position to take much less . But haven’t sold a house before so not sure how it goes

What percentage of your asking price does 30k represent?
30k off a house in at 250k is a very different proposition to 30k off a house on at 600k

ChiquitayouandIKnow · 26/04/2023 20:17

@Fidgety31 we had our offer after four weeks on the market. We were about to drop and they came on the scene!

how much was 30k under as a %?

Fidgety31 · 26/04/2023 20:25

@Twiglets1 it’s on for £220k and they offered £190k

littlebopeep1991 · 26/04/2023 20:26

Fidgety31 · 26/04/2023 20:15

@littlebopeep1991 that’s interesting to hear about the first few weeks being the most likely to sell!
maybe I’ve blown it then by rejecting the offer !?

I mean each case is individual. I would probably have a very frank conversation with your agent about what is realistically achievable in this market. If you stick at a high price for too long and it doesn't move the house will get a reputation and puts people off.

littlebopeep1991 · 26/04/2023 20:27

Fidgety31 · 26/04/2023 20:25

@Twiglets1 it’s on for £220k and they offered £190k

It all depends if that 220 is a realistic price jn the first place. As current buyers we are very closely looking at previously sold prices and are careful not to be paying more than 2021 prices now

Twiglets1 · 26/04/2023 20:30

Fidgety31 · 26/04/2023 20:25

@Twiglets1 it’s on for £220k and they offered £190k

I wouldn’t have accepted it either in that case, it’s a big %
Your estate agent should have asked you for a counter offer. You could have said you wanted £210k and maybe settled on £200k - £205k after a bit of back & forth.

bookish83 · 26/04/2023 20:32

@Mercurial123

I admit I have skipped the middle of the thread but are you having any luck? Have seen a few houses up in Bromley Cross and the surrounding areas. It is interesting to hear your viewpoint as a seller as I am a buyer in the local area. It does feel slow!

Mctm123 · 26/04/2023 20:36

Oh and if anyone is looking for a 4 bed semi in Liverpool get in touch please! Worth a shot 🤣

Mercurial123 · 27/04/2023 06:42

bookish83 · 26/04/2023 20:32

@Mercurial123

I admit I have skipped the middle of the thread but are you having any luck? Have seen a few houses up in Bromley Cross and the surrounding areas. It is interesting to hear your viewpoint as a seller as I am a buyer in the local area. It does feel slow!

My sale is still going ahead as far as I'm aware. EA is very bad at getting back to me, which is frustrating as I'm overseas and cannot drop by their office. But yes, it does seem really slow. I had a few offers and priced to sell. Good luck with hour house hunting.

Original poster
Hibernatalie · 27/04/2023 07:33

We’re tapping out!
2 and a half weeks in 😂
The house we love has sold and there is nothing else on we want. No viewings or interest in ours since Saturday.
We had 5 viewings total including a 2nd viewing - feedback from that was that they are paying full asking for the house over the road, and they would have offered on ours but £25-50k less than they paid for that one as they would need to do more work to ours.
So we are pulling the plug and spending some money on our house, including a beautiful loft conversion I am super excited about. We will think again in maybe 4 or 5 years - hopefully the market will be different by then.

Best of luck to all of you and thanks for the support over the brief time we were listed!

@BeastOfBODMAS def a change of EA.

OP posts:
ChiquitayouandIKnow · 27/04/2023 07:39

Fair enough @Hibernatalie! what were your reasons for moving? If you can make changes to help you stay where you are then that’s all the better.

we have accepted an offer but there’s absolutely nothing to buy! Really hoping we find something soon!

Moosiemoo14 · 27/04/2023 07:39

Fidgety31 · 26/04/2023 20:15

@littlebopeep1991 that’s interesting to hear about the first few weeks being the most likely to sell!
maybe I’ve blown it then by rejecting the offer !?

After 6 weeks and one huge price drop, the only proceedable offer we’ve had is £45k below what we paid for it in 2018 (flat on a main road - always a risk but we thought couples with kids who wanted to be in catchment for the local outstanding primary would look past that as still cheaper than other 2 bed conversion flats in the area, but no they’ve all moved out of London apparently!). It really depends what you can afford to do and still move. I do think the best offers you get in the first 8 weeks are reflective of the actual market value but it’s a very, very bitter pill for us to swallow.

Before anyone reminds me to be more grateful, I do know that it’s a hard mortgage market for FTB as well as those moving on, and we’ve saved about £54k not renting.

Anyone else on here deciding to sell at a significant loss?

BeastOfBODMAS · 27/04/2023 08:29

@PurpleBananaSmoothie thank you for your encouragement! We could afford to wait it out a year and see what the market does. I’m assuming it’s best to come off the market then relist next spring, rather than linger?

I’m going to have some frank words with the EA sales manager when she eventually returns my call.

We’re going to start chipping away at the changes that were recommended for renting out.

@Hibernatalie good luck with the loft conversation! Whole other can of worms, that. Probably a great business to be in atm as moving becomes harder.

@Mctm123 bit of a commute for me or I would, Devon seaside here Wink