Anyone else selling?

[Hibernatalie]

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?

Interesting, almost like speed negotiating, maybe people are picking up on the idea that waiting until the very last minute is bad form as it causes all sorts of problems and this is a new approach? No idea about your area but does that suggest that people are confident that there is now more supply to choose from?

@CrashyTime there are still houses coming to the market in my area, I do think it’s slowed down though and I haven’t seen anything at all similar to mine, it’s all newer houses on estates. I’ve had good interest in mine and there are two other interested parties, but they haven’t sold their houses yet so aren’t currently proceedable. The EA said my price bracket is very slow but my house is doing well, so I think if you’ve got something a bit rarer in a good location then you’re going to be alright. Having said that I have put it on lower than I think it’s worth, but I don’t want to be chasing the market down.

Good moves, best of luck.

Our house has been on the market for 3 months and we've reduced it by 6.25% today.

Confirmed today by ea that all conveyance is complete and have posted off the draft contracts today back to Sols to arrange an exchange date … I cannot wait for it to be done !

Did people view and say too expensive?

@CrashyTime no, we've only had two viewings one made an offer but they hadn't sold.

Ok.

Not to sound rude but If you've only had two viewings reducing it by such a small amount isn't going to do anything. You need to gently down below another right move bracket for the next lot of potential purchasers to see

True, and remember that people are more and more using apps like PropertyLog to compare price drops on other similar properties. Hitting the RightMove brackets is one thing but you still need to actually compete on price with other sellers of similar property.

@littlebopeep1991 It wasn't a small amount. It has taken it down another bracket.

@CrashyTime There aren't a lot of similar properties, we are rural so they all vary quite a lot.

Ended up taking the hit and selling our property for less than we’d originally wanted but ftb so had its perks and meant we could finally get moving.

Weeks of house viewings and we’re now stuck making offers on a property we really like but they won’t accept because they’ve had a higher offer from a non-proceedable buyer 😤quite frustrating that they’ve even accepted the other offer. Feels like we’re competing against an offer that might not even come to fruition 🙃.

Hi @Coconutlittlebee we are in a very similar position! Offered and the vendor had one other higher offer from a non-proceedable buyer. The trouble is that even if that person does find a buyer in this market, they may not get what they thought they were going to get and therefore may not even be able to their offer through.

Tough market at the moment with a lot of sellers not really being realistic,

Fair point, PropertyLog works best for flats/houses that are similar and in the same postcode, obviously towns/cities will give you lots more to compare to.

Honestly! And this is what I’m finding so frustrating- with an non-proceedable buyer there’s so many unknown circumstances that won’t be known till they’ve sold and are ready to go. Like they may sell and still be able to afford the offer but then they could bring a much larger, riskier chain from their side.

I 100% don’t mind if the vendor has a limit they don’t want to go under and they’re not in a rush but it’s just at the moment we keep getting reminded they’ve had a ‘substantially’ better offer (which we also know is an exaggeration because they’ve basically told us they’ve accepted below asking price) which seems to be setting the standard for the vendor and almost being used as leverage against us. Then in reality it’s not even a real offer when they aren’t proceedable.

Yes @Coconutlittlebee 100%

we have just offered 975 on a property that was on for 1.1m and then reduced to 1m. Apparently mentally the seller doesn’t want to accept less than £1m and they’ve had an offer at £1m but that person needs to sell. But they’ve got it in their mind now. Very frustrating! They’ve not actually rejected ours but I’m getting annoyed at hanging on!

When a seller accepts an offer from a buyer that isn't in a position to proceed it really is down to their EA to give their heads a wobble. There's no end of discussion on here about whether EAs should even be arranging viewings or taking offers when it is, at that point, very much all talk. We didn't start viewings until I'd had a firm offer and the seller's EA wanted a few details to check that was the case.

See I think in my situation I could be on board more if it was just the seller because I know when it’s your money and you think you can get more it is hard to go for less. My problem more at the moment is that the EA are using it against us and in conversation seem to be talking like it’s a real offer.

We had a different situation a couple of weeks ago (vendors selling a property they bought two years ago and wanted to sell at the same price and had been on for months- we personally didn’t think it was worth the original price so offered a little under) where the EAs were honest with us that they thought we were putting a reasonable offer on the table especially given vendors needed to move. I know EAs are there to work for the vendor but this has put us off the property- we now don’t want to go as high as we’d originally agreed because we feel like they’re just playing us against a hypothetical offer.

And we did the exact same this time round (on a previous attempt we did some viewings before sold because we’d been told flats like ours normally sell really quick 🙃 but wouldn’t of dreamed of making an offer till we were sold)- didn’t even start viewings till we had a confirmed offer and solicitors in place.

No, but will take a look at that. Still not sold 🙁

It's nice to see this thread is still going! Congratulations to the people who have sold and solidarity with those still going.

We have had our front landscaped and new porch done so just waiting for the work to start on our loft conversion next month. That'll get us comfortable for the next few years.

The houses that went on the market on our road and nearby are still on - it seems a real slump in my area and prices are still a bit too high for the current market. I'm still keeping an eye on things though.

It will give you a good idea where other sellers are on sentiment for the area.

https://www.propertylog.net/

Hello!
I was on page 1 of your thread and quickly dropped off s didn’t want to stress myself into a frenzy. We complete tomorrow on a house which is not the one we first fell in love with, they decided to stay put, but nicer in many ways.
Our buyer is FTB with a mortgage offer expiring v soon, unlikely they could buy at all at today’s rates.

We exchanged on Tuesday and complete tomorrow ! Such a relief

@BeastOfBODMAS and @Kay286 we also complete tomorrow, following first putting our house on the market in February, viewing countless properties, having offers accepted on 6 houses, having our onward purchase fall through in July (vendor pulled out), then had offer accepted on a probate property.

Probate wasn’t yet granted on the new house when we had our offer accepted, so we had to continue with the sale of our house so we didn’t lose our buyer, completed on that in August, put all our stuff in storage, and have since been staying with in-laws!

will be very glad to complete tomorrow!
Fingers crossed that your move in goes well too! 🙏
What could go wrong on Friday 13th?! 🥺😱

@tigerbear good luck , this buying and selling is so stressful in this market - I was a bit nervous of the date too 🥴hope all goes well !