Page 10 | Anyone else trying to sell their house?

Permanentlyfrazzled · 2023-07-28T13:52:32+00:00

How many viewings are you getting? Fourth time on the market in 9 months due to multiple chains falling through and feeling very disheartened. This time we've gone on at a 50K reduction from our previous asking price (which we achieved multiple times) but we recognise that the market has changed. Despite a massive reduction viewings seem really slow. We've had 4 viewings in just under four weeks and one second viewing, but no offers. How is everyone else getting on? Is it just the market at the moment? I'm trying to tell myself that it's the mortgage rate rises and the summer holidays. We can't afford to reduce again as we won't be able to buy. House prices in our area aren't coming down as quickly as we've reduced. We are in Surrey. Thank you!

Potaytoe5 · 04/08/2023 08:35

@Skipskipperroo I'd try not to worry after just one week. I think we only got an offer after about 6 weeks.
1 viewing at higher price in the first 3 weeks, then 2-3 viewings a week after adjusting the price -7%

RoyKentFanclub · 04/08/2023 09:09

Roofing cost are likely to be higher than £5k to £8k. Obviously it depends on the size of the house and access/scaffolding etc.

the problem is that prices are beginning to drop. Buyers know this and offer accordingly. Sellers aren’t there yet but will get there when they see houses in their purchase bracket coming down in price. Eventually the whole lot might shift down a bit but it takes time. For now it just stagnates.

people are still asking crazy prices. A house in my village sold for £400k in 2019 and is now on for a million. All they’ve done is had plans drawn up for an extension and got planning. It wasn’t difficult to get the planning either. The expectations are completely unrealistic.

XVGN · 04/08/2023 09:18

Skipskipperroo · 04/08/2023 08:33

We've had 2 viewings since we relisted last week but no offers, no signs of any interest since. I messaged my EA who said they've not had much interest at all for any listings. I'm so desperate to move I'm trying not to get myself down about it (being very dramatic I know!). We originally sold back in March after only 2 days on the market but I think that was a total fluke looking back.

There's a new development near us and I was wondering about Part Exchange, just want someone to buy this house!!

I'd put a rocket up their arse (metaphorically!). Either they have done a shoddy job marketing the property or convinced you to put it on the market for too much. Well marketed homes at competitive prices always generate interest. Get a better EA.

XVGN · 04/08/2023 09:26

Skipskipperroo · 04/08/2023 08:33

We've had 2 viewings since we relisted last week but no offers, no signs of any interest since. I messaged my EA who said they've not had much interest at all for any listings. I'm so desperate to move I'm trying not to get myself down about it (being very dramatic I know!). We originally sold back in March after only 2 days on the market but I think that was a total fluke looking back.

There's a new development near us and I was wondering about Part Exchange, just want someone to buy this house!!

Just on the part-exchange bit. Typically, the builder will only PE for up to 75% of the "value" of the new home, so you'll need additional equity on top.

For example, you like a new build priced at £400K. Builder will only accept £300K in PE and need you to provide (mortgage) £100K on top. So if you're property is "worth" £350K and you won't take less, then you won't get that £400K property.

Work out what you think your property is realistically worth. Divide that figure by 0.75. The new house must be priced higher than that AND you have to be able to make up the difference via equity or mortgage.

Potaytoe5 · 04/08/2023 09:27

@RoyKentFanclub £5-£8k is what I found online.... our house is not very big and roof not very tilted, pretty standard.
I think I might ask my roofer, as them bringing their friend obviously means he'll say things in their favour!

Skipskipperroo · 04/08/2023 10:16

XVGN · 04/08/2023 09:18

I'd put a rocket up their arse (metaphorically!). Either they have done a shoddy job marketing the property or convinced you to put it on the market for too much. Well marketed homes at competitive prices always generate interest. Get a better EA.

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Yeah we are going to get rid of her, giving her a few more days and then will give her notice. We are out of the sole tenancy period so we can. We've not been happy with her during her sole period either, she tried to get us to complete and move into rented (we did look at but couldn't make it work) and when we told her this she was so rude about it. She also lied to our buyer saying we weren't in a chain when we were, that we could complete in 8 weeks etc, yeah awful all round!

Skipskipperroo · 04/08/2023 10:17

XVGN · 04/08/2023 09:26

Just on the part-exchange bit. Typically, the builder will only PE for up to 75% of the "value" of the new home, so you'll need additional equity on top.

For example, you like a new build priced at £400K. Builder will only accept £300K in PE and need you to provide (mortgage) £100K on top. So if you're property is "worth" £350K and you won't take less, then you won't get that £400K property.

Work out what you think your property is realistically worth. Divide that figure by 0.75. The new house must be priced higher than that AND you have to be able to make up the difference via equity or mortgage.

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Thanks for this, I think I was just getting a bit desperate to be honest!

Twiglets1 · 04/08/2023 10:33

Potaytoe5 · 04/08/2023 08:33

Oh also, they apparently have a friend who is a roofer, so I am not sure if I would trust their assessment 100%! Depending on what they come up with, we'll come back to our roofer and ask.
It does look like they're going to be a pain to deal with though, doesn't it!
I just want to stop staying home to clean and go out with the kids a bit more D:

I would certainly get your own roofer to assess it as well. That's what the vendors did on the flat when my daughter was buying it.

Her survey said the house needed a new roof. Their own roofer said it didn't. She negotiated 4k off the 450k price after survey but that wasn't just because of the worry over the roof. The survey had a long list of red scores - damp/electrics/roof etc. My daughter still bought it as she had fallen in love with the property and really, with older properties you have to expect something.

Unless their roofer actually goes up onto the roof or sends a drone up there, remember that the condition is only really an educated guess based on the age of the property and the limited amount they can actually see from the ground.

Potaytoe5 · 04/08/2023 12:20

Thank you @Twiglets, that's so good to know.
I was ready to drop 5k for the roof, but maybe that would be too much!
I do genuinely wonder how serious they are, I think they are hoping for a bargain but then who isn't.
I had a look in the loft just now, it looked pretty... lofty. A lot of roof. Nothing falling down or crumbling, but I am not an expert. It'll be interesting to see what they offer. They're coming next week to have a look.
I have mixed feeling about moving. I feel very settled in the area, but I think it will be easier for the kids to do it earlier. So many memories in this house. We never meant to stay here forever though!

citygirl1234567 · 04/08/2023 18:26

On the market for two weeks. Week 1 we had 9 viewings (one liked house but couldn't afford to buy house and do extension too as per our PP).
Week two: had viewing today, 6 tomorrow, 1 on Monday. Hopefully offer soon.
I resent the relentless tidying and cleaning 🙈.

Potaytoe5 · 04/08/2023 20:38

@citygirl1234567 that's great, sounds like a lot of viewings, certainly more than I am getting!

paddingtonbear1 · 05/08/2023 16:00

We got an offer on our house today, from a couple who viewed 2 weeks ago. It was a low offer, 40k less than the offer we accepted back in April (those buyers pulled out in mid June). We can't afford our onward purchase with this so either we keep waiting, or try and find somewhere cheaper to buy. Ours is a larger property so we did expect to take a bigger hit on price, but not quite this much!

citygirl1234567 · 05/08/2023 19:30

Don't know. If no offer after this weekend, we might just put it up for rental.

Skipskipperroo · 05/08/2023 19:41

paddingtonbear1 · 05/08/2023 16:00

We got an offer on our house today, from a couple who viewed 2 weeks ago. It was a low offer, 40k less than the offer we accepted back in April (those buyers pulled out in mid June). We can't afford our onward purchase with this so either we keep waiting, or try and find somewhere cheaper to buy. Ours is a larger property so we did expect to take a bigger hit on price, but not quite this much!

Go back and tell them what you are looking for and just be honest, they might raise their offer to match.

Jacquel666 · 06/08/2023 00:13

paddingtonbear1 · 05/08/2023 16:00

We got an offer on our house today, from a couple who viewed 2 weeks ago. It was a low offer, 40k less than the offer we accepted back in April (those buyers pulled out in mid June). We can't afford our onward purchase with this so either we keep waiting, or try and find somewhere cheaper to buy. Ours is a larger property so we did expect to take a bigger hit on price, but not quite this much!

Argh so difficult. We’ve just spoken to EA who has suggested a drop of £50k to our asking price —that we achieved 6 weeks ago with a cash buyer … it really affects our future plans. I feel for you.

OnaHotTinRoofNow · 06/08/2023 00:36

My friend had quite a few viewings two offers within two weeks. She has put her house on at a bargain price though as she wants a quick sale. The couple she really liked have not managed to sell their house so she went with the ones who can proceed, she reckons they are not going to be great neighbours as huge plans for big outdoor entertaining area.

citygirl1234567 · 07/08/2023 10:46

XVGN · 04/08/2023 09:26

Just on the part-exchange bit. Typically, the builder will only PE for up to 75% of the "value" of the new home, so you'll need additional equity on top.

For example, you like a new build priced at £400K. Builder will only accept £300K in PE and need you to provide (mortgage) £100K on top. So if you're property is "worth" £350K and you won't take less, then you won't get that £400K property.

Work out what you think your property is realistically worth. Divide that figure by 0.75. The new house must be priced higher than that AND you have to be able to make up the difference via equity or mortgage.

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Can I ask how it works if you are moving to cheaper area? So if your current house is worth 600k (mortgage is 120k)..
House I want to buy is 550k (relocating). Do they give you cash difference? Or is it only possible to go for more expensive house? Thanks

XVGN · 07/08/2023 10:56

citygirl1234567 · 07/08/2023 10:46

Can I ask how it works if you are moving to cheaper area? So if your current house is worth 600k (mortgage is 120k)..
House I want to buy is 550k (relocating). Do they give you cash difference? Or is it only possible to go for more expensive house? Thanks

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I'm an armchair "expert" - so not an expert at all. I always recommend confirming for yourself.

I believe that a builder would only accept your house as PE for one costing £800K or more (600K/0.75). So I don't think that a PE works for you. But please check. Ask the builder. They'll tell you.

citygirl1234567 · 07/08/2023 11:16

XVGN · 07/08/2023 10:56

I'm an armchair "expert" - so not an expert at all. I always recommend confirming for yourself.

I believe that a builder would only accept your house as PE for one costing £800K or more (600K/0.75). So I don't think that a PE works for you. But please check. Ask the builder. They'll tell you.

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That is what I thought and read as such. Thanks

noodles20 · 07/08/2023 12:54

Update from EA, lady with the double beds, too small (i expected this), someone else said too many speed bumps 🙄 theyre not on our street but on the hill leading up. Another guy liked the house and had an appointment with the EAs for his mortgage, he's cancelled the appointment but unsure why. I really feel like giving up 😢

Potaytoe5 · 07/08/2023 13:19

Uh @noodles20 , that sucks!
Maybe you will get some more viewings soon.
We have no more new viewings arranged, it got very quiet, barely any houses are coming on the market too. I think everyone is waiting for the end of summer.

We do have an extra viewing from the previous couple who offered v low, I'm partly hoping they will go for it, but have no idea really. I know they want to do the most expensive survey. I had a look at our survey from when we moved in, it was terrifying!! It says things like 'single wall to kitchen extension, will create condensation and is no good', we did not change it... never had any problems with condensation there.
I wonder if they'll be put off after seeing things like that 😣

CharlOctober · 07/08/2023 13:23

noodles20 · 07/08/2023 12:54

Update from EA, lady with the double beds, too small (i expected this), someone else said too many speed bumps 🙄 theyre not on our street but on the hill leading up. Another guy liked the house and had an appointment with the EAs for his mortgage, he's cancelled the appointment but unsure why. I really feel like giving up 😢

Ugh I'm sorry. We dropped ours by £10k last week and no new viewings yet. It's really frustrating, the only thing keeping me going is checking on the 'sold stc' on rightmove and barely anything is selling atm so it can't just be us.. hard not to take it personally though!! Annoyingly quite a few 2 beds have come on in the past week too so more competition for us!!

citygirl1234567 · 07/08/2023 13:24

noodles20 · 07/08/2023 12:54

Update from EA, lady with the double beds, too small (i expected this), someone else said too many speed bumps 🙄 theyre not on our street but on the hill leading up. Another guy liked the house and had an appointment with the EAs for his mortgage, he's cancelled the appointment but unsure why. I really feel like giving up 😢

It does feel like that indeed. I'm waiting for feedback from the weekend.
Almost three weeks in, I'm ready to jack it in 🙈

noodles20 · 07/08/2023 13:35

Potaytoe5 · 07/08/2023 13:19

Uh @noodles20 , that sucks!
Maybe you will get some more viewings soon.
We have no more new viewings arranged, it got very quiet, barely any houses are coming on the market too. I think everyone is waiting for the end of summer.

We do have an extra viewing from the previous couple who offered v low, I'm partly hoping they will go for it, but have no idea really. I know they want to do the most expensive survey. I had a look at our survey from when we moved in, it was terrifying!! It says things like 'single wall to kitchen extension, will create condensation and is no good', we did not change it... never had any problems with condensation there.
I wonder if they'll be put off after seeing things like that 😣

Will that be the 3rd viewing from them? It does sound like their serious though. We have another booked in tomorrow but feel like we get a glimmer of hope then the rug is pulled. Bloody speed bumps ...seriously 🤬😅

noodles20 · 07/08/2023 13:39

CharlOctober · 07/08/2023 13:23

Ugh I'm sorry. We dropped ours by £10k last week and no new viewings yet. It's really frustrating, the only thing keeping me going is checking on the 'sold stc' on rightmove and barely anything is selling atm so it can't just be us.. hard not to take it personally though!! Annoyingly quite a few 2 beds have come on in the past week too so more competition for us!!

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Its definitely the market! House identical to ours sold within a week over asking price just in April. We reduced ours by 10k a couple weeks ago and have had more viewings since. Another one booked in tomorrow. EA has said they have other properties in the same boat as us. We've lived here for nearly 17 years and the houses always seem to get snapped up quickly....apart from ours of course 😅 its hard not to take it personally.