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Original poster

Anyone else trying to sell their house?

555 replies

Permanentlyfrazzled · 28/07/2023 14:52

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!

OP posts:
HopefulSeller · 13/08/2023 17:10

It’s very tricky isn’t it, deciding what work to be done before selling. However I had mine priced ‘as is’ as it was around 40,000 less than houses which sold which have been updated, painted new carpets. The EAs said ‘not to bother’ but I mean… I spent less than 10K on updated kitchen, new carpets and hoping for that.

HopefulSeller · 13/08/2023 17:22

@JusthereforXmas I guess it depends on the state of the house and the market. My houses main market is FTBs who probably have only just scraped enough for a deposit and don’t have extra money to change the kitchen right away. So I’ve made my houses ‘move in ready’, painted, updated kitchen and painted and tidied garden. Otherwise a FTB wouldn’t have probably even entered the front door.

JusthereforXmas · 13/08/2023 17:38

HopefulSeller · 13/08/2023 17:22

@JusthereforXmas I guess it depends on the state of the house and the market. My houses main market is FTBs who probably have only just scraped enough for a deposit and don’t have extra money to change the kitchen right away. So I’ve made my houses ‘move in ready’, painted, updated kitchen and painted and tidied garden. Otherwise a FTB wouldn’t have probably even entered the front door.

I am a first time buyer.

HopefulSeller · 13/08/2023 17:40

@JusthereforXmas well lucky for you, you also have a lot of money to change the kitchen etc. That’s a nice position to be in.

JusthereforXmas · 13/08/2023 18:03

HopefulSeller · 13/08/2023 17:40

@JusthereforXmas well lucky for you, you also have a lot of money to change the kitchen etc. That’s a nice position to be in.

I don't know anyone who has bought a house and not made changes, its litrally part of the process. You are actually advised to factor in 10% of the house cost for fixes and maintenance.

If you can buy a house thats 'perfect' straight off then you must have a lot of money.

First time buyers would far rather have £10k of the asking price/budget and decorate it themselves and put the kitchen they want in rather than have the own do basic cheap work to their own taste and then charge way more.

GloriaVictoria · 13/08/2023 21:31

The property I'm selling is out of the FTB range unless they have moved up from London on massive salaries or a decent inheritance. Yes it's liveable but a mortgage lender would probably insist on some work (especially the rewire) as a condition of the loan.

I've had 2 agents value it, both came up with the same sort of figure. The first reckoned fully rewired, new windows and external doors, internal changes to extend the kitchen etc, plus new quality bathroom, could put about 80-100K on the value. 50K for the work is a conservative estimate looking at mid-range fittings, you could easily spend that just on the kitchen remodelling and bathroom refit. I'm contemplating some redecoration but I'm not going to do anything else

I don't have an emotional interest in the house and too much going on elsewhere to have any enthusiasm for project managing any major works myself. Fully renovated would probably make it easier to sell but I would get stuck in a chain which could take ages. If a property developer picks it up I could complete very quickly.

HopefulSeller · 13/08/2023 23:58

@GloriaVictoria why would the mortgage lender insist on a rewire?

GloriaVictoria · 14/08/2023 07:08

HopefulSeller · 13/08/2023 23:58

@GloriaVictoria why would the mortgage lender insist on a rewire?

For safety reasons. Has original wiring and fuse box from 1960s.

SamAndEIIa · 14/08/2023 07:58

JusthereforXmas · 13/08/2023 18:03

I don't know anyone who has bought a house and not made changes, its litrally part of the process. You are actually advised to factor in 10% of the house cost for fixes and maintenance.

If you can buy a house thats 'perfect' straight off then you must have a lot of money.

First time buyers would far rather have £10k of the asking price/budget and decorate it themselves and put the kitchen they want in rather than have the own do basic cheap work to their own taste and then charge way more.

Show quote history

I can assure you, as a parent of two kids, no amount of money would make me want to have to install new kitchens or bathrooms.

We intentionally bought a “blank canvas” with a kitchen and bathroom we would be happy to live with for 10ish years. Turned down far cheaper houses because of the kitchen and bathroom.

We aren’t rich - first time buyers and our home was around £250k.

Frauhubert · 14/08/2023 08:25

I am joining late and haven’t read the whole thread but I am selling a large purpose built flat in London (‘desirable leafy area’ 🫣), been on the market for 3 weeks, had 12 viewings, no offers. Priced at a high end of things by the estate agent. I had 3 valuations, went for the middle one with the lowest commission.

Twiglets1 · 14/08/2023 08:57

Frauhubert · 14/08/2023 08:25

I am joining late and haven’t read the whole thread but I am selling a large purpose built flat in London (‘desirable leafy area’ 🫣), been on the market for 3 weeks, had 12 viewings, no offers. Priced at a high end of things by the estate agent. I had 3 valuations, went for the middle one with the lowest commission.

Lots of viewings no offers is what happened to us when we sold my Dads flat in central London last year. It was in a great area but tired and as it turned out, overpriced by the agents.

Honestly, if you still get no offers after it’s been on for a month, it is probably time to think about a reduction.

Frauhubert · 14/08/2023 09:03

@Twiglets1 that’s what I am thinking. Will wait another week or two and take action. My flat is nicely decorated, period features, wooden floors, so i think it’s quite attractive but the price is probably too high.

HopefulSeller · 14/08/2023 10:43

Yes apparently those first few weeks on the market, at the right price, with an estate agent with the biggest list of potential buyers and who is most proactive are key apparently. But how to know what that ‘right price’ is? I guess it’s partly because house prices are quite tricky to get right. @Frauhubert yes they do say, take it off the market for a little while and put back on. It also might be worth grilling your EA as to what potential buyers said about your property?

HopefulSeller · 14/08/2023 10:44

@Frauhubert thinking about it, 12 viewings, that must mean that people were interested and your price isn’t too far off? Or is it that you are up against quite stiff competition with other houses?

Frauhubert · 14/08/2023 10:58

@HopefulSeller there are a few similar flats in the vicinity, i would say they are all priced accordingly to their condition. I have been pleasantly surprised by the amount of viewings as i thought nobody would be interested in the current market but had a steady amount of viewers. Plus flats are always more difficult to sell so there is that as well. I am moderately desperate to move as I want to live in a different area of London, close to my niece and I want to rescue a cat, so want to buy a house.

Twiglets1 · 14/08/2023 11:19

Frauhubert · 14/08/2023 09:03

@Twiglets1 that’s what I am thinking. Will wait another week or two and take action. My flat is nicely decorated, period features, wooden floors, so i think it’s quite attractive but the price is probably too high.

Your flat sounds lovely. I think it very likely is the price per square footage that is putting people off making an offer.

Don’t leave it to linger on the market too long before reducing the price is my advice. Will be interesting to know what your EA puts the lack of offers down to and what the viewers are saying to the EA.

Jacquel666 · 14/08/2023 11:46

@HopefulSeller @Frauhubert @Twiglets1 I'm really hoping the new mortgage deals will get things moving. We aren't after FTBs ourselves as it's a very large house (4/5 bed, separate office, utility room, 2 reception rooms, 4 bathrooms etc) but nothing seems to be moving in Surrey right now. We want to downsize as the kids (18 & 21) are now working and renting and unlikely to move back in with us permanently.
I really, really want to move to the coast and I'm so, so glad that no 'dream houses' have come up in the area we want to live in. I'd be devastated to lose out on them while we wait to sell here.
Recap: we've been on the market since 1st June and got a full asking price, cash buyer within 6 days. So we went off market for 6-7 weeks during June+July as we instructed our solicitor and prepared to exchange contracts, before out buyer abruptly pulled out.
We're getting viewings since then (about 1-2 a week) but no more offers as yet. EA has temporarily de-listed our property to give it a 'rest' and we'll go back on with a reduced price mid-September.
Our EA has been really good, very pro-active since our buyer dropped out. He follows up every viewing and has a database of anyone interested in a house like this that he calls on. We couldn't ask for more really.

Twiglets1 · 14/08/2023 12:09

Jacquel666 · 14/08/2023 11:46

@HopefulSeller @Frauhubert @Twiglets1 I'm really hoping the new mortgage deals will get things moving. We aren't after FTBs ourselves as it's a very large house (4/5 bed, separate office, utility room, 2 reception rooms, 4 bathrooms etc) but nothing seems to be moving in Surrey right now. We want to downsize as the kids (18 & 21) are now working and renting and unlikely to move back in with us permanently.
I really, really want to move to the coast and I'm so, so glad that no 'dream houses' have come up in the area we want to live in. I'd be devastated to lose out on them while we wait to sell here.
Recap: we've been on the market since 1st June and got a full asking price, cash buyer within 6 days. So we went off market for 6-7 weeks during June+July as we instructed our solicitor and prepared to exchange contracts, before out buyer abruptly pulled out.
We're getting viewings since then (about 1-2 a week) but no more offers as yet. EA has temporarily de-listed our property to give it a 'rest' and we'll go back on with a reduced price mid-September.
Our EA has been really good, very pro-active since our buyer dropped out. He follows up every viewing and has a database of anyone interested in a house like this that he calls on. We couldn't ask for more really.

Sounds like you have a good EA and a desirable property.

I think people did get spooked when the mortgage rate news was unrelentingly negative, and the media made it worse by their constant speculation and scaremongering headlines. Now they getting interested in the "new story" which is about Lenders starting to reduce their fixed term mortgages in anticipation of interest rates falling in 2024-25.

You may not be selling to a FTB but when FTBs are thin on the ground it affects the whole market. So I hope we will have more positive news by September re the Bank of England base rate peaking earlier and lower than was once forecast.

Jacquel666 · 14/08/2023 12:29

Twiglets1 · 14/08/2023 12:09

Sounds like you have a good EA and a desirable property.

I think people did get spooked when the mortgage rate news was unrelentingly negative, and the media made it worse by their constant speculation and scaremongering headlines. Now they getting interested in the "new story" which is about Lenders starting to reduce their fixed term mortgages in anticipation of interest rates falling in 2024-25.

You may not be selling to a FTB but when FTBs are thin on the ground it affects the whole market. So I hope we will have more positive news by September re the Bank of England base rate peaking earlier and lower than was once forecast.

Show quote history

My thoughts exactly @Twiglets1 If the FTB end of the market eases up it’s got to be good news for downsizers like us 🤞🏻

Mildura · 14/08/2023 13:13

but nothing seems to be moving in Surrey right now

That's a very broad statement!!

However, sounds like your property is firmly in the 'family home' category, and half your potential buyers are abroad. The other half, entertaining kids who are off school.

Jacquel666 · 14/08/2023 14:07

@Mildura yeb tbh I’m only really looking at what’s happening in my local area town in Surrey. Maybe it is different elsewhere. My sister has her house on the market too (bit closer to London) and she’s had no offers at all.

Skipskipperroo · 14/08/2023 14:13

GloriaVictoria · 14/08/2023 07:08

For safety reasons. Has original wiring and fuse box from 1960s.

Show quote history

Our house needed a full reno job included rewire, boiler, bathrooms etc but the lender didn't mention it, maybe check with a mortgage advisor?

Skipskipperroo · 14/08/2023 14:15

We've had 6 viewings so far since being back on the market, no offers yet. Feedback is always related to the kitchen as it needs replacing (the whole house is renovated but we held off on the kitchen due to lack of funds). We originally priced it for this reason and its the cheapest 3 bed in the area but still getting the same feedback.

Jacquel666 · 14/08/2023 14:50

@Skipskipperroo That's very frustrating. But 6 viewings is great -- really positive :) It only takes the right person to walk through the door.

CharlOctober · 15/08/2023 14:47

Jacquel666 · 14/08/2023 14:07

@Mildura yeb tbh I’m only really looking at what’s happening in my local area town in Surrey. Maybe it is different elsewhere. My sister has her house on the market too (bit closer to London) and she’s had no offers at all.

It's the same in Leeds, I'm keeping an eye on what's gone to Sold STC on rightmove and barely anything is moving so at least it's not just us! Before June decent houses were only staying on the market for a week or so, I wish we'd gone on the market earlier!!