Page 20 | 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!

Twiglets1 · 27/08/2023 18:17

HangerLaneGyratorySystem · 27/08/2023 17:18

@XVGN are you Dead House Bounce on holiday perchance?

I know where you’re coming from but DeadHouseBounce now goes by the name of Crashy something or other. They attempt to be more “normal” now but are still identifiable by the tone they use which, like their keyboard, is often a bit off kilter.

There are some on here who always say “don’t buy” or “sell your property at rock bottom price” whatever the question. But there’s only one DeadHouseBounce as far as I’m aware.

rainingsnoring · 27/08/2023 18:29

HangerLaneGyratorySystem · 27/08/2023 16:25

We’ve dropped £25k. I think if we all dropped our prices then we’d all sell; it’s a bit of a nonsense! You could reply to every single post on here saying “well if you really wanted to sell you’d drop £50k £100k, half a million” whatever.

Well why do you think you have only had 3 viewings in 10 weeks then? Do you have a better answer?

It's not a nonsense to suggest dropping your price is you aren't even having viewings never mind offers. It's what is needed if you want to sell. I've already said that your agent sounds useless so a change is worth a try but the reason the market has seized up in general is because most people can't afford the prices at far higher rates. It's pretty obvious.

XVGN · 27/08/2023 18:40

Twiglets1 · 27/08/2023 18:17

I know where you’re coming from but DeadHouseBounce now goes by the name of Crashy something or other. They attempt to be more “normal” now but are still identifiable by the tone they use which, like their keyboard, is often a bit off kilter.

There are some on here who always say “don’t buy” or “sell your property at rock bottom price” whatever the question. But there’s only one DeadHouseBounce as far as I’m aware.

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I know where you're coming from ......?

C'mon, let's be realistic. There's around 50 of us posting about housing. Around half think it will go up and half think it will go down And a few who see no change. None of us know and I like talking to people who see things differently to me in case confirmation bias has kicked in.

I can articulate why I think that prices will go down (overall, but not everywhere and not for every house) and I'm happy to have that conversation.

Twiglets1 · 27/08/2023 18:45

XVGN · 27/08/2023 18:40

I know where you're coming from ......?

C'mon, let's be realistic. There's around 50 of us posting about housing. Around half think it will go up and half think it will go down And a few who see no change. None of us know and I like talking to people who see things differently to me in case confirmation bias has kicked in.

I can articulate why I think that prices will go down (overall, but not everywhere and not for every house) and I'm happy to have that conversation.

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Aw don’t take it personally

XVGN · 27/08/2023 18:52

Twiglets1 · 27/08/2023 18:45

Aw don’t take it personally

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I'm not. Would you like to discuss anything?

rainingsnoring · 27/08/2023 19:09

'There are some on here who always say “don’t buy” or “sell your property at rock bottom price” whatever the question'

I've not seen that but I have noticed defensiveness, people taking things personally and throwing accusations around that posters must be from HPC simply because they disagree with them.

XVGN · 27/08/2023 19:15

rainingsnoring · 27/08/2023 19:09

'There are some on here who always say “don’t buy” or “sell your property at rock bottom price” whatever the question'

I've not seen that but I have noticed defensiveness, people taking things personally and throwing accusations around that posters must be from HPC simply because they disagree with them.

Yeah, it's a bit bizarre. For the record, I'm in the Charlie camp - prices don't crash they only slide. And you'll only see the full impact years later when you look back. People expecting day to day falls are going to be disappointed.

Twiglets1 · 27/08/2023 19:20

XVGN · 27/08/2023 18:52

I'm not. Would you like to discuss anything?

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No, I don't want you getting triggered just because I said I know where you're coming from to @HangerLaneGyratorySystem in relation to them thinking you might be standing in for DeadHouseBounce on holiday.

You do share certain characteristics that's all. Though I do think you're a different person as he's kinda unique.

XVGN · 27/08/2023 19:22

Twiglets1 · 27/08/2023 19:20

No, I don't want you getting triggered just because I said I know where you're coming from to @HangerLaneGyratorySystem in relation to them thinking you might be standing in for DeadHouseBounce on holiday.

You do share certain characteristics that's all. Though I do think you're a different person as he's kinda unique.

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I won't get triggered, I promise you. What are these characteristics to which you refer?

Twiglets1 · 27/08/2023 19:28

XVGN · 27/08/2023 19:22

I won't get triggered, I promise you. What are these characteristics to which you refer?

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You already DO seem triggered so I'm going to leave it there. Take it as a compliment, maybe. He is someone with strong views, not afraid to express them. A bit negative maybe but no one's perfect.

XVGN · 27/08/2023 19:54

Twiglets1 · 27/08/2023 19:28

You already DO seem triggered so I'm going to leave it there. Take it as a compliment, maybe. He is someone with strong views, not afraid to express them. A bit negative maybe but no one's perfect.

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No, I'm not, honest. Amused? Yes. Is it a he?

Twiglets1 · 27/08/2023 19:56

XVGN · 27/08/2023 19:54

No, I'm not, honest. Amused? Yes. Is it a he?

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In my mind I have "voices" for all the regulars on this forum. He is a He (in my mind) and so are you 😂

rainingsnoring · 27/08/2023 23:25

XVGN · 27/08/2023 19:15

Yeah, it's a bit bizarre. For the record, I'm in the Charlie camp - prices don't crash they only slide. And you'll only see the full impact years later when you look back. People expecting day to day falls are going to be disappointed.

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Agreed. I think we could see falls for a long time although at some points the falls will be more rapid. Btw you don't sound triggered at all. Seems to be a buzzword here at present!

HangerLaneGyratorySystem · 28/08/2023 00:09

"What are these characteristics to which you refer?" Well, schadenfreude comes to mind ...

How would the house sale discussions on here work if everyone just came on and said you need to reduce the price. Even if you've reduced and your house is now listed below market value, it's your own fault, reduce and reduce again. That's not really a discussion then is it?

Soon as the agent opens on Tuesday I'll ring them up and say put it on for a fiver.

Hijinks75 · 28/08/2023 09:07

Been on the market since April, only had two viewings, we are trying to downsize from a six bed ( originally four but we extended about 20 years ago), getting absolutely nowhere and frustrated with agents, they set the price originally we agreed to go with it, have reduced it once but still nothing, we live on an estate built very late 90s, all detached, the real frustration is that houses on the estate opposite us built at same time has had 3 four beds sell within a few weeks at prices not a great deal less than ours, not sure what we can do probably going to take it off the market for now and maybe relist late next year with a different agent as I have to be honest this one really doesn’t seem interested in anything but how many views it has on rightmove

rainingsnoring · 28/08/2023 10:47

HangerLaneGyratorySystem · 28/08/2023 00:09

"What are these characteristics to which you refer?" Well, schadenfreude comes to mind ...

How would the house sale discussions on here work if everyone just came on and said you need to reduce the price. Even if you've reduced and your house is now listed below market value, it's your own fault, reduce and reduce again. That's not really a discussion then is it?

Soon as the agent opens on Tuesday I'll ring them up and say put it on for a fiver.

It's up to you if you want to change agent, rearrange your photos, list for a fiver, start a new thread with a link or take any other action. Getting defensive and throwing accusations around isn't going to help though.
Market price is, by definition, the price which your home actually sells at. If you really list at below market price, you will inevitably have several bidders and sell at market price. If you have no viewers, you are likely to be listing at above market price.

Twiglets1 · 28/08/2023 11:20

Hijinks75 · 28/08/2023 09:07

Been on the market since April, only had two viewings, we are trying to downsize from a six bed ( originally four but we extended about 20 years ago), getting absolutely nowhere and frustrated with agents, they set the price originally we agreed to go with it, have reduced it once but still nothing, we live on an estate built very late 90s, all detached, the real frustration is that houses on the estate opposite us built at same time has had 3 four beds sell within a few weeks at prices not a great deal less than ours, not sure what we can do probably going to take it off the market for now and maybe relist late next year with a different agent as I have to be honest this one really doesn’t seem interested in anything but how many views it has on rightmove

Edited

I think people often do struggle to sell 6 beds as they are a bit niche - most people want 4 or maximum 5 beds. Friends of ours bought a 6 bed house a couple of years ago and it was surprisingly cheap compared to comparable 4 beds.

It may be that you can't expect to get much more for a 6 bed than a 4 bed despite the extra space as a big extension can actually put some people off - sorry.

CrashyTime · 28/08/2023 14:03

HangerLaneGyratorySystem · 27/08/2023 16:25

We’ve dropped £25k. I think if we all dropped our prices then we’d all sell; it’s a bit of a nonsense! You could reply to every single post on here saying “well if you really wanted to sell you’d drop £50k £100k, half a million” whatever.

" I think if we all dropped our prices then we’d all sell;"

Exactly! That is how a market works, if no one wants to bid the price you are asking you are not part of the market.

CrashyTime · 28/08/2023 14:09

XVGN · 27/08/2023 17:10

The problem is that many people are trying to catch the falling knife. By the time they drop their price, the market has already dropped further. The only way is to get ahead of the market and hope that your price is so competitive that you'll get a few offers over to bring it back up.

If you're not willing/able to do that then you can only trust to luck/hope or give up trying to sell.

You're right. It's so painful to be the one who accepts the new situation while the people you want to buy from don't.

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Use PropertyLog, you can see all the reductions for any area on that, people are knocking 50-100k off their price regularly now.

CrashyTime · 28/08/2023 14:12

HangerLaneGyratorySystem · 28/08/2023 00:09

"What are these characteristics to which you refer?" Well, schadenfreude comes to mind ...

How would the house sale discussions on here work if everyone just came on and said you need to reduce the price. Even if you've reduced and your house is now listed below market value, it's your own fault, reduce and reduce again. That's not really a discussion then is it?

Soon as the agent opens on Tuesday I'll ring them up and say put it on for a fiver.

You can`t really reduce "below market value" (unless demand has really fallen, which seems to be the case lately) because "market value" is the price it sells for not the asking price.

Hijinks75 · 28/08/2023 18:23

Twiglets1 · 28/08/2023 11:20

I think people often do struggle to sell 6 beds as they are a bit niche - most people want 4 or maximum 5 beds. Friends of ours bought a 6 bed house a couple of years ago and it was surprisingly cheap compared to comparable 4 beds.

It may be that you can't expect to get much more for a 6 bed than a 4 bed despite the extra space as a big extension can actually put some people off - sorry.

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I think you’re probably correct, the estate agent went on about how it would appeal to so many groups, multi generational families, large families, people wanting office space, even the local council for children’s home, reality is they can’t even get anyone to look, I do think part of the problem is the estate agent, in my humble opinion, aren’t very good at selling something that needs working on by them

Original poster

Permanentlyfrazzled · 29/08/2023 18:38

Hi all. Had a good chat with the EA today. It sounds like the market is just dead. They are barely getting any interest on any of their properties. Only properties that are selling are highly unique properties.

They had another review of our price and feel we are very competitively priced. There are two houses on the same road that are no where near as nice as ours and are on for 100K more 🤷🏼‍♀️ So they don't think further price reductions will help.

They've got properties on their books they've had huge reductions on, as the sellers as desperate to sell. And they are still not getting interest on those, even from investors.

They think things will pick up slightly in September given the post school holiday bump, but they feel the majority of this is due to the lack of buyers due to the uncertainty with rates which will take a while to fix.

All in all, we are going to take our house of the market for now and try again in a better market.

Sucks for us as we've sold three times and had several chains fallen through, and have been at this for a year, but think we've just been very unlucky.

OP posts:

Jacquel666 · 29/08/2023 18:52

hi @Permanentlyfrazzled we were talking about our house sale over the weekend and just how it’s turned out to be the ‘wrong’ year to try and sell :(
we couldn’t do it any sooner tho as we had a DD at uni renting so no permanent home, and a DS finishing A-levels last year … if we could’ve sold up last spring/summer we’d have probably been ok.
But there’s nothing to be done about it. Sorry to hear about your situation. So frustrating. A less good house around the corner from us (same price) has just gone under offer so hoping things might be moving??
We are currently ‘offline’ but going back online in mid September to try again. Our lives are currently on hold and I just want rid of this big house as much as I’ve loved it.
we are reducing by £50k when we get relisted by our EA. They’ve been very proactive and helpful on the whole, especially after we lost our cash buyer in July. Fingers crossed interest rates don’t go up and things look better for buyers and sellers soon.

CrashyTime · 29/08/2023 19:59

The best thing for buyers is that rates go right up, really high, then maybe come down slightly, I know sellers don`t want to hear that though.

rainingsnoring · 29/08/2023 22:02

CrashyTime · 29/08/2023 19:59

The best thing for buyers is that rates go right up, really high, then maybe come down slightly, I know sellers don`t want to hear that though.

That's really simplistic. Thinking purely of house pries, it's not just about mortgage rates but also about real incomes, the state of the economy in general and sentiment.
Realistically, all these interest rate rises are going to send us into a v significant recession/ depression/ period of stagnation. That isn't going to be good for anyone, although it will mean that house prices fall.