Page 21 | 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!

HopefulSeller · 29/08/2023 22:04

I’m about to engage an EA to sell at the low end of prices in my area, to be realistic. But a neighbour has said that they are interested in buying. They think that they could get a mortgage but haven’t got one yet, and they want to know my price.

Should I consider their offer? I really don’t know how to price my house to be honest, and not sure how long their mortgage investigations will take.

XVGN · 29/08/2023 22:13

HopefulSeller · 29/08/2023 22:04

I’m about to engage an EA to sell at the low end of prices in my area, to be realistic. But a neighbour has said that they are interested in buying. They think that they could get a mortgage but haven’t got one yet, and they want to know my price.

Should I consider their offer? I really don’t know how to price my house to be honest, and not sure how long their mortgage investigations will take.

I would get some free non-committal valuations from your local EA's. Determine the "right" price based on their input and also the prices of similar properties marked as SSTC on Rightmove.

Offer it to your neighbour at said price. If they accept and order searches straightaway then they're your buyer and no EA fees to pay!

rainingsnoring · 29/08/2023 22:14

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.

I think you have been particularly unlucky to have three sales fall through and can't blame you for taking a break.

I think your agent is wrong though. They just haven't grasped how much the market has changed, how much affordability has reduced and that sentiment has now changed too which inevitably means that people, such as investors, hold off as they expect falls. Even if we do get interest rate stability later in 2024, as some people think we will, it doesn't change the fact that affordability is reduced by 30% for many. The economic picture will be much worse by then too. It is possible that more sellers and agents start to realise this and drop their prices accordingly. Otherwise, I'm not sure why the market would pick up.

Volterra · 30/08/2023 06:33

Just wanted to offer sympathy to those trying to sell. We started a move to a new area in summer of 2020. Put our house on the market and within 3 weeks prices shot up 50k in new area but not where we were so took it off. Went on again summer 2021 and got offer in 48 hours but they couldn’t port their mortgage. Tried again Feb 2022. Nothing happened for 6 weeks then 2 offers in space of an hour and a 3rd the next day.

Accepted one only for them not to be able to get a mortgage some weeks down the line. Went back on last July and got new offer pretty much straight away. Split chain so potential to go wrong but went through in 9.5 weeks, completing 24 hours before Truss’s budget. At same time I was involved in a probate sale that went on spring 2022 and completed July 2023 after the death of another family member who was the sole owner after original death that triggered sale.

It took months to find a new house but we did and it is being renovated , about to pay deposit to removal company this morning for move end of next month. it’s taken over 3 years but we have got there in the end and the house is much better than I could have hoped for at the start.

I don’t think things will pick next month personally with another potential interest rise on the cards. Market by us appears to have died completely. Horrible time to be moving, you all have my sympathy and I hope it all works out in the end.

CrashyTime · 03/09/2023 14:51

HopefulSeller · 29/08/2023 22:04

I’m about to engage an EA to sell at the low end of prices in my area, to be realistic. But a neighbour has said that they are interested in buying. They think that they could get a mortgage but haven’t got one yet, and they want to know my price.

Should I consider their offer? I really don’t know how to price my house to be honest, and not sure how long their mortgage investigations will take.

"I really don’t know how to price my house"

Recent sales on Land Registry , seller behaviour on PropertyLog?

HopefulSeller · 03/09/2023 21:03

Thanks @CrashyTime and @XVGN I’ve chosen an estate agent and done a lot of research, and think it’s going for a realistic price. I will tell my neighbor they can put in a bid but I won’t just wait for them and not put on the market.

Good luck to everyone!

CrashyTime · 03/09/2023 21:14

Good Luck!

Blibbleflibble · 04/09/2023 21:47

Little update after instructing EA to take house of market by the end of the month (as we've been at it nearly a year) we just had a viewing on Sat and ended up agreeing £10k under asking for a chain free cash buyer. 😳

So subject to funds being in place we've (hopefully) done it. There's absolutley nothing on the market at the mo we want but I'm sure something will pop up (and tempted to break chain and rent after this slog to sell). Can't believe it. Fingers crossed for everyone else and don't blame anyone who wants to take a break. Xx

HopefulSeller · 05/09/2023 08:48

Fantastic @Blibbleflibble I hope it all goes really well! There is hope for us all…

CharlOctober · 05/09/2023 10:56

Congratulations @Blibbleflibble !! That is amazing news, hope it all goes smoothly and you find something for yourself soon!!

Fingers crossed things will start to move for the rest of us too!

Original poster

Permanentlyfrazzled · 05/09/2023 15:51

Oh that's fab news @Blibbleflibble!!! So happy for you!

OP posts:

rainingsnoring · 05/09/2023 19:15

Congratulations @Blibbleflibble. Fingers crossed the sale goes smoothly.

Blibbleflibble · 05/09/2023 20:09

Thanks @HopefulSeller @CharlOctober @Permanentlyfrazzled and @rainingsnoring fingers crossed for you guys. Maybe writing to take it off the market gave our agent a kick up the arse, but we were ready to have (at least) a 6 month break.

I can't tell you how relieved I am not to have to get the house cleaned and tidied to a viewing standard on a nearly weekly basis with 24hrs notice with a 3 year old in the house anymore.

Hopefully September is a magic month for everyone. 🤞 Xx

Hangingoctopus · 05/09/2023 20:09

Just checking in, we went on the market at end of July have had around 14 viewing. We priced in £25k under what estate agents valued as we wanted to be realistic.
Accepted an offer then the chain fell before we could even instruct a solicitor.
We’ve reduced by £20k as we really want to sell and it’s a very realistic and reasonable price.
Had one viewing but it was too large for them 😞
We’re aiming to relocate and are very motivated but everything just seems flat at the moment.
DH has just started to have the conversation about when do we make the decision to come off market if it doesn’t sell. If we went any lower we’d not be able to afford onward move.

CrashyTime · 06/09/2023 19:58

Hangingoctopus · 05/09/2023 20:09

Just checking in, we went on the market at end of July have had around 14 viewing. We priced in £25k under what estate agents valued as we wanted to be realistic.
Accepted an offer then the chain fell before we could even instruct a solicitor.
We’ve reduced by £20k as we really want to sell and it’s a very realistic and reasonable price.
Had one viewing but it was too large for them 😞
We’re aiming to relocate and are very motivated but everything just seems flat at the moment.
DH has just started to have the conversation about when do we make the decision to come off market if it doesn’t sell. If we went any lower we’d not be able to afford onward move.

You should ask your onward move to reduce their price, that is generally the best move to make IMO.

Skipskipperroo · 14/09/2023 12:21

We've suddenly SSTC. We were about to give notice to our EA and then a first time buyer made an offer. 15k under asking but it was a good offering considering the market. Our onward purchase agreed to wait for us and gave us a 9k reduction so we will use savings to make up the difference but I'm quite pleased. I'm no where near as excited as I was about this process as I was in March and I've promised myself I'm not going to stress about this going forward. Really can't be bothered!

whyisitallsohard · 14/09/2023 13:05

Interest rates are going up and up. Even sellers who are getting asking price (rare now!) are facing withdrawals few weeks down the line. Buyers are having a hard time with getting a mortgage. No one has extra cash to cough up to meet asking prices and no one should pay up more incase there will be a housing crash. Best to sell your house reflecting the current economical climate or leave it for more months and lose more at your own risk. Houses are depreciating as we we write our comments. Only thing people can do is adjust the price to reflect the market or lose out more later. These will go on for years. It’s just how it works unfortunately. Also sellers need to make sure they don’t just go for the offers made. The number one factor that affects every sale now is who the buyer is. If they are an attractive buyer and you lose them because you desperately want the asking price, then prepare to lose them and not have a new buyer for weeks to months. Good buyers are hard to come by now. It’s a buyers market.

HopefulSeller · 14/09/2023 13:57

Well done @Skipskipperroo I hope all goes well!

I’ve had one offer but below my ‘bottom line’ which is annoying. I think I’ll have to be open to negotiate though. I’d put the house up at the lowest price end of the market, it’s the best value in it’s category and at 25k under what a very similar house went for 3 months ago.

CharlOctober · 14/09/2023 15:40

Yay congrats @Skipskipperroo !! Amazing news! Hopefully things are moving. The house we wanted has sold over the weekend. A shame but hopefully means the market is moving again after the summer.. not had any viewings for a few weeks, thinking about giving it a couple more weeks, reducing one last time and if that still does nothing may just give up until next year..

Omgwtafisthat · 14/09/2023 15:53

Good news @Skipskipperroo fingers crossed it all goes through

@whyisitallsohard we actually sold a while ago, accepted a reduction which given the market way fair but we are finding other sellers aren’t so receptive. I think it’s all a bit of stand-off

CrashyTime · 15/09/2023 13:59

whyisitallsohard · 14/09/2023 13:05

Interest rates are going up and up. Even sellers who are getting asking price (rare now!) are facing withdrawals few weeks down the line. Buyers are having a hard time with getting a mortgage. No one has extra cash to cough up to meet asking prices and no one should pay up more incase there will be a housing crash. Best to sell your house reflecting the current economical climate or leave it for more months and lose more at your own risk. Houses are depreciating as we we write our comments. Only thing people can do is adjust the price to reflect the market or lose out more later. These will go on for years. It’s just how it works unfortunately. Also sellers need to make sure they don’t just go for the offers made. The number one factor that affects every sale now is who the buyer is. If they are an attractive buyer and you lose them because you desperately want the asking price, then prepare to lose them and not have a new buyer for weeks to months. Good buyers are hard to come by now. It’s a buyers market.

Edited

Yes, definitely try not to annoy buyers now.

Jacquel666 · 31/10/2023 08:53

… we have accepted an offer on our house!!!!! Asking price from a cash buyer, no chain.
fingers crossed this one sticks.
On the back of this we’ve just offered on a house by the sea we missed out on in the summer (it’s back on the market and reduced). Waiting to hear back from the vendors.
i feel like the ball is finally rolling again.

Blibbleflibble · 31/10/2023 09:42

My sale just fell through, cash buyer when the home buyers report came back told us to knock £20k-£50k off the price. When our estate agent asked for quotes for work they thought it needed they pulled the offer and offered on a house down the street. :(

Think we're done now, its been a year and 2 sales have fallen through, 50+ viewings, and no way to sell now before the primary school catchments are set.

Definitely not going to go back on the market again before spring but quite frankly might hang on a couple of years as theres alot of job cuts in my (and my husbands) industry going on at the moment. 😬

Jacquel666 · 31/10/2023 13:09

Oh so sorry to hear that @Blibbleflibble
:(
it’s a bloody minefield buying and selling in the UK.
i hope you and your husband’s jobs are safe.

Manicpanicatthedisco · 31/10/2023 13:41

We exchanged last week and complete in 2 weeks! So happy and relieved. Went on the market in early April, accepted an offer late May. Our buyers lost their buyers in early July and we decided to wait for them to find new buyers as they seemed really committed.

They did find new buyers in mid-August but these buyers offered £30k under the price they had previously accepted. They asked if we'd split the difference and reduce by £15k which is about 3%of our house price. We accepted and then things moved quickly. We're in accommodation provided by my husband's job now and are planning to sit tight and not buy for another year or so. It was pretty stressful and expensive paying council tax, insurance etc for our old house when it was vacant as well as driving about 3 hours return to check on it, cut the grass, etc.

No idea what the market is going to do at this point but we found selling so stressful we're not ready to tackle buying just now and need a break. I know we're in a very fortunate position now and I wish everyone else the best of luck with their sales also. And @Blibbleflibble I too hope your jobs are safe and that things work out alright for you in the end.