Anyone else trying to sell their house?

[Permanentlyfrazzled]

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!

We sold back in Feb at asking price. Only found somewhere to buy in June. We had to go 4% above asking as it went to best and final offer on the house we wanted. We have had to drop our price 1% for our buyers who lost their buyers and had to accept a lower offer on their place. All surveys and paperwork happening at the moment so I just have everything crossed it goes through. We first went on the market back in November so it’s been a really long process. Really hoping it goes smooth now and we are in in next few months.

Sending positive vibes to everyone, hope your sales go ahead. It's all so stressful isn't it.

Just got feedback from one of yesterday's viewings, unfortunately they said the box room is too small! That's such a shame, I thought they might go for it.
Apparently they said they absolutely loved our house otherwise.

We did a massive amount of gardening over the weekend so it looks great now, inside and out.

Does anyone have any tips on how to deal with my second viewing by people who offered 10% below asking price? We won't drop it any further, I want to make it clear.
We would like to move but we will extend if we can't get a good price. I realise what the market is like, hence we already priced it 10-15k lower than similar properties.

I had a better look around to see what you can get for what we were offered, the houses that recently sold or are currently for sale are 2 bed terraces or completely ruined semis! We have a 3 bed semi, completely renovated, to a very high standard.
I know people offer under, especially in current climate, but I feel like it was cheeky of them to even try to go that low :S
It makes me think that even if they increase it, they will try very hard to reduce it if the survey shows something minor.

Thank you for this 🙏 Do any have any tips for those of us desperately trying to sell at the moment? Is it worth coming off the market and relisting in September?

@TheCatsBlanket Thank you for your message as well <3

Isn’t your EA doing the viewing for you @Potaytoe5 ?

Lots of people do expect a bargain right now but they aren’t all getting one. Only the desperate sellers will keep on reducing past a certain point. If you know your house is good value compared to the competition I would stay firm that there is no way you will go that low.

With luck they will make an increased offer after viewing number 2 so ask again when you know the amount.

@Twiglets1 No, we are doing the viewings, it is so annoying as I also spend so much time cleaning, with two kids, in the summer holidays!
Stuck at home a lot of the time as well as it's chucking it down, so even more mess created!!
Worst timing ever, I swear.
Should I tell them to do the viewings instead?

I've just spent way too much time looking at other houses like ours that are for sale, we are definitely a great deal, I am wondering why are we even selling it sometimes!

You could ask them to do the viewings for you. It may depend on whether you are paying for that service or not but they may agree & I find it much easier. Then you could take the kids out to the park or somewhere during the viewing.
I know what you mean, it’s really hard for me to keep a pristine home. Especially when the kids were young. Stressful times!

Gosh how come you are stuck doing viewings? Surely your EA should be doing it as part of their fee?

@Permanentlyfrazzled No we are doing it! I didn't even know that was a thing. I don't really mind, I think I am quite friendly so I hope that's not the problem. If anything I thought that was more helpful as I always try to talk more about the area as well, places to walk their dogs or local schools etc!
But maybe I think to highly of myself and am actually messing it up 😂

@Twiglets1 I agree with you. Just look at the threads of mumsnetters hoping to buy 😕

I think it’s better for the agent to do it if possible. I much prefer it as a Buyer if the EA is showing us round because then you can look properly at the property without being inhibited. Plus the owners do sometimes put their foot in it by saying something negative about the house or the area so it’s better really if the agent does it. Though I think that’s more common in some areas than others.

Bless you @Potaytoe5! I'm sure you are very lovely! I do agree with @Twiglets1 I find it really awkward when the homeowner does the viewings, even when they are very friendly! Plus it's a lot of work for you with kids in the house too!

I'm the opposite. EA has done all ours so far and I'm wondering if I should as like you, I could talk about the area etc

Yes they all seem to expect a bargain don’t they? And some seem shocked when Vendors won’t negotiate.

The media is partly to blame. They keep talking about prices crashing and using hyperbole to get people to read their stuff. Which gives buyers unrealistic expectations about how grateful Sellers should be to get a low offer.

The market is slowly falling in most areas, I know. But it doesn’t seem to be “crashing” despite the high interest rates. Probably because so many people are on fixed rates or don’t have big mortgages.

Agree it's better if agent does it. We have just viewed one house today and owner told us there is x thing next door (noisy) and planning for y (community shop) is going to be approved soon at siide of house. A few other things and as a result we won't offer.

@Twiglets1 exactly this. It's very difficult, we've reduced 7.5% on our original asking price, having achieved our original asking price or there abouts 3 times in the past 9 months.

We've reduced because things are slow and we need to move. But we cannot afford to go any lower or we won't be able to move. It's now below what the house is worth.

Reading the buyers thread many are expecting further discounts of 10% or 100K on top of already reduced prices having sold themselves at the peak, not realising that that prices people out of being able to move. And then wondering why buyers are staying put 🤷🏼‍♀️

Just spoke to our EA. We reduced the price 2 weeks ago to get more viewings. 3 were last week and we have another 2 tomorrow. Theyve only spoke to 1 from last week who did like the house but have decided on a completely different town 😢 She said the market (we're Scotland) has really slowed down right now and they have other properties completely different to ours that are the same position as us. The 2 tomorrow are first time buyers and we are still getting enquiries through. Theyre advise is to see where we are in a week or so then possibly change to a fixed price.

I actually suggested before it went on the market to put it at the fixed price it was valued at. We're trying to relocate and have an offer accepted for a house in the new area. I didn't want to mess around but the EA talked us out of it as they were convinced we would end up with a bidding war......so I'm slightly pissed off its going to end up at a fixed price and we've wasted time. Thankfully the sellers of the new place are willing to wait for us. Although they haven't given a time frame of how long they will wait.

It sound like you're still getting a healthy amount of interest at your current price @noodles20. Is it worth hanging on for a couple of weeks before jumping to reduce? Or have your vendors given you a fixed timeline to sell?

Will you be able to afford to move if you reduce?

@noodles20 I think it actually sounds ok considering a lot of people are away, I'd give it at least two more weeks or maybe until September!

I find it all a bit silly, so are all buyers expecting to get 10% off regardless the initial price? I didn't realise we should have priced 10% over the value of the house! We dropped our price by 7% to take into account the slowing market already.
I wonder what those viewers will say regarding why they think our house is worth that much less, as they seem to just got that number out of thin air.
I just looked at my contract with the EA, it doesn't say about who does the viewings, but maybe I should change the agent altogether D:
Let's see how the second viewing goes and then we will decide.

So going by this thread the Scottish Market seems completely different to the English one. Our house was valued at 165k and originally it went on for offers over 160k. When the viewings came to a bit of a standstill they reduced to offers over 150k to generate more interest, which has worked. The 2 tomorrow are the last booked but we may still get more. What they are proposing is, if in a couple more weeks we're no further forward, we would put it at a fixed price. Im not sure if that would be the 165k the house is valued at. We need 160k to move or if we got offered a bit less we would have to go to the sellers of the new place and see if they would be willing to reduce theirs. This might be possible. Ive been keeping an eye on the market in the new area and a house in the next street has already reduced by 15k. The other day the house next door went up for sale! They've accepted 200k and the whole house needs doing up including the heating system. Next door is in walk in condition at offers over 210k. Not sure how much over that they will get over that price! It is making me wonder if we offered too much in the first place 😬 the house did go on the market beginning of April and was valued at the 200k in that condition. As we say in Scotland im skunnered with it all 🙈😅

@noodles20 Not sure how the Scottish market works tbh, I've read fixed prices are less common?
We are on 'offers over £200k', initially were at a fixed price of £215k.
I was hoping we would get at least £200k, maybe £205k for it.
The only offer so far is £180k, which is very cheeky considering we are definitely not overpriced.
Is 'offers over' supposed to mean certain % over? In Scotland that is. Looks a bit like it means nothing here in England😣

I mentioned the school holidays to the EA but she didn't really give an answer. Our schools go back on the 16th anyway. What she did say though was the interest rates aren't as bad as the media is making out and lenders have already started reducing rates for fixed rate mortgages. Also, even though prices are being reduced everywhere the overall values are not really coming down and they don't expect to see a crash in the next few months, if at all. I really hope she is right!

Good luck for your second viewing btw! Thats really good news. I dont think I would be arranging a second viewing if my original offer wasn't accepted and I wasn't prepared to increase the offer!

@noodles20 I wouldn’t reduce while you are still getting viewings

Yes, the majority of houses go on at offers over and some at a fixed price. Fixed price isn't as common. I initially wanted to out a fixed price basically because I just wanted what we needed to move. From a buyers perspective you don't know how much more you're going to pay at offers over. An identical house to ours in the next street (sold by the same EA) went on the market in April at offers over 160k and sold for 177k within a week. I think we've had bad luck with the timing.

I'm the same with the English market, can't get my head around it lol It does sound a lot more complicated but maybe its just what you're used to.