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!

MIL buyers first decided to drop the price to 725k based on lack of building certificate (this was 80s so not issued we don't think), before pulling out overnight.

@TheCatsBlanket any idea when the market tends to pick back up over the summer? My contract with current agent ends 5th September and I’m not happy with them so going to switch at that point. Will I miss any sort of “peak time” do you think if it’s a couple of week after that when it goes back online?

A good, skilful, confident EA wouldn't need to commit anyone to longer than 4 weeks. If it takes them longer to sell than that then they are incompetent and should not be engaged.

It won't this year unfortunately x

@oiltrader are you suggesting September is not going to be any better ? If not now , when ?

its not going to get better for the foreseeable. Why do you think it would improve in 4 weeks? Yesterday, Nationwide showed average annual fall on 3.8%, largest since 2009. Buyers will retreat and you need to price accordingly to spark interest quickly as opposed to constant small reducitons. BOE will increase interest rates tomorrow too x

BOE interest rates are only part of the story. Mortgage rates are actually falling. Aside from the rates this is the worst time of year to sell, every year. So yes it should pick up after the summer holidays. That's not to say it's not a freezing cold market, because it is.

To be honest if house prices fall that will suit us. We have reduced significantly, far far more than the houses we want to buy to try and get ahead of the falling market. But it's very very quiet. If we go any longer we won't be able to afford to move. If prices come down across the board and mortgage rates come down too that would really help.

We are considering taking ours off in September and waiting for this to settle down before we try again.

Although good news the family that were coming back for a second viewing want to make an offer. They have something to sell so want to wait until they know what they can get for their's before they offer on ours. And we still have an offer well over asking price from non-proceedable buyers who are also trying to sell their flat. Just hoping something comes through before September...

The fell around 0.2%, while they have risen 4.9%. they wont be going back down there for the next few years, if ever

@Permanentlyfrazzled that's good news about the second viewing!
We've done similar with our house price, dropping it lower than other similar properties ahead of the time, hoping to generate interest (which it did!). Shame none of the houses we like dropped nearly as much yet!

Regarding other post, I wouldn't necessarily say that EA who don't sell properties within 4 weeks are bad though. I think it takes an average 8 weeks to sell where we are- maybe less on my particular street, but 4 weeks is nothing!

@Permanentlyfrazzled I don’t want to piss on your chips but if they’re non-proceedable it doesn’t really mean anything. Have you got any offers/interest from anyone that is proceedable?

I am seeing a couple of houses being pulled off the market here where sellers have given up.

also mortgage rates really aren’t falling, especially on those with smaller LTVs. I am not sure about this fallacy of it getting busier in September, if you are serious about moving then you don’t really take a break from it- certainly not mentally!

BoE will also be rising rates again tomorrow (not ideal for anyone) and so that doesn’t help either. Such a difficult market for everyone I can’t bear it.

There you have it. It takes an average of 8 weeks because incompetent agents are taking 12 weeks+ to sell while competent agents are taking 4 weeks.

You pays your money, you takes your choice.

That’s promising that 2 buyers are interested, though unfortunately not able to proceed just yet. Cross fingers one of them gets a buyer soon so can proceed on your house 🤞

Most agents won’t allow a 4 week contract for those suggesting it. A longer contract is not a sign of an incompetent estate agent.
Most properties take longer than 4 weeks to sell even in a less difficult market.

Of course it takes longer to sell if there's half the amount of people interested in buying. It's not going to be always '4 weeks'in 2007,2021 or 2023!

Had two viewings on Saturday — first in over 2 weeks. But neither wanted to make an offer.
fwiw I think our EA is trying their best. They admitted they’d let people view it who were proceedable just so they could rule our house out …It’s in the town by the road which is putting off a lot of people. Nothing we can do about that.
We just have to wait til the right people walk in. If there’s no movement in September we’ll consider dropping £20k I suppose. We’re in no big rush to move, just want to start a new chapter of our lives now son and daughter are living away.

We're considering changing agent but not sure if it's worth it. Our house is unique so it's a bit hard to compare price with others sold - we're prepared to reduce a bit more but will struggle with the onward purchase. Our last viewers were interested but no firm offer after 1.5 weeks. We're out of contract with the agent but are still expected to give 28 days notice!! They started out doing the viewings but we've done the last 3 (2 on a weekend, 1 on a Monday which DH did). They have quite a few properties for sale in this area but not many staff!
Our fixed rate is up next year and we will struggle to afford the new rates - may have to try and go interest only if we've not sold.

@paddingtonbear1 Yes we're out of contract with our EA too. It's been 9 weeks but tbf we were 'under offer' for 7 weeks of that, before the buyer pulled out.
They've worked quite hard for us so I think they deserve a fair crack at it.
We've been back on the market for 3 weeks and they've only managed to get us the 2 viewings ... plus 3 cancelled viewings when they saw the location :(
DH and me have talked about changing EA but I really can't stand the hassle at the moment ... getting the house ready for new photography, having to meet new agents then show them all round the house.
I'd rather stick with the original EA right now, maybe think about reducing the price if nothing happens in September.

Exact same house in the street next to us went on the market in April. It sold for 17k over asking price within a week. Ours is still sitting 8 weeks later. Both walk in condition and same EA! I really can't blame the EA.

Wow I am so glad to have found this thread! I felt like I was going crazy recently. So sorry to hear everyone else is struggling too.

We put our house on beginning of July. A house over the road, exact same layout, same condition, same EA went within a week for 5k over asking - £205k. We put ours up for £195k and had 3 viewings in first week and then nothing for the last 3 weeks!

We went to view a house at the weekend and fell in love with it. They've accepted our offer Subject to us selling ours but they have kept it on the market. Obviously I wish they would take it off but can't really blame them. Just reduced ours by £10k and hoping to get more viewings 🤞 so stressful!!

Its very stressful! How long between the other one selling and yours going on the market?

Theirs went on end of May sold beginning of June, ours went on 1st week of July. So we did have an interest rate raise the week ours went on which must have had an effect! Frustrating!! Saw your post, fairly similar- unlucky timing by the sounds of it but doesn't help does it! Have you seen anything you like?

We've had an offer accepted on a property and they confirmed last week they're willing to wait for us. They haven't said for how long but I dont think it would be in their best interests to put it back on the market. They stopped doing viewings but its still online so I'm assuming they haven't had much/any more interest.

Ah that's amazing that they're willing to wait!! Ours have said they've accepted the offer but won't take it off the market which is making me very nervous haha! Fingers crossed you find a buyer soon!

Thanks you too! People say buying and selling houses is the most stressful thing.....they're not wrong haha I never want to do this again!