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Original poster

No viewing on our house in two weeks!

135 replies

Nataliemcm9 · 01/09/2023 18:14

I know the current market isn’t great, but we have had our house up for sale coming up to two weeks and not one single view. I’m starting to think maybe it’s up for too much? But we don’t want to reduce it yet. Is anyone else have the same issue with selling their home at the moment?

OP posts:
XVGN · 02/09/2023 09:52

Twiglets1 · 02/09/2023 09:38

Confusing Kiev with someone else or Charlie?

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The discussion regarding stats was around the weekly UK Property Market Stats Show (Christopher Watkin). Nothing to do with Charlie - who, for reference, does include the median in his stats.

Crikeyalmighty · 02/09/2023 09:53

It does show that very very low rates have given many people an over inflated sense of what they can afford and hence pushed prices up I feel. Unless you can get a very long term fix at under 4% -

Twiglets1 · 02/09/2023 09:59

XVGN · 02/09/2023 09:52

The discussion regarding stats was around the weekly UK Property Market Stats Show (Christopher Watkin). Nothing to do with Charlie - who, for reference, does include the median in his stats.

Show quote history

But you mentioned Charlie in reference to him not being a statistician and not knowing about the mean & median?
Or were you saying Charlie isn’t a statistician but it’s the other guy who doesn’t understand about averages?

XVGN · 02/09/2023 10:00

CrashyTime · 01/09/2023 23:55

Well OK, if they didnt read HPC (and take it seriously) they were not being warned, many people didnt want to know anyway, they thought their house would just keep going up in value (although I think the long term historical average base rate is 7%?)

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The problem is that HPC has been predicting this (a crash) for nearly 20 years. A prediction has no value if it is not timely. Everyone else has been getting on with life. Where you are right is that people should have had a better awareness of the risks ahead. For all the hate, Charlie-boy did at least call the top in a timely manner.

rainingsnoring · 02/09/2023 10:00

KievLoverTwo · 01/09/2023 23:34

It’s wasting so much time. EAs are cutting off their noses to spite their face. I can go in at 5-10% under a realistic asking price now and give them a quick and easy sale, or I can wait for two more BoE rate rises and for more really unpleasant data to appear in the news towards the end of the year, then go in and REALLY lowball them, because who exactly is left in your buying pool when mortgage rates are 7% ?

It makes me feel like quite an unpleasant person who is basically saying ‘nah, I will wait until sellers reach the edge of despair and then I will swoop in’, but if the bloody houses were priced what they are worth NOW, I wouldn’t even need to be typing these words out, would I?

Or, even worse, I can just sit in my really comfortable rental for another two years, save up a ton more money, then potentially pay some poor sod 25% less than I would now in two years’ time.

Neither make me feel like a good person. I feel like sellers have been trapped in a false bubble for years, being told left right and centre that their homes will give them a rich retirement. Now they’re rapidly seeing those claims diminish.

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Yes, I can see it from both sides.
Whatever your position is, the market has clearly shifted. Some of the agents still don't seem to have caught on which is surprising as it is their job.

XVGN · 02/09/2023 10:02

Twiglets1 · 02/09/2023 09:59

But you mentioned Charlie in reference to him not being a statistician and not knowing about the mean & median?
Or were you saying Charlie isn’t a statistician but it’s the other guy who doesn’t understand about averages?

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Get Charlie out of your head Twiggers. I didn't mention him. I referred to the other program and other guy. 😂

Twiglets1 · 02/09/2023 10:06

XVGN · 02/09/2023 10:02

Get Charlie out of your head Twiggers. I didn't mention him. I referred to the other program and other guy. 😂

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Whoops… must have had a senior moment 😬

XVGN · 02/09/2023 10:07

Twiglets1 · 02/09/2023 10:06

Whoops… must have had a senior moment 😬

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That's Ok. It's nice to see you laughing.

Twiglets1 · 02/09/2023 11:16

XVGN · 02/09/2023 10:07

That's Ok. It's nice to see you laughing.

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Well I was actually grimacing but nice thought

Janieforever · 02/09/2023 11:24

It’s the price. My neighbour is doing the same right now. I can’t grasp why. It’s over priced, he’s had not one viewing in a month. It’s utterly pointless.

elusivesale · 02/09/2023 11:34

My partner has his 4 bed detached up for sale in the south west since Feb to try and get hie divorce sorted - the price has been reduced by 17% in that time and still only half a dozen viewings, it's a catch 22 as him and his ex need a certain level of equity out if it to move on.

I am currently buying in the South East and have a sale agreed at 10% below asking.

rainingsnoring · 02/09/2023 15:36

elusivesale · 02/09/2023 11:34

My partner has his 4 bed detached up for sale in the south west since Feb to try and get hie divorce sorted - the price has been reduced by 17% in that time and still only half a dozen viewings, it's a catch 22 as him and his ex need a certain level of equity out if it to move on.

I am currently buying in the South East and have a sale agreed at 10% below asking.

They are thinking about this the wrong way imo.

If they had put their home on in Feb for 10 or 15% less than what they asked initially, the would probably have completed by now. The market has continued to fall so now 17% off is not enough of a reduction now, evidenced by the fact that they are only having one viewing a month at best (unless they have all been since the last reduction). The other mistake is that they seem to think the market will provide whatever amount of equity they think they need. That isn't how it works either. They are likely to end up with less equity the longer they have the price on the market unsold. Yes, sometimes people are lucky and get one buyer with more cash than sense but that doesn't happen in the majority of cases and isn't happening much now.

elusivesale · 02/09/2023 18:42

rainingsnoring · 02/09/2023 15:36

They are thinking about this the wrong way imo.

If they had put their home on in Feb for 10 or 15% less than what they asked initially, the would probably have completed by now. The market has continued to fall so now 17% off is not enough of a reduction now, evidenced by the fact that they are only having one viewing a month at best (unless they have all been since the last reduction). The other mistake is that they seem to think the market will provide whatever amount of equity they think they need. That isn't how it works either. They are likely to end up with less equity the longer they have the price on the market unsold. Yes, sometimes people are lucky and get one buyer with more cash than sense but that doesn't happen in the majority of cases and isn't happening much now.

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I agree and have suggested to him they take it off the market and wait a while, yes, it's holding moving on up but there's only so much I can say tbh.

rainingsnoring · 02/09/2023 19:26

'I agree and have suggested to him they take it off the market and wait a while, yes, it's holding moving on up but there's only so much I can say tbh.'

Frustrating situation for you @elusivesale. Totally understand why you can't say too much.

CrashyTime · 03/09/2023 20:52

rainingsnoring · 02/09/2023 15:36

They are thinking about this the wrong way imo.

If they had put their home on in Feb for 10 or 15% less than what they asked initially, the would probably have completed by now. The market has continued to fall so now 17% off is not enough of a reduction now, evidenced by the fact that they are only having one viewing a month at best (unless they have all been since the last reduction). The other mistake is that they seem to think the market will provide whatever amount of equity they think they need. That isn't how it works either. They are likely to end up with less equity the longer they have the price on the market unsold. Yes, sometimes people are lucky and get one buyer with more cash than sense but that doesn't happen in the majority of cases and isn't happening much now.

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Yes, chasing the market down isn`t the way to go at all.

CrashyTime · 02/02/2024 14:26

Did it sell, did you have to cut the price further?

Rangewife · 02/02/2024 14:30

What’s your agent’s marketing strategy and what have they said about why there is no viewings. You’re paying them to do this job.

Rangewife · 02/02/2024 14:30

Market is rising in London and properties going super quick

cupcakesarelife · 02/02/2024 17:41

I'm a buyer and honestly, I can imagine it sucks. As a buyer in the process of buying my house now, I worry I've spent too much on it even though reduced a lot for reno costs. I do feel for you. Unfortunately, the market has changed and the interest rates don't justify many of us buyers paying £3k on a decent sized family house. A lot of people don't have the 40% deposit needed for the slightly reduced rates, despite agents saying "interest rates have dropped".. errr, not really. I think your best option is to reduce the price incrementally, but I am certain it's the price. even if you don't want to, unfortunately, that's the market now. good luck!

CrashyTime · 02/02/2024 17:45

"A lot of people don't have the 40% deposit needed for the slightly reduced rates, despite agents saying "interest rates have dropped"..

Exactly, so much hot air and not useful to the average person (hence the government floating the idea of 1% deposits, God help anyone who gets involved in that as these silly bubble prices)

Crikeyalmighty · 02/02/2024 17:54

I think a big part of this is that those in the middle housing levels usually need mortgages and at the moment many can't get mortgages at the levels they would need because of current interest rates. It isn't that they aren't prepared to pay the price in plenty of cases- it's that they can't get a sufficient mortgage. Wages are relatively stagnant and so 5 years ago paying 3% or whatever you could get the mortgage - but at double the interest - you can't. When values were so much less but incomes not that disimilar to now say 15 years ago the extra few percent wouldn't have been such an issue- but now it really is.

CrashyTime · 02/02/2024 18:39

Yes they are prepared to borrow the amount (they can`t afford the price, and the price is only based on what the majority of people can borrow!) if the monthly payments allow them to kid themselves on that they are "on the ladder" instead of in hock to a bank and at the mercy of the bond market for the next few decades.

DavidOpines · 02/02/2024 18:54

The greatest transfer of wealth in history takes a long time to turn around! Akin to a huge tanker, listing with greed and desperately patched up by a monetary experiment of extend and pretend over decades now.

I think you are pretty near the start of the tanker sinking (or turning, choose your analogy!).

Drop the price below what any vested interest suggests (EAs, Zoopla etc) and hop on the lifeboat, the market will provide the sale.

Rangewife · 03/02/2024 12:11

Interest rates are coming way back down. I recently got a 4.1% one

Gloriosaford · 03/02/2024 12:17

The days of ultra low interest rates are over, they will tend to revert to the historic mean of 5%, this is the 'normal' cost of money over time.

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