Is the market really THAT bad?

[AlexisP90]

House has been on the market 1 week. One viewing confirmed but cancelled a few days later.

Our neighbour is also selling and has just reduced his price to massively under market rate. We cannot reduce and to be honest would not sell for what she's put her on for even if we could.

They are mortgage free, retired and downsizing so doesn't matter to them to lose a bit.

This has screwed us over though. EA has said the reason they cancelled was to view neighbours instead. Fair. Completely fair. I would too! I have just lost all hope though.

Our house is similar size but better condition. Difference is £20k so not small change. Not sure what to do. We have no house secured so have time.

Tempted to remove it from the market until they sell. I think its massively hurting us.

WWYD

House buyers don't care how much you want or need for the sale, they are only looking to get the best/market price. Seeing as you haven't had any interest, are you sure you haven't over priced, regardless of next door? Why are you trying to sell and can you make your current lace more suitable instead?

I would probably keep on the market but be very relaxed about it and once your neighbour’s house has an offer accepted (assuming quickly) then concentrate on selling yours.

Autumn winter is the slow time for houses.

Certainly near me there are lots of ex-rentals on the market so a lot of supply.

Housing markets are very regional though, so one area may be slow and another one moving quickly.

If next door is on for 20k less then there's an obvious comparison not in your favour. Presumably it will sell fairly quickly at which point it's just all the other ones out there

Landlords are feeling a lot of fear with Labour so the market is flooded. No one knows how brutal the budget will be, which is leading to caution.

If you stay on the market then I think you need to make a big thing of yours being in better condition. How much better are we talking - does it need any work or is it in turnkey condition?

I have a flat to sell. Was badly advised by the EA and put it on the market at way too high a price. Has been on the market for six months, and no offers. Zone 3 London. Have taken £50k off it. Now planning to end agreement with current EA and relist with another.

My neighbour downstairs is in negative equity.

Buyers of flats either investors or FTBs are looking for value for money and tbf to them, my flat needs doing up a bit, so it's too high a price to offer. Also, service charges are a b*tch. I pay £330 a month. It's stupidly high. When I relist I'll reduce it again just to get it shifted (it's in my financial consent agreement with the ex) because I'm fed up of living here and need to move on with my life.

Houses are about £900k+ round here and I think it's a bit slower than usual. I've noticed For Sale boards up longer than normal. I think the bubble has burst, tbh.

It's a lot better condition. You could get it to our standard for about £10/15k ish so if you've got the time I guess you would go for that over ours.

We are near 3 excellent rated primary schools, right by town but a quiet hid away cul de sac. I fucking love this house! Only moving to be close to family.

I really don't think we have over priced. Houses in the area have gone for more that aren't as good/as many bath and beds as ours.

Thanks for the advice. I think we just leave it on anyway for now. Neighbour will sell theirs quickly for sure so I guess then will be our prime time.

I sincerely doubt the price on your neighbour's house is "massively under market rate". Market rate is the price someone is willing to actually pay for a property and if that's the price it takes to get a sale then it's market rate. You have almost certainly massively over-priced yours.

The market is slow but I think it's just returning to normal and the market is flooded.

Any house will sell at the right price and maybe yours is too high?

My horrible ex neighbours took ages to sell but they did eventually.

Similar houses have sold for more very recently. As in July. I cannot see house prices falling by £50k in 2 months.

Neighbour has said they just want to move ASAP as have a house secured. Have no issue of mortgage so yes. I can absolutely say they would go way under what their house is worth to get it off their hands.

I think we just wait it out...

If neighbours is on for a really good price it might create a lot of interest and a bidding war. Then people who lost out might look at yours.

This is true. Thanks. Hopefully that's the case.

I was aghast this morning to see a house round the corner gone on for offers over a figure £180k less than our guide price!! Our guide price being £35K less than what we had it valued at in early 2023.

its a similar house, slightly bigger footprint but with some oddnesses of layout and kitchen needing extension/ redo and only one bathroom vs ours has two.

BUT STILL!! I can only think they are going low to get lots of people in and start a bidding war and/ or to sell very fast. The market around us has been quiet and a bit slow but things have pretty much all sold sooner or later, sometimes after a small reduction.

The market does seem quiet.

Neighbours house has been on a while.
Our EA is also selling their house and has said their feedback has been "bad condition/needs work/looks cluttered"
I mean they are an older couple so completely understandable they haven't had the best upkeep.

I'm HOPING our EA is now going to call those people or direct any future buyers giving that feedback to ours. Or as PP said create a bidding war and the losers look at ours.

The problem is if they sold in July it’s either from earlier in the year once completion has happened (normally 12-16 weeks so could have sold in March, or you are assuming sold STC on rightmove has sold at the price advertised 😬

We aren't in a huge rush. Haven't even looked at other houses yet. My only rush is really DS starting school in a years time...

It's only been a week! If it's realistically priced someone will buy it. A lot of people don't want the work so they may well view your house at the same time as your neighbours. Give it till November then relist in the New Year if no reasonable offers received. Good luck.

That is quite a rush then? Surely you'll need to be in by the January application deadline, which is pretty tight now?

My partner said the same! Like it's been a week.
Thank you hun x

Should have said 2 years time... sorry. Brain is fried today

Oh fair enough 😂

Sorry - I don't know why I but a year 😅 life with a toddler drains your brain.
Definitely meant 2!

Think you might be ok OP. Especially if the feedback on the other one is that it needs too much work. Any estate agent with half a brain would send them your way. We were in the same position. Put ours on at 650k but done out nice - you could just move in, and a neighbour down the road then stuck theirs on for £635. But similar to yours it was obviously an elderly seller and the interior was REALLY dated, although their garden was nice. We sold ours for full asking, neighbours sold about 3 weeks later. Obviously I don't know whether they got full too. I was really worried they would be undercutting us but honestly I think having 2 on helped us both because buyers were probably looking at both.

Thank you hun. That's reassuring to hear x

"Neighbours house has been on a while.
Our EA is also selling their house and has said their feedback has been "bad condition/needs work/looks cluttered"

If it's that much of a bargain why hasn't it sold yet? Sadly my experience has been that everything is getting over valued and taking months to sell after huge reductions or not selling at all. Hopefully you'll have a different experience.