How long is a long time to be on the market?

[Coinsfortheeyes]

We recently lost the buyer to our house, which in turn meant that the vendor of the house we were buying put theirs back on the market, despite us having paid for survey, searches etc. They accepted an offer made to them previously and we are gutted as despite us finding a new buyer by the end of the week (who is chain free) they have decided to proceed with the new offer.

We are back to looking at houses and struggling to find anything that meets our needs. We have found one property that we are going to view this week. It was actually on the market when we were initially looking, but we didn't go and view as we felt it was a bit beyond us financially. It's on for 450k but according to RM, it sold in 2023 for 440k. They are selling due to a change in personal circumstances and no issues with the house. Our top budget is really 425-430k - is there any point in us going to view? It has now been on the market around 6 months, is this considered a long time? As I say we are now in quite a good position and really hoping this house is as good as it seems in the pictures!

Definitely worth going to see it - if it's been on for 6 months (which I'd say is a long time) they're likely to accept an offer within your budget.

Yes, you should definitely see it. Sorry to hear you lost your buyers.

Definitely go and see it. It’s a bit worrying they haven’t reduced the price in 6 months as they may be unrealistic or unmotivated to sell.

But who knows, you may be viewing just at the right time. If you love it you could offer 425k & that’s not an insult.

What has happened to the market in that area since 2023 when it last sold. Have you checked RM or Zoopla to get the current estimate.
Also, aren't you just a bit sceptical that they are selling due to a change in personal circumstances but they can afford to leave it languishing for 6 months without reducing the price. That doesn't add up.

Yes 6 months is a long time on the market, especially without a reduction.
I suspect their 'change of circumstances' is probably a relationship breakdown. It looks as if they will need to take a loss on the price in order to sell, as they have been on the market for 6 months, but aren't willing to accept that as yet.

You can always go and see it and offer your 425k if you think it is worth that but there is a fair chance that these people are unrealistic and won't accept, unless you happen to be catching them at a time when they have had a change of heart.

6 months means it is overpriced, view it and offer 425k. However you should also check out the price history as borrowing costs have moved up by a lot and they may be trying it on.

Yes I also think it's likely to be a relationship breakdown and can totally understand why they would be gutted to not sell what they paid at least.

I think a relationship breakdown but yes I will check Zoopla as haven't done this yet.

Just had a look on Zoopla and it's been on the market longer than I thought - Nov 23. It was reduced to 450k in May (which is when I initially saw it). Zoopla estimated price is 451k, lower end 428k, so it is very fairly priced.

Zoopla estimated price is not reliable

Ignore Zoopla- very unreliable.
Do your own research- lots of it. Property log extension on chrome is good. View the property once you have researched, ideally over several months, although probably not possible in this case. All you can do is offer what you think it is worth and then the vendors can make a decision. The only thing with a divorcing couple is that you make get stuck in the middle of their disagreements so it might not be an easy transaction.

The more prices get reduced the closer we will be to a stable functioning market.