If anyone is looking for a 2 bed flat in Worthing...

[TeddyBeans]

Here's ours 🤣

Feel free to critique the listing, we had a fluke viewing the day after it went live and radio silence since... Would love to sell, the kids need their own rooms and we desperately want a garden

No, a small reduction in rates wouldn't make a difference at this stage. As I said, it made little difference in 24/25 already. As you say, mortgage defaults and negative equity will increase but that will be regardless of rates. I actually do think that rates will come down for a shortish period but this will be because of major economic problems. If houses in your area are accurately priced, they will sell quickly. That is the definition of well/accurately priced at any point.

Yes, some people becoming mortgage prisoners is already a reality - and that will increase for sure. Although unpleasant for those in that situation - its not as big a deal as you might think for the market itself. Only around 30% of UK housing stock is actually mortgaged. Of that 30% the majority is smaller loan to value borrowing. The proportion of borrowers that will become prisoners actually isn't big enough to stop the market functioning. It carries on without them. I've seen it happen twice in my life. Prices eventually fall to the point that things start working again. I dont expect this time to be much different - assuming the market is left alone to re-balance that is. Which is probably the only option for government presently. Timescale though is a difficult guess to make.

Let us know TeddyBeans when you have changed agents at the end of this month. So many opinions on interest rates and the market and nobody really knows what will happen !

You are once again missing the correlation between interest rates and prices, rates dictate prices, not the other way around.

Correct

Will do!

🤗

Second agent came over this evening and gave us the same price as the first without me telling him we'd had another valuation. It's kind of comforting that they are agreeing - even if they're agreeing on 20k less than February 🤷‍♀️

We're released from contract on the 28th so aiming to have everything ready to relist on the Tuesday and see what happens I guess

Thanks for updating us. Good luck, feel sure a buyer will come along soon for you.

Bleurgh I'm having a crisis! DP doesn't want to add anything to any of the rooms to make the spaces photograph differently but I really don't want another set of photos of the living room that make it look vast, empty and unwelcoming - what to do!?

I'm starting the deep clean ready for photos and it's really playing on my mind. Losing the bookcases in the bedroom is doing a number on me too 🫠 help!?

Are you able to post a photo or two @TeddyBeans for people to offer an opinion on?

Could you add a bit of pattern somewhere to make it look more cosy...some new cushions (that could go with you to your new home) perhaps? A huge patterned rug would be ideal, but obviously your DP isn't going to agree to that! Definitely a large vase of fresh flowers...good luck with persuading him!

Don’t worry too much if he doesn’t want to spend money on more accessories. Just make sure you market that flat at the correct price.

Bingo, no amount of fresh flowers etc. will change that fact!

Photos done! It was a little bit of a disaster though! DD's been poorly so had her home instead of the original plan of my mum taking her to her swimming lesson so I had the morning to do all of the last minute cleaning stuff... Was merrily getting on while DD was watching TV and then all of a sudden she's had an accident on the sofa 😱😱 with a hour to go before the appointment!

Managed to get it all scrubbed up and let the agent know to be careful with the photos as there was an obvious dark patch where I'd had to smother the sofa cushions in disinfectant but we got there!

He was moving lots of bits around to make the best of the spaces so hopefully the photos look good when we get them back to review them. I asked him to take extra care with the living room photos so it didn't end up looking as vast and empty as the current ones (it's not that big a room, we just have lots of empty space for the kids to play in) angles really do count!

Got paperwork and bits to fill in then we'll be well on our way to relaunch! Agent thinks by the second weekend we should have some viewings and then we'll know whether we've priced it right.

What price has been decided on?

DP wants to start at 220 as agent said it was achievable. Strategy wise, agent said they either use a range (210-220 or 220-230 depending on when we use it) or offers over and whatever they use first, they'll use the other if the price is reduced. I personally don't care as long as we sell it and are able to fund an onward purchase 🤣

Also found out today that the other neighbour that sold for 228 has had his chain collapsed (his buyers buyer pulled out) he's giving them two weeks and then they'll be back on the market so competition is likely to increase again 🫠🫠🫠

I just checked Rightmove and we're currently the only flat in the complex that's up for sale 🤔 the one that was 225 must have decided to come off as they're not listed as sold stc

I don’t think a reduced new price of 220k is enough to make any difference from the 230k price you have been on at, but happy to be proved wrong.
Also when looking at your listing it can be seen that you paid 213k at the highest peak of the market back in 2021 and flats have not gone up since then, they have fallen loads.
And yes you will get further competition from other sellers in your block as time passes by which is something to bear in mind too. Everything somehow seems easier in summer months and now there is a long winter ahead.

I agree with this and am also very happy to be proven wrong. Are house prices falling in your area in general @TeddyBeans, specifically the ones you are looking to buy? That could help you here.

I agree with @BingAndFlop400 that £220k seems not enough of a reduction but then maybe it’s worth a try as you’re in no rush to sell.

You’ll be in a better position soon when the actual sale prices for the three flats in your block are published online - currently they’re under offer. I am especially intrigued by how much the flat that was selling for a £200k guide price sold for. The other two were £235 and £240k (is one the flat you mention above that fell through at £228k?).

The new agent said they bring everyone on their books that are looking for a 2 bed flat with a budget in our price range to have a look so even if they don't like the look of it by the photos they actually get people in to see the space. It might help, it might not, I don't know.

DP won't reduce much more without a fight so I'm stuck between a rock and a hard place

Flats have dropped in value there’s no way youll
kake a profit on a price paid 5 years ago.

Good luck. I hope it works out for you. Keep working on your DP!

Thanks for the update @TeddyBeans - hope it all works out for you with the new price and EA!