Has anyone listed in the last 2 weeks?

[YellowDuck1]

Since the new year we’d been gearing up to sell our house. We were finally ready to list this week and I think we might have timed it awfully. The market feels quieter than ever with everything going on Iran.

Has anyone else listed in the last few weeks? Have you had any interest?

My sister in law has 6 days ago, 5 viewings and a nearly asking price this morning from a first time buyer. I had been thinking the same as you with the Iran thing but obviously not (average home in average area).

Interesting! Maybe my area is just especially struggling. Out of the 130 properties listed here in the last 2 weeks only 3 have sold

It’s a really tough market. We’ve had 1 viewing and just had to reduce the price. If we lower anymore we won’t be able to buy what we need

How long has your property been up for? We are in a similar position. We really can’t take much less than we’ve listed for (we are losing money on what we paid/what we have done to the house already). If it goes any lower we can’t afford to buy the property we are interested in

Slightly longer - been four weeks. Only had two viewings. Very disheartening, especially when my parents (who last sold during the covid madness, and listed at a bargain price) keep asking if it’s sold yet. It’s on for the going rate, and I don’t know if a month is too soon to be reducing without it looking bad.

I personally wouldn’t reduce as I don’t think it’ll change much unless you reduced drastically. I think if someone was wanting to buy it they’d just offer under.

We last sold in the Covid madness, 9 viewings in one day and 5 offers. This time we haven’t got a single viewing!

That’s the problem where we are.
Houses used to go up for what they were worth. People putting houses on at prices to fund their lifestyle/future purchase, isn’t really about correctly pricing the house they’re trying to sell.

Not sure what you mean sorry - I haven’t priced my property to help with my onward purchase, I’ve priced in line with the market but if I get any lower I won’t be able to make my onwards purchase

I’m looking to buy in London, but everything coming up that would meet my needs is overpriced and just sitting there. People want what the last house on their street sold for, but those sold prices aren’t what they were. So I’m waiting for the inevitable reduction in a couple of months time.

DS sold in an hour. Priced to sell and got a first time buyer. He was being realistic.

This isn’t a FTB house unfortunately

The house may be priced at the same level as the market dictates and at the same price as similar properties, but if no one is willing to view it at that price, let alone make an offer, then you have to either lower the price or accept that you won’t be moving.

No prospective purchaser is interested in what any seller needs to achieve to fund an onward purchase. They’re only interested in whether they see themselves living in the house and what it’s worth to them.

Yes, I think ultimately we will not be moving any time soon unfortunately. If the interest rates weren’t so high we could afford to lose more on this property but the monthly payments on the next house we are after would be astronomical if we don’t sell for around what we have listed for. Unless of course the house we are looking at drop their price dramatically too.

Do you think that the house you’re looking at is priced realistically? How long has it been on the market? They may be in a similar position.

Demand is down across the country for various reasons, rents are falling, mortgage rates look ready to go much higher, people who don"t really have to move are not doing so.

Interest rates have been much much higher in the past, getting the next house to also reduce is definitely the way forward.

Maybe? I guess not if it’s not selling? I just think people can’t afford the monthly repayments on the mortgages with the interest rates being so high.

They’ve already reduced it by 10%. It’s maybe been on the market 6-10 months. It’s a new build and none of the plots are selling anymore. The build is almost finished so I think they are getting desperate to sell so I can only hope they reduce them again

New-build sales in some areas are down by 60%.

You are right, people can no longer afford the monthly payments, but rates are not high, mortgage rates have been at 17% in the past I believe.

Yes but high in comparison to what we are all used to! And rising again now due to the recent events in Iran

If a house is correctly priced it will usually sell.

Yeah but house prices overall were significantly lower when the rates were 17%. You cannot sustain similar rates in today’s market when house prices are 10-15 times higher in today’s terms. An average house at that time was roughly 3-4x the income, now they are 8-10 times the income. It’s apples and oranges.

All the houses in my area must be over priced as nothing is selling. Only 2.5% of what has been listed in the last 2 weeks has sold!

We are about to list. . If we don’t get what we want we won’t move. It’s not overpriced .

No i definitely don’t think mine is over priced either. I was quite shocked when they told me the price (how low it was). I think everyone is nervous to move because of what is going on / rising costs / uncertainty.

Hope you get what you need to move