AIBU? First time house selling

[rootsandwings89]

We put our first home on the market last Friday as we need to upsize and have more space for our family. We have a smaller sized 3-bed detached house in a nice area with a big back garden. Our neighbours have all sold fairly quickly in previous years.

I thought over the weekend people would have seen it on rightmove and we’d have had some interest/viewing requests but we’ve had nothing! I know it’s early days but I feel really upset and panicking it’s an indication our house will be hard to sell

Our estate agent also said he was disappointed and expected some interest but blamed it on nervousness in the housing market because of the war in Iran

Is anyone else in the same boat or had similar experiences? Am I being unreasonable or am I right to be worried??

It’s a tricky market, a lot of mortgage products have been pulled in the last week. Might have to hang in there for a while.

Yes, I'm selling and it's priced to sell. Popular market town in the south east and we had 3 viewings a month ago and not even an enquiry since.

Harder to get a mortgage now, and fuel prices up. People are definitely nervous. Hopefully if the war in Middle East ends soon, the property market might pick up.

The volatility in mortgage rates is definitely discouraging first-time buyers, that's been all over the news. If a potential buyer for your property is likely to be a first-time buyer (which it sounds like is the case), it makes the situation particularly challenging right now.

People are concerned about the global situation. They’re concerned about energy prices and cost of living increases.

When things are uncertain, people who might have taken a risk, take a step back and wait. There’s a difference between wanting to move and having to move. You’re probably thinking in terms of how the market was a few years ago, when things moved quite quickly. People’s thinking has t caught up with the downturn and the static market, so what is selling are houses that are very realistically priced and those that are ambitious are not.

Absolutely nothing is selling where I live.

I would not be trying to sell a house right now. I got a call from my mortgage broker to lock in to a new deal because rates are going up daily. Between Friday when she called and Tuesday when I called back to confirm the fixed term the rates had increased.

There is absolutely no way I am willing to risk and try to upsize at the moment (which on the face of it your house would be for me). If others think the same that only leaves you with FTB and downsizers the latter of whom will also need to sell and probably for £X amount to make downsizing worthwhile.

It’s an uncertain time for many anyway with the cost of living crisis we are in, then add a war on top of that it’s just not a great time for buying. With the increase in economic uncertainty mortgage rates are going higher.

Good point about down sizers (which will be dh and I in a couple of years). With all the moving costs, stagnant market, and current house prices, the numbers just don’t stack up at the moment.

I don’t think I’d realised how much the market was affected until a couple days ago. Maybe it’s just a case of sitting tight for a bit then

Looks like you'll need to sit tight, unless there is scope for an extension at all? Even just to get you through the next 5-10yrs perhaps.

that's exactly the advice given on TV this morning. If people were needing to move and could lock in a good deal before going to market, they should.

What price did your neighbours sell for and how are you comparing? We moved just over a year ago. I think if we were to sell today then we would probably take a hit. But we would then offer less on an onwards house. Loosing 5% of the value on our current home is fine if we can also pay 5% less on a more expensive home 🤷‍♀️

Our chain has collapsed twice in the last 8 months. We went back on the market last week and had no interest at all. Think the economic/political situation is putting people off. I have a feeling this will be a long process for anyone trying to sell just now

We are in the same boat! Sold before Christmas to a downsizer, chain collapsed in January and now we're back on we've only had 1 viewing request in 4 weeks from a chain free couple. I get the sense that FTBs are not able or willing to stretch in the current climate so that only leaves downsizers! Feels so slow. We've decided if we don't sell by Easter we'll do renovations instead and stay for another 5/10 years.

I’m in a chain of four. Our vendors are taking weeks to appoint a solicitor and meanwhile rates are sky rocketing. I’m anticipating disaster at some point.

we sold ours on the second viewing for full price but that was a month ago before everything kicked off.

Price, its always price. Too high.

It’s so hard not to feel dis-heartened. Staying in our home long term isn’t really an option we have outgrown it and in dire need of more space. If we were to extend it would cost a fortune and I don’t think it would give us the right upstairs space we’d need

I know the feeling, the market is just so much worse than it was when we bought. Hopefully interest picks up, I feel it's helpful to set your own timelines for things. Like by x time you will reduce / take off the market etc. the limbo state is so hard! We did look into part exchange options with new build sites if that is something you'd consider, as then you have a guaranteed buyer and can achieve the upsizing.

People will be less interested in moving while there is uncertainty around interest rates for borrowing. You probably haven’t put it up at all good time.

In the end, if your price expectations are right, the market will do its thing and the thing you’re supplying will find its demand.

Usually, yes, but right now I think it's more about the uncertainty and economic impact caused by the war in Middle East. As others have said, lenders are withdrawing mortgages right now - which is a massive disincentive to potential buyers. That and fuel and energy costs rising sharply, and the wider impact of that on other costs.

Four very expensive ones and two first time buyer ones have sold in my village this week. All just gone on the market and sold signs up which has not been the norm for the sold to be up so soon. I think it is tricky times but some houses will go, the mid range ones less easy to sell as lots available.

I'd have a really good think about it, maybe speak to an architect or two, it's amazing the ideas they can come up with.

yes, it's really expensive to build/extend but so is moving!

how is the location for you for the next 5-10 years?