Is anyone on the market but having zero interest?

[rootsandwings89]

We put our house on the market a month ago and only had 1 viewing so far :( our estate agent says the market is very nervous and nothing is moving …. Anyone else in the same boat?

This, you can’t have house prices ever increasing with higher mortgage rates. Plus people don’t have the same equity as flats have stagnated.

The price of houses makes a difference….

Can't really disagree, especially the bit about many people not following economic and geopolitical news.

I don’t know. Taylor Wimpy warned yesterday that the cost of house building has rocketed due to the war in Iran. I think there’s going to be a squeeze on supply

But where will people get the money from? And people’s incomes will be squeezed further by the war in Iran

That might be a good plan. As an upsizer you will be better off if prices do move downward - by needing to borrow less for your bigger home. As the larger more expensive homes loose more, in cash terms, so the gap for you to trade up will be smaller. Every cloud...
Cheaper homes are better for everyone - other than the banks, property speculators and those that downsize.

We’ve been on the market since last September. Had about 30 viewings and zero offers. Just reduced the price significantly so we’ll see. People who like it can’t sell their homes (most are in London).

There obviously needs to be price corrections in the market but also
it gets to a point where you are not prepared to lower it anymore.

It’s just a bad time to sell.

We tried to sell our 2 bed last summer, to upsize especially as wed seen a 3 bed we loved.

Got about 6 viewings over about 3 months, no offers. Minimal feedback bar i think one said too much work needs doing for the price. Not a whole lot came up that we liked as by the time we were on the market the 3 bed we liked had gone

Estate agent was poor which didn't help

Had a meeting with them to see what was going on and they suggested dropping by 25k. This would have meant we couldn't have afforded to move so have since come off the market

Have had bathroom done as we are going to stay till the mortgage is due for renewal in a few more years.

House didnt need a whole load of work, couple of rooms look a bit dated, but perfectly serviceable enough that people could live there and not need to do it immediately

We'd gone with the price estate agent recommended too 🙃

Was all v frustrating. Doesn't help they're building an absolute fuck tonne of houses in the local town, and even they don't seem to be shifting

Feels like currently the first time buyer market is out of reach for most youngsters unless they have parental help/very good jobs so that's a large potential customer base all but ruled out

I blame the estate agents for not being more realistic with the pricing or just going with the seller’s price just to get the job

Not many people seen to want houses that need lots of work doing to them these days, probably because of the prohibitive cost of building work now.

Probably a good idea to keep your home in good condition if you plan to sell any time soon.

My friend’s house needed lots of work and wouldn’t sell, she’s now decided to stay put and done loads of work & general decorating/updating. Ironically, I feel like it would sell now if she put it back on the market as it looks ten times better than it used to. In a buyers market, only the most appealing properties sell quickly.

We have just taken ours off the market after six weeks . One very low offer and then no viewings for the last two weeks. We took it off due to a change in family circumstances but were surprised at how little interest there was from proceedable buyers despite it being a desirable house . The market is very very sluggish

There are so many anecdotes on this thread (and others) about what are, no doubt, perfectly nice houses, which would have sold instantly in 2021, not selling, despite some being reduced. There's a definite theme of a falling market. I'm sure some houses/areas are still shifting fast but clearly many are not.
@PlumpHobbit makes the valid point that reducing below a certain figure means that upsizers would often struggle to be able to afford a larger house. It takes a lot of time for sellers to realise that they won't sell at an aspirational price. Some will choose to 'wait for the market to improve' or stay put permanently but others will be in a hurry and will create the new, lower priced comparables.
I think there may be a bounce when there is some kind of (probably temporary) cessation of the war in Iran but I also think this will be short lived for economic reasons.

I put my house on the market the day before Trump began the war having procrastinated about it for the past 2 years 😭. It’s a beautiful grade 2 listed in a desirable Bristol/Bath countryside location and I’m hoping to downsize. I listed at £895k. £105k lower than the highest price suggested by an agent and £30k lower than the lowest, as I was hoping to encourage a smooth sale and to reflect the fact that it needs some tlc in parts.
I’ve had a lot of interest and 15 viewings (a couple of second viewings also). Most of the feedback has been incredibly positive (bar things I can’t change like “the busy road” despite it clearly being located on a main road!!) . However only a handful of the viewers have been in a proceedable position, most are still trying to sell their own properties. I had one very low ball offer from someone who has been low ball offering all around the area (so clearly not that fussed about my specific house, just a speculator hoping someone will be desperate enough to move that they will be able to snap a bargain). Several viewers said they would offer if they sell their own. No one has said it’s overpriced - in fact the opposite has been said! Some people have said it’s more work than they want to take on, which is fair enough, a 400 year old house is not without its issues.

Viewings have dwindled to about one a week now. I’ll probably just leave it on the market ticking along. It’s not a house for everyone even at the best of times, grade II listed large house needs patience, understanding and deep pockets. But hopefully eventually someone will come along and fall in love with it, just as I did 20 years ago.

In theory moving up the ladder in a falling market should be easier if what your buying is also cheaper.

Not many people seen to want houses that need lots of work doing to them these days, probably because of the prohibitive cost of building work now

Its far too expensive these days to do work and there’s no guarantee you will get the money back.

For me personally there has been a big shift in what I am planing to buy next. It will be smaller than planned as utilities are only going one way. As long as I have enough space to eat in the kitchen then no need for a big extension. With interest rates as they are I don’t want to be servicing much debt, it’s a waste of money.

I was thinking about upsizing as four of us are squeezed into a small house and we could afford to buy bigger.

I’ve decided against it for now though as it feels too risky. The job market is shite so if either of us lost our jobs we would struggle to get another. There is also the factor of increased energy bills and maintenance on a bigger place. And the stress of trying to sell my current house in this market, thinking of the number of viewings it would take! It doesn’t feel worth the risk and effort. Expect many potential buyers feel the same.

'I’ve decided against it for now though as it feels too risky. The job market is shite so if either of us lost our jobs we would struggle to get another. There is also the factor of increased energy bills and maintenance on a bigger place'

Exactly as @Catsandcwtches and @circusrunaways, many potential upsizers have decided that it is too risky with the economy and therefore the job market in a very bad state and worsening. The larger and more expensive homes are undoubtedly falling in price more for this reason and the higher cost of running and maintenance. As has been the case for around 3.5 years now, agents and sellers are very slow to cotton on. New properties are still being marketed at the same sort of price (some even higher) than all the ones that haven't sold since 2022. I've recently seen one house, higher end for the area, in need of some work which has now come down around 35% from when it was first listed in 2022. A few sellers are starting to get it!

Wow I really relate to a lot of what people are saying on here - frustrating that it’s a good time to upsize in terms of prices being lowered but we are stuck until we sell ours. We saw a house that we liked but have since decided it’s a ‘no-go’ as it needed a bit work and with energy bills likely to rise, I don’t want to see all my monthly income disappear to the point we don’t have enough money to enjoy life and go on holiday etc.

In my area the agents idea of what is 'priced correctly' is way off the reality. Sellers round here are having to drop at least 10 percent from what the agents recommend in order to get s single viewing. You will pay less for your next property so it works out.

It's the price! If there are lots of houses on the market that aren't selling (which there are); clearly there is a market for people to move. The ones in our town that move quickly are the ones that are priced to sell. It's unfortunate that people are going with an unrealistic price recommended by their estate agent but I do think in the past people used to go for the middle range quoted - they now need to go to the lowest, or lower. They wouldn't lose money because the next house they're wanting to buy would do the same.

A fascinating combination of pricing decisions.
Is it realistic though to price anything above the 2021 peak? But perhaps the sellers can't afford to move otherwise.

We bought our house in 2021 and have quickly outgrown it. If we sold for the 2021 prices we wouldn’t be able to move as we’d have hardly any equity

We moved in 2023 and have done a lot of quite significant work (solar panels, new bathroom with big changes including new hot water tank moved up into the attic, new radiators, new doors and windows) and I don’t think we would expect a penny more than we paid for it right now. So I wouldn’t think in terms of ‘adding value’ as that doesn’t really apply any more. Maybe ‘supporting price’ if it’s the right piece of work. I see things selling this spring that weren’t going six months ago and I think either they are in absolutely turnkey Instagram condition or they are developer/project type sales of things like bungalows that haven’t been touched for a long time with obvious potential for major upgrades. We will do better just here because we are walking distance to a desirable primary school.

I do therefore think the market is a bit better than it was, or anyway it was picking up until Trump’s little golf trip to Iran, but prices are still falling or static in a lot of places.

Then it makes sense to hold on. Hope it works out for you.

And that's the problem. Most buyers can't afford and are not willing to pay 2021 price plus 10/15% or whatever you are looking for, although it depends on the type of house and area. The economy has deteriorated and interest rates are far higher. The sums simply don't add up. Probably, therefore, a good idea to pay off your mortgage as much as you can and keep an eye on local prices.

Yes we are buying a bungalow that needs a full remodel. Those seem to be selling around here although it takes a year or so for people to realise their price is too ambitious. However, they do sell, because the plots are good and even though it will cost a lot to renovate, most people buying them are looking to die in them so not that fussed about the long term investment costs. I’m hoping to have forty years in ours before I leave in a box!