Anyone else finding it difficult to sell a larger family home?

[Pickleandwhizz]

Anyone struggling to sell their home, ok we have only been on a month and ive not moved for the last 15yrs. We are trying to downsize, we have a 5 bed detached in its own plot with double garage, brand new kitchen and boiler only fitted few days ago, log burner, its a 1980,s home so all the rooms are large, ive parking for 8 cars. Its was initially on for 425 but we reduced to 410, we are happy to take 395 for it but people who come love it yet they cant afford it, they want it for 375 but if i sold for that we couldnt buy what we want. Estate agents are saying people want something for nothing and its because they cant get a mortgage. Anyone else trying to sell?

But there's every chance that 3 bed is over priced. That said, in my area there's about an 50-80k difference between 3bed new builds and 4bed new builds (or older new builds). When we sold our 16 yr old 4 bed 5yrs ago, the difference was not much either or proportional as 3 beds are by far the bigger demand. Our agent literally said if people don't absolutely need the extra bedroom, it's only worth whatever they're prepared to pay for an extra room they don't need. Sounds like you have a bit of an ambitious agent tbh. Zoopla has a tool that lets you know what agents sell the quickest in an area (the most realistic prices). You obviously don't need to move or sell but when you do, it might help to look at who is shifting the most and quickest.

Meanwhile there’s barely any 4 beds near us at all. Even small ones are at least 400.

where are you as price seems very cheap!!!

I'm sorry but this is such a boomerish attitude. Her house is not worth the price if nobody wants to even look at it. And the idea that people want something for 'nothing' is so clueless. The cost of my mortgage has increased by 20% on renewal. If I was buying now I'd want a lower price in order to make the monthly payments more affordable. People want to be able to afford the mortgage payments, that's all. It's not entitled to want to be able to afford life.

Eh? The market is saturated because nobody can afford the prices, therefore they are overpriced! That's what overpriced means!

Add in the fact not everyone wants new builds or aging new builds. Nothing against them....but having owned one previously - I wouldn't again. I certainly would want to pay £1800pm for one ....

That's just not how it works though. If smaller properties are more desirable and more scarce they will fetch better prices. It doesn't follow that if big expensive houses are worth less than smaller cheaper houses will be worth the same proportion less.

Ive never said there was 8 cars outside, its has potential for multiple cars, if you have a large home id expect that not a new build with a postage stamp for parking that has become the norm.

Clearly it does because my estate agent just posted a shoe box at 300k and the comments suggest it should be lower.

If that shoebox sells then it's not overpriced.

We are in south wales near cardiff

It isnt thats the point the whole market needs to shift, EA are overpricing. Its a great home for a first timer but they cant afford 300.

@RoseField1is right I'm sorry to say OP. Selection of 3 bed terrace houses (older new builds) vs 4 beds detached. Actual sold prices. Not listings. All the same street within a year. I live in the south west and this stacks up for all the major towns within 1 hr. 3 beds generally are disproportionationately more.

My DM had her large detached 6 bedroom house valued recently. Valued about right. Estate agents were keen to try to sell it. But a smaller cheaper different style property (overvalued imo) sold recently and I don’t think hers would sell as quickly. It’s not modernised as per the other houses in the street. As people say, it’s a big house. Doesn’t need a huge amount of work though. She’s SE London though (West Dulwich) so large families would prob buy.

Yes - I agree, I really feel for our neighbours with the 12 yo as I am not sure how they will manage now. Even finished it would be slow to move in this market - and they are snookered as they will struggle to breakeven selling at this point and property developers will smell blood and be cutthroat in their offers.

The property market has just belly flopped at a time when so many people need to downsize (COL) and it’s the bigger properties that are impacted most. The ‘mansion tax’ will not have helped as people are worried that if they buy any property that is over £1m, they are at risk. My feeling is that RR will definitely keep reducing that threshold from £2m over time until absolutely anyone who is a property owner will have to pay a tax. Labour is not the party of asset ownership so they will do nothing.

In the interim, mortgage holidays or converting to interest only (though these are a bit rare now) can help with the monthly outgoings if a seller needs to bide their time while waiting for a buyer or for the market to pick up again- but none of it is ideal.

I don't think it's 'years of work down the pan'. You lived in a home, paid foe thw upkeep and presumably to make it how you like it. That's just life. Sometimes you get money back for your work, sometimes you don't. You invested in a quality of life that suited you, now you need to invest in a lifestyle that suits your current lifestyle.

People in this area do not have the money.

That will be the problem then - no buyer with enough money.

You may just have to wait to that one out of town buyer or that one who does comes along.

When IL and DP looked at downsizing with the costs and markets at time late 50/early 60s it just didn't work - there were in three beds so stayed got used to the space- and now we are starting to issues - one location -- one stairs.

The houses here not selling have older people in and the decors are dated - and frankly with cost of work going through roof last few years I can see why people are put off. MIL kept on the garden would sell a friends house - lovely garden but the two parenst working demographgic thye were selling to wasn't bothered by a nice old style garden and put minimal one in very quickly.

We're in S wales - our 4 bed semi would be worth at most 260K - ex council estate - 2 car parking - the extra room - a side extension not loft - adds about 30 K to the house price on this estate.

Slightly off topic, but how have you found living in such a home?

We are thinking of buying a large home in the future however we aren’t sure because we’d be spending close to a million and that’s a lot of commitment for many many years mortgage-wise.

more on topic, we have decided not to sell right now because the market is DEAD slow and everything is reduced where we are

I think smaller 3 beds are still selling well too as you can use the (usually tiny) 3rd bedroom as an office.

If you are expected to take less than asking I am pretty sure most of the smaller properties will also end up going for less than advertised

and when you say you can’t afford to take less - because clearly selling at 360 and buying at 300 will have lots left after all costs - I don’t quite know where you are coming from

My and my mum’s neighbours have artificial grass and paving as it’s easier to maintain. I have paving too mind you (was already there).

There’s even a link on RightMove now to check.

30 years ago today (!) we moved into our 'forever' home. Not quite forever infact, as we're thinking of selling it over the next couple of years. It has been a fantastic family home, that provided a wonderful base for our family. We extended to accommodate my Mum in a separate space, and we've been very happy here. Costly though - but in our minds, well worth it. We did it at the right time, our DC were 4 and 5 when we moved in, so that had the joy of lots of space as they grew up.

Your mum's previous buyer's behaved terribly. It's horribly stressful when buyers or sellers behave like this at the last minute.
The basic point remains that houses that have been on the market for a year without selling are over priced. Prices have become so out of kilter with wages and most people can't or won't stretch more now.

'now you’re telling me it’s my own fault for buying a big house and tough that no one can afford to buy it?'

Why do some boomers have such a victim attitude?

The pp explained about wages having stagnated and how there is a general problem with a lack of affordability of housing and then said this:
'Now that some baby boomers are ready to downsize, they’re struggling to find a ready pool of buyers because younger folk are too broke and they don’t have the equity to upsize or even get on the ladder.'
This is all factually correct. Where is the section where anyone has said that this situation is all your fault?
I agree with you about the lack of suitable housing for older people in many areas. That is a result of poor planning. People are extending bungalows because of the same affordability problem.
Clearly, there is no ready solution that will please all parties. But, the basic fact remains that, if a property isn't selling over a period of months/years, it isn't worth the price in the great majority of cases.

I think £425k (525, or even 825) is tricky because people would be searching eg Rightmove for prices up to £400k and that little bit over means yours is missed. DD has just put hers up for £525k and I’ve said the same to her, but what do I know? I imagine pricing it just under, £395k you’re more likely to get interest and then the serious buyer prepared to go over will be paying £400k plus. Good luck!