I thought that even in this markett any property would sell if at thw right price.

[twinsetandpearls]

We have just phoned the estate agent to drop our price again to lower than we paid for it but I thought if that is what has to be done that is what we will do and just tighten our belts a bit further to save whatever we loose. {although the belt is pinching already.

We were advised to put the house on at 155 ( up north) we put it on at 145 to sell, we have dropped anad dropped and were at 129,500 and wanted to go down to 124.500.

The estate agent has done it but his parting words were
"Your house is worth more than that, we sold an identical one recently for 150K, you are pricing yourself too low for your target market and the problem, isnt the price but that no one wants to buy"

I am sure there is some truth in that as we know other people trying to sell who are not even getting viewings, we are getting those at least but the feedback is lovely house but we are unsure of buying or we need to sell ours.

So what do we do? Our savings have all gone, we tried renting it out but
1 it wont cover the mortgage anyway,
2 last time we did this we were rippped of big style and had top redecorate top repair the damage
3 The renting market is flooded
4All that means is delaying while prices drop further
5 we need to buy in a falling market as we are buying up.

Can you downsize from where you're currently living so at least you're paying less in rent?

I don't see that you've got much choice but to trying renting it out again - wasn't it your sister and her friend? If you do it through a letting agent and get deposits etc you should be a bit more protected this time.

At least if prices fall further they should fall more where you're trying to buy, which overall should in theory make you better off in the long term.

But if we rent out that means taking the house of the market again for at least 6 months to a year. I think the chances of renting it out are quite slim too, have done some research and there are lots of houses like ours sat empty waiting to be rented.

We cant really downsize as although where we are renting is nice we got if for a good price, dp also works from home so we could not downsize much tbh. We also have a few animals so getting someone to take us is a challenge.

If we rent we are looking at loosing at least £200 a month so over a year that is nearly 2.5K. I would rather just knock that off the house and get rid of it.

Infact if I were to rent my house out I would be getting less in rent than I paid for a tiny hovel in a rough area 6 years ago as a single parent.

It is heartbreaking.

No wonder I am ill

You have my sympathy. We have just started trying to sell (moving up north for work)and have had no viewings yet. Our neighbours have been trying to rent their house for months and have had no luck either.

No answers for you twinset, but surely as time goes on there will be more people in situations like you and me (i.e. need to move for work) and the market will start to move.

Maybe we should start a house swap thread!

There are about three or four houses on my old road that people are trying to rent out.

I am trying to look on the bright side - the house hasnt ever been so tidy!

Noone is living on ours, so we dont even have that to look on. But we are now living somewhere we love.

I would try one last go at selling it, possibly by auction. Put a reserve on it, cross your fingers and hope that the deal will be done. The joy with an auction is that you do get rid of it on the day - hammer falling means that you have exchanged. Even if you "lose" money on it, you will at least not be paying for a mortgage/council tax/utilities on a house that you do not live in.

I do feel for you but it's not point making yourself ill about - fwiw, I think your estate agent is right.

I don't know what to suggest, but this is the point I keep making to people who are waiting for the spring bounce, it aint gonna happen. I would reduce it to offers over £100k personally and at least then you'd get viewers through the door and then ask them to put in sealed bids, you don't have to accept any of them but people would be coming through the door and one might offer £125k.

I am wondering if the estate agent is happier waiting for a higher offer so he gets more money, he afterall is not bothered that he has to wait whereas we are struggling to keep on top of all of our financial commitments

Lala do you think the estate agent is right about us pricing our selves to low for the market or the fact that people just do not want to buy.

I will talk to dp about an auction.

The agent needs to sell your house as much as you need it to sell, he doesn't get paid a penny until it completes so he'll be out of a job pretty quick if they don't put through 6-8 transactions a month.
Do they seem to know what they are talking about generally ? Have they been in the job a while ie lived through the 90's housing market crash ?

If you were pricing too low you'd have 5 offers on the table wouldn't you ?

That is a good point, they are known as a good estate agent recomended by lots of people we know who have sold houses similar to ours. I wil check how long they have been in business.

A few months ago they had six viewings for the whole month and I dont think that included a sale.

Twinny- possibly what I am about to suggest is very negative but perhaps you will have to move back.

I dont know your situation just you were so very pleased to move and I dont want you to think im hideously unsympathetic but perhaps its a thought.

I know you have a new job but you are becoming quite ill with the stress maybe now is the time to look at it and see it not as failiure but as another experience.

The house next to ours (3-bed Victorian terrace), small garden, not particuarly good location, in good nick but in need of some updating) is on the market for 89k. Was put up for 110 back in November. And there has been 1 viewing It's dead atm.

We have only reduced today, he thinks that 130K + is cheap to just right.

I thought that by going down to 124.500 we may get people catching us on rightmove who are searching for up to 125K. Although I think peole tend to search for slightly more than they can afford and people are not willing to stretch themselves. The estate agent said we may attract dealers or property developers at our new price. But most people who want to buy an average family house in a good area will not think of looking at 125. BUT I can see a house the same as ours but for some reason only 2 bedrooms on at 119K.

I will not move back under any circumstances. Apart from anything else I would not get a job as the schools in the area are making teachers redundant not taking on. I am the main breadwinner.

lol we have a woman in the estate agent right now apparantly cash in hand who is desparate to buy our house at a fixed price.

He's talking tripe twinny, I'm looking at paying £350k and am looking from £350k in case the house came on yesterday to £450k in case it's been on since last year.

It is dead quiet that's true but what is he going to do about it ?
You'd be better of loosing £2.5k a year you know and wait it out, IMO we're 12 months off the bottom and 3 years off recovery so that's 4 x £2.5k and you'll loose more than that selling IMO.

But apparantly the estate agent was too busy to do a viewing!!! My mum is doing the viewing.

Lets hope it's not the agents wife being sent around to make them look competent

I am off for a bike ride rather than staying in turning things over in my mind.