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  • FIRST POST
    • ric1982
    • By ric1982 5th Sep 17, 9:48 AM
    • 61Posts
    • 5Thanks
    ric1982
    How long should it take to sell an avergage house without chain
    • #1
    • 5th Sep 17, 9:48 AM
    How long should it take to sell an avergage house without chain 5th Sep 17 at 9:48 AM
    Wondering how long (and how many attempts) does it take to sell a house (wihtout chain). Not talking about large mansions, house that requires major works but just an averge house in an area.

    Just start from selling house to completion.
    Last edited by ric1982; 05-09-2017 at 10:03 AM.
Page 1
    • anto164
    • By anto164 5th Sep 17, 9:54 AM
    • 127 Posts
    • 61 Thanks
    anto164
    • #2
    • 5th Sep 17, 9:54 AM
    • #2
    • 5th Sep 17, 9:54 AM
    How long is a piece of string?

    Depends where, price, time of year etc.
    • ProDave
    • By ProDave 5th Sep 17, 9:55 AM
    • 414 Posts
    • 488 Thanks
    ProDave
    • #3
    • 5th Sep 17, 9:55 AM
    • #3
    • 5th Sep 17, 9:55 AM
    I tried for over 2 years, gave up and am now letting it.
    • hazyjo
    • By hazyjo 5th Sep 17, 10:00 AM
    • 9,801 Posts
    • 12,422 Thanks
    hazyjo
    • #4
    • 5th Sep 17, 10:00 AM
    • #4
    • 5th Sep 17, 10:00 AM
    Wondering how long (and how many attempts) does it take to sell a house (wihtout chain). Not talking about large mansions, house that requires major works but just an averge house in an area.
    Originally posted by ric1982
    Do you mean how long does it take to find a buyer, or how long does it take to find a buyer and reach completion, or how long from offer to completion?
    2017 wins: Opera tickets; film preview; lipstick; Ideal Home Show tickets + afternoon tea & bottle of Champagne; 2 cases of NKD; notebook; bath rack; books; film Premiere; Broadchurch DVDs; lipbalms; hamper (food/wine/Echo Dot/Jo Malone goodies); Avon lippies; cowhide rug; Windsor luxury break, foundation; Flybe flight
    • ric1982
    • By ric1982 5th Sep 17, 10:06 AM
    • 61 Posts
    • 5 Thanks
    ric1982
    • #5
    • 5th Sep 17, 10:06 AM
    • #5
    • 5th Sep 17, 10:06 AM
    Do you mean how long does it take to find a buyer, or how long does it take to find a buyer and reach completion, or how long from offer to completion?
    Originally posted by hazyjo
    Updated question.
    • AdrianC
    • By AdrianC 5th Sep 17, 10:18 AM
    • 15,469 Posts
    • 13,786 Thanks
    AdrianC
    • #6
    • 5th Sep 17, 10:18 AM
    • #6
    • 5th Sep 17, 10:18 AM
    The only one of the three that's even remotely possible to answer is "offer to completion". Wet finger in the air - three months. It might be quicker, if everything lines up. It might be slower, if something goes a bit awry.

    You might get an offer on the first day on the market, you might not get an offer for months or years. It all depends on the demand for your type of property in your location, and on your attitude to realistic pricing.
    • hazyjo
    • By hazyjo 5th Sep 17, 11:37 AM
    • 9,801 Posts
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    hazyjo
    • #7
    • 5th Sep 17, 11:37 AM
    • #7
    • 5th Sep 17, 11:37 AM
    Took around 3 months to sell mine and I expected it to sell within a fortnight. You never know what the market's going to do, or who's looking for your type of property.


    Agree 3 months is average, but that's from offer to completion. I've done that in 5 weeks before, and another took 5 months.


    Also, around 1 in 3 falls through. Sometimes the chain stays together, sometimes not. I've had 2 take around a year or so from looking to actually completing (lost a couple of houses along the way).


    The first post was correct with 'how long is a piece of string...'.
    2017 wins: Opera tickets; film preview; lipstick; Ideal Home Show tickets + afternoon tea & bottle of Champagne; 2 cases of NKD; notebook; bath rack; books; film Premiere; Broadchurch DVDs; lipbalms; hamper (food/wine/Echo Dot/Jo Malone goodies); Avon lippies; cowhide rug; Windsor luxury break, foundation; Flybe flight
    • 3mph
    • By 3mph 5th Sep 17, 11:40 AM
    • 190 Posts
    • 214 Thanks
    3mph
    • #8
    • 5th Sep 17, 11:40 AM
    • #8
    • 5th Sep 17, 11:40 AM
    Usually completed in an average amount of time
    • Crashy Time
    • By Crashy Time 5th Sep 17, 2:21 PM
    • 5,230 Posts
    • 2,209 Thanks
    Crashy Time
    • #9
    • 5th Sep 17, 2:21 PM
    • #9
    • 5th Sep 17, 2:21 PM
    I tried for over 2 years, gave up and am now letting it.
    Originally posted by ProDave

    Did you drop the price?
    • ReadingTim
    • By ReadingTim 5th Sep 17, 3:49 PM
    • 2,154 Posts
    • 3,052 Thanks
    ReadingTim
    I tried for over 2 years, gave up and am now letting it.
    Originally posted by ProDave
    Are you charging your tenants more than your mortgage repayments?
    • ProDave
    • By ProDave 5th Sep 17, 5:55 PM
    • 414 Posts
    • 488 Thanks
    ProDave
    Did you drop the price?
    Originally posted by Crashy Time
    I discussed it at the time. We are in an area where demand is low (for various political reasons), I refused to drop the price of the old 5 bedroom house to the point where it would cost us more to build the replacement 3 bedroom house. i.e I am not paying to downsize.

    No mortgage, so the rental income is now funding the completion of the new build. After a few years rental income, I could then afford to drop the price as the rental income is in effect "releasing" money from the old house.
    • ReadingTim
    • By ReadingTim 6th Sep 17, 9:09 AM
    • 2,154 Posts
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    ReadingTim
    No mortgage, so the rental income is now funding the completion of the new build. After a few years rental income, I could then afford to drop the price as the rental income is in effect "releasing" money from the old house.
    Originally posted by ProDave
    Double whammy! Tenant pays for not one, but two houses for their landlord. You can see why renting's so popular - can't argue with these maths can you Crashy...?!?
    • phillw
    • By phillw 6th Sep 17, 11:21 AM
    • 937 Posts
    • 555 Thanks
    phillw
    Are you charging your tenants more than your mortgage repayments?
    Originally posted by ReadingTim
    Why? As long as you are charging them more than the interest and any costs in renting/repairs then you're better off. It's nice if the tenants pay your capital repayment, but as you get that back when you sell the property then it's no big deal.
    • Ithaca
    • By Ithaca 6th Sep 17, 12:12 PM
    • 220 Posts
    • 238 Thanks
    Ithaca
    As others have said, there's no such thing as "normal" when it comes to house sales, but three months from offer to completion is a reasonable starting point assuming a small chain and everyone buying with a residential mortgage. It's very unlikely to go much quicker than that, and there are plenty of things that can add a week or two here and there, so six months (or longer) is not uncommon.

    We put our house on the market on Good Friday (3 April), had an offer the same day, had our offer accepted two weeks later (we didn't start properly looking until we were under offer), then completed in early July... so three calendar months on the button with a very simple chain (FTBs buying our house, they were living with parents so no issues with ending a tenancy, and we were buying an empty house following probate)

    But that was two years ago in a popular area with lots of young professionals moving here to prop up the bottom of the market, and a good supply of "doer-upper" larger homes available for existing owners like us to upsize into.

    Your local market will play a huge part in how quickly you'll be able to get it sorted.
    • Crashy Time
    • By Crashy Time 6th Sep 17, 12:12 PM
    • 5,230 Posts
    • 2,209 Thanks
    Crashy Time
    Double whammy! Tenant pays for not one, but two houses for their landlord. You can see why renting's so popular - can't argue with these maths can you Crashy...?!?
    Originally posted by ReadingTim

    Double whammy? If the area is so unpopular that it takes years to sell then tenants may not stay or be hard to come by, and rent is probably low? Funding a new-build from monthly rent after costs/taxes is going to be a slow process surely, sounds like a nightmare to me.
    • Crashy Time
    • By Crashy Time 6th Sep 17, 12:14 PM
    • 5,230 Posts
    • 2,209 Thanks
    Crashy Time
    Why? As long as you are charging them more than the interest and any costs in renting/repairs then you're better off. It's nice if the tenants pay your capital repayment, but as you get that back when you sell the property then it's no big deal.
    Originally posted by phillw

    Wonder how many people now struggling to sell used to think that?
    • ReadingTim
    • By ReadingTim 6th Sep 17, 12:42 PM
    • 2,154 Posts
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    ReadingTim
    Wonder how many people now struggling to sell used to think that?
    Originally posted by Crashy Time
    Indeed - best not take the chance and squeeze the tenants as much as you can now.
    • ReadingTim
    • By ReadingTim 6th Sep 17, 12:47 PM
    • 2,154 Posts
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    ReadingTim
    Funding a new-build from monthly rent after costs/taxes is going to be a slow process surely, sounds like a nightmare to me.
    Originally posted by Crashy Time
    But funding your landlord's new-build from your monthly rent sounds like more of a nightmare to me.
    • AdrianC
    • By AdrianC 6th Sep 17, 12:51 PM
    • 15,469 Posts
    • 13,786 Thanks
    AdrianC
    If the rent is a fair market rent for the property and location, then does it matter what the rent is "spent on"?
    If the rent is considerably more than a fair market rent for the property and location, then why on earth would anybody sign up for it in the first place?

    For the sake of clarity - I'm using the term "fair market rent" to signify an amount that is in line with other, similar properties available on the open market in the area - not some kind of utopian "Well, I think anything more than three shiny buttons is extortion" blue-sky hand-waviness.
    • phillw
    • By phillw 6th Sep 17, 1:55 PM
    • 937 Posts
    • 555 Thanks
    phillw
    Wonder how many people now struggling to sell used to think that?
    Originally posted by Crashy Time
    A lot of them only rented out because they struggled to sell, nothing has changed. It's only going to get harder over the next ten years. You can either drop your price to encourage a sale and get out now, or hold steady.

    But sleepless nights because the rent doesn't cover the entire mortgage is pointless.
    Last edited by phillw; 06-09-2017 at 2:02 PM.
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