To those selling in these difficult times

moneysavingfamilycomp

oh well it looks like we will be staying put for a while when we add up what we payed for this house plus cost of GCH DBLG new kitchen new bathroom and drive plus fees for the sale ( not including carpets/ interior doors etc and fees for sale that fell through ) if we drop price any more we will be selling at a loss if we sell for what we are on for now we will only break even the sale needs to at least cover the mortgage we have on the house we dont want to carry debt over to a new mortgage just for the sake of an extra bedroom. im very depressed today its nearly a year since we first went up for sale and i was remembering how excited we were at the prospect of a new start we sat pouring over home magazines planning what we would have in our first home together.

Davesnave

gastroboy wrote: »

wow, the post is a lot longer than I initially thought but to sum it up as a buyer, I won't buy off a seller unless they are willing to share some of my future loss as prices are still overvalued and market will continue to fall.

Long or not, I think you have it spot on, Gastroboy. As a seller, I have just taken around an 18% hit, but despite this great 'loss,' I'm getting 4.3 times the original price I paid rather than 5 times. Looked at that way, not too bad.

Of course I'm not forgetting all those years of mortgage payments and the march of inflation, but I needed somewhere to live all that time, ran a business here etc etc. Overall, instead of feeling a bit fed-up, I should be reasonably satisfied. I'm certainly trying to be, but it's hard, because I've been SSTC x3 before at higher prices.

But not everyone has the perspective I'm giving you there. I know where I think my house's value is heading; I can see it any day on Nethouseprices. It will be a further drop of £80k if we go back price-wise to mid 2002.
My buyers are bright enough to know that, so they realise full well that for the next 6 or 7 years they'll be lucky to get to break-even point. However, they're probably looking to be here longer than that.

Well, that's two parties in the chain reasonably pleased and, from what I've heard, the second person also struck a good deal, but the FTB at the beginning is the unknown quantity. At any point in the next 6 weeks or so, he/she may see a better deal and leave us all high & dry. Alternatively, they may be sitting there with plans to gazunder at the last minute. Who knows?

As you say, buying and selling at the moment is very hard indeed.

redwineguzzler

We had our house on the market (South East) 2 weeks, 1st viewing made offer.

Annpan

We're in a village in Staffordshire and we find that buyers who want and need a larger house are not able to offer on our property because they can't sell theirs. We have dropped our price twice since we came on the market in April and sit as a bargain amongst comparable properties in our area. Prices need to be reduced more at the lower end of the market. We will still negotiate a deal even though we've undercut the market already. We just want to relocate and house price drops are not the problem, it's the lack of confidence now and the banking crisis which is making it difficult for buyers to get their mortgages.

moneysavingfamilycomp

redwineguzzler wrote: »

We had our house on the market (South East) 2 weeks, 1st viewing made offer.

well done hope everything goes well for you :T

mishmash

OH's second viewing was a now show.

Builder (regarding possible part ex deal) called me today, he now has a clear offer (having taken advice from his solicitors and accountant) and wants to meet tomorrow. This option is looking ever more favourable.

Failing that we could rent one and extend another and wait til times are a bit better-not prices, just people being able to get a mortgage.

Heart feels heavy today, I don't want to turn the news on any more.

Good luck to all.

Mish

pawpurrs

At least this deal enables you to move on mishmash, hope the offer is an ok one for you.
Still not heard re keen viewers, so guess is they will not be offering, but they were still viewing, and making their minds up, they really got my hopes up, as they were postioning their furniture, asking what I could leave etc, etc.
No weekend viewings booked in, considering reducing price, but it would mean taking a huge loss on the house.

lynnemcf

I'm just about to start viewing houses and there are SO MANY for sale in the area I want to move to. I feel really anxious about getting the seller "optimistic" about my viewing when I have at least 10 to view, possibly closer to 20 in my price range.

rs82uk

Im starting to regret looking around, im constantly being hounded by estate agents, asking me if im interested in this house or that house.

Mark-W_2

My property has been on the market since july, ive had about 10 viewings but no offers.
Its a 3 bed detached, in good condition, good location and the price is in line with others.
It was originally valued at £220k, we put it on the market at £210k and i have recently reduced it to £200k.
There are one or two properties cheaper properties that are similar but of a lower spec, size and not as good location.. but they only undercut me by £5k. at the moment.

The problem is im selling the property due to my ex g/f leaving me and every price decision has to be agreed by us both, she doesnt want to drop the price until at least summer as she doesnt believe house prices are dropping.

With the continual bad financial and housing news its all starting to get to me.