To those selling in these difficult times

Davesnave

blushingbride wrote: »

ok here goes.
I brought my house 2.5 years ago for £146K was on at £150K

I am going to view a house 2day which is on at £135 reduced from £200! its in the country and has great potential 2 extend etc so can be a house for having children etc!:)

Thing is I am worried that if i get too excited i wont be able to sell my house.
I could rent it out but is this dangerous? also my parents might offer 2 buy the new house and then we can wait to sell this one and transfer the mortgage.

Thing is are people really going to want to move this close to christmas?

katie

Few people are going to be looking at houses from now until about the end of January. Numbers of 'lookers' picked-up recently though.

If you look at properties before you are on the market there is a good chance you'll be disappointed, though it sounds as if you have more options than most people.

I'm not sure how renting out your current house could be 'dangerous,' as this is quite a normal thing for people to do, and provided the right safeguards are in place, it can work out well. If however you're doing it with the idea of prices returning to 2007 levels in a year or two, I'd be bound to say you'll likely be disappointed. Certainly, selling doesn't look as if it will become easier any time in the forseeable future.

Marc1978

Estate Agent been on the phone twice again this morning.

First time the person that viewed on saturday wants to come back for a second viewing. The second time we got a full asking price offer from the same person!!!! OMG. Head is spinning at the moment - solicitors, mortagage, viewings. Do we go into rented or buy straight away?

Chuffed to bits!

Davesnave

Marc1978 wrote: »

Estate Agent been on the phone twice again this morning.

First time the person that viewed on saturday wants to come back for a second viewing. The second time we got a full asking price offer from the same person!!!! OMG. Head is spinning at the moment - solicitors, mortagage, viewings. Do we go into rented or buy straight away?

Chuffed to bits!

Great result! You took the drop and deserve the reward.

I'm biased & would say go into rented for a while, because that's what I'm doing.
However, if you can find someone like yourself who has decided to take a financial hit to move their life on, or maybe someone with very few options, you might be able to pick up an instant good deal.

blushingbride_3

so the house we looked at was lovely!
Although we saw 2 and the bigger more expensive one is the best!

It was £220 and now £195 how much cheaper do you think we could go? max we can afford is £170

Also talked to my house mate and her and partner might be interested in renting current house from us for at least a year!:) that would be fab because means there is nothing stopping us moving, so long as we can afford the new house

Davesnave

blushingbride wrote: »

so the house we looked at was lovely!
Although we saw 2 and the bigger more expensive one is the best!

It was £220 and now £195 how much cheaper do you think we could go? max we can afford is £170

Also talked to my house mate and her and partner might be interested in renting current house from us for at least a year!:) that would be fab because means there is nothing stopping us moving, so long as we can afford the new house

You don't say when this house went on the market, but you could offer as low as £165k as an opening bid. That would allow you to increase to £175k, if you possibly can, and still avoid going through the stamp duty threshold. At £170 it is about 22% below the original price though, so there's certainly no guarantee that the owner will agree. Depends how clued-up and impatient they are.

Sellers at £195k are going to find it hard to achieve it, now stamp duty comes in at £175k, and I bet they thank Mr Darling for that!

blushingbride_3

the house has been on the market since july.
Dad seemed keen to look but he said it depends if the walls are cavity or not.

here is the link for the house, needs quite a bit of work but could be done slowly!:)
http://www.rightmove.co.uk/property-for-sale/property-22815350.html?pageNumber=2&backToListURL=%2Fproperty-for-sale%2Ffind.html%3FlocationIdentifier%3DREGION%255E15315%26index%3D10&locationIdentifier=REGION^15315&radius=0.0

pawpurrs

Congratulations Marc, fab news! Well done! hope it all goes through smoothly for you. Still ploughing on here, its fairly quiet, no viewings booked in, may have to bite the bullet and reduce, but wonder if theres any point this time of year and whether to wait untill the new year. Not holding out much hope for this viewer that says he is interested and coming down to check the area more throughly at the weekend, but you never know. I guess there is allways hope. Seeing a lot of reductions in my area all of a sudden, mainly due to a new manager at my EA that is getting vendors to reduce, but mine is still cheaper, than comparables at the moment.
Think I will be the last one standing here!
Marc that was a big reduction you took and it looks like it paid off, was that reduction recent? What made you decide to take such a big chunk off?

pawpurrs

That house looks nice Blushing Bride.

blushingbride_3

pawpurrs wrote: »

That house looks nice Blushing Bride.

yeah its nice inside 2 but just worried whether we can get the price down and also how much the revoations would cost!:)

Marc1978

pawpurrs wrote: »

Marc that was a big reduction you took and it looks like it paid off, was that reduction recent? What made you decide to take such a big chunk off?

Thanks Pawpurrs, We started at £140K in Feb reduced to £130k fairly quickly, then £125k a few weeks before they changed stamp duty levels, £115K a few weeks after the change in stamp duty, it was probably less than two weeks ago that we droppped to fixed price £99,950. The person that has made an offer was looking at flats previously. I think it's better to make a big jump rather than reducing by £5K every month or so, keep your house cheaper than comparables in the area and keep an eye on the market. (Some kind of expert now I've had an offer!)

It's a bit of a gamble as we now have to push for a good reduction on the next house up - There are 5 similar houses on our shortlist so we're hoping we can get a good deal. I really want to be able to take my existing mortagage with me as it's a life-time tracker 0.49 above BoE base rate but we will go into rented if we can't get a good deal.

We've got a baby due in May so that was the driving force behind the reductions.

Good luck