Rant! Why be on the market and not sell???

kitchensink_2

Sorry all, just a bit of a rant here :mad:

Having sold my house at the end of last year (relocation) and after many months of searching for a house that suits our needs my OH and I found two we liked and put an offer in on both. Whilst we didn't expect any joy from one house, the offer on the other was reasonable, seeing as the property has been on the market since the beginning of 2008 and has not reduced by much (the EA agreed with me on this). Both offers have been refused with no feedback this morning and even though I'm dissapointed I also feel frustrated that the only houses in my area that i'm interested in seem to be on with people who arent really bothered about selling... there is another house which has also been on the market for about a year and the EA can't even get in touch with them for a viewing (I asked to view 3 weeks ago)!

Logically I know why people don't want to achieve less money for houses than they have to and the housing stock is very low where I am, but why be on the market if you are wanting boom prices when the market is the way it is...

thanks. rant over. Feel a bit better now

QTPie

Because a lot of people don't have a specific goal in mind, maybe?

You actually see some people post on here that have accepted an offer on their house, but don't have a clue to do now... "there is nothing around that we want to move to, how long can we make the buyers wait?".

Some people are not really bothered about selling - they maybe set a minimum that they are going to accept (and may well have set that minimum 18 months ago) and that is it... In another couple of years (on the market), they (or their power of attorney) may well see reality... But they will take their own sweet time and you are not likely to still be around...

To be fair, though, a lack of housing stock in your area MAY mean that they get lucky... Someone MIGHT be desperate enough to pay what they want. We are in a similar position: I live in a city with lots of housing stick, but am looking within a much smaller subset of the market (large family homes) - there are hardly ANY on the market and virtually all are still priced around the peak of the market (property market fall, what property market fall?). A few that I had been interested in (and had been on the market for 9+ months) have just gone under offer: shame it takes so long to see if the vendors caved to a crazy offer or if a few buyers caved and paid peak prices for them... But, at the end of the day, a house is worth what someone will pay for it.

At the moment, I am seeing it as a sign: it isn't the right time to buy yet... (which isn't easy, as I am the world's least patient person ).

If I was you, though, I would go back to the EA's and ask for feedback on your offers. Since they rejected them, what is the sort of amount that they are realistically after. You can either - if you choose - work of that amount and revise your offer or just walk away (and laugh).

Good luck
QT

kitchensink wrote: »

Sorry all, just a bit of a rant here :mad:

Having sold my house at the end of last year (relocation) and after many months of searching for a house that suits our needs my OH and I found two we liked and put an offer in on both. Whilst we didn't expect any joy from one house, the offer on the other was reasonable, seeing as the property has been on the market since the beginning of 2008 and has not reduced by much (the EA agreed with me on this). Both offers have been refused with no feedback this morning and even though I'm dissapointed I also feel frustrated that the only houses in my area that i'm interested in seem to be on with people who arent really bothered about selling... there is another house which has also been on the market for about a year and the EA can't even get in touch with them for a viewing (I asked to view 3 weeks ago)!

Logically I know why people don't want to achieve less money for houses than they have to and the housing stock is very low where I am, but why be on the market if you are wanting boom prices when the market is the way it is...

thanks. rant over. Feel a bit better now

kitchensink_2

Thanks QT

The lack of housing stock is something I am getting worried about. Sounds like we are in a similar position to you in that we are looking ideally for a 4 bed detached and the people on the market tend to be downsizers in no hurry or divorcees who need every penny. There has also been a bit of a selling high here in the last month - I would love to know who caved first...

I think I might wait a few days and call the EA again about the offers. problem is, is that raising our offer means going into 3% stamp duty and will make repayments higher than we would really like, especially in current circumstances.

ho hum.... maybe it is a sign to keep renting for now, but like you i am sooo impatient and want to be settled and get on with my life :think:

good luck and let me know if you have any joy x

chickmug

Believe me, as an agent, it is so darned frustrating when it dawns on us that the seller is not that serious about selling. We normally find this out when they 'slow peddle' about veiwings and offers. Typical when an offer comes in that is in the range the seller has said they would accept and they move the goal posts to make it a lot higher.

So we, as an independent, would deinstruct ourselves from acting if it was too bad as we are there to deal with serious buyers and serious sellers. Not to p*ss around and be p*ssed around. So there!!

QTPie

Yes, sounds as though we are after very similar things... I was hoping that the "Spring Bounce" MIGHT bring a few more properties onto the market here (and at reasonable prices), but that doesn't seem to have happened... :rolleyes:

I am seeing movement both sides of our budget (i.e. below it things are getting more realistic and some way above it prices are also beginning to come down).

My brain is telling me that the property market is going to be busy/frantic and maybe a bit unrealistic these next few months (until probably August), then things will go VERY quiet again... and any buyers who haven't sold (but are motivated) will be more ammenable getting towards Christmas... of course my heart doesn't want to wait until Christmas/New Year, but...

With a bounce now, I also think that quite a few people ARE panicking and buying over the odds. Hopefully - if something nice comes onto the market later in the year - there will be less chain-free buyers to compete with because of this.

Although in the current market conditions, we are not likely to see lots of new stock flooding onto the market any time soon, people DO have to move (family, job-relocation, divorce, too old to maintain a big house etc...). Also rental incomes are down in this area: have seen a lot of large family houses remain on the rental market for 6/9 months and not be let (unless they slash their asking price considerably). So if an owner has a sizeable mortgage on their house, letting (instead of selling) may not be an option...

I don't think that house prices will shoot up anytime soon (next two/three/five+ years), so I don't think that there is a huge financial risk to renting at the moment.

Just having the patience to wait... I want our next house to last us the next 20+ years, so it has to be right. Don't mind something that needs work, but the location, garden and parking must be good.

It is all a gamble with the unknown really...

QT

QTPie

chickmug wrote: »

Believe me, as an agent, it is so darned frustrating when it dawns on us that the seller is not that serious about selling. We normally find this out when they 'slow peddle' about veiwings and offers. Typical when an offer comes in that is in the range the seller has said they would accept and they move the goal posts to make it a lot higher.

So we, as an independent, would deinstruct ourselves from acting if it was too bad as we are there to deal with serious buyers and serious sellers. Not to p*ss around and be p*ssed around. So there!!

I would imagine that this "changing of goal posts" is probably very common at the moment. The savvy seller is going to grasp this bounce to get rid of a property at a reasonable price, but there will always be some who will say "what if the market is actually rising... we don't want to under-sell our property now!"....

Wish that more estate agents would disintruct themselves - would save a lot of messing around...

QT

kitchensink_2

I wish more agents around here were like you chick!

I think I will need to sign up to a 'patience building' course, or hold on, an idea, I'll start one up myself and make enough money to buy one of these damn houses at the inflated price... hmmm not so sure I'd be a good trainer tho, :rolleyes:

enough with my blatherings!

phil1873football

Well, I listed my property last September and would really like to move, but I dont think it's going to happen.

I was approved by my lender for more money last August/September as I can easily afford a bigger house in a better area and on this basis, I listed my property.

The main reason I listed was to move and get away from my terrible neighbours, but I also listed before the 1st December 2008 to avoid HAVING to get a Home Report done costing (what I was told back then) around £600-£700 pounds.

Since I listed, the following has happened.
1. House prices have fallen around 7-10% in my area therefore, I am in negative equity although this will change over time as I make further mortgage payments.
2.Because of this, if I sell, then I wont be able to get a mortgage on a new property as I dont have in excess of 10% deposit.
3.My lender (Mortgage Express, owned by Bradford and Bingley) was taken over by the Government and stopped any new lending and further lending to existing customers, therefore, my previously approval for further lending has been un-approved.lol

Because of this, I am generally stuck until either house prices rise to allow me enough equity to produce a sufficient deposit, I pay my mortgage payments until I have sufficient equity, or the Government instruct Mortgage Express to agree further lending again.

All very frustrating, but I aint taking my property off the market because if I do and when I am approved for more money and re-list, then I will need to fork out for a Home Report...and I aint going to do that because IMO its a waste of time and money.

Just my situation explained...I doubt theres many in the same position as me though.

kitchensink_2

I'm sorry to hear of your situation phil. Out of interest, I'm assuming then if someone did offer a fair price on your house you could'nt accept? How would you manage explain this to the buyer/EA?

chickmug

QTPie wrote: »

I would imagine that this "changing of goal posts" is probably very common at the moment. The savvy seller is going to grasp this bounce to get rid of a property at a reasonable price, but there will always be some who will say "what if the market is actually rising... we don't want to under-sell our property now!"....

Wish that more estate agents would disintruct themselves - would save a lot of messing around...

QT

I retired last year so have been missing this particularly bad period but have through many many other ups and downs. The principles always seem the same. A buyers market, or a sellers market and then the lovely period in the middle where there is a really good balance. Doesn't last long though

phil1873football

kitchensink wrote: »

I'm sorry to hear of your situation phil. Out of interest, I'm assuming then if someone did offer a fair price on your house you could'nt accept? How would you manage explain this to the buyer/EA?

Well, to be honest, if they offered what it was valued at last September, then I would accept and be able to move on...take out a small loan to make up the difference of the deposit I would need. But I do know prices have came down so the chances of that are very slim.

I aint into scre*ing people for as much as I can get as I wouldnt like it done to me. I would like a fair price so they can have the property they want and I can move on with my life...thats the plan anyway.:rotfl:

Btw, my property aint in the expensive range...4-in-a-block cottage style flat lovely setting overlooking fields with the occasional horse walking by:j, recently refurbished (thats why it went up in price since I bought it 18months ago) front and back garden, and all I am looking for is £75k.

I aint in any rush to sell, although it would be wonderful to get away from the losers upstairs, I just need to wait till theres developments in the points mentioned in my previous post

Thanks for your concern though Kitchensink!!:cool:

oh, to answer your question...the estate agent kinda knows what I want for it and I just CANT accept anything lower than that am afraid, so until that offer comes in (or i win the lottery) then I just need to sit tight.

I am sure the market will steady and will more likely rise again in a few years. This is my opinion, not a prediction of the whole world economy before someone takes the notion to start accusing me of building false hopes of people.lol