To those selling in these difficult times Part Deux. AKA sellers support network!

kprice580

My house has only been on the market 3 weeks and NOT a single viewing or interest! I know it only early days but, I'm starting to think we are never gonna sell it

azkaban420

Hi everyone, my viewings are few and far between now, but I can understand the frustration of no viewings at all. For those of you still waiting for first viewers, it would be worth calling the EA (as suggested before) just to touch-base and ask them what is happening, and if there are any potential viewings in the pipeline. Sometimes just talking to the EA helps alleviate worries, especially if it's quiet all around (rather than just our own house). Funnily enough, I've found when I've called the EAs after a bit, miraculously some viewings appear...I think it's because sometimes my phone call nudges them into action, and they call/chase up people after my reminder so to speak, and hey presto, some viewings 'happen'!

Az

tyllwyd

kprice580 wrote: »

My house has only been on the market 3 weeks and NOT a single viewing or interest! I know it only early days but, I'm starting to think we are never gonna sell it

If you haven't seen it yet, have a look at the Viewings in May thread - you certainly aren't alone. I think we are all in for the long haul.

HAMISH_MCTAVISH

tawse57 wrote: »

Alas, that means somewhere down the chain there is someone who refuses to pay for an over-inflated property, or simply cannot afford to buy a house for 8, 9 or 10 times joint salary, and the whole chain falls apart.

What nonsense.

According to the CML, the average FTB income multiple never crossed 3.5 times income even at peak, and is now considerably lower.

The average 2TB income multiple never crossed 3 times income, even at peak, and is also now lower.

the market is over-priced in the UK, that those at the bottom of the ladder - awful term - are priced out or refusing to get themselves in huge debt and so the whole thing is a house of cards, no pun, waiting to collapse?

Or option c)..... FTB's are still a victim of mortgage rationing, in which case dropping prices to sell to one is pointless. Particularly as it will then leave you unable to upsize to the bigger houses, whose prices dropped far less in percentage terms in the crash.

Loads of potential FTB's out there who could buy a house for a reasonable income multiple in their area, could afford the mortgage payments, but just can't get financing, either because of minor credit blemishes or absurd deposit requirements.

Thankfully this situation is changing, with LTV's for FTB's slowly increasing, and rates for smaller deposits slowly decreasing, as competition returns to the market. But it's a long, slow process that in the meantime is vastly slowing down sales at the bottom of the market.

Sales volumes of typical FTB properties in the last year are up 87%. Sales volumes of non FTB properties are up 147%.

House prices have fallen by 50 percent in Eire, the States and Spain in the past 18 months and I do wonder why we think the UK is different.

Because the UK doesn't have a massive oversupply of housing.

Empty homes as a percentage of total housing stock.

Ireland 17%
Spain 16%
USA 11%
Germany 8.2%
France 6.8%
UK 3.2%

Malystryx

HAMISH_MCTAVISH wrote: »

Loads of potential FTB's out there who could buy a house for a reasonable income multiple in their area, could afford the mortgage payments, but just can't get financing, either because of minor credit blemishes or absurd deposit requirements.

Thankfully this situation is changing, with LTV's for FTB's slowly increasing, and rates for smaller deposits slowly decreasing, as competition returns to the market. But it's a long, slow process that in the meantime is vastly slowing down sales at the bottom of the market.

Sales volumes of typical FTB properties in the last year are up 87%. Sales volumes of non FTB properties are up 147%.

Empty homes as a percentage of total housing stock.

Ireland 17%
Spain 16%
USA 11%
Germany 8.2%
France 6.8%
UK 3.2%

That is the sort of market that we are targeting FTB and B2L. The area we live in is mostly flats and new ones are going on the market every day according to the ASPC. That makes our job of selling much more difficult. If there are too many flats selling in the same area does that make FTB wonder about the area itself?

HAMISH_MCTAVISH

Malystryx wrote: »

That is the sort of market that we are targeting FTB and B2L. The area we live in is mostly flats and new ones are going on the market every day according to the ASPC. That makes our job of selling much more difficult. If there are too many flats selling in the same area does that make FTB wonder about the area itself?

Not really, but it does make selling a longer process.

The thing to remember is that even in the boom years, most places didn't sell in days or weeks. Sure, a few did, but it was always the exception rather than the rule. Three to Six months was more common, and sometimes far longer. Obviously things will be slower now, even in good markets.

I note you're selling in Aberdeen.

Which area?

pr1nc3ss

Finally got the feedback from the last people that viewed. Apparently he didnt like that the front door opened into a living room. Agent told him it would be no problem putting in a corridor and that we also have an upstairs front room but he wasn't having it. Thought about a price reduction and tried to re-negotiate fees but they were only prepared to knock £500 off the £3100 they will charge us so it's not worthwhile. Onwards and upwards!

Malystryx

Hamish
We're in Torry. And there are loads of 1 bed flats for sale here. Fortunately we're selling a two bed and to make it more competitive we've dropped the price to just above the prices of a 1 bed. Note you're in Aberdeen too. Where are you selling and are things moving quicker there?

Pr!nc3ss
Sorry to hear that your viewers didn't work out. Better luck next time. At least you are getting some viewers through the door. We've been on the market for 43 days now and only 2 viewings in the first 2 weeks!

HAMISH_MCTAVISH

Malystryx wrote: »

Hamish
We're in Torry.

Ouch. (sorry, couldn't resist):D

If you're selling in Torry, that's challenging.

I'm pretty bullish on Aberdeen housing normally, but I'll make an exception in your case.;)

And there are loads of 1 bed flats for sale here. Fortunately we're selling a two bed and to make it more competitive we've dropped the price to just above the prices of a 1 bed.

The Torry market has been hit hardest by mortgage rationing and the ongoing shortage of funding for FTB's, as the demographic who live there are typically amongst the lowest earning, and therefore struggle the most with deposit requirements. Particularly in a place like Aberdeen where rent is often more expensive than a full repayment mortgage.

Eventually, people will have saved up the deposits, and this segment will return to normal. Could be a long wait though.

Note you're in Aberdeen too. Where are you selling and are things moving quicker there?

I'm not selling, just saw the link to this thread from the debate hpuse prices board, but I'm in town and things are moving quicker here, though not as quick as pre-crash obviously.

Houses are pretty much back to peak prices in all the good and middle market areas, but the ex-council housing estates do seem to still be suffering.

Malystryx

HAMISH_MCTAVISH wrote: »

Ouch. (sorry, couldn't resist):D

If you're selling in Torry, that's challenging.

Why does everyone in Aberdeen think Torry is a no go area? Actually we are in a really nice part, neighbours very friendly, no trouble, no drug problems and pretty much everyone in the street owns their own homes and know each other. It is very close knit here. I can think of far worse areas in Aberdeen to live in.