Is the market that quiet?

Cresswe

Hi All,

We put our house on the market back in may but apart from 4 viewings in the first 3 weeks haven't had a sniff since. 1st couple made an offer which was £14K under asking price when it had only been on a week. We subsequently rejected the offer and 1 other viewer seemed very keen but was waiting to sell their property first.

I've been on the EA almost every week pushing and they say that the market is dead due to the footy and nice weather. Is this what others are experiencing too?

We're not priced wrong as the exact same house next door sold a month before we put ours on for the same price we are hoping for (this was only on for 2 weeks before under offer). Not sure whether to try another agent or hold out for a few more weeks. We've already dropped the price slightly but we're already down £10K from when we bought it.

Any advice??

jonewer

Obviously you were wrong to reject the offer. Your house is only worth what someone will pay for it, and if someone offered to pay £14k less than your asking price, then thats what its worth.

Sorry to be blunt, but you dont have an automatic right to make a profit when you sell your house.

Cresswe

We've always known we would lose money when we decided to sell but surely the market can't be so quiet just because of the football being on?

Looked at other houses in the area and they too don't seem to be shifting either.

<sebb>

Cresswe wrote: »

We've always known we would lose money when we decided to sell but surely the market can't be so quiet just because of the football being on?

Looked at other houses in the area and they too don't seem to be shifting either.

Your house isn't not selling because of the football or the nice weather. That is what your estate agent has told you. Have a look through this forum for the usual excuses that estate agents have used. We've had football, nice weather, bad weather, the election, the budget, HIPs plus many many more I can't even remember now.

Your house is only worth what someone is willing AND able to pay for it. NOT what an estate agent tells you it is worth. Either keep the price as it is, wait it out and hope for the best, or reduce the price.

ANY house will sell if the price is right. It's simple supply and demand.

tyllwyd

<sebb> wrote: »

ANY house will sell if the price is right. It's simple supply and demand.

But at the moment, the demand simply isn't there. Have a look at my threads - number of viewings in May and number of viewings in June. There are viewings happening, and there are houses selling, but my impression is that it is really patchy at the moment, so you might be lucky or you might have to wait a long time. If you want a picture of what is happening in your area, I'd start printing out a list of properties for sale in your price bracket from rightmove every week - after a few weeks, it will be obvious to you whether other houses are selling, and whether you look expensive or cheap compared to them.

CloudCuckooLand

Did you not counter-offer the £14k offer ? Split the difference, perhaps ?

Get the EA to go back to them. Better to eat a little humble pie and move on, than risk waiting 6 months and getting talked into £18k off...

sonastin

Do you know what the house next door actually sold for? Have you spoken to your neighbours/checked land registry sold prices? Or are you going off the asking prices? They might have taken the £14k drop that you didn't. I can total understand why you turned it down when you'd only been on the market for a couple of weeks but hindsight is wonderful isn't it?!

milliebear00001

The market is quiet at the moment because the bottom 'tier' of the market - i.e. FTB - cannot get mortgages. The banks require huge deposits that most FTBs don't have, and are being VERY picky about who they lend to - no deposit = no mortgage = no FTB = no buyers further up the chain, full-stop!

ZootHornRollo

....and so it will continue until the properties FTB are interested in are within their grasp... i.e. when entry level properties are selling for around 3.5x avg salary.

Bullfighter

milliebear00001 wrote: »

The market is quiet at the moment because the bottom 'tier' of the market - i.e. FTB - cannot get mortgages. The banks require huge deposits that most FTBs don't have, and are being VERY picky about who they lend to - no deposit = no mortgage = no FTB = no buyers further up the chain, full-stop!

Which of course is great news, no more liar loans or 100% mortgages.

As for the OP, you have missed the dead cat bounce matey, if you 'have' to sell, drop the price by £30k.. if you want to be a 'perma seller' keep the price where it is....

vaporate

jonewer wrote: »

Obviously you were wrong to reject the offer. Your house is only worth what someone will pay for it, and if someone offered to pay £14k less than your asking price, then thats what its worth.

Sorry to be blunt, but you dont have an automatic right to make a profit when you sell your house.

What is the point in selling it then lol More to the point, buying it in the first place. Buying a house, overpriced at that, is a lifelong investment.