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Why are People Selling if its so bad to sell?
Batchy
Posts: 1,632 Forumite
Some people have owned for over 25 years, cleared there mortgage, and are downsizing... to them, its a no brainer, they want an easy life, they will be mortgage free, and have some cash in the bank. Its not the best time, but there is no time like the present if their pension income has been decimated and investments been clattered. So they need to help their own cash flow, and their own Health.
Some MUST sell... due to going into a carehome, there house sale will pay for great care for them. Again Cash Flow to this time pay for good Health (debatable, but not here)
Some MUST sell... due to being made redundant, reduced income, increased mortgage costs, rates being reset.
Some MUST do something at least, either sell or rent out, due to relocation of work, or schooling in area, simply isnt up to standard, and moving house is a lot less in the long run than paying school fee's and living in a crummy house.
Some WANT or would like to sell, to emigrate and move to another country, for various reasons, different lifestyle being one of them, being close to family. Buy bigger, buy smaller, various reasons
Some are TESTING the waters, seeing what there property is worth, when there was HIPS, they never existed, as it cost so much to market the property it was an expensive exercise.
What im trying to say, is sellers fall into different categories
Those that:-
HAVE to sell (MOTIVATED)
NEED to sell (VERY MOTIVATED, but RESTRICTED, as need a certain price)
Would LIKE to sell (WANT A PRICE MORE LIKE 2007, unlikely)
TESTING the market (since JUNE, Dreamers)
Over the past 18 months, ive seen the HAVE TO's Sell for bargain prices, ive seen the NEED to's drop to a level where it makes sense, but then hold their horses. The WOULD LIKE to's not budge on their over inflated price for 24 months and still not sell. The TESTING the marketers are the recent ones, giving the market oversupply.
What ive seen is, its motivated others to buy, as they now realise how much cheaper the MOTIVATED Sellers houses asking prices really are. Ive just looked locally, and noticed a lot of SOLDs going up, but all of them are either REALLY nice propertys or very competitively priced, people are back off holidays maybe after thinking about it, feeling all happy and confident about the future.
I just don't believe the Supply and Demand at the moment is normal. Too many Dreamers, and these are OUTWEIGHED by many distressed sellers.
The BUYERS see the bargains, and are WAITING for THEIR TURN. Its as simple as that, prices are KEY, but don't think the figures will show falls, I think people are less panic'y and distressed as in 2008/09
So many repossessions/ distressed sellers round my way, its hard not to bag a bargain!
If you want a Bargain, you need to be on side with the estate agents...get talking to them, tell them what you want, what your position is, exactly, dont play your cards to close to your chest IMO. Get communicating.
Some MUST sell... due to going into a carehome, there house sale will pay for great care for them. Again Cash Flow to this time pay for good Health (debatable, but not here)
Some MUST sell... due to being made redundant, reduced income, increased mortgage costs, rates being reset.
Some MUST do something at least, either sell or rent out, due to relocation of work, or schooling in area, simply isnt up to standard, and moving house is a lot less in the long run than paying school fee's and living in a crummy house.
Some WANT or would like to sell, to emigrate and move to another country, for various reasons, different lifestyle being one of them, being close to family. Buy bigger, buy smaller, various reasons
Some are TESTING the waters, seeing what there property is worth, when there was HIPS, they never existed, as it cost so much to market the property it was an expensive exercise.
What im trying to say, is sellers fall into different categories
Those that:-
HAVE to sell (MOTIVATED)
NEED to sell (VERY MOTIVATED, but RESTRICTED, as need a certain price)
Would LIKE to sell (WANT A PRICE MORE LIKE 2007, unlikely)
TESTING the market (since JUNE, Dreamers)
Over the past 18 months, ive seen the HAVE TO's Sell for bargain prices, ive seen the NEED to's drop to a level where it makes sense, but then hold their horses. The WOULD LIKE to's not budge on their over inflated price for 24 months and still not sell. The TESTING the marketers are the recent ones, giving the market oversupply.
What ive seen is, its motivated others to buy, as they now realise how much cheaper the MOTIVATED Sellers houses asking prices really are. Ive just looked locally, and noticed a lot of SOLDs going up, but all of them are either REALLY nice propertys or very competitively priced, people are back off holidays maybe after thinking about it, feeling all happy and confident about the future.
I just don't believe the Supply and Demand at the moment is normal. Too many Dreamers, and these are OUTWEIGHED by many distressed sellers.
The BUYERS see the bargains, and are WAITING for THEIR TURN. Its as simple as that, prices are KEY, but don't think the figures will show falls, I think people are less panic'y and distressed as in 2008/09
So many repossessions/ distressed sellers round my way, its hard not to bag a bargain!
If you want a Bargain, you need to be on side with the estate agents...get talking to them, tell them what you want, what your position is, exactly, dont play your cards to close to your chest IMO. Get communicating.
Plan
1) Get most competitive Lifetime Mortgage (Done)
2) Make healthy savings, spend wisely (Doing)
3) Ensure healthy pension fund - (Doing)
4) Ensure house is nice, suitable, safe, and located - (Done)
5) Keep everyone happy, healthy and entertained (Done, Doing, Going to do)
1) Get most competitive Lifetime Mortgage (Done)
2) Make healthy savings, spend wisely (Doing)
3) Ensure healthy pension fund - (Doing)
4) Ensure house is nice, suitable, safe, and located - (Done)
5) Keep everyone happy, healthy and entertained (Done, Doing, Going to do)
0
Comments
-
It's all very well saying 'you're selling'. There's another important part to that equation though.... someone else being 'ready and able to buy'!
......0 -
Some people just have no choice like
* unable to afford mortgage
* bigger family needs bigger home
* renting now and wants to buy a property to live (not BTL)
* other reasons
It is like saying if food price is so high why people are still eating
Happiness is buying an item and then not checking its price after a month to discover it was reduced further.0 -
You sell if your circumstances dictate it's right for you.
It's a far better time to trade up now, if you can sell your place, than it has been for a long time IMHO0 -
It is like saying if food price is so high why people are still eating
Slightly dramatic in comparison
There are always options.Plan
1) Get most competitive Lifetime Mortgage (Done)
2) Make healthy savings, spend wisely (Doing)
3) Ensure healthy pension fund - (Doing)
4) Ensure house is nice, suitable, safe, and located - (Done)
5) Keep everyone happy, healthy and entertained (Done, Doing, Going to do)0 -
You sell if your circumstances dictate it's right for you.
It's a far better time to trade up now, if you can sell your place, than it has been for a long time IMHO
Totally agree,
THE PRICE TO CHANGE
could be a hell of a lot lower now, than in the past for your dream house, problem is actually FTB's at the bottom of the ladder, are scared of being in negative equity come mortgage reset time, and could be on a 8% rate by then.
No time to buy is perfect, everyones situation as a buyer or a seller is unique.
Im just trying to illustrate that the oversupply of houses, will not show major falls, because some just arnt motivated to sell.
If they can sell their overinflated house now and buy a nice cheap on in the mean time, they have jumped a rung or two on the ladder again!... Sorted, otherwise, they have nothing to lose.Plan
1) Get most competitive Lifetime Mortgage (Done)
2) Make healthy savings, spend wisely (Doing)
3) Ensure healthy pension fund - (Doing)
4) Ensure house is nice, suitable, safe, and located - (Done)
5) Keep everyone happy, healthy and entertained (Done, Doing, Going to do)0 -
Some people just have no choice like
* unable to afford mortgage
* bigger family needs bigger home
* renting now and wants to buy a property to live (not BTL)
* other reasons
It is like saying if food price is so high why people are still eating
Those aren't points of 'no choice' however. If you can't afford it / get a mortgage, etc. you have to stay where you are.
I know children growing up in what would be considered by many to be overcrowded accommodation - mixed gender bedrooms etc. - because their parents can't and probably won't ever be able to afford to move to something bigger.
The council would have considered them in need and would have moved them years ago!0 -
-
Some people have owned for over 25 years, cleared there mortgage, and are downsizing... to them, its a no brainer, they want an easy life, they will be mortgage free, and have some cash in the bank. Its not the best time, but there is no time like the present if their pension income has been decimated and investments been clattered. So they need to help their own cash flow, and their own Health.
Some MUST sell... due to going into a carehome, there house sale will pay for great care for them. Again Cash Flow to this time pay for good Health (debatable, but not here)
Some MUST sell... due to being made redundant, reduced income, increased mortgage costs, rates being reset.
Some MUST do something at least, either sell or rent out, due to relocation of work, or schooling in area, simply isnt up to standard, and moving house is a lot less in the long run than paying school fee's and living in a crummy house.
Some WANT or would like to sell, to emigrate and move to another country, for various reasons, different lifestyle being one of them, being close to family. Buy bigger, buy smaller, various reasons
Some are TESTING the waters, seeing what there property is worth, when there was HIPS, they never existed, as it cost so much to market the property it was an expensive exercise.
What im trying to say, is sellers fall into different categories
Those that:-
HAVE to sell (MOTIVATED)
NEED to sell (VERY MOTIVATED, but RESTRICTED, as need a certain price)
Would LIKE to sell (WANT A PRICE MORE LIKE 2007, unlikely)
TESTING the market (since JUNE, Dreamers)
Over the past 18 months, ive seen the HAVE TO's Sell for bargain prices, ive seen the NEED to's drop to a level where it makes sense, but then hold their horses. The WOULD LIKE to's not budge on their over inflated price for 24 months and still not sell. The TESTING the marketers are the recent ones, giving the market oversupply.
What ive seen is, its motivated others to buy, as they now realise how much cheaper the MOTIVATED Sellers houses asking prices really are. Ive just looked locally, and noticed a lot of SOLDs going up, but all of them are either REALLY nice propertys or very competitively priced, people are back off holidays maybe after thinking about it, feeling all happy and confident about the future.
I just don't believe the Supply and Demand at the moment is normal. Too many Dreamers, and these are OUTWEIGHED by many distressed sellers.
The BUYERS see the bargains, and are WAITING for THEIR TURN. Its as simple as that, prices are KEY, but don't think the figures will show falls, I think people are less panic'y and distressed as in 2008/09
So many repossessions/ distressed sellers round my way, its hard not to bag a bargain!
If you want a Bargain, you need to be on side with the estate agents...get talking to them, tell them what you want, what your position is, exactly, dont play your cards to close to your chest IMO. Get communicating.
What you have to remember in 'civvy' street away from this forum,life is normal.Official MR B fan club,dont go............................0 -
I'm selling because I live in Stockton on Tees and now work in Sheffield. Well, I'm trying to sell because there's suddenly a lot of houses for sale following the abolition of HIPS and few buyers up here.
I could sell tomorrow and make a loss. Or I can leave the price where it is, hold on for some kind of recovery, and keep commuting. As my job comes with a BMW and as much fuel as I can burn, I'll hold out. I suppose the commute (1 hour 25) is only similar to what a lot of people put up with to get into that London.0 -
You will find the people selling have their houses up for a decent price and won't drop a great deal.
Try finding a place you actually want to live in cheap. Won't happen.We love Sarah O Grady0
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