Thinking of taking my house off the market

KaratePigeon

Hi,
Our house has been on the market for nearly 12 weeks, and we've only had 1 viewing in that time. Our contract with the estate agent was 12 weeks so I think we are going to leave them anyway, we don't feel like they have done anything to market our property other than put it on the websites.

I know 12 weeks isn't that long with the market how it is but there seems to be so much uncertainty. House is on for £135k, which I think is reasonable, but we really need to get £125k to get enough deposit for next house. So we could drop the price by £5k, but apparently people are only offering 20% below asking price (said our estate agent), so if that's the case we have no hope of getting enough money. (unless we can assume we'd get 20% on our next house, which I wouldn't expect).

I'm a bit fed up today as we've been looking at houses to move to and the last of the 3 we liked has just had a 'sold' put on it on rightmove. (is there any way of finding out what price has been accepted, or do I have to wait until it goes on zoopla etc?)

We are not desparate to move, just need somewhere bigger as we are now a family of 4 in a tiny 2-bed house. So is it worth keeping it on the market (with a different agent) or would it be better to take it off, pay off more of the mortgage over the winter and try again next year? I don't want it to be one of those properties that people can see on property bee have been on the market for ages so people offer less or are put off completely.

KateLiana27

Naive buyers who are brand new to the game may be following the "offer x% below asking" mantra, but most people buying a house will either:

- offer what they think it is worth, minus a bit to allow room for negotiation, if they are serious about it.

- make a silly low offer just in case, not expecting you to accept.

Lowering the price to close to what you would actually accept is a good strategy. It will get more people interested (as it will turn up in the price bracket they are searching in) and, more than likely, through the door. You can always refuse any offer that isn't enough. Just don't put "Offers Over" as this irritates a lot of people.

12 weeks on the market isn't long enough for most people to think it's an undesirable property. A year, maybe. I'd reduce it and keep it on the market. By all means change to a different EA if you're unhappy with their service.

ognum

August is not a great month for house selling traditionally and I think it is the same this year.
If you have checked what similar houses are selling for and feel you are in that range then it might be worth dropping your price a bit, have you asked your agent if other houses are getting viewings in your area.
It is hard to say what the current uncertainty on financial markets will do it could make people less likely to buy or it could encourage others to take the money they have in banks and put it into property.
I can imagine it is not easy with two smallies to keep the house clean just in case when that never happens so maybe come off the market for a while and back on when things pick up.
Hope this helps!

paulsad

If you really want to sell then leave it on - you just don't know when the ideal buyer will come along - what have you to lose?
Mine's been up for 8 months - spats of viewings but nothing for last 4 weeks or so. I am only browsing the net at the moment - not viewing anything until we have a firm offer on ours - no point in falling in love with a prospective new place till then (or wasting sellers time).

geoffky

Things are not going to get better for the foreseeable future..3 to 5 years along the line your house could be worth a lot less so i would try to sell it asap.

ognum

geoffky wrote: »

Things are not going to get better for the foreseeable future..3 to 5 years along the line your house could be worth a lot less so i would try to sell it asap.

But so will the house you wish to buy!

princeofpounds

12 weeks and so little interest makes me think your estimate of valuation is well above market value. People are not 'offering 20% below asking', they are offering what they think is market value to buyers, which you need to meet or at least negotiate close to in order to stand any chance of shifting the place.

Mind you, the next leg up on the 'ladder' is probably overpriced too.

dopester

geoffky wrote: »

Things are not going to get better for the foreseeable future..3 to 5 years along the line your house could be worth a lot less so i would try to sell it asap.

She wants to sell to buy a more expensive property. Judging from an earlier Rightmove review thread in which she admits they have next-to-nothing in savings, I think is a risky move. High LTV based on income, with prices under pressure.

Unfortunately the market is not going to "stop in time at £134,995K" just because you remove your house from market. Values change depending upon what prices are agreed by other sellers and buyers in your area. True on the way up, true on the way down. If you return to the market in 6 months time you may find no EA willing to market it at £134,995K because comparable properties up for sale at £100K with buyers offers below that.

A lone-stand sellers strike doesn't stop the market from moving and new values being established each day, week, month, year.

If you don't want to sell and go into rented, my advice would be to begin loving the house you're in. I liked the summerhouse/office. How old are your kids? One is just born. Space issues can't be too much stress on you yet.

poppysarah

ognum wrote: »

August is not a great month for house selling traditionally and I think it is the same this year.

So which onth is good?

About April 2018?