Do we have any options?

RedFraggle

Hi
Have you looked at what properties in your area are actually selling for, i.e. what price is actually achieved rather than the asking price? You can get this off right move. Asking prices can often be deceiving and are often inflated by either vendors wanting to much or agents inflating the local prices (not a sweeping statement regarding estate agents, but sometimes they do this). When houses do not get any interest it's usually because they are overpriced, or not presented in such a way to make them appeal over others. I would ask your estate agent to come round and objectively discuss why the house isn't shifting. Insist they be honest with you about both the price and the presentation. I did this in 2008 and sadly they told me I need to drop the price by 20K. Much as that annoyed me at the time (they were the ones that valued it and it had only been on the market 3 months) sadly estate agents often over value, it flatters the owner (we all fall for it to an extent) and makes us more likely to choose them as the agent. I dropped the price and it was gone in a month. I also agree with a previous poster, if you post your rightmove link you will get honest feedback.

geoffky

Dave none of the work you have mentioned adds any value to the house at all...selling prices are about 18% on average lower than asking prices and in this market if you have priced wrong,you will not see a dickie bird let alone a human view your house..

bristol_pilot

Delusional.

The days when you could slap a bit of magnolia paint on the walls and re-sell after one year for a 20% profit are long gone.

Cosmetic work does not add significant value in this market. Only adding a new room - for example a loft conversion (if well done) adds value in the current market. Laminate is no longer appealing to many buyers anyway.

Anyone with a computer can find out what the OP paid for their house in 2009 and offers will start at 20% below that.

It is possible to get a mortgage with only a 10% deposit, but only with high rates and fees. Plus, the fees are paid up-front and often non-returnable even of you are turned down for the loan.

Your options are: rent or stay put.

Thrugelmir

bristol_pilot wrote: »

The days when you could slap a bit of magnolia paint on the walls and re-sell after one year for a 20% profit are long gone.

If you analyse the boom years. Most amateur property developers would have made as much money by doing nothing to a property. Merely holding the property for a period of time. As it was the general increase in the market that pushed values upwards not the renovation work undertaken.

DannyboyMidlands

I'm not surprised it's had no interest since January. The idea that a house bought for £90k in 2009 is now worth £120k is ridiculous. Even if I was looking for this kind of property I wouldn't view because the vendor is clearly deluded.

A 25% increase in value? Come off it.

sequence

Put it on for 69K, it'll shift quick enough.

Caveat_Mortgagor

How many mistakes with one house purchase?

Granted you might not have been able to foresee the SPD, but if the child is 2 I assume you would have have had forward knowledge about a future need for schools / nurseries. Why would you have such a short term view when buying a house? (Especially when it sounds like you tied yourself into a massive mortgage at the same time!!!!)

You seem to believe that having bought a house for £90k, you can sell it for a meaty profit 2 years later - have you seen the news in the last couple of years? What on earth makes you think you can expect a profit?

Another huge mistake is to take on the mortgage at such a huge rate at a time when interest rates are their lowest since year dot. How long are you tied in at that rate for?

You have advertised your house at 20% higher than an identical house in your street which also cannot sell. What on earth makes you think people who wont buy their house will pay the extra for yours?

You claim to feel trapped. I suggest the problems you have are all of your own making. I am sorry of this sounds harsh, but you have to acknowledge your mistakes in order to learn from them. It sounds like you have acknowledged the mortgage rate problem. Its now time to acknowledge the other probs.

If you really need to sell, you will have to price accordingly. You will then need to decide whther you can afford to buy again. If not you should consider whether you will rent your next place or put up with your current lot until you can afford to buy the house that better suits you.

DAVESDON

thanks for the replies.

When we bought the house in 2009, the vendors took 90k because they were emigrating - a house down the street actually went for 110k the week before.

We bought the house because we were renting at the time, and our landlord was evicting us so he could sell. We ended up rushing into buying a house as we didn't want to rent as I wass pregnant. The house is near good nurseries and schools, the main reason we want to move is due to my back and SPD problems.

As for the mortgage - we were told by the broker that this was the best she could offer, and at the time not only were we desperate, but we didn't know enough about it to realise how bad it was. She told us that the only vendor gifted mortgages were at that rate.

I can't afford to put it up for 69k because my mortgage is 88k.

dopester

Caveat_Mortgagor wrote: »

You claim to feel trapped. I suggest the problems you have are all of your own making.

My thoughts were similar to yours, when the OP started a thread on the same thing back in November 2010.

https://forums.moneysavingexpert.com/discussion/2842354

Thrugelmir

Do you have any savings to put towards the house move?