Anyone else have their house on the market?

AlwaysWorking

Hi

Thank you for taking the time to read this. I realise there is a house buying/selling board but thought since our property market is quite different at the moment, replies from people in Northern Ireland may be more helpful.

I have had my house on the market four months and in that time I have had two viewings. I reduced the price after a month, even though the estate agent reassures me it isn't over valued. I admit I'm beginning to worry - I'm getting married in August and would prefer not to start married life continuing to pay a mortgage and rates on a house I'm not living in.

My mum says I put it on at the wrong time and things are bound to be quiet over Christmas....but two viewings in four months? Has anyone else got their house on the market? How are you getting on? Am I wrong to worry?

Generali

Christmas is a quiet time but the 'Spring bounce' in the property market runs from Jan - June so now is a great time to have your house on the market IMHO.

Old_Git

we had a house on the market from Sept 2013 and only had an offer Dec 2014 .
Did you get feedback from the viewings .

warmhands.coldheart

Not going to ask what it is on sale at but have you compared your sale price to the Rateable Value? Trust me EVERY buyer will.. I realise different areas differ greatly in how good the market is but do you know if houses selling in your area are selling under, at or over rateable value? eg.... houses in parts of Belfast are selling well above Rateable Value..... houses in some parts are selling less..
Your EA should be able to give you this advise.... Price house then to suit the market in your area......

Fitfran

We went on the market on 9.1.15. Three EAs gave us exactly same price, exactly same fees from two (other 1/4% more) and similar services from all. One was realy nice chap, one was no messing around salesman and other was sunglasses on head in the rain, me, me me, sort. We so wanted to go with the nice chap but felt the salesman would get the job done.
Two viewings so far. Went well but from comments found myself feeling bad my house was so clean and tidy. No offers yet. Feedback both "layout not right for us".
It was in local paper yesterday but EA says most viewings come from internet.
We are able to track progress online and get texts confirming viewings and when adverts go in.
Interesting that asking price is now up on what it was in 2010/11 (but not back up at crazy levels of 2006) and quite a bit more than we expected here in Yorkshire. Fingers crossed for offers near it.
All EAs said people start looking from mid Jan onwards. My daughter has just put an offer on a house in and had to increase it to full asking price as another couple offered just below. So buyers are out there.
Good Luck

Mistral001

Except for some areas of Belfast, it seems, that the OP's experience is typical. A few viewings at the beginning and then not much after that. Have you thought of renting it out?

AlwaysWorking

Thanks for all of the replies. Unfortunately when I asked the mortgage company a few years ago if I could rent the house out they refused as I didn't have enough equity....I've none now, so doubt the situation has changed. Even if I DID rent it out, I'd have a shortfall of a few hundred a month.

Of the two viewers, one spent so long examining the house and didn't return the EA phone calls that I was actually worried they were there to steal things lol! The other said he needed a bigger garden but had loved the house.

The rateable value is actually quite a bit lower than I paid for the house ten years ago...

steveymp

Make sure your Estate Agent advertises with Property Pal as this is the countries biggest portal for property.

As others have said price and location will have a huge impact on getting a sale. Folks will NOT pay more than rateable value outside of the Greater Belfast Area at present, I can't see this changing either for a few years at least, which may be unfortunate in your situation since you paid more for the house.

If you can afford to, hold on to the house in the hope that things may improve in years to come, if not cut your losses and get out

Ticked

When we sold our first house, we put it for sale at a fixed price, first to offer this got the house. Only had one viewing and they bought, mainly because there was no bidding war or other messy time wasting. The asking price was the average of 3 estate agent estimates, the one closest to this average got the sale. Worked for us!

AlwaysWorking

'Holding on' to the house would mean paying a mortgage, rates and maintenance on an empty detached house....I definitely can't afford that. Not one of the three estate agents I had out valued it close to the rateable value (which I successfully appealed when the system was first introduced).

warmhands.coldheart

May we ask where you are in the country and how much above rateable value you're asking so any potential advise we give can be based on facts and not assumptions...

I would agree with Steveymp says in that unless you're in Belfast or possibly in a desirable area in one of the larger towns/cities then above rateable value is asking a bit much.

Just rent it out and say nothing to mortgage company..... LOTS Do......