Waiting for a buyer... Anyone want to join me?

Lovem

Mrs_Jay wrote: »

Hi all, we have had our house on the market for 7 weeks and had 3 viewings which doesn't seem very many to me, is this normal? We are in a town where other properties seem to be moving. It's only 4 years old and EA says beautifully presented but I'm just a bit stumped as to what could be putting people off, it's the same price as similar properties in the area. Beginning to suspect I may have chosen wrong EA.

Have you got any feedback from those viewings?

LoopyLoops

Back on to this thread again as our buyer has changed their mind. Only found out as I had been chasing survey dates 3 weeks after accepting their offer. Back to waiting for viewings.....

The one light is that someone who viewed previously and offered, which we didn't accept as they hadn't sold is still interested at the same price, but still haven't sold. Not totally helpful, but at least someone still wants the house.

Just feeling fed up, sad, and a little sorry for ourselves today.... Hey ho, onward and upwards.

Mrs_Jay

Lovem wrote: »

Have you got any feedback from those viewings?

Only from one who said garden was too small

hazyjo

Mrs_Jay wrote: »

Hi all, we have had our house on the market for 7 weeks and had 3 viewings which doesn't seem very many to me, is this normal? We are in a town where other properties seem to be moving. It's only 4 years old and EA says beautifully presented but I'm just a bit stumped as to what could be putting people off, it's the same price as similar properties in the area. Beginning to suspect I may have chosen wrong EA.

We are in EXACTLY the same boat. Dropped the price. We are definitely competitively priced, but it's like tumbleweed out there.

Mentioned price again to the EA, but he said nope, it is just dead. They've not known it like this for months/years and it's not a patch on what they were doing this time last year. They are generally a well respected firm of EAs who usually get lots of sales. I don't actually think it's them either, I think it's just the market.

We're even talking about redecorating(!) in case that's putting people off (we are 'colourfully but beautifully decorated' but certainly appreciate it's not to everyone's taste, although everyone I know who has seen it said the house is beautiful and will sell to the first person who sees it) - definitely not the case lol! The EA even thinks it's lovely.

Our viewers have been young, and I could see they'd be better suited to an area up the road.

Our next-door-neighbour-but-one has gone up this week and has an open day this Sat. Was hoping it would drum up business for us too, but nada.

I don't even care now if someone knocks without an appointment on Sat (I'd usually send them away or direct them to the EA).

We are terraced with a paved garden (although we do have pretty flowers round the sides in flowerbeds) - they are the only two things I can think of which may be playing a bigger part than I expected.

I know who we need - a couple in their 40s or 50s who have made big bucks in nearby more 'urban' areas like Walthamstow, Leytonstone, etc and want to move out (not too far) to somewhere less 'London'.

It was keeping me awake last night.

There were 4 houses I liked on the market - one went in a day though(!) and the other three are still available. I dread seeing them sell, but c'est la vie. There'll be others.

Good luck Mrs Jay - keep us informed!

Jx

nubbins

hazyjo wrote: »

We are in EXACTLY the same boat. Dropped the price. We are definitely competitively priced, but it's like tumbleweed out there.

Mentioned price again to the EA, but he said nope, it is just dead. They've not known it like this for months/years and it's not a patch on what they were doing this time last year. They are generally a well respected firm of EAs who usually get lots of sales. I don't actually think it's them either, I think it's just the market.

Lessons from history

"Past trends show a clear correlation between general elections and the level of transactions in the property market," said Alison Platt, chief executive at estate agent Countrywide. "Analysis of sales transactions over the course of the last nine general elections indicates there will be a dip in activity pre-election."
But she continued: "What’s different here is that we don’t have the same long run up to the election – it's around seven weeks between the calling of the election and the ballot date, compared to the usual six months... The short timescale between now and the election also means that any consumer hesitancy pre-election will have less of an impact on transactions overall."

hazyjo

nubbins wrote: »

Lessons from history

"Past trends show a clear correlation between general elections and the level of transactions in the property market," said Alison Platt, chief executive at estate agent Countrywide. "Analysis of sales transactions over the course of the last nine general elections indicates there will be a dip in activity pre-election."
But she continued: "What’s different here is that we don’t have the same long run up to the election – it's around seven weeks between the calling of the election and the ballot date, compared to the usual six months... The short timescale between now and the election also means that any consumer hesitancy pre-election will have less of an impact on transactions overall."

I think it'll have just a big an impact, albeit in a shorter timescale. People hate a deadline. Doesn't matter what it is, they just don't like it and say let's wait until afterwards.


Saying that, it was flat before the election was called. But this certainly hasn't helped (EA said it got even worse after the election news).


Only good thing for me is I'm seeing drops in Leigh too.


Jx

Tiners

nubbins wrote: »

Lessons from history

"Past trends show a clear correlation between general elections and the level of transactions in the property market," said Alison Platt, chief executive at estate agent Countrywide. "Analysis of sales transactions over the course of the last nine general elections indicates there will be a dip in activity pre-election."
But she continued: "What’s different here is that we don’t have the same long run up to the election – it's around seven weeks between the calling of the election and the ballot date, compared to the usual six months... The short timescale between now and the election also means that any consumer hesitancy pre-election will have less of an impact on transactions overall."

It was early 2015 when it first became apparent in my area that there was a marked decline in stock levels and transaction volumes, everyone said then it was just down to the upcoming General Election and the market would get back to ''normal'' once it was out of the way.... instead stock levels and transaction volumes have just continued to fall and fall... and fall.

kilby_007

hazyjo wrote: »

I think it'll have just a big an impact, albeit in a shorter timescale. People hate a deadline. Doesn't matter what it is, they just don't like it and say let's wait until afterwards.


Saying that, it was flat before the election was called. But this certainly hasn't helped (EA said it got even worse after the election news).


Only good thing for me is I'm seeing drops in Leigh too.


Jx

In my opinion it's not the election, it's the fact that there's evidence the market is turning over and heading downhill. If you're buying & selling at the same price or downsizing then it's not too important, but not many first time buyers or second/third/nth steppers are going to buy at the peak of the market.

kilby_007

hazyjo wrote: »

Only good thing for me is I'm seeing drops in Leigh too.

You said your estate agent says it's not the price, but people in Leigh-on-sea (which you said was a nicer area) are lowering their prices so maybe it is the price?

It's good that you're seeing price drops there though. You seemed certain that the two areas were heading in different directions last week? It'll mean your step up the ladder will be more achievable and leave you with more equity (presuming that you're climbing the ladder).

_ftb

Totally agree with this. Just signed up to the site as I've started searching for my first place recently - this thread has been really helpful for me as a potential buyer.

In the three or so months I've been researching the areas I'd like to buy in, I'm seeing lots of places sitting on the market for months, lots of reductions and very little selling. Election aside, there's no chance I'd rush to buy anything at the moment unless it was somewhere I could potentially stay for a long time if not indefinitely. Unfortunately as a first time buyer in London that's a tall order at current prices!