Is the market dipping? Selling difficult?

camelsand

Well I just wanted to vent really after reading the waiting for buyer thread. My situation is the same I am waiting for a buyer. The negative stories keep getting worse with every day that goes by. I am getting worried as I've only had 1 viewing since brexit! My house has been on the market since 4th may, I had 5 viewings in the first week, the feedback was really good and 2 parties said they wanted to proceed. Then 1 couldnt get financing as they were after a bridging loan, and the other 1 pulled out after brexit as they were cash buyers (double blow!). But the brexit was almost 2 weeks ago now, and I only had 1 viewing since then, and the agent warned me that the market is prone to low offers but I didnt even hear anything from them.

How long to wait until lowering the price? Can I post the rightmove link here for some feedback? Thx

hazyjo

What area? I've seen prices dropped in some areas, but others I've noticed loads coming on to the market.


Bridging loans at the start of any purchase are a ridiculous idea. It could take months. Forget about that one, they were off their rockers. Cash buyer may be investor which is understandable. I will be buying cash next time and won't be pulling out due to Brexit! But then I'd be buying a home, not something to add to a portfolio as they may have been.


Put the link here, just drop the www. (you're too new to post links).


Jx

eddddy

camelsand wrote: »

... and the agent warned me that the market is prone to low offers but I didnt even hear anything from them.

Are you selling in order to buy something bigger (more expensive)?

If so, this could be good news for you. You might take a hit on the property you're selling, but this should be more than outweighed by the potential reduction on the property you buy.

dc197

Your house as been on the market for over two months. The number of people viewing it on rightmove will be ever decreasing, because many people will search only properties added within the last few days/weeks.
Your decline in traffic may have little to do with the political climate.

The above doesn't apply if your agent marked the listing as SSTC and then put it back on afresh.

smile88egc

You may struggle to sell before the autumn slow down in the context of the brexit vote.

How much do you want to sell this summer? I think after 2 months, you've given it a good shot at this price. You need to be getting more viewers in the door to have a hope of selling anytime soon!

NewHomeOwner_2

As your house was for sale 7 weeks before brexit with no offers I don't think brexit is your issue. It probably hasn't helped but what do you think the issue was for those 7 weeks?

Are in a very slow moving area where there's not a lot of demand? Is it over priced? Have you presented it in the best way you can?

brodawel

In my area there is a shortage of decent houses on the market. Anything good is snapped up but anything run of the mill is not selling and it's been like this for the past 12 months at least. There are a lot of houses that came on at silly prices a few months ago and have been reducing after a while but tbh these are cursed imo. Buyers want fresh stock otherwise there's an apathy towards property that has been on RM for too long. Sellers need to start off at a fair price and get the buyers early while they are keen and eager, imo at least.

jimbog

Where's Crashy?

BritishBibliophile

There's more coming on the market at the moment, in the 2 weeks before the referendum the areas me and my partner were looking at there was 1 new property listed. Now the referendum has taken place activity has gone back up, last week our preferred area had 3 new listings, our less preferred area had 5, and 1 in our "dream" area, which is the first new listing I've seen for it in around 3 months.

There are still plenty of FTBs out there, who know that they are buying a home for the next few years, not an investment. But that doesn't mean that they will pay over the odds for a property. If you aren't getting people through the door then it's either because prices have started to drop in your area, and you are now at the top end of for similar sized properties, or a LOT of similar properties are now in the market and yours just doesn't compare.

Either way, if you're comfortable putting the link up then do so, you will get some constructive feedback (probably non-constructive too). But it may be that you have to accept that there's going to have to be a little drop in price.

AFF8879

Right now there is just a lot of panic and uncertainty in the market. Therefore the vast majority of buyers (and sellers for that matter) are likely to hold off from moving until there is a clearer picture of the economic future of our country. With all the headlines of economic doom and job losses, it is perfectly understandable that people want to wait and see how the market evolves.

There is a shortage of housing in this country, regardless of Brexit, so things will even out over the next six months to 2 years (depending how long the brexit negotiations take). Of course if you need to sell immediately, then chances are you're going to have to take a fairly substantial hit...

Samsonite1

AFF8879 wrote: »

Right now there is just a lot of panic and uncertainty in the market. Therefore the vast majority of buyers (and sellers for that matter) are likely to hold off from moving until there is a clearer picture of the economic future of our country. With all the headlines of economic doom and job losses, it is perfectly understandable that people want to wait and see how the market evolves.

There is a shortage of housing in this country, regardless of Brexit, so things will even out over the next six months to 2 years (depending how long the brexit negotiations take). Of course if you need to sell immediately, then chances are you're going to have to take a fairly substantial hit...

Yes, what they said. We (the public) are essentially in control of the housing market currently and people have decided to change their minds because of Brexit. Martin urges us to carry on as normal to mitigate this, but clearly this is not happening so much. In London though, I can report that house prices are still increasing regardless...