Is it too late to sell a house in Northern Ireland???

championmongo1

I put my house on the market at the very end of June as my better half and I are moving to England as she got a great job offer and her family are there. It's on a private lane and was valued at between £167k and £170k but I decided to put it on at offers around £165k and have only had two veiwings and no offers. My better half has moved to England already and it is putting our finances at great risk because we are now paying for two properties (she is renting an apartment). Another house at the end of my lane just went on the market on Friday for £160k but externally it appears to need some work whereas as ours has just been completely re-decorated and had a new kitchen, etc. fitted. Should I drop the price again, try to rent it out at a loss or is it just a matter of waiting for it to sell?

My current mortgage deal expires in January and we are due to get married next August and I would hate for us to spend the first part of out married lives apart, thus any ideas on what we should do would be greatly received.;)

Colin_Kee

What a terrible position to be in. We were in the same position two years ago (but in reverse, we were moving back here) the only benifit we had was the house we owned was in the south of England so renting it out covered the mortgage (not normally the case over here now where rent is really cheap in comparison to house prices) Have you thought about putting it on with multiple agents? or not ideal but maybe selling it by auction (Wilsons Auctions have property auctions) Obviously it depends on what size your mortgage is and everyone wants the most they can get for their property but sometimes you just have to bight the bullet and take what you can get.. Dropping the price may not always increase viewings or offers IMO..

NAR

Due to today's low inflation figures and the pressure banks are coming under with their finances I have a sneaky feeling interest rates may be cut in October, or more likely November. If that happens the housing market will start to pick up again IMHO, albeit slowly.
Good luck.

ballyblack

Try to hold on a few months before putting it on the market.

The herd intinct among buyers is kicking in now, they are waiting for the house market to tumble which I can't see happening especially on houses in your price bracket



Rent it out for six months to weather this 'storm'

PS. Don't panic Mr Mannering

leftieM

Do some homework into the local market before you decide to drop your asking price. Ask your agent to tell you how many people are actively looking for houses in your price bracket and find out if similar houses to your's are selling. Look out for your competition and call their agents to see if they have offers on their properties. Maybe there are so few buyers in your market that you just have to sit it out for a while. Or maybe there are more people willing to spend 155k but not 165k. I don't know. However I think that if you dig up some more information you'll be able to make an informed decision about what to do next. Good luck. You will sell your house. It just may take some time.

jetboy

Also make sure you have the house listed with the right agent for the area and one that lists on Propertynews online. The cheapest quote is not always the most appropriate.

leefal

Its half three in the mornin, I'm pretty sure thats too late.

talksalot81

NAR wrote: »

Due to today's low inflation figures and the pressure banks are coming under with their finances I have a sneaky feeling interest rates may be cut in October, or more likely November. If that happens the housing market will start to pick up again IMHO, albeit slowly.
Good luck.

Make sure you take this with the pinch of salt offered - knowledge of previous circumstances will quite likely make one view this with scepticism. Falling rates perhaps but the next step is an enormous leap.

ballyblack

Message for championmongo1

Whatever you decide to do I would be very grateful if you would periodically update us(a friend of mine is in the same position).

All too often posters seeking for advice on this site never return and so don't help the rest of us

Thanks

championmongo1

I appreciate everyones comments but have a few questions/replies-

If you put it on with multiple agents, do you have to pay all of them when the house sells or just the agent who sold it? It is currently on with Ulster Property Sales who have marketed it on their own web site as well as propertynews.com. Are they the best local agents? I seen that the are the current estate agents of the year.

I hope you're right about the interest rates but with all the things that have gone on in the inter-banking markets, will people be able to borrow as much as before? Or will that change leading to a dramatic price drop in properties?

Would it be worth putting it up for auction just to get the sale now before the market gets any worse? Or is it just a matter of waiting for the spring property boom and selling for the current price then? Local estate agents are just saying that the market is very slow with not much shifting unless it is someones dream home.

I'm tied in to an Ulster Bank 100% mortgage deal that expires in January when the interest rate I pay will shoot up by 1.55%. Should I be take the hit of the extra repayments to save on the early repayment charge of approximately £2000 if I sell or take out a new deal? Or maybe change to an interest only mortgage?

Renting the house out would cost me £150 per month (without letting agents fees) currently and would cost me even more when my current mortgage deal ends so should I still explore that route? My better half and I are currently covering all our bills but have little spare cash.

I use moneysavingexpert almost every day in work so I will keep you all updated with any progress. Many thanks for everyones help.

leftieM

If you put it on with multiple agents, do you have to pay all of them when the house sells or just the agent who sold it?

It's worth asking your agent but, tbh, buyers tend to register with all of the relevant agents and look on the web too so they should know about your house. On the main house board someone suggests that you 'mystery shop' your agent - ring asking if they have a property like yours on their books and see if they push your house. If they don't then find another agent.

It is currently on with Ulster Property Sales who have marketed it on their own web site as well as propertynews.com. Are they the best local agents? I seen that the are the current estate agents of the year.

As for UPS - I'm a bit wary of them because they don't put all properties on Property News and their website is difficult to navigate. Still, it's pot luck. If you have a relatively cheap house you get the novice agent who can be good but could be clueless (as our's was). Templeton Robinson is a highly regarded EA (if that's not an oxymoron :rolleyes: ). Halifax seem to be pretty good too.

I hope you're right about the interest rates but with all the things that have gone on in the inter-banking markets, will people be able to borrow as much as before? Or will that change leading to a dramatic price drop in properties?

Although the BoE may drop its rates the de facto interest rates are rising. The rate at which banks lend to eachother (swap rates?) is 6.14%. Norman Lamont was on radio 5 at the weekend saying that the party is over wrt cheap and easy lending.

Would it be worth putting it up for auction just to get the sale now before the market gets any worse? Or is it just a matter of waiting for the spring property boom and selling for the current price then? Local estate agents are just saying that the market is very slow with not much shifting unless it is someones dream home.

I notice that, in the last week, three houses near me that have been on the market for months have gone to sale agreed. So perhaps the market will pick up and you'll get a sale. Auctions tend to be for repos - I imagine you may struggle to get market value as you will have a much narrower pool of buyers but I could be wrong.

I'm tied in to an Ulster Bank 100% mortgage deal that expires in January when the interest rate I pay will shoot up by 1.55%. Should I be take the hit of the extra repayments to save on the early repayment charge of approximately £2000 if I sell or take out a new deal? Or maybe change to an interest only mortgage?

Can you change to IO at this point? It may be an idea if your finances are very tight. As for the redemtion penalty - if you find a buyer now you may time it just right. You may be able to get the completion date to coincide with the end of your mortgage deal. If you get a buyer who's in a hurry then take the 2k hit - you can't afford not to.

Renting the house out would cost me £150 per month (without letting agents fees) currently and would cost me even more when my current mortgage deal ends so should I still explore that route? My better half and I are currently covering all our bills but have little spare cash.

If you still haven't found a buyer by Hallowe'en that would be wise. If I were you I would leave it until then.
I hope you're back in a while with happy tales. It can be very stressful - keep it in perspective and don't let it take over your life. Bon chance!