Selling house - market slower?

stevie_wonder

We put our house on at the end of July and after quite a few viewings a sale was agreed at the end of August. Unfortunately our buyer lost their buyer (start of the chain) at the end of September so we were back to square one. We put our house back on the market at the end of September and have had much fewer viewings than last time (3 in 2 weeks, and one of those didnt actually happen).

My view is that the market is much quieter and speaking to the estate agent and my own opinion I reckon its down to:

-time of year (not a busy/good time for house selling)
-fallout from HIPs implementation
-fallout from credit crunch/recent financial uncertainties

On the upside, the two that have been round are "serious buyers", and able to proceed rather than timewasters. When selling earlier we had alot of people round who either hadnt researched the area/house, or perhaps the EA had set up for them, as when they went round it wasn't what they were after.

Does anyone else have similar experience or comments about selling at the moment?

BrixMorta

I'm in Kent, where August & September showed a significant downturn in house sales. October has seen a marginal improvement, but brought about on the whole by those reducing their property prices.

Curv

We are in a similar position to you, although we've only had our place on the market for 3 weeks. Every EA I've spoken to in the last month has said that it's really, REALLY dead at the moment. We've already reduced our price once (reckon EA overpriced it in the first instance) and expect that we might have to reduce again if we don't see some action in the next couple of weeks.

Not losing any sleep yet though as we are trading up, so should be able to get a reduction on the place we move to. Plus, we regard it as our home and not an investment, as such.

IMHO, reducing the price will be the only way to shift property over the next few weeks.

Post your Rightmove link and we'll give you feedback...

twhurl

We put ours on in AUg at a cheeky price. Not a sniff.
Re-listed it at a competitive price last week and had a viewing this weekend.
The buyer seemed serious and ready to move.
I think the market now is mainly people trading up

Mrs_Thrify

Hiya, I am begining to see a list of why our houses are not selling, after being on the market a few weeks!
First thing that comes out is.... your house is at the top of our budgit, would you consider an offer (reduced it twice oready). Sly comment.
Followed by - need a new kitchen.
Bedrooms are a lot smaller than downstairs! Ahhh, we don#t live in a wedge shaped house.

I often now see houses for sale with new kitchens and bathrooms.
I must say when we finally move :rolleyes: we want an en suite.

Good luck all...

stevie_wonder

We are moving up the chain and buying a bigger house, though are in no rush ie we dont HAVE to sell, but it would be good. We've researched the prices in our area, and have put it at a realistic level, so wont be going back to the EA to reduce the price. IMO its not the price thats causing lack of interest, I think its lack of suitable buyers!

Austin_Allegro

stevie_wonder wrote: »

IMO its not the price thats causing lack of interest, I think its lack of suitable buyers!

But by 'suitable buyers' surely you mean buyers willing to pay your asking price? So that would imply it is the price that's causing the lack of interest.

Or is there some other criteria of suitability?

ivegotabig1

House prices are over valued..period !!!! ... If you want to sell, make it more attractive to a potential buyer...Simple !!! ..... & dont dream your gonna get the same as in the summer when the market peaked...your not !!!...
A friend has reduced his from 349 k to 299k, still cant sell, & thats in a village 3 miles from stratford on avon !!! ... Work it out & get real, There are way to many dreamers wondering why they cant sell now !!!

movilogo

IMO its not the price thats causing lack of interest, I think its lack of suitable buyers!

I am a FTB and I can't get a house because there is no suitable seller who is willing to sell at my budget

Curv

In my area it's lack of willing buyers - full stop! Houses are coming on to the market all the time, often at overly optimistic prices. Many are being reduced, but still no takers. Now I'm sure someone will be along soon to point out that clearly the reductions aren't swathing enough, or some other such well-observed advice. But we all have our limits as to how low we'll go.

There seems to be a stand-off situation right now and many buyers seem to be labouring under the illusion that if they just wait a little while they'll be able to buy one and get one free or something.

In actual fact, many vendors trading up (like us) don't HAVE to sell. Sure, we need more space but we can manage as we are if needs be. We don't have the threat of a repossession hanging over us so we can afford to wait and see... for years if necessary. I suspect that whilst ever interest rates are manageable many other vendors will take this stance too, which will only serve to slow the market down further (once FTBs have bought off all the BTLs, of course!).

In my area, vendors have got the message that it's about price and are taking action. If buyers would meet them half way there wouldn't be a problem.

stevie_wonder

For the pedants out there (and there are a few) when I said "suitable" buyers I meant proper buyers, not timewasters. Afterall, If someone wants to buy my house they just have to make an offer, I will either accept or reject it! Too many people are following this house price crash scenario and saying "all" property is overpriced, when its not true of "all" property at all. I've kept an eye on the market and look at what else is available in my area, at what prices and compare them as objectively as I can, that's why I believe my price is realistic.

I've spoken to the EA and price isnt the issue with them either, there aren't the same amount of buyers as earlier in the year. Before you ask, we are on a fixed fee with them so its not in their interest to either lower or maintain the sale price.

Anyway I asked if anyone thought it was quieter in the market now than over the summer, not whether I was pricing my house too high!