Just bought a house as a FTB, but now need to sell

Crashy_Time

newsgroupmonkey_ said:

Crashy_Time said:

newsgroupmonkey_ said:

Crashy_Time said:

warwick2001 said:

Crashy_Time said:

stormflm595 said:

Hi all

I am a first time buyer and I've just bought a house where I have completed and moved in recently.

I live an hour and a half away from my family (I have done for going on 10 years) and was quite settled, but unfortunately there is a family emergency which has meant I have had to come back home for a bit. This was temporary but with the way things are and how close I am to my family, I need to make this permanent and so need to sell the house and relocate back close to home.

Basically I need advice on any unexpected costs of selling a house so early on, and within a fixed term of a mortgage.

I have already had some works done (damp proofing, new boiler and a more modern oven) so I feel I will be able to sell for more than I purchased for but I'm not really sure what the market is doing right now - is it a good time to sell? I hope to be holding all of the cards in my hands, as I will be temporarily moving back in with my mum so i won't be buying straightaway so can tell people with silly offers where to go lol I will of course be keeping my mortgage, all bills and insurance going and making sure I am going back and forth to make sure things are okay but of course, family comes first and I feel like this is the right decision even though I've only just bought the house!

I guess I am also wanting towanting see if anyone else here has had something similar and how it all went for them?

Thanks!

If mortgage rates rise you will be getting a lot of "silly offers" IMO, drop the price to sell quickly.

Its not even on the market yet, and you're already 'advising' to drop the price. Drop the price from what?? The OP may be thinking about marketing the property at a very low price anyway for a quick sale, you have no idea what value the house is, where it is, if the market in the OP's area is still super hot at the moment (where I live, the houses we have looked at are still selling for over asking price, and are only on the market for a week or so).

Great advice tho. Drop the price OP. DROP IT NOW!!!!!!!!!!!!!!!!!!

What area is that so we can follow it on PropertyLog, and how are transactions holding up after the end of the SDH?

If you want to play that game, South Hampshire. Generally, anywhere that's Gosport / Fareham. Anything under £350k is gone usually in days. Even the overpriced stuff. Most of the properties on the market that have been there longer than a week have an issue. It's got even more bonkers since the end of SDH.

I have so many RM searches going on, I'm getting 6-7 emails a day, often with multiple properties. Quite often by the time I click on the link, they're SSTC. Many places in the area have an "open house" day where you book a slot. Miss the slot, you've missed your opportunity to buy!

Go look up the previously sold, SSTC prices too. Many currently for more than the valuations too.

....and RM is showing plenty of supply while PL shows plenty of price drops! If mortgage rates rise people overpaying in your area now will be hit hard IMO.

I didn't say the whole of Hampshire. I said South Hampshire. Southampton, Eastlleigh, Havant, Waterlooville, Portsmouth.

There's not plenty of supply at all. If you look at the average house price in that area, there's very, very little at the price point of what is "average" (Plumplot suggests under £275k)

And there aren't plenty of price drops. In fact, quite the opposite. Where sales are falling through, they're coming back on the market at 5-10k more (which isn't something I've seen before).

Transaction figures say people are not buying them though, making the price increases even more of a bad move if you actually want to sell?

clearancer

Sandtree said:

stormflm595 said:

I have already had some works done (damp proofing, new boiler and a more modern oven) so I feel I will be able to sell for more than I purchased for 

This may be optimistic thinking... someone selling shortly after buying is a big red flag for many (including lenders) as no matter what story you give people will assume its because its a lemon/money pit. 

You dont say how recent the purchase is but with a potentially smaller number of buyers (particularly if you need a cash buyer) then that can result in lower prices achieved.

Nonsense! I bought a house back on the market 4 months after it was sold. I asked why, was told the reason (family emergency) and I bought it for £1000 more than the previous sale. 

Crashy_Time

How is the sale progressing OP?

Gavin83

clearancer said:

Sandtree said:

stormflm595 said:

I have already had some works done (damp proofing, new boiler and a more modern oven) so I feel I will be able to sell for more than I purchased for 

This may be optimistic thinking... someone selling shortly after buying is a big red flag for many (including lenders) as no matter what story you give people will assume its because its a lemon/money pit. 

You dont say how recent the purchase is but with a potentially smaller number of buyers (particularly if you need a cash buyer) then that can result in lower prices achieved.

Nonsense! I bought a house back on the market 4 months after it was sold. I asked why, was told the reason (family emergency) and I bought it for £1000 more than the previous sale. 

Well maybe it didn't apply to you but that certainly doesn't make it nonsense. It would be a huge red flag for me and I'd likely walk away from such a house or at least want it at a discount. There's absolutely no way I'd be paying more for it like you did, I'd rather find somewhere else.

RelievedSheff

Crashy_Time said:

How is the sale progressing OP?

It isn't even on the market yet you clown!!

Crashy_Time

Gavin83 said:

clearancer said:

Sandtree said:

stormflm595 said:

I have already had some works done (damp proofing, new boiler and a more modern oven) so I feel I will be able to sell for more than I purchased for 

This may be optimistic thinking... someone selling shortly after buying is a big red flag for many (including lenders) as no matter what story you give people will assume its because its a lemon/money pit. 

You dont say how recent the purchase is but with a potentially smaller number of buyers (particularly if you need a cash buyer) then that can result in lower prices achieved.

Nonsense! I bought a house back on the market 4 months after it was sold. I asked why, was told the reason (family emergency) and I bought it for £1000 more than the previous sale. 

Well maybe it didn't apply to you but that certainly doesn't make it nonsense. It would be a huge red flag for me and I'd likely walk away from such a house or at least want it at a discount. There's absolutely no way I'd be paying more for it like you did, I'd rather find somewhere else.

Would be a red flag for most people IMO.