Agent or market problem?

GDB2222

Can I give a couple of practical tips.

Do a search on Rightmove that ought to display your house, without being overly specific. How many houses come up in the search, and where does your house come in the list? 

These days most people price their house so as to get their house as far up the RM list as possible. A price of £500k will come nearer the top of the list than £495k. That’s the way the search works. I’d probably increase the asking price a small amount if that put it near the top of the list.

Of course it depends whether there are lots of houses for sale locally, or hardly any. If hardly any, it probably won’t matter much what you do, as buyers will want to look at everything vaguely appropriate.

LE_Bore

Surrey_EA said:

Having read the OP again, it seems rather like 2 and a half months on the market, including a fortnight where everything is more or less closed down for Christmas.

Even so, 4 viewings in almost 6 weeks since the beginning of the year isn't particularly impressive, and I stand by the view that it suggests the price expectations are a little high.

Thank you. I assume you are still an EA? Are you finding the market very dead at present? Before we put the house on the market, agent said that pricing was very difficult at the moment because there are so few people looking and that all pricing is something of an experiment since the mini-budget to see what the market will stand. 

I don't mind reducing it, but other houses are priced just below ours and are smaller. Don't feel we can price lower than a local house with three fewer rooms in no better condition. If we are overpriced, so are the other houses, but in a way, they are a floor for us and we are a ceiling price for them. 

Surrey_EA

LE_Bore said:

Surrey_EA said:

Having read the OP again, it seems rather like 2 and a half months on the market, including a fortnight where everything is more or less closed down for Christmas.

Even so, 4 viewings in almost 6 weeks since the beginning of the year isn't particularly impressive, and I stand by the view that it suggests the price expectations are a little high.

Thank you. I assume you are still an EA? Are you finding the market very dead at present? Before we put the house on the market, agent said that pricing was very difficult at the moment because there are so few people looking and that all pricing is something of an experiment since the mini-budget to see what the market will stand. 

I don't mind reducing it, but other houses are priced just below ours and are smaller. Don't feel we can price lower than a local house with three fewer rooms in no better condition. If we are overpriced, so are the other houses, but in a way, they are a floor for us and we are a ceiling price for them. 

For my sins, I am.

It's not what I would consider dead, although there is more caution compared to the last couple of years. But that's no great shock with what has happened to mortgage borrowing costs.

There are houses selling and getting good viewing numbers, resulting in offers. But there are some houses receiving a poor response, with low viewing activity, and those are the ones that look overpriced. There is market activity, but certainly not comparable to the frenetic activity post-Covid.

Try not to compare to what else is available, but look at what is selling. It may very well be other houses nearby are similarly overpriced, but that doesn't particularly help you.

It's half-term next week, which if you're selling a 'family sized' property isn't likely to be busy. Perhaps give things until the end of February, if no improvement by then the price probably needs to be looked at.

LE_Bore

Surrey_EA said:

It's not what I would consider dead, although there is more caution compared to the last couple of years. But that's no great shock with what has happened to mortgage borrowing costs.

There are houses selling and getting good viewing numbers, resulting in offers. But there are some houses receiving a poor response, with low viewing activity, and those are the ones that look overpriced. There is market activity, but certainly not comparable to the frenetic activity post-Covid.

Try not to compare to what else is available, but look at what is selling. It may very well be other houses nearby are similarly overpriced, but that doesn't particularly help you.

It's half-term next week, which if you're selling a 'family sized' property isn't likely to be busy. Perhaps give things until the end of February, if no improvement by then the price probably needs to be looked at.

Thank you for your level-headed assessment.

One thing about mortgage costs which has been overlooked slightly is the adjustment in stamp duty so it is swings and roundabouts to a small extent.

Good to see the current situation from an agent's point of view. I will look at the properties that have sold -- I haven't noticed many at our price point since we listed ours, as far as I have noticed -- and mull over what they had that made them sell. We are family sized and near to good schools, but so far only one couple with kids has been to see it. Anyway, we live in hope! Thanks for your response.

housebuyer143

LE_Bore said:

Surrey_EA said:

It's not what I would consider dead, although there is more caution compared to the last couple of years. But that's no great shock with what has happened to mortgage borrowing costs.

There are houses selling and getting good viewing numbers, resulting in offers. But there are some houses receiving a poor response, with low viewing activity, and those are the ones that look overpriced. There is market activity, but certainly not comparable to the frenetic activity post-Covid.

Try not to compare to what else is available, but look at what is selling. It may very well be other houses nearby are similarly overpriced, but that doesn't particularly help you.

It's half-term next week, which if you're selling a 'family sized' property isn't likely to be busy. Perhaps give things until the end of February, if no improvement by then the price probably needs to be looked at.

Thank you for your level-headed assessment.

One thing about mortgage costs which has been overlooked slightly is the adjustment in stamp duty so it is swings and roundabouts to a small extent.

Good to see the current situation from an agent's point of view. I will look at the properties that have sold -- I haven't noticed many at our price point since we listed ours, as far as I have noticed -- and mull over what they had that made them sell. We are family sized and near to good schools, but so far only one couple with kids has been to see it. Anyway, we live in hope! Thanks for your response.

The adjustment in stamp duty is really negligible in the scheme of mortgage costs. Rates 4x higher on a house of your value is a huge sum when you compare that to last years rates. 

GDB2222

I don’t know if this affects your area positively or negatively, but there’s been a move back towards London as employers have started to phase out WFH.

Sarah1Mitty2

housebuyer143 said:

LE_Bore said:

Surrey_EA said:

It's not what I would consider dead, although there is more caution compared to the last couple of years. But that's no great shock with what has happened to mortgage borrowing costs.

There are houses selling and getting good viewing numbers, resulting in offers. But there are some houses receiving a poor response, with low viewing activity, and those are the ones that look overpriced. There is market activity, but certainly not comparable to the frenetic activity post-Covid.

Try not to compare to what else is available, but look at what is selling. It may very well be other houses nearby are similarly overpriced, but that doesn't particularly help you.

It's half-term next week, which if you're selling a 'family sized' property isn't likely to be busy. Perhaps give things until the end of February, if no improvement by then the price probably needs to be looked at.

Thank you for your level-headed assessment.

One thing about mortgage costs which has been overlooked slightly is the adjustment in stamp duty so it is swings and roundabouts to a small extent.

Good to see the current situation from an agent's point of view. I will look at the properties that have sold -- I haven't noticed many at our price point since we listed ours, as far as I have noticed -- and mull over what they had that made them sell. We are family sized and near to good schools, but so far only one couple with kids has been to see it. Anyway, we live in hope! Thanks for your response.

The adjustment in stamp duty is really negligible in the scheme of mortgage costs. Rates 4x higher on a house of your value is a huge sum when you compare that to last years rates. 

Yes, that is going to be problematic.

Sarah1Mitty2

GDB2222 said:

I don’t know if this affects your area positively or negatively, but there’s been a move back towards London as employers have started to phase out WFH.

Wonder how many people made rash decisions during WFH and now regret it?

badger09

Wonder how many people made rash decisions over a decade ago to sell up and rent in anticipation of a major house price crash and now regret it?

Bolt1234

Who on earth would wait 10 years for a house price crash and rent in the meantime?