Selling in August

sepherz

Hi,

We've had our house in Kent up for sale since the beginning of July aiming for completion in December with no onward chain.

Just before other properties in the street had offers having gone up in April/May time. We are all different reasons for moving, family, downsizing etc.

Three weeks later we've gone through an interest rate hike, on with a second estate agent and not had one viewing however hundreds upon hundreds of viewings online. All estate agents are saying it's all gone very quiet and its not just us experiencing this.

Now approaching August with the holidays and another interest rate hike due I'm wondering if we'll sell.

What are the thoughts of buyers out there, are you holding back due to the increasing costs? Are any sellers experiencing the same situation?

Just curious to find out if it has just all slowed down.

KingL2

Spring and Autumn are the traditional times for sales.    In the summer, everyone's away on holidays (but if you are in kent, maybe you will pick-up a holiday-maker). Forget October-March (too dark/cold).
But, generally, yes, it's just all slowed down.

MultiFuelBurner

Depends on your motivation for selling. 

If you need to sell for December then in the summer months you may have to reduce the price to a point where you get viewings.

What that is will depend on where you live/other houses for sale nearby and so many more things. 

housebuyer143

School holidays I believe things go dead as people are away and no one wants to drag their kids to viewings with them. 
Also, rates are coming down slightly since inflation figures were announced and you find that when rates begin to reduce you get people waiting for the floor, so rather than rushing to secure a rate before it goes up the opposite happens and people don't buy assuming the rates will be cheaper soon. 

Flugelhorn

sepherz said:

Hi,

We've had our house in Kent up for sale since the beginning of July aiming for completion in December with no onward chain.

Which December are you looking at ? Does look like the market is slowing up again - three times in the past I have sold properties when the market had just stopped for some financial reasons or other - it took over a year, even without upward chain, to get sold. Viewings only happened every few weeks, nothing happened in school holidays etc etc, there is a limit to the pool of people looking and they are waiting for offers on theirs.

Grizebeck

Where I live houses are definitely on the market longer. 
We are very very lucky to have exchanged on our sale and complete next week

RelievedSheff

Properties are definitely taking longer to sell where we are based.

But those priced sensibly and presented well are still selling, albeit they are taking longer to find a buyer.

grumbler

sepherz said:

What are the thoughts of buyers out there, are you holding back due to the increasing costs? 

Regardless of the costs  (I need a very small mortgage if any) and the season, I'm waiting for prices to drop further, but I don't have any reasons to rush.

Grizebeck

grumbler said:

sepherz said:

What are the thoughts of buyers out there, are you holding back due to the increasing costs? 

Regardless of the costs  (I need a very small mortgage if any) and the season, I'm waiting for prices to drop further, but I don't have any reasons to rush.

Good move:)

JReacher1

Zero viewings when you’ve been on the market for a month would indicate you’ve priced too high. 

lookstraightahead

It will sell if priced correctly, ie, what buyers are willing to pay.