Selling in August

CSI_Yorkshire

lookstraightahead said:

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

Or more correctly, at a price that a buyer is willing to pay and the seller is willing to accept.

YoungBlueEyes

Or actually how much the bank is willing to be in for (presuming mortgage required).

BobT36

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.

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.

Absolutely. Relying on a mortgage I'd be no where near able to afford what I would have, before. 
If someone's listed a house at stupid 2022/2021 prices, I'd have a cheeky peek, maybe save it, but certainly not even thinking of bothering to view. 

It ain't 2022/2021 anymore! 
When interest rates go down, house prices shoot up in response. Guess what's meant to happen when it's the other way around! 

CSI_Yorkshire

BobT36 said:

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.

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.

Absolutely. Relying on a mortgage I'd be no where near able to afford what I would have, before. 
If someone's listed a house at stupid 2022/2021 prices, I'd have a cheeky peek, maybe save it, but certainly not even thinking of bothering to view. 

It ain't 2022/2021 anymore! 
When interest rates go down, house prices shoot up in response. Guess what's meant to happen when it's the other way around! 

In a supply-constrained market?  Not a lot.  Things slow down (i.e. less transactions), which can depress the prices of enforced sales, but that's not the same as a general-case price drop.

Interest rates going down doesn't directly cause house prices to go up either, but that's a different discussion.

Bonniepurple

Viewings online not translating into viewings in person suggest that there is something in the pictures or description putting people off.  It could be the simple fact that there are other properties in the same street that have sold signs up - people will be wondering if there is something about the location and people are selling before say 500+ houses are built opposite.  3 weeks is nothing, and yet you seem to have got 2 agents already.  That smacks of desperation and so people will be expecting a price drop.

Locally, some properties are selling before they hit Rightmove.  From experience, first time buyers have been seduced by new builds and want a pristine house without paying for it.  Our old house was priced to reflect that it needed a new kitchen and bathroom but the comments were always “too much work needed”.  If they didn’t want to do the work they should have gone for the one along the road £30k more!

Finally, having moved 9 days before Christmas once, it is a nightmare.  

lookstraightahead

CSI_Yorkshire said:

lookstraightahead said:

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

Or more correctly, at a price that a buyer is willing to pay and the seller is willing to accept.

Well if the seller has priced it in the first place, then you'd assume they would agree to sell it at the price it's been priced at. 😵‍💫

CSI_Yorkshire

lookstraightahead said:

CSI_Yorkshire said:

lookstraightahead said:

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

Or more correctly, at a price that a buyer is willing to pay and the seller is willing to accept.

Well if the seller has priced it in the first place, then you'd assume they would agree to sell it at the price it's been priced at. 😵‍💫

But no buyers appear prepared to pay that price.

I could list my house for £10million - it wouldn't be "priced correctly" because nobody would pay that.

Equally, I wouldn't drop the price to £10, because I wouldn't accept it.  I'd have plenty of buyers though, which would meet your criteria, but I would say that's not "priced correctly" either.

Advice to drop the price until it's "priced correctly", which often appears on these threads, only works if the seller will accept the lower price.

MSE_JC

Hello,

Just a reminder that, for the safety of our users, the Forum rules prohibit the requesting or posting of personally identifiable information. This includes links to Forumites' own online property listings, which may reveal their address.

Thanks,

Forum Team

ReadingTim

MSE_JC said:

Hello,

Just a reminder that, for the safety of our users, the Forum rules prohibit the requesting or posting of personally identifiable information. This includes links to Forumites' own online property listings, which may reveal their address.

Thanks,

Forum Team

If the user themselves posts it, then surely they're happy to reveal this information?!?  

CSI_Yorkshire

ReadingTim said:

MSE_JC said:

Hello,

Just a reminder that, for the safety of our users, the Forum rules prohibit the requesting or posting of personally identifiable information. This includes links to Forumites' own online property listings, which may reveal their address.

Thanks,

Forum Team

If the user themselves posts it, then surely they're happy to reveal this information?!?  

"I am happy to break the rules" does not normally make the rules inapplicable.