Help needed on new mortgage rate/house not selling and separation

jagger86

Omg since the original post someone today has offered 270k privately. As it is only currently listed with the auction site but we have submitted termination.

We are more than happy with this offer as obviously want it sold and secondly, with current market would likely remarket it around that price anyway.

Andreg

I suggest you appoint a good estate agent anyway just in case this private sale falls through.  Obviously the estate agent doesn't get paid for your private sale so they will have an incentive to find a back-up buyer.

Until the house is sold maybe you can take advantage of the new mortgage charter to get six months interest-only on the mortgage.

Mortgage help: Should you switch to interest-only or extend your term? (moneysavingexpert.com)

Sarah1Mitty2

johnhenstock said:

No. I’m saying that OP should ask the agent ro price the house so that it sells in a week. If that’s £200k, so be it, £250k, so be it. Should the agent spot something wrong with the previous attempt at selling and managed to get a higher price, closer to the initial asking price, that’s his merit and a bonus would be well placed.

what I AM saying is that a.) we have no idea why the property didn’t sell the first time, be it through traditional agents or auction and b.) that house prices would not have crashed 20% just because rates went up a bit.

unless the previous agent was a 18 year old pimple head with no experience and no knowledge of the local market, the asking price might not have been far from what’s achievable. After all, SEVERAL offers of £310k were made..

In many areas achievable prices will have crashed more than that by now.

CSI_Yorkshire

Sarah1Mitty2 said:

johnhenstock said:

No. I’m saying that OP should ask the agent ro price the house so that it sells in a week. If that’s £200k, so be it, £250k, so be it. Should the agent spot something wrong with the previous attempt at selling and managed to get a higher price, closer to the initial asking price, that’s his merit and a bonus would be well placed.

what I AM saying is that a.) we have no idea why the property didn’t sell the first time, be it through traditional agents or auction and b.) that house prices would not have crashed 20% just because rates went up a bit.

unless the previous agent was a 18 year old pimple head with no experience and no knowledge of the local market, the asking price might not have been far from what’s achievable. After all, SEVERAL offers of £310k were made..

In many areas achievable prices will have crashed more than that by now.

In almost no areas have prices dropped by more than 20%.

Sarah1Mitty2

CSI_Yorkshire said:

Sarah1Mitty2 said:

johnhenstock said:

No. I’m saying that OP should ask the agent ro price the house so that it sells in a week. If that’s £200k, so be it, £250k, so be it. Should the agent spot something wrong with the previous attempt at selling and managed to get a higher price, closer to the initial asking price, that’s his merit and a bonus would be well placed.

what I AM saying is that a.) we have no idea why the property didn’t sell the first time, be it through traditional agents or auction and b.) that house prices would not have crashed 20% just because rates went up a bit.

unless the previous agent was a 18 year old pimple head with no experience and no knowledge of the local market, the asking price might not have been far from what’s achievable. After all, SEVERAL offers of £310k were made..

In many areas achievable prices will have crashed more than that by now.

In almost no areas have prices dropped by more than 20%.

That is because people will hold out as long as they can for their imaginary prices (imaginary for this market, easily achievable in the old nearly free debt world) sales volumes and mortgage approvals have dropped massively instead, prices will have to catch up eventually unless falling demand is the "new normal"? That is why I said achievable prices not averages from months ago sales, there is no real price discovery in a stalled market.

CSI_Yorkshire

So what you meant to say was "at some indeterminate point in the future, prices might, in some areas, have dropped by some amount which might be somewhere near 20%"

That's a bit different than "in many areas prices have dropped by now"

Sarah1Mitty2

CSI_Yorkshire said:

So what you meant to say was "at some indeterminate point in the future, prices might, in some areas, have dropped by some amount which might be somewhere near 20%"

That's a bit different than "in many areas prices have dropped by now"

  No, I meant to say what I said, there is no real price discovery in a stalled market with collapsed sales volumes and mortgage approvals, the only guide the OP can follow is - Are people viewing? When people are viewing the asking price is in the correct ballpark, although you need to be prepared for down-valuations, last minute reductions citing "market conditions" etc.

CSI_Yorkshire

Sarah1Mitty2 said:

CSI_Yorkshire said:

So what you meant to say was "at some indeterminate point in the future, prices might, in some areas, have dropped by some amount which might be somewhere near 20%"

That's a bit different than "in many areas prices have dropped by now"

  No, I meant to say what I said, there is no real price discovery in a stalled market with collapsed sales volumes and mortgage approvals, the only guide the OP can follow is - Are people viewing? When people are viewing the asking price is in the correct ballpark, although you need to be prepared for down-valuations, last minute reductions citing "market conditions" etc.

If there is "no real price discovery" then you have no evidence for "prices have dropped", let alone "dropped by more than 20%".  The best you can say is "prices might have dropped".

Sarah1Mitty2

CSI_Yorkshire said:

Sarah1Mitty2 said:

CSI_Yorkshire said:

So what you meant to say was "at some indeterminate point in the future, prices might, in some areas, have dropped by some amount which might be somewhere near 20%"

That's a bit different than "in many areas prices have dropped by now"

  No, I meant to say what I said, there is no real price discovery in a stalled market with collapsed sales volumes and mortgage approvals, the only guide the OP can follow is - Are people viewing? When people are viewing the asking price is in the correct ballpark, although you need to be prepared for down-valuations, last minute reductions citing "market conditions" etc.

If there is "no real price discovery" then you have no evidence for "prices have dropped", let alone "dropped by more than 20%".  The best you can say is "prices might have dropped".

 Ok, In my Opinion.....achievable prices in many areas have dropped by more than 20% as soon as rates started heading for 5% and the talk moved to even higher rates for longer, there is nothing to stop prices going back to similar levels to the last time rates were this high (still historically very low) as it is obvious that props to the market are not being deployed for fear of bond market reaction. My advice to the OP would be to get the house on the market at a price that clears the debt and hope that someone sees that as a bargain.

CSI_Yorkshire

Sarah1Mitty2 said:

CSI_Yorkshire said:

Sarah1Mitty2 said:

CSI_Yorkshire said:

So what you meant to say was "at some indeterminate point in the future, prices might, in some areas, have dropped by some amount which might be somewhere near 20%"

That's a bit different than "in many areas prices have dropped by now"

  No, I meant to say what I said, there is no real price discovery in a stalled market with collapsed sales volumes and mortgage approvals, the only guide the OP can follow is - Are people viewing? When people are viewing the asking price is in the correct ballpark, although you need to be prepared for down-valuations, last minute reductions citing "market conditions" etc.

If there is "no real price discovery" then you have no evidence for "prices have dropped", let alone "dropped by more than 20%".  The best you can say is "prices might have dropped".

 Ok, In my Opinion.....achievable prices in many areas have dropped by more than 20% as soon as rates started heading for 5% and the talk moved to even higher rates for longer, there is nothing to stop prices going back to similar levels to the last time rates were this high (still historically very low) as it is obvious that props to the market are not being deployed for fear of bond market reaction. My advice to the OP would be to get the house on the market at a price that clears the debt and hope that someone sees that as a bargain.

February 2008 - there have been 15 years of population increase, inflation and lack of housebuilding since then.