Is the current market sucking the joy out of moving?

Albermarle

OP- You are not alone
Just two viewings on flat in three weeks - is this normal? — MoneySavingExpert Forum

ManuelG

Is there joy in moving? One of the most stressful experiences of my life!

Bigphil1474

We went on the market in October, and the 3 EA's we got quotes from all said the same thing for our area - the upper end of the market was moving slowly, the lower end of the market was moving quite quickly. Great for us as we are upgrading and selling from the lower end.

We had loads of viewings - maybe 10 a month right up until Christmas. We didn't get any proceedable offers until January though and sold it for about 5% below asking. We've found a nice house and just in the process now.

I'd say since the New year, where we live, the market has took off. We offered asking on the house we are buying within 2 days of it coming back on the market (re-marketed due to their buyer dying). The other house we saw on the same day also sold for asking price within 2 days. I think it just needs a couple of FTB's in an area to start a bit of momentum. 

I think the Zen approach is about not being in a hurry and it happens when it happens

FlyMeSomewhere79

ManuelG said:

Is there joy in moving? One of the most stressful experiences of my life!

It really is! I'm in a small chain as I have FTB'S buying my house and the owner of the house we are buying is going into rented until they see a house they like. It's all been quite smooth until exchange date, my buyers solicitor forgot to dot various I:s and cross T's and it keeps knocking out our exchange and completion dates that we were previously assure of. We are now paying gas and electric for our new home that has a family of 5 living in it rather than just me and my partner that should have been in there by now.

You take an offer and put one in and then it's several months of constant worry and uncertainty! Even to the days you are meant to move! I'm desperate for this to end - just waiting for the buyers lender to answer a query so we can exchange and get out of this horrible limbo and living out of boxes in a shell of home. 

I wouldn't be in hurry to do any buying or selling again anytime soon - most people have a nightmare in the process somewhere!

Hoenir

77588p said:

When I look online, no 4 bed properties in my area are moving at all. Only 3 bed semis etc around 220-250 get snapped up. 

Higher the price the slower the market. £110k more for being detached and an extra bedroom is a sizable jump for people to make.  With the increase in interest rates makes it less palatable to take on that extra borrowing. 

amandaleeds

Bigphil1474 said:

We went on the market in October, and the 3 EA's we got quotes from all said the same thing for our area - the upper end of the market was moving slowly, the lower end of the market was moving quite quickly. Great for us as we are upgrading and selling from the lower end.

We had loads of viewings - maybe 10 a month right up until Christmas. We didn't get any proceedable offers until January though and sold it for about 5% below asking. We've found a nice house and just in the process now.

I'd say since the New year, where we live, the market has took off. We offered asking on the house we are buying within 2 days of it coming back on the market (re-marketed due to their buyer dying). The other house we saw on the same day also sold for asking price within 2 days. I think it just needs a couple of FTB's in an area to start a bit of momentum. 

I think the Zen approach is about not being in a hurry and it happens when it happens

I'm looking at terraces and semis around 250k which should be a really good budget for the area I'm searching in, but there's just nothing decent coming to market. It took me 9 months to complete my sale (with 2nd buyer) as I was holding out waiting fir my next property. Offered on 2 reasonable ones but they both withdrew as they wanted more than recently sold prices.

Now in temporary accommodation, miles from work, stuff dotted about at various friends' homes, and it's all been stressful. Was so excited when I found my dream home for 210k in Jan last year but they rejected my offer as I wasn't proceedable - I assumed you find a house before you get your own sold, but that doesn't seem to be the case. Nothing has come close to how many boxes that house ticked, and losing hope of finding anywhere 🥺
 

FlyMeSomewhere79

amandaleeds said:

Bigphil1474 said:

We went on the market in October, and the 3 EA's we got quotes from all said the same thing for our area - the upper end of the market was moving slowly, the lower end of the market was moving quite quickly. Great for us as we are upgrading and selling from the lower end.

We had loads of viewings - maybe 10 a month right up until Christmas. We didn't get any proceedable offers until January though and sold it for about 5% below asking. We've found a nice house and just in the process now.

I'd say since the New year, where we live, the market has took off. We offered asking on the house we are buying within 2 days of it coming back on the market (re-marketed due to their buyer dying). The other house we saw on the same day also sold for asking price within 2 days. I think it just needs a couple of FTB's in an area to start a bit of momentum. 

I think the Zen approach is about not being in a hurry and it happens when it happens

I'm looking at terraces and semis around 250k which should be a really good budget for the area I'm searching in, but there's just nothing decent coming to market. It took me 9 months to complete my sale (with 2nd buyer) as I was holding out waiting fir my next property. Offered on 2 reasonable ones but they both withdrew as they wanted more than recently sold prices.

Now in temporary accommodation, miles from work, stuff dotted about at various friends' homes, and it's all been stressful. Was so excited when I found my dream home for 210k in Jan last year but they rejected my offer as I wasn't proceedable - I assumed you find a house before you get your own sold, but that doesn't seem to be the case. Nothing has come close to how many boxes that house ticked, and losing hope of finding anywhere 🥺
 

No, it's not worth looking at any until you've got an offer on your own because they won't take it off the market until you have an offer and your buyer has a mortgage offer in place.

I'm really stressed trying to push my sale and purchase over the finish line of completion due to !!!!!! ups made by my buyers solicitors. I don't live in a home anymore, I live in a packed up shell with a defrosted, switched off freezer, stuck in limbo 😔

RHemmings

Hoenir said:

77588p said:

When I look online, no 4 bed properties in my area are moving at all. Only 3 bed semis etc around 220-250 get snapped up. 

Higher the price the slower the market. £110k more for being detached and an extra bedroom is a sizable jump for people to make.  With the increase in interest rates makes it less palatable to take on that extra borrowing. 

I was thinking the same thing. I bought a detached, and I'm not sure there was much if any premium over local semis. 

Mgman1965

In my area (North Nortants) anything 3 bed under around 260k sells almost immediately. 

Anything over 300k seems to hang around unsold till the reductions start bringing it sub 300k.

Houses over 500k never seem to sell

My grandparents old house (not theirs anymore) in a lovely village (6 bed detached Victorian house, absolutely immaculate with huge garden down a private lane) has sat on the market for the last 8 Months at 850k with no sale (they haven't reduced it either).

It sat on the market for months at 850k just before covid hit and didn't sell either.

Postik

p00hsticks said:

Has there ever been any 'joy in moving' ? (other than perhaps for first time buyers taking their first step on the ladder) 

For me I've always viewed the whole moving process  as a complete pain, but a necessary evil to get me where I wanted to be....

Was going to say the same.  I moved just over a year ago and the whole process from start to finish was the most stressful thing I have ever done in my life.