House not selling

ReadySteadyPop

You seem to be getting a few viewings, do houses in your area generally sell fast?

ReadySteadyPop

Hb92 said:

So still no offers yet i had someone look around on Saturday for 40 minutes and indicated she would be in touch with a figure and the EA just called and said she decided it needed too much work. Still no word from the Wednesday night half an hour viewing. The EA did do a viewing on Thursday and apparently she is just waiting for her MIP to send to the EA and has indicated to them that she may make an offer so fingers crossed. No other viewings booked now until Saturday so far.

Saturday today?

Hb92

ReadySteadyPop said:

Hb92 said:

So still no offers yet i had someone look around on Saturday for 40 minutes and indicated she would be in touch with a figure and the EA just called and said she decided it needed too much work. Still no word from the Wednesday night half an hour viewing. The EA did do a viewing on Thursday and apparently she is just waiting for her MIP to send to the EA and has indicated to them that she may make an offer so fingers crossed. No other viewings booked now until Saturday so far.

Saturday today?

Yes it was Saturday just gone, the 29th. Hopefully i will get some feedback for it today. 

Houses used to go fairly quickly in my area but the last 12 months houses just aren't selling. It's like people want everything for nothing. I had an offer from a FTB for £140k which with the finances i just can't go that low. Like £150k is literally the bare minimum as i have to pay the mortgage off when we sell it and i only have enough to cover as it is.

I haven't got any more viewings booked now which is frustrating. It seems to be slowing down a bit now. Still all the same houses up for sale who have been on longer than me

ReadySteadyPop

Hb92 said:

ReadySteadyPop said:

Hb92 said:

So still no offers yet i had someone look around on Saturday for 40 minutes and indicated she would be in touch with a figure and the EA just called and said she decided it needed too much work. Still no word from the Wednesday night half an hour viewing. The EA did do a viewing on Thursday and apparently she is just waiting for her MIP to send to the EA and has indicated to them that she may make an offer so fingers crossed. No other viewings booked now until Saturday so far.

Saturday today?

Yes it was Saturday just gone, the 29th. Hopefully i will get some feedback for it today. 

Houses used to go fairly quickly in my area but the last 12 months houses just aren't selling. It's like people want everything for nothing. I had an offer from a FTB for £140k which with the finances i just can't go that low. Like £150k is literally the bare minimum as i have to pay the mortgage off when we sell it and i only have enough to cover as it is.

I haven't got any more viewings booked now which is frustrating. It seems to be slowing down a bit now. Still all the same houses up for sale who have been on longer than me

I would be wary of chasing away offers at that level, if interest rates are forced up at any point it could be hard to get offers like that again, isn`t it best just to accept that you bought at peak market and exit the situation with a small debt to pay on the mortgage rather than be stuck as a long term seller?

Exodi

The selling price is dictated by what someone will pay for the house and has no correlation to the outstanding mortgage.

I'd also be careful of not falling into an inverse form of survivorship bias by looking at other houses that have not sold - what would be useful is comparing yourself to the properties that are SSTC or have sold.

There are overpriced houses on my street that have been for sale over a year - and simultaneously there have been houses up and sold within a month. Really that depends on the seller more than the buyer.

DE_612183

Exodi said:

The selling price is dictated by what someone will pay for the house and has no correlation to the outstanding mortgage.

I'd also be careful of not falling into an inverse form of survivorship bias by looking at other houses that have not sold - what would be useful is comparing yourself to the properties that are SSTC or have sold.

There are overpriced houses on my street that have been for sale over a year - and simultaneously there have been houses up and sold within a month. Really that depends on the seller more than the buyer.

Another trend I've noticed recent - which is a pain for the buyer - is that I've been to see a property recently and the agent said that the owner had "received an offer from a buyer for full asking price, but they had to sell their property first".

The buyer thinks they have a guaranteed sale and won't drop their price - I saw this property a few months back - and it's still on the market.

Hb92

ReadySteadyPop said:

Hb92 said:

ReadySteadyPop said:

Hb92 said:

So still no offers yet i had someone look around on Saturday for 40 minutes and indicated she would be in touch with a figure and the EA just called and said she decided it needed too much work. Still no word from the Wednesday night half an hour viewing. The EA did do a viewing on Thursday and apparently she is just waiting for her MIP to send to the EA and has indicated to them that she may make an offer so fingers crossed. No other viewings booked now until Saturday so far.

Saturday today?

Yes it was Saturday just gone, the 29th. Hopefully i will get some feedback for it today. 

Houses used to go fairly quickly in my area but the last 12 months houses just aren't selling. It's like people want everything for nothing. I had an offer from a FTB for £140k which with the finances i just can't go that low. Like £150k is literally the bare minimum as i have to pay the mortgage off when we sell it and i only have enough to cover as it is.

I haven't got any more viewings booked now which is frustrating. It seems to be slowing down a bit now. Still all the same houses up for sale who have been on longer than me

I would be wary of chasing away offers at that level, if interest rates are forced up at any point it could be hard to get offers like that again, isn`t it best just to accept that you bought at peak market and exit the situation with a small debt to pay on the mortgage rather than be stuck as a long term seller?

Unfortunately it wouldn't be a small debt on the mortgage.

With a £140k offer i'm looking at £19k debt just on the mortgage, and then £7.5k on a home improvement loan plus the estate agent and solicitor fees.

When the house is sold the mortgage needs to be paid off in full apparently and there is just no way i have that kind of cash in order to do that so unfortunately that's not even an option at this point.

If i could do it i would but i don't have any money as it is. And trying to keep £100 a month aside towards paying off the remaining debts is a very slow process. Me and my ex only have so much money between us to cover the debts as we know the sale of the house just won't cover it. We can only really pay for an £8k debt between us at this moment in time

ReadySteadyPop

DE_612183 said:

yes, December can be a bit dry - things will pick up in January.

Are you still paying half a mortgage each?

Economic conditions affect the housing market more than the seasons.

Herzlos

ReadySteadyPop said:

Hb92 said:

ReadySteadyPop said:

Hb92 said:

So still no offers yet i had someone look around on Saturday for 40 minutes and indicated she would be in touch with a figure and the EA just called and said she decided it needed too much work. Still no word from the Wednesday night half an hour viewing. The EA did do a viewing on Thursday and apparently she is just waiting for her MIP to send to the EA and has indicated to them that she may make an offer so fingers crossed. No other viewings booked now until Saturday so far.

Saturday today?

Yes it was Saturday just gone, the 29th. Hopefully i will get some feedback for it today. 

Houses used to go fairly quickly in my area but the last 12 months houses just aren't selling. It's like people want everything for nothing. I had an offer from a FTB for £140k which with the finances i just can't go that low. Like £150k is literally the bare minimum as i have to pay the mortgage off when we sell it and i only have enough to cover as it is.

I haven't got any more viewings booked now which is frustrating. It seems to be slowing down a bit now. Still all the same houses up for sale who have been on longer than me

I would be wary of chasing away offers at that level, if interest rates are forced up at any point it could be hard to get offers like that again, isn`t it best just to accept that you bought at peak market and exit the situation with a small debt to pay on the mortgage rather than be stuck as a long term seller?

I wish you'd stop banging this incorrect drum about rates about to spike up again when they are on their way down.

OP does have a dilemma in that they may need to sell at a loss in order to move on, but that's got nothing to do with any looming mortgage issues and just the market.

It does seem odd that sales even at that level have completely stalled in the area. My impression was that anything under about £200k went fairly quickly with stuff above that being slower, purely because on an average salary of £32k the 4x multiple would only take them to £128k + deposit.

ReadySteadyPop

Herzlos said:

ReadySteadyPop said:

Hb92 said:

ReadySteadyPop said:

Hb92 said:

So still no offers yet i had someone look around on Saturday for 40 minutes and indicated she would be in touch with a figure and the EA just called and said she decided it needed too much work. Still no word from the Wednesday night half an hour viewing. The EA did do a viewing on Thursday and apparently she is just waiting for her MIP to send to the EA and has indicated to them that she may make an offer so fingers crossed. No other viewings booked now until Saturday so far.

Saturday today?

Yes it was Saturday just gone, the 29th. Hopefully i will get some feedback for it today. 

Houses used to go fairly quickly in my area but the last 12 months houses just aren't selling. It's like people want everything for nothing. I had an offer from a FTB for £140k which with the finances i just can't go that low. Like £150k is literally the bare minimum as i have to pay the mortgage off when we sell it and i only have enough to cover as it is.

I haven't got any more viewings booked now which is frustrating. It seems to be slowing down a bit now. Still all the same houses up for sale who have been on longer than me

I would be wary of chasing away offers at that level, if interest rates are forced up at any point it could be hard to get offers like that again, isn`t it best just to accept that you bought at peak market and exit the situation with a small debt to pay on the mortgage rather than be stuck as a long term seller?

I wish you'd stop banging this incorrect drum about rates about to spike up again when they are on their way down.

OP does have a dilemma in that they may need to sell at a loss in order to move on, but that's got nothing to do with any looming mortgage issues and just the market.

It does seem odd that sales even at that level have completely stalled in the area. My impression was that anything under about £200k went fairly quickly with stuff above that being slower, purely because on an average salary of £32k the 4x multiple would only take them to £128k + deposit.

You are telling us that you know what is going to happen with interest rates? That is a very bold prediction.

Selling at a loss has everything to do with how much new buyers can borrow.

Is there an option for the ex-partner to take in a lodger and try to raise some cash that way?