Concerned over move...

Stevie1

Hello all!
Am new to this particular forum so please be patient with me

We are in the process of selling our house and trading up (no affordability issue + sizable deposit).

Have been gradually getting frustrated over the market in our area, as some sellers seem to be very unrealistic (price inflated houses on for many months but no price reductions, rejecting good offers etc). Also, most of the properties coming on the market at the moment seem to be at the lower end too, which means we've had virtually nothing to go and view).

I have been getting progressively worried that what we want is not going to come on the market (or be way above our price range, as a couple of agents seem to be trying to hold local prices up artificially), that we'll end up for a long period in rented accommodation (leaving our lovely home of 10 years ), and that as a result of the uncertainty in the housing market + credit crunch and poss. impending recession we'll end up worse off...

I guess I am just fishing for other people's views...

lynnexxxo

Firstly, did you get a good price for your house? If you did and you are staying in the same area then can you really blame anyone for holding out for better offers. for example- you decide you sell and your over optimistic EA says you should get 200k. Now you start thinking of what you will do with your 200k - you've got your deposit for the new place planned, and hopefully the fees and maybe even enough for a nice new kitchen/bathroom etc.

So you get a few viewers and they offer say 180 - and suddenly all your plans for the money have to change. Unless you are desperate to sell you would hold off a while and wait and see if you can get a better offer.

It would only be if after a while with no offers the panic starts setting in and suddenly 180 is better than nothing!

So I suppose my point is if people are still paying what you think is too much then wait . If you jump in and buy something your not that happy with you'll regret it .

The only thing with waiting for your ideal house is that you have to move into a rented place. And as your not going to be there long it kinda feels like you are sitting in a departure lounge waiting..... you see no point in unpacking etc so living out of suitcases which can get you down a bit (in the short term).

dweeby

Stevie1 wrote: »

Hello all!
Am new to this particular forum so please be patient with me

Welcome Stevie! no need to excuse yourself, nothing at all stupid in your post (wish I could say the same for all posts!).

Stevie1 wrote: »

Hello all!
I have been getting progressively worried that what we want is not going to come on the market (or be way above our price range, as a couple of agents seem to be trying to hold local prices up artificially), that we'll end up for a long period in rented accommodation (leaving our lovely home of 10 years ), and that as a result of the uncertainty in the housing market + credit crunch and poss. impending recession we'll end up worse off.

We moved into rented in December, because we couldn't find a house we wanted, and to enable us to be chain breakers. We shared your concerns, but in January our dream house came up and we should be moving in about 3-4 weeks from now (fingers crossed!). And we're now left with the remains of a 6 month tennancy agreement to fulfil:rolleyes:

There are no certainties, all you can do is try to do the right thing. The rest is down to chance. What I would add is that if ever there was a good time to be in rented, it's now.

Sellers in our area aren't dropping prices, but those houses aren't moving. The house we're buying is being sold by a motivated seller who has had an offer accepted on another house.

Hang on in there, make the right decisions and hopefully things'll turn out for the best!

Stevie1

Lynnexxxo - we got a good offer for our house, but that was beacuse we've priced it well! I was referring to higher price bracket properties that are not moving at all even after a long time (I am talking nearly a year on a few of them!), so it's not like other people are offering asking prices.

Dweeby - thanks for the encouragement, hope it goes well for you. We have the same idea about breaking the chain - makes you a much more attractive buyer :-)