Relocated - house for sale - no viewers

lalapalooza

It is difficult - I have taken a new post in Harrogate and am on the market in Norwich where things have ground to a halt of late.... I am lucky in that I have some great lodgings during the week in a huge georgian country house, but poor hubby is stuck temping in Norwich until the house sells.

We are under great pressure to reduce the house price but if we want to be able to afford anything in Harrogate we have to hold on... I think the estate agents wanting turnover want you to reduce but if the market holds its nerve folk wanting to buy will do so....

Debs

elona

Wanted to wish the OP the best of luck with her house sale.

We are about 12 miles from Harrogate and have had our house up for sale for a year and no viewings for months now.

It did not help that the house next door had been up for sale first and their sale fell through!

Now they have sold but there seem to be no buyers out there right now.

Fortunatey we are not in a rush to sell so will wait and see what happens.

skintlass

elona wrote: »

Wanted to wish the OP the best of luck with her house sale.

We are about 12 miles from Harrogate and have had our house up for sale for a year and no viewings for months now.

It did not help that the house next door had been up for sale first and their sale fell through!

Now they have sold but there seem to be no buyers out there right now.

Fortunatey we are not in a rush to sell so will wait and see what happens.

Its good to hear its not just me - my house has now been on over a year as my first sale fell through - I've reduced twice now and am now looking at part-ex. Hope you (and I) sell soon.

SquatNow

anitap wrote: »

The credit crunch kicked in, house prices fell, we dropped ours from £104,950 (valued at £106,000) to £103,950 to £100,500 last week (have had 2 viewers and 1 who didn't turn up)....

....We also have a loan attached so need to have min £99,000 sale to cover mortgage, fees and loan.

The amount of moeny you need to achieve from the sale has no relation to the value of the property.

The value of anything is what someone is prepared to pay for it. The value is affected by many things including market coditions such as the availability of credit. If the ability of the house buying public to borrow is cut by half, the value of your house is cut by half.

E.g. if someone who previously was offered a 95%LTV mortgage can now only get a 90%LTV mortgage, their abaility to buy is halved... their £5k deposit now only gets them a £40k mortgage instead of a £95k mortgage...
True there are cash buyers but the price they pay is set by having to outbid other buyers. If the other buyers can only get a mortgage for £40k+£5k deposit, then the cash buyer only needs to offer £46k.

You think your house is worth £100k. The market thinks it is worth less. The market is right, you are wrong. You need to reduce your asking price until it meets the markets estimated value.

Knock £5k off every week until it sells.

Simple Rule: Until the buyer cash is in your pocket, your house is worth exactly £0

What this means to you: You cannot sell unless you take on seperate UNSECURED debt. This may be your best option. The alternative is to go bankrupt.

I am sorry, no offence is meant by my comment... I'm sure people will flame me, but I am simply telling you how it is.

Bf109

Welcome to negative equity.

Triker

SquatNow wrote: »

The amount of moeny you need to achieve from the sale has no relation to the value of the property.

The value of anything is what someone is prepared to pay for it. The value is affected by many things including market coditions such as the availability of credit. If the ability of the house buying public to borrow is cut by half, the value of your house is cut by half.

E.g. if someone who previously was offered a 95%LTV mortgage can now only get a 90%LTV mortgage, their abaility to buy is halved... their £5k deposit now only gets them a £40k mortgage instead of a £95k mortgage...
True there are cash buyers but the price they pay is set by having to outbid other buyers. If the other buyers can only get a mortgage for £40k+£5k deposit, then the cash buyer only needs to offer £46k.

You think your house is worth £100k. The market thinks it is worth less. The market is right, you are wrong. You need to reduce your asking price until it meets the markets estimated value.

Knock £5k off every week until it sells.

Squatnow always says this :rolleyes:


Being in a similar position myself, relocated - house not sold, carrying 2 mortgages, all I can say is either drop a real chunk off the price or rent out if you can.

I know I wasn't allowed by mortgage company to remortgage as it was up for sale, mortgage rates are'nt too good at the mo either for new business. Difficult I know but it may be bite the bullet time. Even if you sell at a loss best to keep that loss to a minimal, don't forget every mortgage payment out is gone for good.

I dropped 30,000 from mine, got people through the door again at least to view.

Many people on this board have great delight thinking that all people who are selling their houses are greedy BTL'ers or people looking to go for a fast profit on resale.

Many of us have, through no fault of their own, a property that they need to sell, for no other reason that circumstances change in life and we need to move, you know in order to work and stuff like that.:rolleyes:


Good luck with it all, I know all this puts a strain on all areas of life, not just financial.

SquatNow

Triker wrote: »

Squatnow always says this :rolleyes:

I do. If it ever stops being right, I'll stop saying it.

Triker wrote: »

Being in a similar position myself, relocated - house not sold, carrying 2 mortgages, all I can say is either drop a real chunk off the price or rent out if you can.

And you agree with me!

Triker

SquatNow wrote: »

I do. If it ever stops being right, I'll stop saying it.

And you agree with me!

Stop being paranoid I never said I didn't agree with you, but you do always say Knock £5k off every week until it sells.:rotfl:

owitemisermusa

SquatNow wrote: »

Knock £5k off every week until it sells.

As simple as that eh? I wonder where you guys get these figures from?

So by simple math, if the house stays on the market for 6 months (not unusual given the current market sentiment), you want the OP to pay someone to take the house?

Ridiculous.

May you never be in the position to need your own advice, Amen!

Brainache

owitemisermusa wrote: »

As simple as that eh? I wonder where you guys get these figures from?

So by simple math, if the house stays on the market for 6 months (not unusual given the current market sentiment), you want the OP to pay someone to take the house?

Ridiculous.

May you never be in the position to need your own advice, Amen!

ZZZZZTTTT!!! Specious reasoning alert!! Squat Now's point is a property will sell when the expectations of the seller are in line with those of the buyer. If a property is reduced in price to a point where it becomes attractive to the buyer then it will sell. Simple.