Considering to let, advice sought please

Doozergirl

Oh, and by the way, because I've just taken umbrance to your last sentence. I've got plenty of experience and feelings, thanks. And three years of hanging out in this place taking vast amounts of my time to make a contribution, making me one of the longest standing posters on this board, to get told I'm not talking from experience.

neverdespairgirl

0writer wrote: »

The reason I have asked about renting is because our flat simply is not going to sell in the current market conditions. We are not "overpriced" or "expecting too much".

This is not in a market where people are not buying because prices are too expensive and they want to wait and see, it is because it is getting close to impossible for FTB's to buy.

Couldn't agree less. The reason it won't sell is because it is overpriced. If it were correctly priced, it would sell. People aren't buying because (1) they can't afford it and (2) they think (rightly) that prices will fall.

0writer wrote: »

I'm interested to hear from anyone with experience please (not feelings).

Being rude to experienced and helpful posters (such as doozergirl, who as I recall buys and sells houses for a living!) isn't going to make friends and influence people.

inmypocketnottheirs

DG and NDG, I don't think the OP was directing comments in the way you have interpreted. Moreover, I think he was trying to vent frustration that a large part of the situation has been instilled by media hype. We have all been aware the HPI has been overly rampant, but no one stands to benefit by wholesale HPC.

Incisor

0writer wrote: »

The reason I have asked about renting is because our flat simply is not going to sell in the current market conditions. We are not "overpriced" or "expecting too much". We have experienced a sale fall through with a FTB and the people likely to buy are FTB's.
In order to sell we would have to take a substantial loss. This is not in a market where people are not buying because prices are too expensive and they want to wait and see, it is because it is getting close to impossible for FTB's to buy.

If it is not possible for FTBs to buy, then I don't regard them as FTBs. That's a bit picky, but it if you understand it, it defines your position precisely. If you are to sell, you will always be selling to the margin of becoming an FTB. That dictates your strategy and your price expectations.

If we rent it out, it gives us time to wait for 6 months and then re-asses things. It may get worse or it could flatten out, nobody knows.

It could get better even. But that is the most unlikely outcome. All you have is a view that you have a rent free offer for the next 6 months. So what? You can only plan what to do with some idea of what you want to do beyond the 6 months.

It makes absolutly no sense at all to under sell a property when nobody knows how much prices will drop. It's a risk not selling but it is also a risk to under-sell.

It's the same whenever you sell, even in a rising market. If you definitely don't need that flat, then it makes sense to take that risk in the best market. Now seems a better market than 6 months time, but there is risk in that judgement.

I find it hard to understand the logic of the poeple making comments like "sell now otherwise you're in trouble" while others are telling people "don't buy now, you'd be stupid".

The advice is totally consistent. It is better not to own a house at the moment. For sellers, it means 'sell now', for buyers it means 'don't buy'.

It is this mix of lack of intelligence but open my mouth and give people my pointless opinion that is causing a problem and it is this approach that the media is taking.

It strikes me that you are the one lacking in intelligence if you cannot see that the advice to both buyers and sellers is consistent. If you think the advice is pointless, then you are the fool for asking for it.

I'm interested to hear from anyone with experience please (not feelings).

Anyone can post here. Diversity is the strength of these boards, so if people express opinionswhich either you don't like or which come from a different perspective to the one you want, that is tough. If you don't like it sufficiently strongly, then you'll have to deny these people their opportunity to comment by not posting yourself.

inmypocketnottheirs

Incisor wrote: »

Anyone can post here. Diversity is the strength of these boards, so if people express opinionswhich either you don't like or which come from a different perspective to the one you want, that is tough. If you don't like it sufficiently strongly, then you'll have to deny these people their opportunity to comment by not posting yourself.

Wise words indeed.

brit1234

All these people taking their houses off the market for 6 months are going to be in for a massive shock. Like others said prices will be well down by then on top of that the oversupply of housing stock will be even larger than the massive amounts at the moment.

You are better off selling now at a good discount above the negative equity mark otherwise you are going to be in negative equity by Christmas.

Remember prices have never fallen this fast ever.

0writer

Perfect, thank you for the advice. It's a shame it had to take a bit of a bullish post for people to understand what I was asking for but the result was exactly that.

Thanks again for the advice (it was much needed) and sorry to those of you that felt I was directing some anger at you, I definitely wasn't and certainly didn't intend it that way.

0writer