Houses!

[CalamityGem]

Hey guys,

Anyone of you trying to sell your house just now? We're putting ours on the market this week and we're both a bit terrified! People keep telling us the market is picking up but I'm not so sure.

 

[Hazel]

Just sold mine . Been doing all the paperwork this morning. Took 5 months to sell though . Just hoping it doesn't all go tits up before exchange . Things are selling but we took a little less than we would have liked but in 6 months it would be worth that anyway if things keep going the way they are now so going to rent for 6 months unless we find a reposession that is cheap.

 

[CalamityGem]

Congrats! Houses in our street have sold within days in the past but obviously we've had nothing like like happen before.

 

[JulesK81]

Yup! Ours been on market for a month and not one viewing - our estate agent is getting all their business from rentals as no one is buying in our area at all.

We have viewed a few houses ourselves (in a different area) and these have also been on the market a long time and that estate agent also informed us that things are very slow.

I don't see it getting any better any time soon - we are now officially in a recession, which wouldn't surprise me if it goes into a depression. And people need such a high deposit these days to get a decent mortgage rate (or one at all!) that you need to be in a very good position to be able to buy...

But there are a lucky few like Hazel who have managed to sell, so there is hope!!!!

A tip we were given is to put offers in region of rather than a fixed price and also to offer £ so much deposit cash back to make your advert different to the others. You don't actually give them money, but it basically means if your house is on at £120k and you are happy to take £110k, they have £10k extra they can tell the lenders they have for a deposit. I don't really understand the ins and ours of it as we've not looked into properly, but it could be the difference between someone getting a mortgage or not!

 

[VickiH]

You'll probably sell no problem if you sell at a reasonable price for the current conditions! If you look on rightmove you can see what other houses in your street/area have sold for in the past to get a realistic view of what you could have sold for in the peak and what you're likely to sell for now.

Personally I don't see house prices rising again anytime soon - definitely not this year anyhow.

 

[CalamityGem]

Thanks for you replies!

Last weekend we put a £1k deposit down on a new Macfarlane house... we've got till Oct to sell our house and if we have to pull out all we lose if our deposit, we're not signing missivs or anything! We figured it's best to take the chance and if all we lose if £1000 then at least we went for it. We wanted them to do a part exchange but our house is worth £170k/£180k and the new house is £220k, so they said there's not enough in the deal for them to do a part exchange.

I spoke to the surveyor yesterday and he said they're inundated with home reports! So obviously people are starting to put their houses on the market again. I think the home reports are putting people off. Great for first time buyers though with the interest rates being so low.

Please keep all your fingers and toes crossed for us!!

 

[Iggle20]

The house up the road from us dropped their price by £200k and it's still for sale....it's been on the market for donkeys now and normally around here they are super fast snapped up!! Best of luck with selling right now, I don't think it's an ideal time to sell if you don't really have to.