NKSK version 2

...well, is it?

Just toying with the idea of selling. We're in the fantastic position of trying to decide whether to try and sell now (and maybe losing our tenant in the process) or selling in 3 years when prices have dropped 30%...Hmmmmm....!

Anybody got some insights/experiences/advice to share?

Grayling

My youngest son and his fiance have just sold their house in Cambridge (and bought another).....only took a week or two.

The price has to be right though.

G

jad n rich

My brother got divorced and is trying to buy in the UK, said there is so much for sale, hes making offers below the asking prices and nobody wants to know, this is a single cashed up guy whos sold his other property. Simple cash offers no takers.

Sounds very much like there is a lot for sale, but people are sitting it out for the asking price. Were talking property around the 300K SW UK.

NKSK version 2

Thanks for these.

Bit of a bump seeing as the Brits are now waking up...

dandn

Hi NKSK Version 2..
as a family trying to sell their house in the UK (and having dropped the price several times) we are still aren't getting anyone in to view. Ppl in general (IMO) are sitting tight to see what will happen to the market next.
There are so many factors it seems at the moment what with the effects of the credit crunch, rising costs of food and fuel, and ppl unable to get mortgages at the lower end of the market the whole situation is grinding to a halt.
From others that are coming into the market with very low offers at the moment, I think it depends on the vendors personal situation. But from our point of view having already dropped the price a long way we wouldn't even consider 'unrealistic' offers even if we want to move to Oz soon.
Guess it's just a case of sitting and riding the market out for a while until a sense of 'normality' in the mortgage lending market.
FWTW there have been several estate agents go out of business locally in the last few weeks where we live, which is probably another indicator of how tough things are getting.

hereshoping

It's still possible, we exchanged contracts last week. However we count our lucky stars every day as the market was dead and we only had 2 viewers, it just happened that one of them fell in love with the house.

Reading fan

I have noticed a few more sold signs in the past 10 days but looking in the paper they have dropped considerably and have been on for a while ie £495,000 down to £425,000 been on since end last year obviously don't know what they accepted in the end.Also know people on for £499,000 now £449,000 in a matter of weeks - it is not even as if they are getting low offers they are not getting people through the door. We sold Sept last year but our neighbours are still on the market and now on their 5th agent.Obviously prime selling season is now before the hols start.
As a previous poster stated the main problem seems is the availability of mortgages and don't forget alot of FTB have to actually try and save some money and come up with an actual deposit instead of the 110% mortgages of the past. The problem is with the ever rising cost of everyday living (not a whinging pom just pure reality) alot of people cannot ( and a few won't give up their going out/hols etc) save enough. I'm sure alot of parents are being tapped up for an advance on the inheritance.
Also raging headlines of property "prices to fall by 20%" stoke the fires - people don't have the crystal ball and don't know what the property will be worth this time next year.
Also the next concerning problem is peoples fixed rates finishing and looking at £300-£400 a month extra.Traditionally they have simply found another good deal and swapped.These deals are no longer available.
Spoke to an agent last week and her words were "trying to sell a property at the moment is like trying to pull hens teeth" - she still tried to stitch me up though. 3 agents have gone out of business in this prime commuter belt town - it seems to be pretty widespread caution.
Tenants seem to be quite easy to find if you lost yours. We struggled to find a rental only 2 available a cr@phole at £1600 or semi-reasonable at £1800 pm - we had no choice couldn't lose the buyer so paying a sickening amount:curse:.
Just want to wish everyone trying to sell and move to Oz good luck there are still buyers out there.

Cant rain all the time2

If you want to sell your house you need to price it right. All these people saying they cant sell their house are asking too much money for the current climate.We had a buyer within 2 weeks and had 3 offers all for the asking price.( This was in Jan/Feb )

hereshoping

if you put the house on for a really low price you may be lucky and get lots of offers, though things like location and the house itself also play a part. it's simplistic to say that selling is only down to price, with so few buyers for the houses on the market lots of other factors come into play.

Kapri

We received an offer on our house at the end of feb. It should have been straight forward as there is no chain.
We are still waiting to exchange as our buyers have a mortgage, a 2nd charge and some money from their Mum and still don't have enough money.
They are now attempting a personal loan for the last £5000.
In order to get us this far we have had to price realistically, then drop then accept a lower offer then drop again.

The current market is hard- make no mistake.

Can you afford to have your house sitting there with no tenants in it? It's a gamble really.

NKSK version 2

Thanks for all replies.

I'm tempted to sit on it BUT the forecasts of no recovery for 4 years and a drop of 20-30% whilst I wait is giving me the heebie jeebies.

It isn'taa brilliant house - probably a FTB type - or slightly up. And being absent means that we won't be able to do all of those special things to make it sell like making the garden look nice, minor decorating etc.

mollymoo

Hi

We moved over to Oz in October 2006, and retained our house in the UK as a rental property (we were initially here on a 457).
We hav had two sets of tenants since we left. The first moved out after 14 months, and someone else moved in 2 days later.

The current tenants ae allowing us to market the property for sale while they live there. This is a double edged sword, as although we get the mortgage paid and some extra each month, they are not overly motivated to make the house look nice for viewings (and I suppose I can't blame them really!!!), and this is causing us a problem as we are selling a relatively expensive house (£500+).

We have been on the market since about March, dropped £90,000, had two viewings and one offer £50,000 below current marketing price (thus £140,000 below original median valuation of 3 agents).

Like most people, we would love to sell and move on- but not at any cost.........we will just continue to rent it out and make compromises here in terms of house and location.

Its tough knowing what to do for the best, and to be honest, frustrating and worrying, especially when we are so far away.

Fingers crossed the market picks up soon and we have more to feel positive about.

Molly x

NKSK version 2

I'm with ya!!

JoolsB

Speaking to a number of friends in the UK trying to sell their (lovely) houses they have all been advised to drop by 15-20% now to be in with any chance of a sale. All the predictions are that the market will continue to worsen for next 4 years and then begin to recover. Anyone who can should rent their places out for next 5 years.

WelshSarah

We have been on the market for 7 months and have a few interested parties ( fingers crossed!!)

We havent dropped the price but have offered to pay stamp duty & solicitors fees as its sometimes tight to get this cash up front..

We will give it a few more months and then look to rent out I think...