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Diary of a house sale....post covid


Sasquatch

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Zero interest so far following our price drop. Market looking grim.

Perhaps we'll raffle it. Special deal for dosbods tickets - buy one get one free.

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22 minutes ago, Sasquatch said:

Zero interest so far following our price drop. Market looking grim.

Perhaps we'll raffle it. Special deal for dosbods tickets - buy one get one free.

I still think you should put the price up otherwise people wonder what's wrong with it if it's too cheap!

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TheCountOfNowhere
1 hour ago, Sasquatch said:

Zero interest so far following our price drop. Market looking grim.

Perhaps we'll raffle it. Special deal for dosbods tickets - buy one get one free.

No thanks :ph34r::ph34r::ph34r::ph34r::ph34r::ph34r:

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15 hours ago, Sasquatch said:

Zero interest so far following our price drop. Market looking grim.

Perhaps we'll raffle it. Special deal for dosbods tickets - buy one get one free.

I wish that I could be more constructive. More sticks? More Farrow and Ball? More 'RELAX', 'LOVE', 'EAT' signs?

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6 minutes ago, CVG said:

I wish that I could be more constructive. More sticks? More Farrow and Ball? More 'RELAX', 'LOVE', 'EAT' signs?

Bollocks. I knew we'd forgotten some key props. HOME in cheap balsa wood letters over the fireplace is what we need (just in case people are confused and think we're selling a skating rink or a missile shelter) :D

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Wight Flight
10 minutes ago, CVG said:

I wish that I could be more constructive. More sticks? More Farrow and Ball? More 'RELAX', 'LOVE', 'EAT' signs?

Did you confuse this site with mumsnet?

 

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sancho panza
1 hour ago, Sasquatch said:

Bollocks. I knew we'd forgotten some key props. HOME in cheap balsa wood letters over the fireplace is what we need (just in case people are confused and think we're selling a skating rink or a missile shelter) :D

I remember these lessons from 2008.Baked bread and coffee apparently sells.

16 hours ago, Sasquatch said:

Zero interest so far following our price drop. Market looking grim.

Perhaps we'll raffle it. Special deal for dosbods tickets - buy one get one free.

In per centage terms how far are you below the msot overpriced similar hosue?

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leonardratso

i find rotting fish really gets them visitors moving through at a rate of knots.

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crashmonitor
On 19/06/2020 at 16:02, Sasquatch said:

:D

 

We have a plan. Get the house sold, move into rented, semi-retire, buy nice house in country, watch price of PMs go to the moon. It's basically foolproof.

We are trying a rural to rural move. Sale has fallen through twice and now sold a third time STC. In the first instance the person at the start of the chain pulled out because they hadn't factored the second home stamp duty surcharge. ( wasn't a second home purchase  but they were still trying to sell the house they were moving from). Second one founded on slow conveyancing and by the exchange date  ( 7 months) Covid 19 struck and one person in the chain lost his job. Again in a short chain looking at an end of July completion. We had taken our house off the Market by then but the same buyer came back a third time and we had mixed feelings about selling at all.

Will also be looking to rent if it goes through this time. Buying is almost impossible anyway. Stock is limited, good property is selling because of pent-up demand  ( supported by mega redundancy payouts and hundreds of billions in Rishi's furlough bennies that were mostly unspendable during lockdown).  Also blue pilled boomers wont allow viewings. Any falls will not happen until late autumn imo.or even 2021.

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23 hours ago, sancho panza said:

I remember these lessons from 2008.Baked bread and coffee apparently sells.

In per centage terms how far are you below the msot overpriced similar hosue?

Define 'over priced'! I'll let The Count answer that one......

There is a reasonably similar detached house very close to us. Been on the market for art least 18 months and they've just dropped their again by £50,000 and gone to a new agent. We are £50,000 higher. However, this particular house is on one of the main commuter roads into the city often with queuing traffic directly outside. 

Another 5 bed detached near us came on to the market a couple of weeks ago at a huge figure (just under £1m). It's on one of the most desirable streets in the city though. I think they are hoping that this carries them through. In ordinary times it probably would. Will be interesting to see if it sticks.

As I said earlier in the thread, there are very few large detached houses here. Most are terraced, semis or flats.

I think the market is pretty much dead (at least here). That is the problem. Never seen it like this before in my adult life (we bought our first house in 1992).

Next step is to potentially change agent which will be a little awkward as they sold our last house and I get on well with the main guy in charge of their local office.

Another step is to drop another £20,000 to our approximate break even point. Being pragmatic that might be the only way, of course with the danger that buyers will then want 5 to 10% off this figure :CryBaby:

We definitely don't want to be stuck here for years. Its the wrong house for us for lots of reasons.

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TheCountOfNowhere
44 minutes ago, Sasquatch said:

Define 'over priced'! I'll let The Count answer that one......

.....Currently up for sale.

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Don Coglione
56 minutes ago, Sasquatch said:

Define 'over priced'! I'll let The Count answer that one......

There is a reasonably similar detached house very close to us. Been on the market for art least 18 months and they've just dropped their again by £50,000 and gone to a new agent. We are £50,000 higher. However, this particular house is on one of the main commuter roads into the city often with queuing traffic directly outside. 

Another 5 bed detached near us came on to the market a couple of weeks ago at a huge figure (just under £1m). It's on one of the most desirable streets in the city though. I think they are hoping that this carries them through. In ordinary times it probably would. Will be interesting to see if it sticks.

As I said earlier in the thread, there are very few large detached houses here. Most are terraced, semis or flats.

I think the market is pretty much dead (at least here). That is the problem. Never seen it like this before in my adult life (we bought our first house in 1992).

Next step is to potentially change agent which will be a little awkward as they sold our last house and I get on well with the main guy in charge of their local office.

Another step is to drop another £20,000 to our approximate break even point. Being pragmatic that might be the only way, of course with the danger that buyers will then want 5 to 10% off this figure :CryBaby:

We definitely don't want to be stuck here for years. Its the wrong house for us for lots of reasons.

What would that achieve?

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8 minutes ago, Knickerless Turgid said:

What would that achieve?

Not a lot. Probably a slightly lower fee. Grasping at straws at the moment....

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On 12/06/2020 at 19:29, Sasquatch said:

I think we are now in a relatively short term window.. Our agent thinks the wheels will fall off come winter when the furlough ends (I didn't prompt him). That has me worried! They are normally uber optimistic these EAs.

Just found this thread and read it all. Many thanks for the info and good luck with everything !

It doesn't happen often but I agree with your EA - later in the year when furlough ends added to the typical winter market slowdown should see prices fall.
Unless a safety net from tptb saves the market !

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goldbug9999
3 hours ago, Sasquatch said:

Next step is to potentially change agent which will be a little awkward as they sold our last house and I get on well with the main guy in charge of their local office.

Noone goes to an actual estate agent direct these days, people just search rightmove.

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5 minutes ago, goldbug9999 said:

Noone goes to an actual estate agent direct these days, people just search rightmove.

This is the important thing here - rightmove is the market and changing agent isn't going to magic someone up - if no-one is looking no-one is looking and nothing is going to fix that

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3 minutes ago, eek said:

This is the important thing here - rightmove is the market and changing agent isn't going to magic someone up - if no-one is looking no-one is looking and nothing is going to fix that

I fear you are correct.

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goldbug9999
36 minutes ago, Sasquatch said:

I fear you are correct.

Do a search on rightmove that would include your house, sorted by price. Does yours stand out being better value (even if only slightly) than others on the same listing ?, if not then adjust the price so it is. 

You mentioned about traffic queues outside some other similar house but someone cant see traffic queues on rightmove.

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Green Devil
On 23/06/2020 at 16:28, Sasquatch said:

Zero interest so far following our price drop. Market looking grim.

Perhaps we'll raffle it. Special deal for dosbods tickets - buy one get one free.

I think at the moment your number of people upsizing are limited (ie non existent). Most are expecting falls especially in top end.

Perhaps if you had a dilapidated wreck going cheap, youd get interest from speculators. Im seeing stuff going under offer, but its easy cheap or is speculator fodder.

But trying to sell a large family home at the top of the market ready to move into, youre probably screwed. :(

 

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We know the likely demographic for our house. A retired couple or couple close to retirement wanting extra space on the 2nd floor for visitors  (currently set up as a bedroom, bathroom, living room with balcony), centre of town but a quiet spot, garage space for a nice pair of cars, low maintenance but pleasant garden, fully refurbished move straight in house, walking distance to everything you need.

I think we've had 8 viewings in total since October (it was off the market for 3 months from December to February). Of these, 4 or 5 were high net worth buyers not needing to sell first. This means they are high flexible but also highly discretionary. Putting myself in their shoes the market place and economy probably feels very uncertain at the moment.

We've been lucky with the three house sales before this one. Houses 1 and 2 sold to people renting (they had been waiting for the right property to come up). House 3 sold to a solicitor who bought it with cash without needing to sell their home first.

Without covid 19 I think we would have sold by now. 

It's not all doom and gloom. We can live here for another couple of years. We will eventually be trading up not down as will be looking for a house with an annex for the oldies (highly likely to rent for a short time before buying again). The whole market should move down together. We don't need to take any  equity out of the house.

Being on the market for a long time bit of an alien concept to us.

At least it provides some entertainment to the dosbods massive, innit. 

 

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sancho panza
48 minutes ago, Sasquatch said:

We know the likely demographic for our house. A retired couple or couple close to retirement wanting extra space on the 2nd floor for visitors  (currently set up as a bedroom, bathroom, living room with balcony), centre of town but a quiet spot, garage space for a nice pair of cars, low maintenance but pleasant garden, fully refurbished move straight in house, walking distance to everything you need.

I think we've had 8 viewings in total since October (it was off the market for 3 months from December to February). Of these, 4 or 5 were high net worth buyers not needing to sell first. This means they are high flexible but also highly discretionary. Putting myself in their shoes the market place and economy probably feels very uncertain at the moment.

We've been lucky with the three house sales before this one. Houses 1 and 2 sold to people renting (they had been waiting for the right property to come up). House 3 sold to a solicitor who bought it with cash without needing to sell their home first.

Without covid 19 I think we would have sold by now. 

It's not all doom and gloom. We can live here for another couple of years. We will eventually be trading up not down as will be looking for a house with an annex for the oldies (highly likely to rent for a short time before buying again). The whole market should move down together. We don't need to take any  equity out of the house.

Being on the market for a long time bit of an alien concept to us.

At least it provides some entertainment to the dosbods massive, innit. 

 

That's the postive.Any reduction you suffer in sale price,you'll benefit from in purchase price.As Jim The Realtor said back in 2009,'Price fixes everything.'.Don't fixate on losses,fix on the ongoing deal.

The problem with selling to people with money is that a higher proportion will be market savvy and know they're in a buyer's section of the market.

It needs time to settle down imho.

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2 hours ago, Sasquatch said:

living room with balcony

check you out you posh bastard ;) I've got one of them too but I'm a scruffy bastard :P

Sorry on a more serious note, check out the auctions, I used to watch them years ago when I was moving house to get a feel....

from memory there was Allsops......then there are these guys https://www.auctionhouse.co.uk/

this is interesting https://www.auctionhouse.co.uk/westyorkshire/auction/lot/103715 cos the guide is 175k and the one next door sold for 386k in December 2019

I would laugh my tits off if it went for 200k less than the one next door...it's scummy Leeds though so not indicative of posh southern prices

Good luck!!

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37 minutes ago, 5min OCD speculator said:

check you out you posh bastard ;) I've got one of them too but I'm a scruffy bastard :P

Sorry on a more serious note, check out the auctions, I used to watch them years ago when I was moving house to get a feel....

from memory there was Allsops......then there are these guys https://www.auctionhouse.co.uk/

this is interesting https://www.auctionhouse.co.uk/westyorkshire/auction/lot/103715 cos the guide is 175k and the one next door sold for 386k in December 2019

I would laugh my tits off if it went for 200k less than the one next door...it's scummy Leeds though so not indicative of posh southern prices

Good luck!!

If we end up in rented, we will definitely be keeping an eye on auctions. I suspect that the marketplace needs to be in the doldrums for some time before decent stuff comes through, ie probate sales etc.

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