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Selling up...

Discussion in 'Personal' started by thejudgesscoresarein, Sep 25, 2020.

  1. thejudgesscoresarein

    thejudgesscoresarein Established commenter

    Posted on here before about planning to move down south west (Devon). I did accept an offer on my house about 6 months ago for the asking price (£315,000) as that is what it was valued at, when I first listed it for sale back in late 2019. The buyer pulled out as they couldn’t get a mortgage to buy my house. They asked me if I would sell for £290,000 (not a chance- £25k less than the asking price) - I took it off the market due to COVID.
    I had a different agency come and value it this week, and I’ve decided now I want to leave the Midlands ASAP! They valued it at £280,000 and mentioned that the recession was the reason for the significant drop in value! Any other TES users trying to sell their house or had their house valued recently? I would consider refurbishing it to add value.... but then you’re not guaranteed to get a full return- and besides in the last 10 years, it’s been completely refurbished and extended so I feel there is ‘life’ left.
  2. coffeekid

    coffeekid Star commenter

    Ooft - that's a big drop. I had no idea Covid was having such an effect on house prices.
  3. coffeekid

    coffeekid Star commenter

    With that said, the last time we were trying to sell was during the last recession and we eventually sold our flat for 20,000 less than the original value price.
  4. border_walker

    border_walker Lead commenter

    How many agents did you get to value it. There can be a big difference between agents!
    Lara mfl 05 and Morninglover like this.
  5. LondonCanary

    LondonCanary Star commenter

    Demand has increased post lockdown and overall house prices have risen.
  6. colpee

    colpee Star commenter

    How are the prices in Devon? If they have dropped too, the change-over might still be worth it.
  7. Lara mfl 05

    Lara mfl 05 Star commenter

    At the moment the property market appears to be 'buoyant' in Estate Agents speak. Certainly houses seem to be selling fast, sometimes even before they've actually gone on the market.

    However having said that, it does make a difference which 'price bracket one is talking about. First time buyers / downsizing type properties are going, though one never knows if they're actually going for the asking price , but the 'higher' end , second home properties do seem to around for months.
  8. Morninglover

    Morninglover Star commenter

    I wouldn't sell at the moment, unless I was certain the price was at least as high as 12 months ago.
  9. BertieBassett2

    BertieBassett2 Star commenter

    This isn't new. In 2007, we put our house on the market and it was valued at 400k. We eventually sold after 18 months - for 325k - now that's a big drop! There was nothing else we could do - my husband had lost his job and we needed to downsize to reduce the mortgage. The saying 'a house is only worth what someone is willing to pay for it' is so true!
  10. LondonCanary

    LondonCanary Star commenter

    It should be higher now.
  11. modelmaker

    modelmaker Star commenter

    You can hang on forever hoping to profit better from the sale of a property; and if you hand on long enough, the chances are you will, but if that prevents your life moving on, the question needs to be asked "Which is the more valuable to you?"

    Consider this: A couple are in a relationship that isn't working and decide it's time to end it and move on. Do they stick together in the hope their property will increase in value, whist spending day in day out, growing to hate each other more, or cut their losses to get their lives back?

    Consider this as well: You're in a job you've grown to hate, but if you can stick it out for another fifteen years, the pension will be good. Do you waste a fifth of your life in misery for the sake of five years with a few quid more when you retire and enjoy it for the short time you've got left, or do you spend those fifteen years in a job you actually enjoy?

    Life is too short to be consumed by material things. Nobody knows what property prices will be when Brexit kicks in with the consequent redundancies and few can afford mortgages on over-valued houses.
  12. lindenlea

    lindenlea Star commenter

    Because Stamp Duty has been scrapped for many house sales there has been a lot of action round here encouraging prices up.

    Eight years ago we sold for 30K less than original price. It took us 14months to move.
  13. Morninglover

    Morninglover Star commenter

    Depends where you live.
    agathamorse likes this.
  14. BenjaminBoxer

    BenjaminBoxer New commenter

    Isn't the key here as the OP states, how easy buyers are finding it to get a mortgage as the driver of demand? If employment collapses soon as predicted, it could become a buyers' market, so a "bird in the hand..." I live somewhere in the south west and am putting off selling for the mo so I haven't yet been obsessively monitoring prices. Bear in mind that above the cheapest houses, prices are driven ever upwards by people moving in. I was an incomer over twenty years ago and with only modest improvements ( few improvements generate value), the value of my house has risen over four fold. This is not driven by local demand - the south west probably has the least affordable housing in the country. There may be a case for accepting what you can get as prices here keep rising due to demand from the south east. There is Covid defeating space here -looked at the glittering sea going home from school this pm- but well paid jobs are rare: I'm on supply. Most people are wary of estate agents. They probably prioritise shifting properties quickly over getting top dollar for their vendors. But right now they may have a point if a collapse in employment sends everything up the proverbial creek. (Incidentally that original creek is said to be here in the SW!)
    agathamorse and emerald52 like this.
  15. blazer

    blazer Star commenter

    We haven't even moved into our new build yet and it has increased in value by around 5K (we know this because the flat 2 floors lower down has increased in price (it has never been sold). Weirdly (or not) the increase is about the same as the amount of stamp duty we no longer have to pay:p
  16. Camokidmommy

    Camokidmommy Established commenter

    We asked estate agents to value home. Suggested asking price of 220k-230k. We disagreed and put it on for 240k. Sold in less than 24 hours.
    Put it on for what you think is right as estate agents only advise. They aren’t always right.
    Good luck.
  17. Newidentity

    Newidentity Occasional commenter

    My neighbour's house sold, within 24 hours, for the full asking price. That'd be the one for which I said: "No way is that house worth anything close to that!".
    agathamorse likes this.
  18. dumpty

    dumpty Star commenter

    It can be understandably easy to get carried away in valuations for our houses but we should remember that is all they are - an agency's valuation.

    Now yes, some people do pay asking prices for anything but most do not and will not.

    With houses I would say if things are working out with regards to the other sale, then just go for it. (You wanted 315k, you get 290 BUT if the other dream house is say 295....hey, life is too short! Buy it!)

    Remember too (I presume) even at 290 for your house you are making a bit of a killing with regards to how much you paid for it?
    agathamorse and Lara mfl 05 like this.
  19. stopwatch

    stopwatch Lead commenter

    I’m in the Midlands (Birmingham) and an avid Rightmove fan. My impression of house values is that they have gone up and are selling relatively quickly.
    bombaysapphire and agathamorse like this.
  20. blazer

    blazer Star commenter

    Paid 24K for our last house. Sold it for 260K (Mind you we lived in it for 38 years).
    agathamorse and dumpty like this.

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