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bleakhouse

I Missed The Peak, Is Now A Good Time To Sell?

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Our youngest is now starting VI form, and seems to be out a lot. (Why doesn't he want to sit in with his boring old parents?)

So we are now rattling in our large mortgage free house in a hard to sell except in boom times location.

We did expect to stay here till he'd finished school, but is this our only window of opportunity to sell, or will things get better?

Should we cough up the money and get our HIPS?

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Our youngest is now starting VI form, and seems to be out a lot. (Why doesn't he want to sit in with his boring old parents?)

So we are now rattling in our large mortgage free house in a hard to sell except in boom times location.

We did expect to stay here till he'd finished school, but is this our only window of opportunity to sell, or will things get better?

Should we cough up the money and get our HIPS?

Boring old parents should be making most of the free time whilst he is out ;)

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Sounds to me like financial considerations don't have to play much of a part in your decision:

You own mortgage free. You want to downsize.

Who knows? Maybe prices will plummet in the next 2 years. Maybe they'll be flat. Maybe they'll soar (unlikely). But in any case you don't know how that will affect the price differential between your current place and any new place.

I think you should just do whatever gives you a better quality of life, as the financial implications of moving now vs moving later are entirely unpredictable.

Edit: you worry about not being "able" to sell. But every property sells at the right price....

Edited by Selling up

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Interesting post.

I'm hoping that a lot of folk who thought they wouldn't be able to sell in the last 18 months, and some who tried and failed, might start to come out of the woodwork and have a punt at selling their houses.

There's been a lot of talk from estate agents about the lack of supply at the moment, so perhaps it would be a good time.

If the only thing putting you off putting the thing on the market is the cost of a HIP then it's true what the VIs said - that it would depress the amount of supply into the market.

However, from a buyer's point of view a HIP at least means that a seller is serious.

I did misread your first line that your son was joining a VI forum. Singing Pig I thought?

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I would suggest taking a bit of time to read this site and draw your own conclusions. Be aware that many of the sources of information you might turn to often have a vested interest in either talking the market up or talking it down.

My own view is that the economic fundementals are so dire that house prices must eventualy come down significantly- which implies the current optimism is a short duration 'window' for those wishing to sell before prices continue downward.

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Our youngest is now starting VI form, and seems to be out a lot. (Why doesn't he want to sit in with his boring old parents?)

So we are now rattling in our large mortgage free house in a hard to sell except in boom times location.

We did expect to stay here till he'd finished school, but is this our only window of opportunity to sell, or will things get better?

Should we cough up the money and get our HIPS?

Go for it, not nice to rattle around a falling high maintenance asset, large houses are for large families...the most important thing about buying is location and a manageable, versatile outside space...good luck to you both, you won't regret it. ;)

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Our youngest is now starting VI form, and seems to be out a lot. (Why doesn't he want to sit in with his boring old parents?)

So we are now rattling in our large mortgage free house in a hard to sell except in boom times location.

We did expect to stay here till he'd finished school, but is this our only window of opportunity to sell, or will things get better?

Should we cough up the money and get our HIPS?

Be careful, sixth formers have a nasty habit of boomeranging back! There was I all ready to downsize and the b*ggers turn up back home 'cause the bills are cramping the Top Shop shopping and going out on the lash.

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Its good that your not in a position where you need to sell, you can market the property at a price you are happy with and sit back. If it sells excellent, if it doesn't sell then its no problem, at least you don't have to take derisory offers.

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Be careful, sixth formers have a nasty habit of boomeranging back! There was I all ready to downsize and the b*ggers turn up back home 'cause the bills are cramping the Top Shop shopping and going out on the lash.

I didn't have that option to go back thankfully, as it worked out......it helped/forced me stand on my own two feet....no gain without some pain. ;)

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Our youngest is now starting VI form, and seems to be out a lot. (Why doesn't he want to sit in with his boring old parents?)

So we are now rattling in our large mortgage free house in a hard to sell except in boom times location.

We did expect to stay here till he'd finished school, but is this our only window of opportunity to sell, or will things get better?

Should we cough up the money and get our HIPS?

It would be a good time to test the market. Don't sell at anything that isn't close to your asking price. Absolutely no point when you are mortgage free. Things will get better. Prices will drop further for a while but then this is boom and bust britain. Every boom followed by a bust followed by a boom.

And HIPS is hardly a factor in your decision. The money dished out for a hips is small amount in comparison to buying/selling houses and will not make any impact on your life.

Edited by nohpc

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Thanks folks. Not a resounding 'get that house gone' the market is going down a further 20pct then. How times have changed. Anyhow, given that my differentials won't be squeezed my only costs are those of running the house. Did I mention it was large, that is, large as in large bills. No need to rush out and STR, and I see far more threads of people that have bought a house today.

Are we all talking bottoms ?

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Thanks folks. Not a resounding 'get that house gone' the market is going down a further 20pct then. How times have changed. Anyhow, given that my differentials won't be squeezed my only costs are those of running the house. Did I mention it was large, that is, large as in large bills. No need to rush out and STR, and I see far more threads of people that have bought a house today.

Are we all talking bottoms ?

C'mon! You joined in May '07 (& probably lurked for a while before that) and have made 600+ posts. I think you know the answer to your own question ;)

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Our youngest is now starting VI form, and seems to be out a lot. (Why doesn't he want to sit in with his boring old parents?)

So we are now rattling in our large mortgage free house in a hard to sell except in boom times location.

We did expect to stay here till he'd finished school, but is this our only window of opportunity to sell, or will things get better?

Should we cough up the money and get our HIPS?

Whats the upside? You sell and see your hard earned money inflated away? Id wait 2 years. Prices are stabilising.

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Go for it. The window may not last long, so better move f-a-a-a-s-t

+1

Q3/Q4 2009 and all of 2010 are going to be awful for the housing market.

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I have three houses to sell as executor and I want to buy a house myself. My decisions has come to:

- Sell two out of three as soon as possible whilst sentiment is holding up

- Keep the one with long-term reliable tenants, net yield ~5%

- Buy if I can get 30% or better off peak sale price

My best guess is another 15-20% off to go but I'm getting fed up waiting. Any buy/move/sell costs would eat into that potential profit.

So if 15% reductions were guaranteed, would you go through the hassle for 10% of whatever you house is worth? I dont think I would bother for less than 20%.

VMR.

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