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Let -To-Buyer Comes Back To Market

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Followed a thread on a different forum back in 2011.

Someone began a new thread, explaining they were looking to sell their house. They were looking for suggestions on how to make their house stand out from the 3 other houses up for sale on same road, with different agents. All asking about the same price thereabouts. Anything but cut the asking price.

They posted up the RM link had it on the market at asking price £175,000. She said they were hoping to get £170,000.

(They originally bought it for £169,000 in 2006.)

Others on forum suggested cutting the asking price anyway. That it's a market, and everyone in competition with everyone else.

The outcome was they kept it. Parents played BOMAD and gave them deposit for the upsize house, and they rented out their house that "wouldn't sell" in a market that was wrong. (There were many such threads around 10-12, until I stopped following that forum.)

I later tracked a few rental listings for it. Seems to have had at least 3 tenants since 2011, for that was the number of times I noted rental listings for it, since 2011. They did attempt to sell it in 2012, and recall a listing asking £159K. Then that dropped off and was rented out again.

'We're moving out of the area and want a bigger house. We're trying to sell our house but the market has gone cold. We don't want to cut asking price as we bought it for £169K and spent so much on improving it. We do want to sell because we've got an offer in on another house, but both our parents have offered to lend us money to buy new house, if we can't sell.'
No viewings? When a month passes with no viewings you're not really in the market. Assuming your house is comparable to other houses up for sale, if you want to sell then undercutting the others houses make sense, if you can afford it. So much depends on your area, and comparables. In some areas sales are so very weak, so having a choice, buyers are looking for value and being choosey. You're a seller in a large group. Stand out from the crowd and lower your asking price. Of course, do all the standard things and get it clean and tidy. Prep it nicely for photos. However if owners believe that alone will make a sale then they may be living in hope for a long time, when you could be living in a new house.

There were many other posts of good (hpc-proper style) advice, such as selling chain free ('you could go into rented and then buy next house.')

We had lots of sellers in competition with us when we came to sell, so we cut our asking price. We sold our house.

--------

Those who think of property is an investment would be fine if prices continued to rise. That's what they think. Just look at the price gap between the rungs of the ladder now, between different types of houses!

With falling prices those who want to sell are now having to get their minds around it. As a seller you either get smart or you get lucky. In this market, in your area, you're less likely to get lucky.

We sold during in 2010 and had spent a fair bit on the house ('invested'). Yes we sort of assumed we'd get that money back but we didn't. Initially it was frustrating and the market surprised us, but then we realised a falling market actually was good for us, and we saw that there were opportunities to upsize to nice area. Then that opportunity came. We rented for 12 months between selling and buying. We changed our behaviour. Flexible. We reacted and adapted, survived and prospered.
The market seems to have gone dead. Going to rent it out.

Others chipped in with some posts about their risk concerns of being a landlord/CTLer.

Please be careful you don't overstretch your finances. I would definitely sell before buying again. Don't worry about losing out on a dream home. Another will come along. It's much more sensible for you family to put up with a bit of a squeeze in your current house, than to overstretch financially. There are risks when becoming a landlord. Voids. Bad tenants. Arrears.

Anyway the house recently came back to market (for sale) and is under offer at £165,000

Couldn't care less if they have actually 'made money' renting it out (or not) - but just interesting to note they've come back to market with their original house. Want to see more of this. S.24, 3% stamp duty hike all BTLer buyers have to pay.

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sounds like the house I rent,

not only is it deteriorating as the landlord refuses to spend any money they tried to sell it and failed before I moved in. I am watching houses on the same street go for ever less when they do sell although some houses took 1-2 years to sell. When I move out the landlord will have to pay to make it habitable to rent it out even although stat wise rents haven't moved in years or they can take the risk of it sitting for months waiting to sell or they can bite the bullet and sell at a big discount.

Shite time to own property/debt.

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LTB is even bigger than BTL in my area, I don't personally know anyone in the last 2 years who has actually sold their existing property to buy their next one, in that same time period sales volumes have stayed the same but stock levels have fallen by more than half.

House hoarding on a massive scale.

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LTB is even bigger than BTL in my area, I don't personally know anyone in the last 2 years who has actually sold their existing property to buy their next one, in that same time period sales volumes have stayed the same but stock levels have fallen by more than half.

House hoarding on a massive scale.

Well it's a good job the government aren't back stopping mortgage lending with qe and zirp or we'd all be fecked heh

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