Feeling demoralized - house in UK not selling (Dallas, Austin: real estate, mortgage)

[cruickies]

Ok, so some of you will know that we have decided to pack up our life in the UK and head off to Austin. We have put our house on the market and there is zero interest...so looks like it's unlikely that we will be able to move in Feb!!!

Now that we have made the decision to go...we just want to get out there!!!

I know from what I have seen on this forum, there are others in the same position as us, mostly in California, so good luck to you all!

[nativeDallasite]

Originally Posted by cruickies

Ok, so some of you will know that we have decided to pack up our life in the UK and head off to Austin. We have put our house on the market and there is zero interest...so looks like it's unlikely that we will be able to move in Feb!!!

Now that we have made the decision to go...we just want to get out there!!!

I know from what I have seen on this forum, there are others in the same position as us, mostly in California, so good luck to you all!

I feel your pain; I sold a house in England a few months ago and it was hellish. It was put on the market in late October 2006 and didn't sell until April 2007; didn't close on it until late June 2007. A lot of people around us were also having trouble selling, probably because we were all asking too much.

Whereabouts in the UK are you? Who is your estate agent? I read that lending is down sharply in the UK after years and years of an insane real estate boom.

[cruickies]

We are In London, South Woodford to be exact. Our estate Agent is Churchills and they have done a monumental marketing exercise but still no interest, not even any viewings.

The market has taken a hammering, mostly due to the problems in the US leading to UK lenders being more careful about lending. Another factor is the negative press coverage, which means that people are only moving if they really have to, as opposed to just moving up in the property ladder.

I can't face the thought of wating as long as you did to sell this place!

[southwest1230]

everything happens in its own due time..hang in there

[nativeDallasite]

Originally Posted by cruickies

We are In London, South Woodford to be exact. Our estate Agent is Churchills and they have done a monumental marketing exercise but still no interest, not even any viewings.

The market has taken a hammering, mostly due to the problems in the US leading to UK lenders being more careful about lending. Another factor is the negative press coverage, which means that people are only moving if they really have to, as opposed to just moving up in the property ladder.

I can't face the thought of wating as long as you did to sell this place!

We used Otisdale (local to York), then Hunters (they were crap), then a multi-agent listing with William H Brown, Your Move, and Rentons...who finally got the house sold.

I don't think the problems in the UK market can be largely attributed to US lending practices; house prices in the UK have been spiraling beyond the reach of many buyers for a long time now...particularly in London. Having said that, London is one of the areas in the UK still seeing price growth. How long has your house been on the market? Have you finished up all those DIY jobs? Is it painted in neutral colors? Do you smoke in the house? Do you have pets? Is the garden tidy?

[jhwest]

We're in the same situation. Except we're just moving anyway. Nothing like owning two houses to elevate the stress levels! Once we decided to go, we wanted to be gone NOW! Had to wait until my husband got a job in Austin, though. That took five months. Once he got the job I couldn't stand the thought of living here in Salt Lake one second longer.

[cruickies]

Originally Posted by nativeDallasite

I don't think the problems in the UK market can be largely attributed to US lending practices; house prices in the UK have been spiraling beyond the reach of many buyers for a long time now...particularly in London. Having said that, London is one of the areas in the UK still seeing price growth. How long has your house been on the market? Have you finished up all those DIY jobs? Is it painted in neutral colors? Do you smoke in the house? Do you have pets? Is the garden tidy?

Prices are steady in our area, that's not the issue for us. The issue is more around fewer people looking to move house or take on a bigger mortgage as the interest rates have gone up over the past year or so...as well as lenders being more picky about who they lend to.

House has not been on the market very long, but my concern is with the complete lack of interest in a nice house in a great school area. All the DIY jobs are done, neutral colours, non smokers, one outside (mostly) cat, tidy garden!

[twange]

Originally Posted by cruickies

Prices are steady in our area, that's not the issue for us. The issue is more around fewer people looking to move house or take on a bigger mortgage as the interest rates have gone up over the past year or so...as well as lenders being more picky about who they lend to.

House has not been on the market very long, but my concern is with the complete lack of interest in a nice house in a great school area. All the DIY jobs are done, neutral colours, non smokers, one outside (mostly) cat, tidy garden!

Can the property be rented?

[nativeDallasite]

Originally Posted by cruickies

Prices are steady in our area, that's not the issue for us. The issue is more around fewer people looking to move house or take on a bigger mortgage as the interest rates have gone up over the past year or so...as well as lenders being more picky about who they lend to.

House has not been on the market very long, but my concern is with the complete lack of interest in a nice house in a great school area. All the DIY jobs are done, neutral colours, non smokers, one outside (mostly) cat, tidy garden!

It could be that you chose the wrong estate agent. Otisdale didn't bring in too many viewers, Hunters even fewer...then I did some research and looked into which estate agents actually SELL houses in the area I lived in, then signed on with the top three in a multi-agency listing. When I dumped Hunters, they had thrown down an ultimatum telling me I had to choose between them and one of the agencies I had signed up with. I told them to get bent, and the agency they had slagged off ended up being the one that sold my house.

The difference was night and day between Hunters and Rentons; Hunters gave me nothing but excuses as to why they couldn't even get people to VIEW the house, whereas with Rentons, W H Brown, and Your Move people were literally beating a path to our door.

I think contracts with UK agents are generally exclusive for 2 months. Read yours...do your homework...and see who has sold the most houses in your area and price range in the last year...then sign up with them. It sounds like Churchills aren't doing you any favors.

[south side chap]

Hi guys!

I know that you're trying to work to a time frame but, if there is a silver lining, we're keeping tabs on the market here and there are some great price reductions going on and if you ended up doing a deal on the house in Woodford, your stake is likely to go that much further when you do arrive.

Take care and stay positive.


Ttfn

S.