selling house - more problems

seabiscuit_2 · 17 July 2005 at 11:27AM

okie - had more viewings, no offers and most of the feedback has been that there is more work to rennovate our house than they thought and thinks its overpriced (property developer type people who want to get the cheapest house so make more profit) - however our current estate agents have valued it with respect to all the work that is needed and dont think we should lower any price any further (already reduced by more money this week)

basically we need a new kitchen and the garage work doing

what would you lot do to get this house sold?

bridiej · 17 July 2005 at 11:34AM

I'd drop the price. It's all very well an estate agent telling you what they think the house is worth, but I believe a house is worth what someone will pay for it.

meanmachine_2 · 17 July 2005 at 11:59AM

Estate agents can only make educated guesses as to a property's value.

And I'm sure they overvalue to get your business in the first place.

An int rate cut might help if you're lower down the chain. If not, then it really is about price and how that price compares to similar properties.

I'll be glad, however, when all of these property ladder developers/speculators are gone from the market. Then we'll be left with genuine sellers and buyers who see property as a home rather than their next business venture.

The problem you have is the glut of properties around. And that makes buyers more fussy than they might have been 12 months ago.

You have to decide whether making all the changes yourself will be cheaper than simply dropping your price.

Do let us know how you get on.

seabiscuit_2 · 17 July 2005 at 2:50PM

thanks guys - we have reduced the price by 15k now which is quite large a drop for our price (around 10%) - we arent ftb material, more second time buyers level

we agree we were seriously overvalued by the first agents we were with but are a much more reasonable value now - however there is nothing comparable in our area, rightmove comes up with less than 10 properities including those sstc within 20k either side of us

doing the work ourselves just isnt possible in our current situation, and we are trying to be flexible in our expectations of an offer but these people dont seem to want to even offer a silly price and negiotate, they just say its overpriced and wont actually say whats wrong with it

we keep looking at part exchange with a new build as we really need to be relocating sooner rather than later - but most of them are saying they arent part -exing at the moment due to them having too many on their books

meanmachine_2 · 17 July 2005 at 3:40PM

It's a risky option, but you could consider renting it out temporarily.

The downsides being: you're liable for two mortgages rather than one. If you're not in the area then you need to pay 10% to an agency. A rented property then becomes harder to sell.

If I was you, I'd wait till August, when the BoE might cut rates, and see if that changes people's sentiment at all.

[Deleted User] · 17 July 2005 at 4:22PM

What EXACTLY needs doing to the house?

A new kitchen can just be a load of cupboards and a paint job or it could be a whole lot more.

Try pricing up what exactly needs doing and adjust your price accordingly if you are not going to do the work. But don't be forced into reducing the price too much just to sell.

Anything structural or needing major work such as drains/sewers or griefy planning permission etc... will be costly and you should reflect this in your asking price.

But if the people viewing simply cannot see past the decor (and many can't) and you are certain it is just a question of taste and decor - then strip the walls, paint them white, refresh the ceiling paint whilst your at it and DECLUTTER.

Hire a carpet cleaner if you have carpets and give the place a good going over. Empty the garage of everything you can get rid of to show the potential it has.

Don't forget the garden - especially the front.

Invite friends/relatives round and ask them why they would not buy your house. Ask them to be honest.

On viewing days - GO OUT. Let the agent earn their money and take people round. Viewers will appreciate you not being there so they can poke about and speak freely and you won't have the hassle of waiting in to find they dont turn up.

good luck

meanmachine_2 · 17 July 2005 at 6:07PM

That's good advice and the OP should do try all that first (if they haven't already) but there are some things that the "house Doctor" can't cure and a lack of buyers is one of them.

cgnao · 17 July 2005 at 6:38PM

Nothing is wrong with the house. All is wrong with the market. In case you are still in denial, it's crashing.

seabiscuit_2 · 17 July 2005 at 6:54PM

thanks - we have decluttered A LOT (totally filled a mates spare bedroom that had no furniture prior to our stuff), tidied up the garden front and back etc

however the kitchen has had new wallpaper but the cupboards and surface looks dated - we asked all the estate agents we had value the place about getting it done up and they all advised against it as in their experience the buyer guts them and does them to their preference

the market does seem to be very flat around here (yorkshire) and our estate agents are selling a third of the properties they normally sell

we will hope that the boe interest rate drops and that encourages the one person who will buy our house to come

eurows · 17 July 2005 at 7:01PM

Get real. Its nothing to do with clutter. The markets collapsing and you need to reduce the price. Nothing silly just realistic

seabiscuit_2 · 17 July 2005 at 7:17PM

eurows wrote:

Get real. Its nothing to do with clutter. The markets collapsing and you need to reduce the price. Nothing silly just realistic

we have reduced it by 10% (15k) already - how much more do you suggest?

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selling house - more problems

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