Really need advice (long sorry!)

clarry_2 · 28 July 2005 at 7:59PM

Hi all,

I have been using advice from these forums for ages but have never posted an am really in need of some direction!

We currently live near Manchester Airport on a new build estate in Wythenshawe. the area has previoulsy had a bad name but has had loads of regeneration and is actually quite nice. It is really handy for motorways, manchester, Cheshire etc.. However property prices have gone up hugely in the 5 years we have lived here and the market is now pretty saturated and slow. last year we put our house up for sale as we wanted to move further out of Manchester and renovate a property but we had really bad luck and all five offers we had on the property fell through for one reason or another. It has put us off estate agents for life as we were led a merry dance for alot of the time and had to do all the chasing ourselves. Anyone due to the arrival of our second child we took the property off the market. We originally put the house on for £127,00 and reduced it to £119,950 and then accepted an offer of £115,000. We have since then added a conservatory - not to make more money but as a life saving addition of space as I work from home and have two kids under two! We have now decided to move again. We are taking over my Father's compnay in two years when he retires and are moving into my parents massive house in order to build the company up and to save on the driving that we end up doing constantly (it also means that my husband can give up his job working nights so we may occasionally bump into each other!). Originally we had thought we would rent our property out but after a great deal of research we don't think this is financially viable as our mortgage compnay want a massive fee even to think about allowing us to rent plus all the certificates, insurance etc.. we just wouldn't cover our costs. So we are back to selling. We know the market is slow and want to sell relatively quickly but without being ripped off. 3 bed properties on this estate are currently being marketed with agents for between 114,950 and 139,950 there are 15 available and none have a conservatory and many don't have driveways or garages. Ours has a drive and conservatory. There seems to be no pattern to the asking price, the same agents vary widely and the few that do sell seem to be sold at hugely differeing prices. The area has good rental potential as we are 10 min walk from the airport and the same from a teaching hospital. the two houses next to me are rented and seem to have a contract with hospital staff. We have been a bit stuffed by the metrolink being out on hold as we would have been walking distance from three stops. Loads of new builds are going up all at a price of £135,000 plus. So what do we do? How do we set a realistic price? We have discussed what we would like to get and would settle for £110,000 although obvioulsy the more we get the better. We are going to move out at the end of this month so that we can present bedrooms etc.. without all the paraphanalia that two kids entail. I would really appreciate any advice, tips, help, suggestion or anything as I really can't face the idea of another 10months of pain like last time and we are lucky to be in a position where we have somewhere to go.

Thanks in anticipation as I know how helpful people on here can be.

Clarry

hobo28 · 29 July 2005 at 7:36AM

Hiya, am no expert in these areas but if I were in your shoes, I would get a few estimates off estate agents and check out one of those websites where you can see what your neighbouring houses sold for. This should give you a good idea of where to price yourself. If you want a quick sale then you could price your property accordingly and invite offers.

Moving out and presenting your home properly will be a great help. A new lick of paint will work wonders too.

Another option which you may be able to do depending on your current mortgage is to see if you can swap it for a buy to let. It may work out cheaper depending on the charges etc. But bear in mind that being a landlord is/can be a total pain for little gain. We have one property which we rent at the moment and we see very little return. When property prices rise then its great but I don't think this will happen again for some time.

Hope that helps

BigSammyA · 29 July 2005 at 8:50AM

If you want to check out prices, use https://www.nethouseprices.com. Have you thought about changing the mortgage to interest only and then letting? Rent should then easily cover the mortgage.

Ian_W · 29 July 2005 at 11:25PM

Ref your other query about property website, it doesn't appear to have many properties listed. There is a full list of free/low cost sites at THIS THREAD.
It probably is free but that might also be what it's worth - NOWT!!

Still worth a try on ALL the free ones - but if I was going to use t'internet instead of an agent I'd pay to go for a better known one on a package that puts you on Rightmove or Fish4homes. There are so many private sale websites but most people searching the net will use either or both of those 2.

I'm no expert but I would get 4 local agents in to value the property, tell them you want realistic valuations and ask if there's anything they think you can do to make it more saleable. You might also get some idea from them why the prices are so varied. I would go up with a local EA, despite your bad experience, as it's the first place most buyers look whether they're local or looking to move into an area. Get a sole agency agreement which allows you to advertise and if you find the buyer you don't pay the agent, if they find a buyer they've earned their corn.

Other places I'd look to advertise are the hospital, airport and any other large employers [Seimans still there?] in the area. See if you can use noticeboards or staff newsletters through neighbours, friends or just by a direct approach - they can only say no. I'd also think of paid ads in the MEN or local South M/cr papers. Once sold a flat from an ad in the local newsagents window and have just sold an apartment abroad through free web ads so it pays to make your own efforts and not wait for the EA to find buyers.

Re tarting the place up everyone has their own opinions about house doctor but one I think is important is "kerb appeal". Most buyers have a drive past before they even consider a viewing and with so many others in the area for sale they're not going to bother if yours doesn't look smart on the outside.

Finally, I only live about 30 miles north of you and Wythenshaw denotes to me "Royle Family", "Shameless" & ASBO's - I didn't know parts had been regenerated and though I'm steriotyping, so will a lot of others. Does the area have a more specific name [Parswood, Shadow Moss etc] that you could use in any ads so locals will know it is in a regenerated area?

There's a buyer for every property if it's priced right [MHO] but the market is very difficult at the moment so it might take a few months to sell - you have to work harder & be patent. Best of luck! :rolleyes:

zzzLazyDaisy · 30 July 2005 at 11:30AM

Hi, last August I sold an apartment in a lovely new development in Woodhouse Park (sounds so much better than Wythenshawe, doesn't it? LOL... people from S.Mcr will know what I mean!!!). It sold quickly and for a good price.

Of course, things have changed a lot since then. The housing market is flat, the Metro has been shelved (a big selling point for my buyers), and the stamp duty limit has been raised, so being in a SD Exempt area doesn't give you the advantage I had.

One thing I would say is make sure you use an EA with a branch in Wythenshawe, as well as branches further afield - ie away from Manchester where the reputation won't be so well known. I sold through Bridgfords, they were very good, and advertise on the Rightmove site, which is the most well known one.

I 'sold' my apartment twice (the first buyer split with her partner and decided not to go ahead). BOTH buyers came from the area. This is an important point, because even tho the area is nowhere near as bad as it is perceived to be, 'outsiders' are definitely put off by its reputation. With lots of houses not selling all over Mcr, you have a lot of competition from areas that are perceived to be 'nicer' even tho that may not be the case any more.

I bought the place in desperation because I couldn't afford anywhere else after I split with my ex, and it was cheaper than renting. I loved the apartment, and the development. I liked living in Wythenshawe, it is well served with all amenities, and everything is convenient. I still call into the shops in Wythenshawe centre when I'm in the area, coz there are so many bargains to be found. But I HATED having to say that was where I lived - I always said I lived in S. Mcr, near Didsbury (true in mileage, but VERY misleading, all the same!!!). And I knew I wouldn't stay there, because of its location. Sorry, I know this sounds really snobby, but I'm just saying what a lot of prospective buyers will be thinking. So your best bet is to make sure your house gets noticed by the local people.

The other thing that you might think about is, if your house is valued over £120k, make sure that the EA markets it as 'No Stamp Duty' (Wythenshawe is a regeneration area, and exempt from SD). My EA didn't push that at all - but I told all viewers, and both my buyers said that was a big factor for them (SD is a big chunk for a FTB to find). In this flat housing market, I'd make sure that was on the advertising, as it might just get viewers through the door.

Also, if you know anyone who works at the airport and/or the hospital, it might be worth printing out copies of the EA Info (you can do this directly from the website once it is advertised) and asking them to leave them in the staff room/pin them on the staff notice board.

One final thing, while it is a great idea to get as much clutter out of the house, selling an empty house can be a nightmare - it looks like you have given up and abandoned the place in desperation. So I'd definitely leave the basics, beds, cooker, suite etc, so it looks cared for and lived in.

Good luck, and let us know how you get on.

Really need advice (long sorry!)

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