Advice on selling

Llerryt · 16 March 2017 at 9:34PM

We bought the house cheap, really really, and have refurbished from top to bottom..im terms of ceiling prices for the area, our immediate neighbour sold for 248000 this year, a four bed detached, and other houses within the cul de sac of the same style to ours are "Zoopla" valued above the price we are asking.

I would love to be able to hide the price we paid, as it does seem to be a burdon, but it was 25k less than any other similar properties at the time, but just needed work doing to it.

Thanks for the opinions, they are giving us insight into why viewers may not be booking. Just wish there was more to do about being proactive about getting people through the door

Mrs36 · 16 March 2017 at 9:44PM

You say your neighbours sold this year, has the sale gone through as I can't see any sold prices recently?? ETA think I just found it, purple bricks? I really don't think you can compare asking prices of a 4 bed with a 3, as they will each attract different buyers looking for different things. In my area (which commands similar prices currently) there is about a 60k difference for a 3 bed and a 4 bed - in which case you are overpriced..

Ignore Zoopla, they are just algorithms and have no idea what you or anyone else has done to their property.

ETA the price you paid is completely irrelevant to buyers, so it would make no difference if you hid it.

Llerryt · 16 March 2017 at 10:14PM

Can I ask what the % difference is between 3 and 4 beds in your area?

Mrs36 · 16 March 2017 at 10:30PM

As I mentioned, similar prices. 3 bed, 200-220, 4 bed 260-270. However that is irrelevant to your question, and your situation.

Cakeguts · 16 March 2017 at 10:56PM

Llerryt wrote: »

We bought the house cheap, really really, and have refurbished from top to bottom..im terms of ceiling prices for the area, our immediate neighbour sold for 248000 this year, a four bed detached, and other houses within the cul de sac of the same style to ours are "Zoopla" valued above the price we are asking.

I would love to be able to hide the price we paid, as it does seem to be a burdon, but it was 25k less than any other similar properties at the time, but just needed work doing to it.

Thanks for the opinions, they are giving us insight into why viewers may not be booking. Just wish there was more to do about being proactive about getting people through the door

The four bed is much much bigger than your 3 bed. It also has more off street parking and is in a better position than on the corner.

So £248k is the top price for a 4 bed in your area. Forget about Zoopla. It is always wrong. How does the size of your 3 bed detached compare to a 3 bed semi because you have to remember that not everyone wants to pay extra for a detached house when they can get one the same size as a semi for less.

You are competing for buyers with people selling 4 bed semis in better areas.

Llerryt · 16 March 2017 at 11:09PM

Having a quick look through Rightmove, there's only a handfull of detached houses up to 250k, starting at 200, within a 3 mile radius. Of the area we are in, it was a new development, built in 1999, mix of 2 3 and 4 beds, mostly terraced and semis. Roughly 10% are detached, and ours was the last 3 bed detached that sold when we last bought it.

I know I'm being defensive and everything being said so far does make sense, but cant see why people aren't looking at least.

Guess it's more waiting with crossed fingers for someone who wants out place.

brit1234 · 16 March 2017 at 11:26PM

A house will sell if at the right price. However the London downturn is spreading out across the South helped by the stamp duty changes and buy to let changes.

Just get it priced right by using similar properties which have sold. People are fast no longer willing to pay bubble prices and becoming far more realistic.

Cakeguts · 16 March 2017 at 11:27PM

Llerryt wrote: »

Having a quick look through Rightmove, there's only a handfull of detached houses up to 250k, starting at 200, within a 3 mile radius. Of the area we are in, it was a new development, built in 1999, mix of 2 3 and 4 beds, mostly terraced and semis. Roughly 10% are detached, and ours was the last 3 bed detached that sold when we last bought it.

I know I'm being defensive and everything being said so far does make sense, but cant see why people aren't looking at least.

Guess it's more waiting with crossed fingers for someone who wants out place.

You are just looking at the immediate area that your house is in the new estate. But how do you get to the new houses? You have to come through a large council estate. It is that council estate that is putting people off paying a lot of money for a 3 bed detached. You bought it cheap needing money spent on it but if it had been in a desirable area you wouldn't have got it much cheaper than one in good condition because there is more competition for houses in desirable areas. The only reason why someone will buy in your area is because your house is cheap which is why you bought it. The 4 bed sold because it was cheap for a 4 bed detached.

What you need to do is to work out what the difference there is in size between your house and the 3 bed semis. I suspect not much because when I looked at the floor plan your house is the standard layout of a modern 3 bed semi detached house. This makes the only difference between it and a 3 bed semi or end of terrace on your estate of a garage and a non attached wall. You then have to ask yourself how many people will want to pay £60k extra for a wall that isn't joined to next door and a garage. How well it is done up inside probably won't make a huge difference because what you have done inside is to your personal taste and you don't get extra money for your taste. You get extra money for a big extension to make the house into a 4 bed detached.

What you can't change about this house is the location that it is in and the approach to the estate. A house in this location will have a top price.

dlmcr · 16 March 2017 at 11:28PM

As a buyer, and I check these things, what would really really put me off is the huge increase in price between 125k in 2012 and 210k in 2017, it is an extraordinary increase - to be honest I don't care what condition it was in in 2012, it can't have been that bad since it looks relatively modern. How can a bit of decoration and some diy attract such a huge mark up? I know 2012 wasn't exactly the height of the boom and there have been price increases, but seriously...? Anything like that kind of increase in price outside around London rings huge alarm bells for me sorry. Due to this I wouldn't even view - and I suspect other potential viewers will feel similarly.

Mrs36 · 17 March 2017 at 7:43AM

I agree with everything that Cakeguts has said.

Only a handful is still competition O/P, and not everyone will want to look at your sort of development. If you are struggling to get viewers, while other houses are selling around you then you really need to ask if your pricing is realistic. I understand your defensiveness, but will you still be as defensive in six months time when you are still struggling for viewers?

I would not be put off by the increase in price as dlmcr mentions, but I would not be offering anywhere near asking price in that scenario.

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