House not sold yet- advised to reduce. Have I done the right thing?

easilydistracted · 16 March 2017 at 9:19PM

Having looked at both houses your friends looks a lot more spacious. Its partly the lack of sloping ceilings, the lighter rooms and your dark kitchen. I would pay a lot more for hers than yours. Reckon there's probably a 15k difference. Sorry if it's not what you want to hear.

schooleydoo · 16 March 2017 at 9:28PM

easilydistracted wrote: »

Having looked at both houses your friends looks a lot more spacious. Its partly the lack of sloping ceilings, the lighter rooms and your dark kitchen. I would pay a lot more for hers than yours. Reckon there's probably a 15k difference. Sorry if it's not what you want to hear.

We don't have sloping ceilings?

kilby_007 · 16 March 2017 at 9:32PM

Sorry for the brutal honesty, but bar the tacky blue lights your friends property is worth at least 20K more than yours. Extra bedroom, external garage (rather than integrated), and a more visually appealing frontage which won't be dated in 10 years like the cladding/render on yours. Where did you get the impression that yours should sell for more than your friend? I would be looking to re-market it at 275K and expect offers between 265-270K.

schooleydoo · 16 March 2017 at 9:35PM

kilby_007 wrote: »

Sorry for the brutal honesty, but bar the tacky blue lights your friends property is worth at least 20K more than yours. Extra bedroom, external garage (rather than integrated), and a more visually appealing frontage which won't be dated in 10 years like the cladding/render on yours. Where did you get the impression that yours should sell for more than your friend? I would be looking to re-market it at 275K and expect offers between 265-270K.

Don't apologise, brutal honesty is what I'm here for! I want to know what my house is worth, not what I think it's worth.

£300k came from, as above, previous sale of a house identical to ours, other houses currently for sale in the area, three different estate agent valuations and an independent valuation by a solicitor.

This is what £275k buys you in our area -
http://www.rightmove.co.uk/property-for-sale/property-46729482.html

Mrs36 · 16 March 2017 at 9:54PM

I agree with Kilby_007 actually.

I can't see how diffierent that link you have posted is from yours, other than being on two floors, rather than three which may put some buyers off (families with small children for example, with the kitchen and lounge being on separate floors) and a garage door? Am I missing something?

Cakeguts · 16 March 2017 at 11:08PM

schooleydoo wrote: »

Don't apologise, brutal honesty is what I'm here for! I want to know what my house is worth, not what I think it's worth.

£300k came from, as above, previous sale of a house identical to ours, other houses currently for sale in the area, three different estate agent valuations and an independent valuation by a solicitor.

This is what £275k buys you in our area -
http://www.rightmove.co.uk/property-for-sale/property-46729482.html

The road that the £275k one is in is better. The house probably isn't any smaller is just lateral rather than on 3 floors. The problem with Daimler Drive is that there are cars parked everywhere because the houses don't have enough space to park two cars in the garages.

schooleydoo · 17 March 2017 at 1:29AM

Cakeguts wrote: »

The road that the £275k one is in is better. The house probably isn't any smaller is just lateral rather than on 3 floors. The problem with Daimler Drive is that there are cars parked everywhere because the houses don't have enough space to park two cars in the garages.

This is not the problem with Daimler Drive and their road is not better for parking. There are cars parked everywhere along their road as it's on the main entrance to the estate. They have laybys that are free for all and often double parked. They have houses and flats directly opposite them without drives but 2/3 cars to find homes for.

Daimler Drive is not near the main entrance to the estate and is therefore much quieter. It has allocated offroad parking in front of our houses in a designated area, and non allocated parking spaces at the rear of our houses. We have a car in the garage and one on our drive right now. Most on our road don't use the garage as intended but do the drive. We also have a green in front of us, not more houses and flats.

The layout of the £275k house is better, but it is smaller. It has no entrance hall, we have an extra bathroom and every room in our house is the same or bigger Sq M, not including our extra landing, bigger garden and garage that can be used as a utility room. We are on a quieter road, have front and back French doors with balconies on the middle floor and have no houses at the front or the back overlooking us.

To me, with respect, it makes no sense for me to be considering offers at £10k less than theirs.

Cakeguts · 17 March 2017 at 1:50AM

schooleydoo wrote: »

This is not the problem with Daimler Drive and their road is not better for parking. There are cars parked everywhere along their road as it's on the main entrance to the estate. They have laybys that are free for all and often double parked. They have houses and flats directly opposite them without drives but 2/3 cars to find homes for.

Daimler Drive is not near the main entrance to the estate and is therefore much quieter. It has allocated offroad parking in front of our houses in a designated area, and non allocated parking spaces at the rear of our houses. We have a car in the garage and one on our drive right now. Most on our road don't use the garage as intended but do the drive. We also have a green in front of us, not more houses and flats.

The layout of the £275k house is better, but it is smaller. It has no entrance hall, we have an extra bathroom and every room in our house is the same or bigger Sq M, not including our extra landing, bigger garden and garage that can be used as a utility room. We are on a quieter road, have front and back French doors with balconies on the middle floor and have no houses at the front or the back overlooking us.

To me, with respect, it makes no sense for me to be considering offers at £10k less than theirs.

But you haven't had any offers. If you haven't had any offers then it means that no one wants to buy your house. If you want to move you have to find out why no one wants to buy your house. If you don't want to find out why no one wants to buy your house you won't be able to move. Your house is only worth what someone will pay you for it. It is not worth the imaginary number that the estate agents have given you. The estate agents can only make a guess. You will only find out the value when someone pays it.

Mickygg · 17 March 2017 at 4:19AM

OP it's only been a month. Far too early to reduce IMO but it's done now.

Everyone here is saying they would buy the other one for the price over yours. The thing is the other one may have been priced purposely to sell, and it sold v quick.

I defo wouldn't reduce again for a few months, see how it goes. To answer your q on if people say whether it's overpriced after viewing, indeed they do.

k3lvc · 17 March 2017 at 7:29AM

Mickygg wrote: »

I defo wouldn't reduce again for a few months, see how it goes. To answer your q on if people say whether it's overpriced after viewing, indeed they do.

But if I read right the OP doesn't have 'a few months' - they're looking to move fairly quickly in which case getting people in though the door is going to be a key driver for sale.

I'm not seeing the alignment between the desire to move quickly and the need to achieve close to £300k

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House not sold yet- advised to reduce. Have I done the right thing?

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