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  • FIRST POST
    • schooleydoo
    • By schooleydoo 16th Mar 17, 3:28 PM
    • 26Posts
    • 16Thanks
    schooleydoo
    House not sold yet- advised to reduce. Have I done the right thing?
    • #1
    • 16th Mar 17, 3:28 PM
    House not sold yet- advised to reduce. Have I done the right thing? 16th Mar 17 at 3:28 PM
    Our townhouse has been on the market for one month.

    We used the same estate agents that a friend used to sell her townhouse within a week. She had one open house that resulted in 4 offers and she got her asking price.

    They lived one street away and it meant there were at least 3 disappointed buyers on the estate agents books that were looking for a townhouse in our area.

    Ours is 3 bed and has an integrated garage. Hers was a 4 bed with garage in a block. Ours is 5 years old, hers 15.

    We have had 5 viewings and no offers. Feedback:
    x2 don't like the area.
    x2 don't like lounge/kitchen on separate floors.
    x1 wanted us to apply for planning permission to extend before making an offer.

    70 properties in our town have sold in this month. Our estate agent has sold nearly 20% of those and tell me that in February, they sold 36 of 43 properties they had listed and 34 of those at asking price.

    Today our estate agent admitted they were stumped and expected it to sell very quickly. They have marketed it well and it has been a "featured property" every other day. They do seem to have done everything they can. They then suggested dropping the guide price £10k to generate interest and then hoping to get enough offers to push it back up towards the original price of £300k. I agreed to do so but am now doubting myself.

    5 viewings in a month doesn't seem too bad nationally, but as houses are selling very fast locally, is disappointing.

    Taking less than £300k would hurt. We need to repay 30% back to Help To Buy and have already had a valuation submitted to them at £300k. If we take less, we have to make up the difference.

    We are in a mild hurry to move. My wife's maternity leave ends in one month and during her absence they have moved her office 20 miles further away. We want to close that gap by moving.

    Should I have dropped or held out?
    Last edited by schooleydoo; 24-03-2017 at 11:08 AM.
Page 1
    • Mrs36
    • By Mrs36 16th Mar 17, 3:39 PM
    • 93 Posts
    • 150 Thanks
    Mrs36
    • #2
    • 16th Mar 17, 3:39 PM
    • #2
    • 16th Mar 17, 3:39 PM
    I don't know the area but just to clarify, your 3 bed is now 5k less than her 4 bed? I would say that a 4th bedroom is worth more than 5k difference, are you sure it is priced correctly now? When did you make the reduction?

    You bought it for £230K ish in 2012, but can't sell for less than £300K? I think if you are looking for a quick sale you may need to adjust your expectations.
    • k3lvc
    • By k3lvc 16th Mar 17, 4:00 PM
    • 1,603 Posts
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    k3lvc
    • #3
    • 16th Mar 17, 4:00 PM
    • #3
    • 16th Mar 17, 4:00 PM
    I've lived in your design and it is an acquired taste - we loved it until we had mobile kids then it became more challenging. The only upside was that they had floor 2 to themselves and we had our master/ensuite on floor 1 (and no cloakroom - a larger L shaped living room instead)

    In terms of the pricing I can't see where you get anywhere close to £300k from for a 3 bed when the 4 beds sold for £295k - having a quick look online I'm struggling to see why you justify more than £270k (or less to move it quickly)
    • Fuzzyness
    • By Fuzzyness 16th Mar 17, 4:07 PM
    • 608 Posts
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    Fuzzyness
    • #4
    • 16th Mar 17, 4:07 PM
    • #4
    • 16th Mar 17, 4:07 PM
    hers look like a bit more of a traditional design whereas yours looks a bit more modern. I prefer the modern look but some buyers are quite staid in their tastes.
    • Cakeguts
    • By Cakeguts 16th Mar 17, 4:10 PM
    • 1,685 Posts
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    Cakeguts
    • #5
    • 16th Mar 17, 4:10 PM
    • #5
    • 16th Mar 17, 4:10 PM
    Her house is much more attractive to look at than yours it also has 4 bedrooms. It isn't everyone who wants a house that looks like yours does and that look might well have already dated.

    So you have a house with a dated look that will only appeal to some people with only 3 bedrooms on the market at almost the same price as a more traditional looking house with 4 beds and a garage.

    So if her house with 4 beds and a more traditional look fetched £295K yours is overpriced by the cost of a 4th bedroom and an extra downstairs room. (The space that your garage takes up.)
    • Slinky
    • By Slinky 16th Mar 17, 4:12 PM
    • 4,079 Posts
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    Slinky
    • #6
    • 16th Mar 17, 4:12 PM
    • #6
    • 16th Mar 17, 4:12 PM
    You say there were 3 other lots of people disappointed not to be buying your friend's house, but maybe they were all looking for a 4 bedder.
    • Sleazy
    • By Sleazy 16th Mar 17, 4:12 PM
    • 3,799 Posts
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    Sleazy
    • #7
    • 16th Mar 17, 4:12 PM
    • #7
    • 16th Mar 17, 4:12 PM
    Your friends house has toilet facilities on each floor
    Signed Sleazy
    Otherwise known as the Lounge Lizard
    • ReadingTim
    • By ReadingTim 16th Mar 17, 4:13 PM
    • 1,303 Posts
    • 1,789 Thanks
    ReadingTim
    • #8
    • 16th Mar 17, 4:13 PM
    • #8
    • 16th Mar 17, 4:13 PM
    Part of the problem might be that a house with 4 beds and a separate garage sounds considerably larger than 3 beds with an integrated garage, even if the properties have largely the same floorspace. I guess that's the problem with the UK way of doing things, compared to continental Europe where they usually quote the size of the property in square meters. Therefore, somone who's not familiar with the actual properties in the actual streets, and instead is only searching by the number of bedrooms might filter your place out.

    With regard to areas, there are variations even between streets, so 'the new part of the estate' (as yours seems to be) could be seen as rougher than the older part, where your friend's house is. 'Out of sight, out of mind' also springs to mind in terms of congregating "youths"...

    Ultimately though, it comes down to price - the photos and listing particulars all seem fine. Who set the £300k figure? I think you need to be a bit brutal in terms of how realistic it is that you'd ever get that price, before asking as to the wisdom of dropping it...
    • Lord Baltimore
    • By Lord Baltimore 16th Mar 17, 4:17 PM
    • 1,262 Posts
    • 1,260 Thanks
    Lord Baltimore
    • #9
    • 16th Mar 17, 4:17 PM
    • #9
    • 16th Mar 17, 4:17 PM
    A month is no time but the £300k starting point was a mistake imho. I would have started at £295k, same as your friends' sold price, on the basis that yours is more modern but hers has the extra bedroom. And because people who viewed hers will be expecting yours to justify its higher starting price.

    I think you've made your bed now. Leave the price at £290k and take the hit in the interests of expediency. The urgency to move will get greater and you will kick yourself if you discourage buyers at this point.

    It's a lovely house; it will sell. Good luck
    I get bored very qu
    • cashbackproblems
    • By cashbackproblems 16th Mar 17, 4:21 PM
    • 1,485 Posts
    • 560 Thanks
    cashbackproblems
    An integrated garage does not carry the same weighting as a 4 bed house. And as mentioned newer does not mean better, in fact i avoided newer properties as ones in the last decade have nationally been very poorly built.


    As above if a 4 bed went for 295k i would put yours more at 250k. Also a mortgage valuation may come in a lot lower so your buyers are unable to borrow enough and thus down the line you will be back to square one.
    • Penitent
    • By Penitent 16th Mar 17, 4:28 PM
    • 313 Posts
    • 811 Thanks
    Penitent
    I agree with the other posters. I'm not going to pay £300k for a 3 bed when I see 4 beds going for £295k. The extra 10 years in age and the garage not being attached aren't significant enough to make up for having fewer bedrooms (in fact, it would be better if the garage wasn't attached because then the lounge and kitchen would be on the same floor).
    • schooleydoo
    • By schooleydoo 16th Mar 17, 4:29 PM
    • 26 Posts
    • 16 Thanks
    schooleydoo
    I don't know the area but just to clarify, your 3 bed is now 5k less than her 4 bed? I would say that a 4th bedroom is worth more than 5k difference, are you sure it is priced correctly now? When did you make the reduction?
    Originally posted by Mrs36
    Reduction was today.

    We got three valuations from three estate agents and an independent (paid) valuation from a solicitor. All came up with the same figure. An identical house to ours on the same estate sold in September for £295k.

    This townhouse is a few doors down with less floorspace but a different design (lounge/kitchen on same floor). It went on the market two weeks after ours, also advertised at £300k.


    £300k seemed right to us a month ago but now not so sure. None of the feedback has been related to price, though would people actually tell you tha its overpriced?


    Your friends house has toilet facilities on each floor
    Originally posted by Sleazy

    Ours does also, for some reason the floorplan doesn't label the ground floor WC. Just noticed that!
    Last edited by schooleydoo; 16-03-2017 at 4:33 PM.
    • easilydistracted
    • By easilydistracted 16th Mar 17, 7:19 PM
    • 455 Posts
    • 496 Thanks
    easilydistracted
    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
    • By schooleydoo 16th Mar 17, 7:28 PM
    • 26 Posts
    • 16 Thanks
    schooleydoo
    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.
    Originally posted by easilydistracted
    We don't have sloping ceilings?
    Last edited by schooleydoo; 22-03-2017 at 8:37 PM.
    • kilby_007
    • By kilby_007 16th Mar 17, 7:32 PM
    • 623 Posts
    • 358 Thanks
    kilby_007
    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
    • By schooleydoo 16th Mar 17, 7:35 PM
    • 26 Posts
    • 16 Thanks
    schooleydoo
    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.
    Originally posted by kilby_007
    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
    Last edited by schooleydoo; 16-03-2017 at 7:40 PM.
    • Mrs36
    • By Mrs36 16th Mar 17, 7:54 PM
    • 93 Posts
    • 150 Thanks
    Mrs36
    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
    • By Cakeguts 16th Mar 17, 9:08 PM
    • 1,685 Posts
    • 2,053 Thanks
    Cakeguts
    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
    Originally posted by schooleydoo
    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
    • By schooleydoo 16th Mar 17, 11:29 PM
    • 26 Posts
    • 16 Thanks
    schooleydoo
    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.
    Originally posted by Cakeguts
    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
    • By Cakeguts 16th Mar 17, 11:50 PM
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    Cakeguts
    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.
    Originally posted by schooleydoo
    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.
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