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    • schooleydoo
    • By schooleydoo 16th Mar 17, 4:28 PM
    • 26Posts
    • 16Thanks
    schooleydoo
    House not sold yet- advised to reduce. Have I done the right thing?
    • #1
    • 16th Mar 17, 4:28 PM
    House not sold yet- advised to reduce. Have I done the right thing? 16th Mar 17 at 4:28 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 12:08 PM.
Page 3
    • melstar11
    • By melstar11 18th Mar 17, 5:48 AM
    • 244 Posts
    • 249 Thanks
    melstar11
    The two main things restricting the number of viewings are price and the fact the kitchen and living room are on separate floors. One of those you can't easily change. Good luck with today's viewing.
    • Crashy Time
    • By Crashy Time 18th Mar 17, 11:26 AM
    • 3,990 Posts
    • 1,933 Thanks
    Crashy Time
    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.
    Originally posted by Mrs36

    Yes, this is priced way too high I`m afraid, best to cut price now before people realise that interest rates are creeping up.
    • schooleydoo
    • By schooleydoo 18th Mar 17, 1:34 PM
    • 26 Posts
    • 16 Thanks
    schooleydoo
    Everyone seems agreed that it's too expensive, based on the sale of my friends house and that I paid 230k 5 years ago.

    Nobody has mentioned this sale though, identical house on the same estate?

    here


    Also, I understand why all three estate agents may have inflated the price (although if my agent does this a lot, their 85% initial asking price hit rate would be impacted), but what would an independent solicitor gain from pushing the price up?
    Last edited by schooleydoo; 18-03-2017 at 1:42 PM.
    • Mrs36
    • By Mrs36 18th Mar 17, 1:54 PM
    • 125 Posts
    • 203 Thanks
    Mrs36
    You're going round in circles now - you can show us links of similar houses and tell us we are all wrong all day long, but it boils down to the fact that someone obviously wanted that house enough to pay that much. Can you honestly say the same with 5 viewings?

    Good luck with the sale O/P. Make sure you pop back and let us know what it sells for in the end, won't you
    Last edited by Mrs36; 18-03-2017 at 1:59 PM.
    • Red-Squirrel
    • By Red-Squirrel 18th Mar 17, 2:00 PM
    • 812 Posts
    • 1,711 Thanks
    Red-Squirrel
    Everyone seems agreed that it's too expensive, based on the sale of my friends house and that I paid 230k 5 years ago.

    Nobody has mentioned this sale though, identical house on the same estate?

    here


    Also, I understand why all three estate agents may have inflated the price (although if my agent does this a lot, their 85% initial asking price hit rate would be impacted), but what would an independent solicitor gain from pushing the price up?
    Originally posted by schooleydoo

    Sorry to be brutal, but that house is about a million times better presented than yours, and to a lot of buyers that's important, they want to be able to move in and not even need to paint a wall. There are buyers who use their heart rather than their head and will buy a house based on 'falling in love' with the presention, the decor and the vendor's possessions!
    • Cakeguts
    • By Cakeguts 18th Mar 17, 4:34 PM
    • 2,264 Posts
    • 2,856 Thanks
    Cakeguts
    Everyone seems agreed that it's too expensive, based on the sale of my friends house and that I paid 230k 5 years ago.

    Nobody has mentioned this sale though, identical house on the same estate?

    here


    Also, I understand why all three estate agents may have inflated the price (although if my agent does this a lot, their 85% initial asking price hit rate would be impacted), but what would an independent solicitor gain from pushing the price up?
    Originally posted by schooleydoo
    The house in the link has got private off street parking Yours doesn't even have off street parking. The parking spaces mean that the back of the cars are parked on the pavement.

    To someone who doesn't want their car parked half on the pavement but on private parking with access across it the house is worth more.
    • Crashy Time
    • By Crashy Time 20th Mar 17, 11:10 AM
    • 3,990 Posts
    • 1,933 Thanks
    Crashy Time
    You have to consider the offers you get (if you get any) if you really want to sell, that is how a "market" works?
    • ReadingTim
    • By ReadingTim 20th Mar 17, 11:22 AM
    • 1,488 Posts
    • 2,096 Thanks
    ReadingTim
    Everyone seems agreed that it's too expensive, based on the sale of my friends house and that I paid 230k 5 years ago.

    Nobody has mentioned this sale though, identical house on the same estate?

    here
    Originally posted by schooleydoo
    Well, regardless of what "the market" says, it only takes one buyer willing to pay the price, and a sale is made.....

    Unfortunately, the "one buyer" willing to shell out three hundred grand bought that place instead of yours....
    • nubbins
    • By nubbins 20th Mar 17, 11:41 AM
    • 669 Posts
    • 906 Thanks
    nubbins
    You have to consider the offers you get (if you get any) if you really want to sell, that is how a "market" works?
    Originally posted by Crashy Time
    How would you know?
    • Crashy Time
    • By Crashy Time 21st Mar 17, 1:32 AM
    • 3,990 Posts
    • 1,933 Thanks
    Crashy Time
    Well, regardless of what "the market" says, it only takes one buyer willing to pay the price, and a sale is made.....

    Unfortunately, the "one buyer" willing to shell out three hundred grand bought that place instead of yours....
    Originally posted by ReadingTim



    Hate when that happens........
    • Crashy Time
    • By Crashy Time 22nd Mar 17, 1:51 PM
    • 3,990 Posts
    • 1,933 Thanks
    Crashy Time
    Anyway, one month on the market is probably nothing to worry about?
    • teddysmum
    • By teddysmum 22nd Mar 17, 3:05 PM
    • 7,429 Posts
    • 4,366 Thanks
    teddysmum
    Something that I don't think anyone has mentioned is the potential cost of maintaining the cladding . As it goes up two storeys it would need specialist scaffolding for access.
    • Rosieandjim
    • By Rosieandjim 22nd Mar 17, 4:47 PM
    • 39 Posts
    • 47 Thanks
    Rosieandjim
    You have been brave admitting to the problems with anti social neighbours nearby and identifying your address do you think that was wise?


    If it is visible when people come to view or get to hear about, I think that would be a major factor in a no sale


    I also agree with others in that I would not want the 3 storeys preferring the layout of the other house.


    Hope you do manage to sell
    • ReadingTim
    • By ReadingTim 22nd Mar 17, 5:31 PM
    • 1,488 Posts
    • 2,096 Thanks
    ReadingTim
    You have been brave admitting to the problems with anti social neighbours nearby and identifying your address do you think that was wise?
    Originally posted by Rosieandjim
    Anyone who posts a question on, or problem with selling their property is usually told to post a link, and from there it's pretty easy to pinpoint the address, should anyone want to. Or care. Which I suspect they probably don't. Equally, if anti-social neighbours are a problem, it's not really being brave - it's a statement of fact.
    • schooleydoo
    • By schooleydoo 24th Mar 17, 12:06 PM
    • 26 Posts
    • 16 Thanks
    schooleydoo
    Thanks for the constructive criticism everyone. I appreciate the advice.

    We had two viewings on Saturday, one resulted in an offer of 290k. When our very first viewer found out we were accepting this via our estate agent, they made a surprise counter-offer of 295k. Their feedback at the time of viewing was that they liked the house but would have to build an extension on it so wanted to see if they could get more space for the money. 6 weeks on it seems they have seen the answer and panicked that they were about to lose their backup house.

    We have actually accepted the lower offer as they are first time buyers and have no chain. We have also had our offer accepted on a house we like, also chain free so fingers crossed everything will go smoothly.
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