Help Please Dilemma With Our House

JanCee

Debt_Free_Chick wrote:

You have nothing to lose by marketing the house at "offers over £400,000" - you don't have to accept the first offer made. In fact, you don't have to accept any of them. But you won't get offers without viewings. Until you get an offer, you have nothing to consider.

I agree with the above, what it will do is generate loads of interest in your house and then you may get an offer closer to what you were hoping for.

Your house does'nt sound like the the type of property that will sell well at auction. Most auction property needs work doing to it which is why owners send them to auction. Buyers at auction tend to be developers, either professional or amateurs looking for a project. The terms of the auction may also put buyers off, 10% on the day and completion within 28 days in most cases. This hardly gives the average buyer time to get a survey done and get their mortgage through.

Good luck.

devils_advocate

Ok, the negatives, which MAY be putting people off. (On the assumption that I've got the right house!)

It seems like its a rare large house in a road full of smaller properties. The most that a property has sold for on this road since 2000 is £315,000, although admittedly that's a semi, according to Houseprices.co.uk.

From the photographs, It does look like a very well decorated period house. My impression is that people like period freatures, but dont necessarily go the whole hog for the full decor. Whilst I personally like it, I'll admit that I'm in a small minority, andyou need to market to the greatest numbers. I do admire the blue and gold panels by the bay windows, but whilst many folk will happily visit National Trust properties at the weekend, they don't necessarily want to live there.

Potential buyers may also assume, from years of misleading eastate agents descriptions, that 'period property' means 'no repairs, maintenance or decoration done in the last 40 years@ which does not seem to be the case with your house. Perhaps the agents could enmphasise 'charmingly recently refurbished in authentioc period style'? Alternatively, are there any agents within 50 miles who would specialise in period properties, so you can target that more specialist market?

The one photograph on the front of both agents brochures dont seem to do justice to the size. It does look a bit like a 4 bed semi from the outside, so what you will have to emphasise is the spaciousness. Try taking photographs yourself from different angles (including from the neighbours gardens) to get the right angle, and then ask the agents to retake if you need better quality. (even try standing on a stepladder in front of the hedge to take a photo square on!)

However, its a sticky market. You may need to drop the price to attract people in through the door. In a liquid market where there's lots of turnover, there is generally one market price. However when markets become illiqid, there ae a variety of varket prices depending on the selling timescales. It's an unfortunate fact, and its probably worthwhile considering if there is an alternative solution to the problem of whay you need a quick sale (I don't want to know, but its something you have to ask yourself.)

Hope this helps.

Conrad

Everything, and I do mean everything sells immediately IF THE PRICE IS THE CORRECT MARKET PRICE.

Time and time again I hear stories like yours, be it cars or houses.

If and only if, the price is right you will sell. End of. Buyers arent stupid, they always migrate to the properties most accurately priced. Think about it, if you put it on for £350000 you would be overwhelmed with offers. Currently you have none, so somewhere between the 2 lies the real price.

Ive recently sold the last of my Buy To Lets. The last one was a massive and unique penthouse right in the middle of a lovely market town near London. 2 years ago it would have been snapped - up. In the event I got few viewers and only one offer and had to reduce by about 17%! Price is everything.

Robert_Sterling_3

Does your property show up on https://www.rightmove.co.uk ?

bagzithat

The latest so far, we contacted both EA today and dropped the price to £415,000 so that is a big leap from £475,000, down to £450,000 now £415,000.

The only other big house on the road is a semi, which needs work, its 5 bedroomed with a very small kitchen, that is going for £399,999.

Yes the house is on https://www.rightmove.co.uk the EA both of them are well known, but seems not really interested in out house?
We are also including all carpets and fittings, plus brand new fridge+ freezer, 6 ringed cooker and the dishwasher, the EA has told us not to mention this until we get an offer why?

I also agree that the pictures the EA have taken are not nice at all, so we have decided to take our own photos and ask both agents to remove the old ones, hope this will work, it just get you down as we cant understand why we have no viewing, by the way the first couple that came said they were after a 3bed house? and the other couple said it was far to big, but did say the house was nothiong they had ever seen before and from outside was very decieiving, how can we change the outside.

If anyone wants photos of the house I do have some which I have taken myself.

Thanks to everyone for replying and giving me sound advice.

flossy_splodge

Hey! If you are prepared to send me a/some pics PM me and I will send an email address then may be able to comment further. I think there is more going on than meets the eye. What is your 'deadline' for selling? ie Do you feel you absolutely HAVE to have sale completed by say end of Dec 05 or by Easter 06 or what? Gives an idea of what other suggestions we can offer. Keep smiling.x

eurows

I know you said you wanted to go to auction but unless you have a need (rather than a want) to sell quickly, I'd take the house off the market, leave it as long as you can but certainly 2/3 weeks minimum and put it back on with an agent you haven't yet tried for over 1/2 £mill if that really is the market rate. As posted earlier in thread you do need to try and be careful you are not looking through rose coloured specs but if you are sure your property is comparable then go for say £550000. The psychology is that everyone wants to believe they are good negotiators and at (say) £550,000 you will get those looking over 1/2 mill and leave room for manoevre. Also, need to get a trusted friend to contact the agent(s) you are with, pretend to be looking at say 6 beds of max £400,000 and see if the agent pushes the to look at yours. The feedback you get should give an idea what the agent is or is not saying to potential buyers. Would do this for you myself if I lived nearer Manchester! Are you north or south of the city? Just remember what suits agents is a quick sale for least work but you want a good sale at max price - not the same thing at all. I wouldn't be too quick to go to auction myself as I think the risks are huge if your house is sound. Best auction properties are in need of work, as they say, not well presented as you say your is. One last thought - have you sloshed neutral colours everywhere? amazing how many buyers can't look beyond a personal colour scheme. Good Luck.

What a load of cr*p. The reason the house has not sold is it is too dear. The agents are over valueing it. Have a sensible word with a few new agents and market your property at the right price.

Listen to that muppet above you will have the house on forever whilst prices keep going down. Then you will never sell it.

A tin of magnolia on a £450,000 house. MY GOD GET REAL

Good luck and be sensible with the price

bagzithat

flossy_splodge yes we do have a dead line, cant really give much info on the board, its not a money problem I would just like to clear that up, and we don't have a chain. Would want to be out by end of January by the latest.

Have sent you PM, thank you.

bagzithat

Hi eurows, in the last 4 months we have had 6 EA around and they all said the same price, but like I said today we dropped it to £415,000, we never once told any of them what we thought it was worth, they gave us the price, infact when the first EA came round and valued it as £475,000 we told him we thought that was too much, but he was adamant we could get that price, see how wrong they can be.

Gem_

Hi

Just had a look at what I think was the right house. I would agree with the above comments about the picture, from the outside it looks very small.

It doesnt seem to be the price thats wrong but the way it is being presented by the agents (looking small and like the decor needs updating, rather than showing it as being in top condition). Would be better to have a picture of the bedrooms and bathroom rather than the hall and lounge?

The other thing that may be a problem is the kitchen. It is very nice and I would love it, but it is not at all in keeping with the period decor of the rest of the house - people who like period wont like the kitchen and people who dont will not like the decor in the rest of the house. You need to get them to match. (very sorry if I have the wrong house)

oh - why is it on with two estate agents: one listing as 6 bedrooms and one with 7? hardly going to inspire buyer confidence in the rest of the details!

Good Luck

Gem