Nans bugalow been on market for 2 years..whats wrong with it?

margaretclare

The West Country is one of the poorest parts of the united kingdom. Low incomes, a seasonal-type economy.

As others have said, I wouldn't want that garden.

My stepson-in-law showed us the house he'd gutted and done up on the outskirts of Derby. There's quite a big back garden, and he's had the whole lot laid to lawn, after ripping out old overgrown trees, old sheds, you name it. Doing that, it does leave the possibility of a new owner planting things, putting up new shed etc, or leave it as lawn, it's their choice, but at least they don't have to start from scratch.

BTW, we saw SIL's property in June and AFAIK they still haven't sold it, even though it had been done from top to bottom, back to front, to a very high standard.

Round here nothing is moving either. FTBs just can't get a mortgage, downsizers will be having difficulty getting rid of their bigger properties for the price they want, to buy yours...

emmy05

kick the agents !!!!!! and get them to generate some interest, bungalows can be worth their weight in gold regardless of whether ppl think the price is too big, ive seen alot worse than this for a much higher price, i fail to see anything drastically wrong with it tbh

sugarpants_2

Thanks again ppl have taken in all you comments.

The bungalw is under my uncles/dads names so I cant personally cant do anything (otherwise Id put it in auction). Grr. Will pass on your comments though.

Strapped

bordercars wrote: »

take it off the market NOW. if its been advertised for 2 years and not sold buyers may think there is something wrong with it and are disregarding it, the agent has probaly forgotten about it as well.
Then follow the above suggestions brighren it up, do the garden you can still get some autumn / winter colour in it.
then find a new agent and start again with the selling process, dont forget the agent is on commision so will start as high as he can, and its only thro greed you go along with the highest suggested price, have a look round, see what you would pay for similar and tell him thats the price.

I think you hold a (common) misconception - the reason EAs overprice to start with is to win the business, as clients tend to choose the EA that they think (often wrongly) will obtain the highest price, and starting highest seems the best way to do this. It's not about the commission. Cash-flow is king, and with most EAs no sale = no fee, so the most important thing is to sell the property, rather than to obtain the highest price. The difference in commission is neglible. So once you have the property on the market, you quickly get pressure to reduce the price so the EA can make an easy sale.

Not all EAs are that unscrupulous of course, but there are many that are (including one I've worked for). Some even work in the best interest of their client

Strapped

Tassotti wrote: »

IS THAT TRUE?!?!?

Can't believe that. Why would a bonus be paid for a loss of sale fees?

Because "a bird in the hand is worth more than two in the bush" and all that.

chickmug

Strapped wrote: »

I think you hold a (common) misconception - the reason EAs overprice to start with is to win the business, as clients tend to choose the EA that they think (often wrongly) will obtain the highest price, and starting highest seems the best way to do this. It's not about the commission. Cash-flow is king, and with most EAs no sale = no fee, so the most important thing is to sell the property, rather than to obtain the highest price. The difference in commission is neglible. So once you have the property on the market, you quickly get pressure to reduce the price so the EA can make an easy sale.

Not all EAs are that unscrupulous of course, but there are many that are (including one I've worked for). Some even work in the best interest of their client

What the seller wants are the following in order: -

Highest Price
Quick Sale
Lowest Commission

So when you pitch for business (as an EA) this commission based system leads the cowboys to overprice knowing once they get you snared they then work on getting you todrop the price. It stinks!

Ian_Griffiths_Halifax

chickmug wrote: »

What the seller wants are the following in order: -

Highest Price
Quick Sale
Lowest Commission

So when you pitch for business (as an EA) this commission based system leads the cowboys to overprice knowing once they get you snared they then work on getting you todrop the price. It stinks!

Absolutely spot on.

When I have clients looking to sell, I tell them to get as many EAs round to give prices as possible, 5 if possible.

There are 3 types of EA.

1. The one who will undervalue because he has a mate who will want to buy it and who will give him a back hander for getting him a cheap property, or a genuine member of the public who will buy and they get their commission quicker.

2. The one who will overprice knowing that you want as much as possible for the property and when it hasn't had any viewings for 3 months they start asking you if you wnat to reduce it until it gets down to a realistic asking price.

3. The good ones who price it sensibly from the start.

The problem is you don't know which is which!

Once they've had all 5 around to give their opinion, add up the prices then divide by 5, giving an average. This won't be far off the right figure and check it against such as the sold prices on rightmove and houseprices.co.uk

Once you've got the price you want to market it at, negotiate the fee with the agent who has the most SOLD boards in the area, not the one with the most FOR SALE.

It doesn't work for everybody as some areas don't have sold prices to compare with or many EAs to compete, but it gets them thinking about what they are doing and who they are dealing with.

LisbonLaura

How about ebay?

moanymoany

Ian_Griffiths_Halifax wrote: »

Absolutely spot on.

When I have clients looking to sell, I tell them to get as many EAs round to give prices as possible, 5 if possible.

There are 3 types of EA.

1. The one who will undervalue because he has a mate who will want to buy it and who will give him a back hander for getting him a cheap property, or a genuine member of the public who will buy and they get their commission quicker.

2. The one who will overprice knowing that you want as much as possible for the property and when it hasn't had any viewings for 3 months they start asking you if you wnat to reduce it until it gets down to a realistic asking price.

3. The good ones who price it sensibly from the start.

The problem is you don't know which is which!

Once they've had all 5 around to give their opinion, add up the prices then divide by 5, giving an average. This won't be far off the right figure and check it against such as the sold prices on rightmove and houseprices.co.uk

Once you've got the price you want to market it at, negotiate the fee with the agent who has the most SOLD boards in the area, not the one with the most FOR SALE.

It doesn't work for everybody as some areas don't have sold prices to compare with or many EAs to compete, but it gets them thinking about what they are doing and who they are dealing with.

I did this. I had a highest price £40,000 more than any other. He brough round example brochures where none of the houses had sold because they were overpriced!

I chose the EA because I liked him, he had a good attitude and it proved to be the right choice. The whole shebang worked very hard for us and we did our bit as we had presented the house well and kept it like it. We sold relatively quickly.

Mind you, we were/weren't flattered when they brought one of the younger members of staff over and we heard her say 'You wouldn't know old people lived here, would you.'

PS It was the Halifax.

lincroft1710

If bungalow couldn't find buyer 12/18 months ago in a buoyant market, then only drastic price reduction, coupled with all the suggestions re garden etc being implemented, plus change of agent might possibly start to generate interest. If you're going to sell, the price has to be lower than the competition in a 5 mile radius.