House on market for over a year with no luck :(

Cissi

iolanthe07 wrote: »

Unless you absolutely have to move it's probably best not to chase prices down, but to bide your time.

I agree with the first part of that statement, but not the second one - I don't believe there is anything to be gained by biding your time at this point, unless you're prepared to stay put for a long time.

OP, it sounds as if chasing prices down is exactly what you've been doing over the past year - ie, reducing too little, too late. IMO it's actually a perfect example of this, since 40k down from a starting point of 365k is a reduction of just under 11%, exactly the average fall in the 12 months to July according to the Halifax figures published yesterday! If 365k was too much a year ago, 325k is equally overpriced today. You need to reduce your expectations by more than the average fall- and that's presuming that the property wasn't overpriced to begin with. Of course it's easy to be wise with hindsight, but if you'd started out at say 340k you'd probably have sold months ago.

I think teabelly's second suggestion of offers over 295k is good. And of course it's worth putting some effort into following the suggestions of neutral colours etc as well.

Alfie1999

I've just sold my house in just over a week.

Identical properties has been stuck on the market for over a year in the price range £235k to £250k.

I listed mine at oieo £199,950 and cut the legs from underneath the other sellers.

Lots of interest and managed to get £212,500.

Listen to talk of cosmetic enhancements at your peril as you'll yourself chasing down a market that's falling quicker than you're putting on magnolia paint (nothing wrong with magnolia mind).

If you price it right it will sell in any market.

StevieJ

dopester wrote: »

Ok then, take your bets. The outcome of each is likely to affect a lot of people.

CEBR are fools of the highest order imo.

Tell you what my bets will be on neither being correct as usual.

Pork89

Thank you for all your comments; you've all made some interesting points!

To madmandy, our gardens are now very colourful and well kept but the picture was taken earlier this year. Now that the summer is here the patio eating area is frequently used. As for eating there is obviously the dining room but also the choice of the breakfast room.

Iolanthe, our home is situated a good distance away from the busy Stratford road as we live much further into Solihull.

To everyone else suggesting a lower selling price we have already considered this but agree that it's probably worth biding our time. It's not essential that we move at the moment so perhaps it's worth waiting just a while longer to see if the market recovers. Perhaps if we still have not sold by the end of the year we will take the house off the market.

Thanks very much everyone, it's really interesting reading all your different opinions! Please don't hesitate to suggest anything else you might think is relevant. :-)

Lakey

Looks a lovely house to me, love the side extension. Kitchen looked exciting and then the bedroom....and the avacado bathroom, are they from a different house? Not major stuff but is a bit of a surprise. Would it be better to take those piccys out, wait for people to view and fall in love with the downstairs and they might excuse the upstairs easier?
People don't usually want to do anything to a property now, they want to move straight into a showhome.
And in this market you have to give em what they want..:T

lincroft1710

If you don't have to move, don't! Whatever you buy will lose money over the next few months/years and the stamp duty, EA + solicitor fees, moving and settling in costs will mean more money lost.

geoffky

its the price simple as that....market has left you behind..look at your competition...and undercut them

tattoed_bum

hi , i think the presentation of your home is lovely

could it be that you need to try a different estate agent .

sometimes estate agents get a bit fed up with a house lingering on their books and tend to forget about it a bit

get someone else out to value it and ask them for an honest opinion on the market value .

Pork89

Just to let you know the bathroom is ivory in colour not avocado! :rotfl:

hoggums

Pork89 wrote: »

To everyone else suggesting a lower selling price we have already considered this but agree that it's probably worth biding our time. It's not essential that we move at the moment so perhaps it's worth waiting just a while longer to see if the market recovers.

Yet again another vendor with an unrealistic view of what their house is worth....