Flat on market 4 weeks, no viewings - need advice!!

nickelodeon

Hi guys,

Need your advice, my flat has been on the market for 4 weeks now. I had 2 viewings booked in the first week, however 1 didn't show and the other cancelled as they said it wasn't in the right area. Since then there has been nothing.

We had 4 estate agents value the property:
-one said at best could achieve £130k at worst £125k
-one said market at £135k should sell at £130k
-one said market at £139k and sell at £135k
-one said market at £137,500 and sell at £135k

We decided to market at £134,950 to be competitive and my flat is currently the second cheapest property in my area (excluding retirement and shared ownership properties). The cheapest is a very small flat above a butchers so not really comparable.

Here is the link to rightmove:

http://www.rightmove.co.uk/viewdetails-22739582.rsp?pa_n=1&tr_t=buy&mam_disp=true

What do people think? Is there anything I can do or is it all just about the price as everyone says!

PasturesNew

I've no idea. But I had a look around and there are others at the same price as yours, like this one:
http://www.rightmove.co.uk/viewdetails-16452637.rsp?pa_n=1&tr_t=buy&mam_disp=true
Which is 2 bedrooms. It started off at £158k in April and hasn't sold.

I'd rather go see that one as it has 2 bedrooms and isn't right on the road.

nickelodeon

Those two bedroom flats have always been about the same price as one bedroom flats, I even went to see one when I bought my place, the reason they are so cheap is because the lease needs extending, which from what I remember would cost quite a few thousand pounds and you wouldn't be able to get a mortgage without the extension, which is why I didn't buy one!

gemmalouanna

Can you get EA to add some more pics - bathroom/bedroom, as the bathroom says luxury so would be nice to see????

I know its only a small thing but I know when I am looking I prefer it with more pics

geoffky

one said at best could achieve £130k and you put it on for 134k and wonder why you have no viewings..ps they lie to get your custom...try 120k and see what the response is....remember people in a downturn upturn their expectations ie instead of flats look at houses as the prices continue to fall and fall and fall..ps don't forget the fresh flowers and baked bread as i am sure one of these loons is going to mention it...the outside picture makes it look like a old builders yard office building returned to flats

ad9898_3

I don't mean to sound glib but if you have had no viewings the price is too high, EA's are living in the past, drop the price and buyers will come.

Bogof_Babe

Your own lease is only the undisclosed remainder of 99 years, although I'm not sure what "share of freehold" means, but it sounds complicated!

Agree about more pics, especially the luxury bathroom. The kitchen looks nice given its size, although I would paint the cupboard doors white myself.

Zammo

Drop the price by at least 25K, if you're serious about selling.

milliebear00001

It's worth what people are willing/able to pay. In this market, yours is simply too expensive. Make it the cheapest comparable by £5000. Can you take out some of the furniture/borrow a smaller table - the living room is an OK size, but isn't a living/dining room - it looks cramped. Maybe add some curtains - it looks a bit sterile? MORE PHOTOS - nothing to lose by adding some of the other rooms/garden.

GDB2222

I would definitely change the photo of the outside of the building. That costs you nothing. There must (hopefully!!) be a view of the building that is nicer than the present one? At the moment, the exact centre of the picture, where the eye is drawn, is occupied by a drain pipe. I cannot tell from the photo where exactly your flat starts and ends, anyway, so a more general view of the building, perhaps including some garden, would be reasonable.

A couple of large flower pots outside the front door would cost very little and will brighten things up a lot. Most house buyers have pretty much made their minds up before they set foor in the place. So, getting the photos right is important imho.

Apart from that, it's a matter of price, really. I would look at prices of flats that have sold, not at asking prices.

Good luck.

GDB2222

53B Alma Lane
Leasehold (Flat)
Sold for £130,000 on 30 Nov, 2007

How comparable is your flat to that one?