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

brit1234

You are just going to have to drop the price to make it stand out. It might be worth checking your local banks to see what their lending criteria. It may be priced to high for todays lending to average joe.

scousethife

If it was available for 10 quid do you think it would have sold allready?

If your answer is yes then you allready know its all about price

andrewmp

How much would a comparable property cost to rent?

nickelodeon

Thanks for all the replies. Thanks for the comments on the property particulars, I will try and make the suggested changes, however I don't think any of those things would stop someone viewing, so it must be the price.

53b that sold for £130,000 is the flat above mine, and quite a bit smaller, however I am aware that this is the most comparable property and I am starting the realise that my flat is probably now worth less than this! :mad:

I was told by two of the estate agents that the flat could be rented out for £650.

I thought it was being marketed at a good price; the next 1 bed flat on rightmove is at £150k. When I checked last week these were the prices of all the 1 bed flats in Farnham on rightmove:
£115k, £135k, £150k, £152k, £155k, £156k, £170k, £185k, £185k, £200k, £208k and £210, mine is one of the cheapest.

To be honest I’m not desperate or in any hurry to sell. I’m quite happy staying in the flat and can afford the mortgage etc. However I know that in a year or so I will want to buy somewhere bigger with my OH. Everyone is predicting that property prices will keep going down and hopefully that will help us to buy somewhere bigger. But my concern is that if I try and sell the flat in a year or two its value will have gone down so much that I will be in negative equity and won’t be able to afford to sell it and will be stuck there. Therefore we thought we would put it on the market now and try and sell it to get the £10,000 that I put into the property out. However it is starting to look like that won’t be possible.

I know that if I reduce the price enough it will sell, but unfortunately I don’t have much equity to play with.

To pay the mortgage and costs and get my £10,000 back I need to sell for £123,000.
To pay just the mortgage and costs and walk away with nothing (after having spent a lot of time and effort saving £10,000 to buy the flat!) I would need to sell for £113,000.

Going by what people are saying on here, that I should reduce price by £25k, I’m not sure I could sell it for £100,000!

What do I do!! Do I keep the flat and then wait 3 to 4 plus years until market has gone back up again, and then not be able to afford a bigger place as that has gone up in value aswell. Do I hold out and try and sell it for enough to get my £10,000 or do I cut my losses and try and sell it for £113k and walk away with nothing!!

It’s only been on the market 4 weeks and I’m fed up with the whole thing already!

andrewmp

Interest only on £135,000 would be £675 per month (6% interest).

If someone could rent a comparable flat for £650, why would they consider buying yours in a falling market?

You'll have to get very lucky and sell to someone who isn't at all clued up and is desperate to get on the ladder (snake).

Dave_®f©

nickelodeon wrote: »

To be honest I’m not desperate or in any hurry to sell. I’m quite happy staying in the flat and can afford the mortgage etc. However I know that in a year or so I will want to buy somewhere bigger with my OH. Everyone is predicting that property prices will keep going down and hopefully that will help us to buy somewhere bigger. But my concern is that if I try and sell the flat in a year or two its value will have gone down so much that I will be in negative equity and won’t be able to afford to sell it and will be stuck there. Therefore we thought we would put it on the market now and try and sell it to get the £10,000 that I put into the property out. However it is starting to look like that won’t be possible.

If that's the way you're thinking then all the buyers out there are thinking the same. They're all playing the waiting game too. Unless it's a bargain nobody else wants negative equity in a year or two.

SouthCoast

Why no pictures of the garden?

This is a 1 bed flat south of Farnham that has been chasing the market down.

With thanks to Property-Bee.

History

dateevent17 August 2008

• Price changed: from '£94,950' to '£84,950'

29 May 2008

• Price changed: from '£99,950' to '£94,950'

11 May 2008

• Price changed: from 'Offers in Excess of £105,000' to '£99,950'

17 April 2008

• Price changed: from '£109,950' to 'Offers in Excess of £105,000'

23 March 2008

• Price changed: from '£119,950' to '£109,950'

07 March 2008

• Initial entry found.

nickelodeon

Unfortunately the "garden" is a communal area that is completely overgrown with weeds and brambles, I am trying to organise getting it sorted but it is a big job. I don't think a picture of it in it's current state would sell the property!!

nickelodeon

I don't have property bee, where exactly is the flat that is currently priced at £85k?

Cannon_Fodder

Your potential buyers have choices;

either

save £20K, within half-a-mile, ok its Aldershot so it may have less-snob appeal, but it has its OWN garden and a pretty frontage, instead of grotty...

http://www.rightmove.co.uk/viewdetails-19425266.rsp?pa_n=1&tr_t=buy&mam_disp=true

or

get 3 bedrooms for the same price...okay a fixer-upper, but thats the way to make money as the market heads down...

http://www.rightmove.co.uk/viewdetails-19118326.rsp?pa_n=3&tr_t=buy&mam_disp=true