why no offers on our property?

howler_2

donna1975 wrote: »

No it's not a big drop at all really, we dropped from 199 950 to 159 950 in the space of about 5 months.

I imagine people are holding off in the knowledge that with every week that goes by property gets cheaper.

I think you'll need to slash the price if you want to sell in this market - forget valuations you've had. The days of those prices have gone

Conrad

neverdespairgirl wrote: »

If it was valued last year at £165k - £170k, I don't think that £159,950. is remotely a bargain, really - that's a very small drop.

Nevergal

I have daily conversations with investors and EA's, and the general consensus is flats need to be priced around 15 - 30% lower than July 2007, depending on area.

Some sellers have still not grasped the enormous metamophosis the UK economy is going through.
I liken the current landscape to a diet; If you out less in, the mass decreases. Mortgage completions are over 50% down over the year, and 95% down in August - thats a huge diet.

Price may not start to pick up for a couple of years (some say 5 years) and probably have a way to go down yet.

gastroboy

Two possible reasons

1. your price is too high..as said from £165k -£170k last year to £159k is not even close to being low enough for someone to knowingly be in negative equity for several years.

2. they simply don't like it and with the choice out there, don't want to buy anything that doesn't check all the boxes.

monkeymaster

nugget08 wrote: »

the flat was valued last year at £165 - 170k.

At 160k, it's massively overpriced. According to the HaliWide stats average prices have fallen by 15% and they're only going one way. It's no good being competitively priced, there are very few buyers out there so you need to be the cheapest in your area. I'd suggest you need to look at knocking at least 30k off that price or be in danger of chasing the market down.

lonestar1

nugget08 wrote: »

.......not one person has put in an offer - not even a taking the p**s offer.

Oh go on then I'll give you tuppence for it

Do you feel better now youve had an offer ?

Seriously though for a 1 bed flat a drop of just 5k from peak really isnt going to tempt anyone I'm afraid

PasturesNew

£160k at 6.5%

£812/month to rent a 1-bed flat from a bank. Plus responsibility for service charges makes it more like £900/month.

lynzpower

The other aspect is that your EA might not be asking for offers.

15 viewers is a LOT more than some others have had on these boards, & when they say "the bathrooms too small" what they mean is its too expensive 'for what it is'
in boomtimes EAs can simply open the door and buyers trip over themselves to offer, however, in times as these your EA needs to be negotiating with the buyers to get an offer out of them- even if it is a take the pi$$ offer. . 15 people have been to see it, 15 people knw where it is and what it is, one iof them at least should have been prepared to put in a low offer?

I wouldsay tho in my drivingf around South London and this is where I live I have never seen so many flats on the market, so if I was viewing at the mo, Id be tempted to keep looking in case I can get something bigger or better. At this your EA should be encouraging them to come back for a second look "in a couple of weeks, after youve seen some other stuff" they should be going all out to get offers, even if you decline those offers. It is tough times out there, but your EA needs to show thier steel, do they want these offers or dont they? Do you have a freind who could secretly have a viewing with the EA to see how keyed up they are?

Tiger_greeneyes

I know south London very well - it sounds like your property is overpriced, given that you've got so much competition on the market. I agree with monkeymaster about chasing the market down.

If you really have to sell, then speak to your EA's about dropping to a price that's realistic for a quick sale. It's probably better to cut your losses and drop £30-40k now than hang in there and have to drop it twice that much in a year or two's time.

I've just bought a 3 bedroomed semi detached bungalow that was valued at £200k in the peak - I had an offer accepted at £133k. Bungalows traditionally hold their value far better than 1 bedroomed flats ever would because of the demand for them - it's just the way the market is right now.

poppysarah

We went to view somewhere with tenants in - and I told the agent I'd consider re-viewing after they'd left but I'd not dream of risking buying a property with tenants in.

beingjdc

I have to say a lot depends on the location, and it would be interesting to see a Rightmove link, but here in my bit of South London (East, Zone 2), 2-bed ex-council flats are now going for below £175k, so it would take a lot to persuade me a 1-bed was worth more than about £130k.