Trying to sell house - what's the market like?

Crispy697

Hi all.....

I'm after any advice/info on how the property market is at the moment as i'm currently trying to sell my house.

My house has been on the market for just over a month, but we've had very little interest in that time. There have been two viewings, but neither resulted in an offer (first couple coudn't afford the house and second decided to get a bigger house in a cheaper area).

Should i be expecting more viewings, or is this normal for mid January?

Any help/advice greatfully received.

suki1964

All depends on where you are and how much you are asking for your house. I sold mine the day it went on the market - two weeks before christmas. I did have it on at a realistic price (taking into account what other houses in the area had actually fetched rather then asking price) The house along the road has been on the market for four months - lots of interest, no buyers. Mother also sold hers within a month taking a drop in asking price (once more in line with what other houses were actually selling for)

Crispy697

I'm in the south east, about 5 miles outside of the M25.

I believe the house is priced correctly, with a small margin for negotiation. We had 3 valuations done, and went with the middle price.

This time last year (i appreciate the market has changed) , a similar terraced house in same road (ours is semi and slightly bigger) sold on the day it went on the market. The asking price was about £5K less than ours, but i know the sold price was only £2K less than the asking price.

I'm probably being inpatient, as i've found an ideal next house!

Suzi.Q_3

Our house has been on the market since september, and we're hoping to complete in the next 3 weeks. We've had 3 offers in that time - one was silly, the 2nd couldn't actually afford it once they'd been honest with their mortgage advisor about debts and the 3rd we'e hoping is 3rd time lucky! The house is reasonably priced (less than it was valued at!) but things just seemed to be slow. The market is supposed to speed up in january though, so hopefully things will pick up for you soon.

dander

If you went on the market a month ago, you went on at what is traditionally the slowest time of year for house sales. Things start to pick up in January, getting busier as it turns into spring. It's hard, but I'd say don't panic just yet. Wait and see what the rest of this month brings, as hopefully as January progresses more people will come out of the woodwork.

If you think your house is priced correctly have a think about what else might be putting people off. Check how the estate agent is marketing your property, do the details make the most of the good points? - are the pictures flattering?

From my own experiences in the past year and what I've read on other forums, the market is tough out there. I've seen plenty of people who've been waiting for months and months and months and still no sale. I feel for you, I really do - it took me 9 months from going on the market to completion.

Crispy697

Thanks for the feedback, it's all very helpful.

I'm happy with the EA's marketing at the moment. The house has got one of the best spots in their window, plus it is on their own website and all the usual property search sites. The photos are good too, but they dont include room sizes on the web (only on the printed details they send out to their mailing list).

One of my concerns is that it's expensive for a 2 bed, but i'm sure it's correctly priced given it's condition and location. However, this no doubt limits my audience as not everyone puts location over space.

I'll just keep my fingers crossed that the EA gets a few more viewings booked!

roswell

check the price other houses sold for in your street at http://www.nethouseprices.com/ that will tell you if your asking price is realistic, id say if its 15 % above the average your in with a chance as long as its presented correctly, above that and be prepaird for a slow uptake.

Crispy697

Thanks for the link.

Only two houses in my local area have sold in the last 18 months....both were in March 2005. Both were mid terrace, 2 bed for £178K and 3 bed for £208K. The 2 bed sold within a day of going on the market, and the 3 bed only took a few weeks.

Mine (2 bed semi) is up for £189K, so not too high i hope.

roswell

No problem.

should be ok then just need to get the estate agent to bring the buyers in, to be honest dont expect much interest in janury most people are still nursing the hangover of xmas :-)

Crispy697

Just to let you know, we accepted an offer for £185K on Wednesday from a FTB. I'm obviously very happy.

We're now waiting to see if our £260K offer is accpeted on the house we're interested in (up for £269,950).

michaels

I live 5 miles outside the m25 - since xmas 5 of the 100 houses on my road have come up for sale and all except 1 sold in a week (and that one took 3 weeks) and for the first time prices have broken through the 250 level for 2 bed terraces - and it utrns out it is not just my road but the whole town - lots of properties coming on and all selling quickly...