How long before people have reduced prices?

Mr_P_5

Thanks for your comments guys, i will suggest the amendments and see if they will do a floor plan (do like them myself to).

I would agree Adrian we have been looking and have seen some fly out only to fall through! Hopefully we will get some more viewings and move it along -

being realistic with it all so know it could take a while/need to be patient! .... also as you all seem to like it why not put an offer in???? lol.

poppy10_2

Prices are on average back to 2004 levels, so you'll struggle to achieve anything over £90,000.

This larger 3 bed on your street is only 7 grand more:
http://www.rightmove.co.uk/property-for-sale/property-17338843.html

Georgie4

Mr_P wrote: »

Thanks,

Yeah i think we have done OK to... we don't want to be stuck on the market for ever and a day, (looking to move up the ladder) and understand prices are still coming down and therefore don't want to become badly priced!

will ask EA what people have said about feedback to!

It is VERY early days and you need not to panic !! Looking at selling your house in amonth would be optomistic in a good market ! I think everyone needs to calm down and what the level of price drop is will depend on the area you are in. Properties in south wales have started to sell again at I would say about 10% less than they were in 2007 - so not a huge drop. And remember you will need the best price you can achieve for your house for the move up;)

Mr_P_5

poppy10 wrote: »

Prices are on average back to 2004 levels, so you'll struggle to achieve anything over £90,000.

This larger 3 bed on your street is only 7 grand more:
http://www.rightmove.co.uk/property-for-sale/property-17338843.html

I don't know where you have the figure of £90k but that is way off! the property on our street is the same as ours but converted into a 3bed and therefore has 2 small bed rooms + 1 large! also ours has off street parking and is a corner plot... we have also added a porch and a much better kitchen includes for fitted items!

themanbearpig

Mr_P wrote: »

I don't know where you have the figure of £90k but that is way off! the property on our street is the same as ours but converted into a 3bed and therefore has 2 small bed rooms + 1 large! also ours has off street parking and is a corner plot... we have also added a porch and a much better kitchen includes for fitted items!

Dont underestimate added value of a 3 bed over a 2 bed.
You won't get anywhere near asking with the other house on your road for only £7k more.
£90k is optimistic, I would offer in the region of £75k.

Mr_P_5

Also if you look most 3 beds on our estate are priced at around £130-140 (140 prob over priced).. the last 2 bed went just before ours went on the market and SOLD... yes SOLD for £100K and needed loads of work ie kitchen, bathroom and central heating + usual scanky decorations. i feel happy with the price as it fits with all around it... just over time with the markets will get reduced if still on the market and we havn't lost the property we want

socrates

Interesting thread - sentiment vs facts.

The OP obviously values their property but the cold facts seem to be its over priced.

This is one of the main reasons along with bank lending criteria for the current house selling/buying market stuttering along.

I would be interested to know what a mortgage valuation would be as this is the ultimate determination of price

Doozergirl

OP your second bedroom is clearly a double room to me.

I would either ask the EA to remove the photo with the incriminating single bed or have a look on ebay for a cheapish double and replace it for selling the house. Don't short sell yourself; people are that short sighted they will see a single bed and think single room.

poppysarah

this is true - the last two "box" rooms have been tiny - 6X5 - one had two mini baby beds in and the other just a desk. Yeah you might be able to squeeze a single in if you really needed to - but not if you want to open the door wide enough to get in.

GracieP

I know it's not quite the same, but when I was selling my house in an undesirable part of north London last year I had 15 viewings and 4 offers in 20 days. If I'd had 3 viewings in 4 weeks I'd have been incredibly worried. Mine was one of 3 similar houses in the area that were on the market, the other 2 were on for 8 weeks before mine so I priced £20k (6%) below them. And my house was the nicest of the 3. And they were still on the market long after I was happily ensconced in a sweet rental in a lovely area. One was taken off the market unsold and the other sold for £70k (25%) less than the original asking price 11 months after being marketed.

If you want to sell reduce your price and reduce it to a point where yours is the cheapest in the area. It doesn't matter if you think yours nicer than your competition, your buyers might not agree. Or even if they do think it's nicer they may not think it's worth a premium. Try not to chase the market down any further than you already have. If you want to sell do what it takes, as in a falling market the longer you wait to do that, the more you will lose.