Last ditch attempt to sell - reduced price a go

goldbyron

Well just to post this here as I wanted to ask for a collective prayer (religious or secular) that my flat finally sells. I have had it on the market sine the start of October 2009 and had 60+ viewings since. I reduced my price by £30k in January and still had no offers. All viewers have valued the property at the asking price and not below but just didn't offer. However the feedback became less picky and consistent - 'nice but too small' with a few people putting it in their top two to offer on but mine never making it. My flat has now been reduced by another £10k, decluttered - everything I can do now short of putting all my stuff into storage! Its in a good location which people have commented on (some saying the best of the flats) and has two beds. My flat is very competitively priced now with any flat that is cheaper either has one bedroom, is in a rough area, or needs 'modernising'. There are flats on for £20-30k more which are still in worst areas etcs but maybe have bedrooms which are one foot bigger - the price you pay for space! So its now £10k down on what I paid for it in June 2006 which bucks the local price increases of 20% overall since that time. I have 11 viewings booked for the next 7 days so what more can I do. Just hope this does the trick else I am stuck.

brit1234

It is wise to drop the price now before this years big price falls happen and people realise.

<sebb>

Just out of interest, what part of the country is your property in?

Cannon_Fodder

The OP's flat is in Woodford Green;
http://forums.moneysavingexpert.com/showthread.html?t=2231247&highlight
http://forums.moneysavingexpert.com/showthread.html?t=2126595&highlight

tomstickland

Where I live (Stroud, Gloucestershire) flats have clearly dropped in value. Two bed flats that were selling for £125K in 2006 are not moving at £110K at the moment.
A one bed flat finally sold for £63K a few weeks ago, it had been on at £75K for over a year. They sold for around £90K in 2006.

pingu2209

You mention on the market prices, not sold prices. You may find you are not so competitive against sold prices? Just a thought.

Also you had Snow, Christmas and New Year and more Snow so a large chunk of the time you have been on the market has been lost to you.

Perhaps the timings you went on the market are against you too.

seabright

Might be a silly question, but with flat prices being really hit, do you need to sell? Could you rent it out instead?

Good luck though!

poppysarah

I've seen loads of properties drop their prices after being on for a long time - but they've only caught up in part with the price drops and need to do more.
It's going to be painful for some of these sellers.