Our rightmove ad and the correct price?

benz52

Hi again,

http://www.rightmove.co.uk/property-for-sale/property-29560394.html

Many thanks for all those who have pointed out many things that could affect the sale of our house and any potential viewings in my recent thread.

As we have opted for an online EA and have currently set the price of our house a little higher than normal due to the fact that we had sometime before our move. It has however become apparent that we may have to move by the end of July, in which case we should have a buyer ready within the next couple of weeks or so.

This is a recent built house on the new estate in Corby, bought new built by us for £245k in August 2007.

We have had a valuation from our local EA who suggested that £230k would be the right mark to market our house, but we could also start at £240k. We have carried out many addons to this property since we moved in about 2 1/2 years back, perhaps to the tune of £15-£20k. We have hence started marketing the property at rightmove at £249,995.

Also to point out the fact that our developer is no longer building in this town, though others continue to do so. So the style of house we are offering is perhaps now exclusive to the market in Corby. Our developer sold the last of our style house in Corby last week for £230k. Perhaps they were desperate to
move out of here?

Although the property has only been on the market for less than a week, we have not had any interest in it, which we understand is quite a short span. However, as we need to get things moving quickly, we would appreciate some advice on the right price for our house.

All help and criticism is welcome.

Many thanks
T

bap98189

You bought it for £245k in 2007 and are advertising it for a higher price today! I think you may be in for a long wait to sell it. I'm not familiar with the area, but there are lots of 4-bed, detached houses for sale starting at 160k in that postcode. By the time you get up to 180k they are modern, with garages and gardens etc.

What exactly are the improvements you made to the house and and how much value do you think they added to it? What makes your house worth so much more than the other hundred or so on Rightmove?

hellokitty08

Well if it helps two people i know have bought in the area reccently. One brought a brand new 4 bed detached in Desborough for £180k and some else got a brand new three bed in corby for around £130k I think.

I would say if you need a quick sale you should be marketing closer to the £200k mark. Local estate agents will know what stuff is selling for rather then what they are being advertised at. Them advising you to put it on for £230k would mean that you were likely to invite people to look at the property and put in an offer, but thats just my opinion.

adg1

benz52 wrote: »

It has however become apparent that we may have to move by the end of July, in which case we should have a buyer ready within the next couple of weeks or so.

Then you need to market the house at the level at which properties are selling now, rather than an ideal price.

benz52 wrote: »

We have carried out many addons to this property since we moved in about 2 1/2 years back, perhaps to the tune of £15-£20k. We have hence started marketing the property at rightmove at £249,995.

But do those additions actually add 15-20K to the value of your home? For instance, you could spend a fortune on carpets with gol thread in them, or marble tiles all over the downstairs. The costs of both would far outweight the actual value they add to your home. Bear that in mind. The statement that 'I spent x amount on improvements, so my house has increased by x amount' (where x=x...;)) doesn't work.

benz52 wrote: »

Also to point out the fact that our developer is no longer building in this town, though others continue to do so. So the style of house we are offering is perhaps now exclusive to the market in Corby. Our developer sold the last of our style house in Corby last week for £230k. Perhaps they were desperate to move out of here?

I would guess they were offering some form of incentives for buyers to pay a certain amount? Like increased deposits contributions, chucking in furniture etc?

benz52 wrote: »

Although the property has only been on the market for less than a week, we have not had any interest in it, which we understand is quite a short span. However, as we need to get things moving quickly, we would appreciate some advice on the right price for our house.

You need to talk to agents in the area. Not an online agent but a real one who will actively market your property and give you proper feedback. Listen to them as they will have sold property in your area. If you get the 3 or 4 largest ones to value your home they will have a good understanding of where a price needs to be to get it sold.

From what you are saying, you need to move fast and hence should start the approach from a different angle - not to necessarily get the most money but the fastest sale.

PasturesNew

benz52 wrote: »

Our developer sold the last of our style house in Corby last week for £230k.

And at £230k that would have been brand new, with all sorts of "freebies" thrown in by the developer. e.g. free flooring, landscaping, legal fees paid, maybe stamp duty paid if applicable (at £230k it might not be FTB territory).

PasturesNew

I just ran your house across Zoopla, which, while imperfect, does apply localised changes in house prices to your actual address... and based on the market changes it guesstimates yours is now 'worth' £215k. Having said that, I notice only one person ever paid more than you did in your road for a detached house, so when you compare the range of valuations now on houses in your road, you'll find other even lower prices: http://www.zoopla.co.uk/home-values/NN18-8EN/?q=NN18%208EN

Wobblydeb

How do you know the developer sold at £230k? I didn't think land registry details became available that quickly.... Is that what it was advertised at?

If the house was advertised at £230k and is directly comparable to yours, then £230k seems a sensible price to advertise yours at.

ET1976

benz52 wrote: »

Although the property has only been on the market for less than a week, we have not had any interest in it... we would appreciate some advice on the right price for our house.

I know nothing about the area, but isn't this the advice you're looking for?:

benz52 wrote: »

We have had a valuation from our local EA who suggested that £230k would be the right mark to market our house

Davesnave

Funnily enough, on May 1st last year, our vendor put her house on the market, having just discovered that she needed to be living 130 miles away by 1st August.

She offered the property (house + land) at an estimated £50k below what it might have been 'worth,' given a longer marketing time. Knowing that it was a very fair deal, we offered her the asking price and agreed to meet her deadline without any surveys or mucking about. Half way into the process, someone attempted a gazump, offering considerably more, but our vendor was focused on one objective, trusted us, and the sale went through. I believe she is now very happy in her new job and home.

This is just an example of what some people do when they are really serious about moving, and doing it quickly, with a mimimum of uncertainty. We did something similar earlier in the Crash. You may feel you can do less, and I wish you good luck if you do.

goldengirl28

i must say, looking at rightmove there are some lovely house for around the 200 - 230 mark on i assume a new chepstow road site, i assume a new build site, i don't see what your house has over others
shttp://www.rightmove.co.uk/property-for-sale/property-15281505.html?thumbnailId=1

Is it your location?

you have some REALLY stiff competion from wimpey & others......that could be why you have no interest yet.

good luck

hellokitty08

Trust me there are litterally hundreds of new build homes in Corby. I think its going to be more of a buyers market then a sellers one.

Also get it on with a local agent. Lots of people will look online for properties thats for sure, but dont under estimate the relations local agents have with buyers. This might be valuable to you, especially if you need a quick sale.