Why Wont My House Sell, Showdown With The Estate Agents

markmc999

clutton wrote:

i have to agree with zammo - a house which is pitched at the right price will always sell. Have you looked on https://www.rightmove.co.uk sold prices (far right hand side of the opening screen) and seen what houses in your street have actually sold for in recent months ? Estate agents always over-value property - its part of the "game".

After all - a larger sale = larger commission for them

seven-day-weekend

Zammo wrote:

No interest?

It's overpriced.

Not rocket science as to what to do next.

:rotfl:

I agree.

We have only ever sold two propeties. We put the asking price at slightly less than other similar properties.

One sold within two days; the second one sold the same day.


Drop the price and it will sell.

AndrewSmith

There are 3 possible factor s that affect the saleability of a property:

1) Location
2) Presentation
3) Price

They are all as important as each other but are not mutually exclusive. Location you can do sod all about so you should be focusing on the other two which you can directly impact.

Arrange a meeting with your agent, or the new agent you choose to use. Tell them that you want them to be brutally honest with you about anything that needs to be done to get the house sold, even if it does mean reducing the price further.

What you must then do is be prepared to accept what they tell you and take it on the chin, then do it.

The interior presentation of the property looks fantastic however a little clinical which may deter some buyers. Ask the agent for his opinion.

Regarding fees/commission etc. Tell your new agent that you will instruct them as sole agents. Negotiate a tie in period of only 4 weeks. Tell the agent that if they do not accept this then you will simply go elsewhere.

Regarding commission. Incentivise the agents to sell quickly. Agree a sliding scale of commission basedon how quickly they sell. Eg:

Sale in first 2 weeks = 1.5%
sale in 2-4 weeks = 1.25%
sale in 4+ weeks = 1.00%

As you are not tied in after 4 weeks then tell the agents if you have not sold in this time you will be moving agents.

Tell the agents that you want all viewings accompanied by them. Find out which negotiator will be dealing with your sale and get the agent to send him/her round before the 1st viewing to familiarise himself with the property. Nothing more impressive than when an agent can describe the property from memory before you even leave their office. How many times have you asked an agent 'can you tell me about this house' to which they reply 'sorry I havent actually been in it'. Always puts me off.

It is all about 2 way communication. Allow the agent the freedom to tell you exactly what they think you should do to get a sale. If you accept it and show enthusiasm in what they tell you, their enthusiasm to sell will be obvious in return.

I have sold approx 20 properties on a personal level over the last 9 or so years and have always managed to negotiate the above proposal. DOn't let anyone tell you it can't be done. You won't, however, get it unless you ask, ask, and ask again.

Good luck

Andy

Mizz_Pink

Hello,

Just wanted to say as hello, we live on the Raywoods just around the corner !

I dont know anything selling houses, all I get told is the house is worth what someone will pay for it.

sm9ai

ABN wrote:

Judging by the figures here
http://www.nethouseprices.com/index.php?con=sold_prices_street_detail&locality=NUNEATON&town=NUNEATON&street=BERMUDA+ROAD&postcode=CV107HP&search_radius=150&cCode=EW&year=&house_style=&house_age=&house_type=&find_postcode=&find_locality=&find_town=&find_street=&eastingToSearch=43510&northingToSearch=29050
I would say thats an understatement.

At least 20-30K overpriced.

Looks about right.

How does your property differ to these? Also bear in mind prices were probably higher/easier to sell in April than now.

PosterBoy77

I think the issue here is typical of many sellers. Many people think their house is the best and worth top money. People at the moment are not paying top money for a house. The EAs cannot wave a magic wand and get you a buyer, all they can do is gain interest for you. Don't blame the EA, it is price that makes most of the difference. I have sold several BTL properties in recent times and houses only worth what others are prepared to pay. If you are not getting viewings you need to reduce the price. Looking at the pictures the house looks well presented, but Kitchen and Bathrooms are not top spec either, just clean and tidy.

There is only one solution, reduce the price to something like 129k and hope you get an offer for 125k. This will be what any sensible buyer would pay as they will not want to pay stamp duty by paying a few grand more. If you do this, I'm sure you will get many more viewings and a good chance of finding a buyer. 125k would seem to be on the top level looking at other sold prices in the area.

richgirl

Only those already on the property ladder can afford £160k without stretching themselves too much.

So your buyer options are limited, until you price yourself into their market. better to get say £129,999 now then accept £99k in a years time !

richgirl

ABN wrote:

Judging by the figures here
http://www.nethouseprices.com/index.php?con=sold_prices_street_detail&locality=NUNEATON&town=NUNEATON&street=BERMUDA+ROAD&postcode=CV107HP&search_radius=150&cCode=EW&year=&house_style=&house_age=&house_type=&find_postcode=&find_locality=&find_town=&find_street=&eastingToSearch=43510&northingToSearch=29050
I would say thats an understatement.

At least 20-30K overpriced.

Yep looks very over priced !

Other semis in the area this year have gone for -
44 Bermuda Road, £120k
56 Bermuda Road, £128k

So £160k is too high, no wonder no interest !

petekiddle

I hate to be the messenger, but the reason property is not selling is because we are now in a falling market.

The property bubble is a global phenomenen and you only have to look at Australia (40% drops in Sydney) and the USA (20%+ drops) to recognise what will shortly happen in the UK. Prices worldwide have been driven up by artificially cheap money and now that Irs are rising prices will drop.

Thankfully I achieved a sale on my property which had been on the market for 4 months by holding my breath and reducing the price by 15%. It's now under offer and I just hope to goodness the sale will complete.

The market has turned - don't get caught chasing the market down!

richgirl

Lets hope the goverment does not panic by printing money and letting inflation rip !

Whats that ?

Bank of England ?

Well, they don't seem to be in control of the printing presses, hence the 13% rise in the money supply !

Inflation is coming..... falling house prices AND rising inflation means some big losses !