Worried about limited number of viewings

brightondebs

Hi all,
We've had our lovely flat on the market in Brighton, ok Hove, for nearly two weeks and so far have had just 3 viewings with another two arranged for today (Sat). We started a month ago by putting on the market privately but chickened out after 2 weeks because we have actually found a place we want to buy (yes, we know, stupid, don't worry we didn't make an offer) and are desperate to move quickly.

Now with so few more viewings (we had two privately) we're worried going with an estate agent didn't really improve things. We have a lovely huge flat in a great location with just two things wrong with it. One, a low lease of 76 years which we know will cost around 7-10000 to increase. Two, the flat is immediately across from a church which also functions as a night shelter.

We are prepared to take the cost of the lease into consideration with offers and we really don't get any trouble from the shelter. My immediate neighbours above and below have both been here for over 10 years and I've been here the shortest of everyone in the building at 4 years. We would have moved a lot earlier if it was a problem.

Basically, we feel our agent doesn't really care. He's impossible to get hold of, we have to chase everything from getting on Rightmove to getting a sign up. Are our expectations too high? I got multiple offers on my last property in Brighton privately within two weeks back in 2005...

I can't post a link to us on Rightmove but you can find us if you search for BN3 1DF, £200000, 1 Bedroom. It's the premium listing with C&W.

MegaMiniMouse

brightondebs wrote: »

I got multiple offers on my last property in Brighton privately within two weeks back in 2005...

Where have you been since 2005?

brightondebs

Not sure what you mean? I sold a two bedroom cottage in the North Laine, Brighton in 2005 and moved into a 1 bed flat in Cambridge Road, Hove in 2006. In between I spent six months renting.

MegaMiniMouse

brightondebs wrote: »

Not sure what you mean? I sold a two bedroom cottage in the North Laine, Brighton in 2005 and moved into a 1 bed flat in Cambridge Road, Hove in 2006. In between I spent six months renting.

The world has changed since 2005, and the property market has changed most of all.

Viewings? Many people these days get no viewings at all for years and years...

MMM

Jen2girls

I've only had 4 viewings in 6 weeks, so I don't think the number you have had is too bad really considering the climate. Download property bee then you will be able to see how fast other properties in your area are selling

Mum_of_3_3

brightondebs wrote: »

...........We have a lovely huge flat in a great location with just two things wrong with it. One, a low lease of 76 years which we know will cost around 7-10000 to increase.............We are prepared to take the cost of the lease into consideration with offers and we really don't get any trouble from the shelter.

It may be easier for you to extend your lease pre-sale as I think you have to be in residence for two years before being able to request a price to extend. Also, this may be stopping some people from viewing your flat as iirc it's very hard to get a mortgage on a property once the lease dips below 80 years.

I'm not a lease expert, hopefully someone here will be able to clarify.

M_o_3

EDIT: PS Just looked at the RM ad, your flat looks really nice, I love the balcony in the kitchen how fab! So if other properties nearby are selling it must be either the lease or the price that are putting people off I guess? Have you asked your EA what s/he thinks?

brit1234

http://www.rightmove.co.uk/property-for-sale/property-26536627.html?premiumA=true

PROPERTY BEE stuff
History
dateevent11 July 2010

• Status changed: from 'Available' to 'Premium Listing'

01 July 2010

• Brief Description changed: Price Range: £200,000 - £210,000 One Double Bedroom First Floor Period Conversion Flat Westerly Aspect Fitted Kitchen With Balcony Family Bathroom. Central Location In our opinion this is a fantastic opportunity to purchase a larger than average first floor period conversion flat. The current vendor has lived here for four happy years and is simply moving due to relocation. When asked what initia...

30 June 2010

• Initial entry found.

Key features:
Price Range: £200,000 - £210,000

• One Double Bedroom First Floor Period Conversion Flat. Westerly Aspect Fitted Kitchen with Balcony. High Ceilings. Central Location.

Yours is by far the most expensive 1 bed in the post code area. Also people are aware that prices have fallen the last 3 months, people are also becoming aware that prices are going to keep falling.

The street selling prices indicate that your cost could be far to high. Prices fell a fair bit from the 2007 high.
http://www.houseprices.co.uk/e.php?q=BN3+1DF&n=10

Simply is too expensive for the climate especially when all your rival properties in the street are between £20,000 - £35,000 cheaper.

http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=POSTCODE^84759&sortByPriceDescending=false&minPrice=160000&maxPrice=260000&includeSSTC=true&_includeSSTC=on

SimonMrGreenWard

You can have lease extended on completion and paid out of the proceeds of sale. This means you sell it with a long lease and don't put people off. Some won't even view a property with a low lease. Make sure you take in to account of this with value of property.

In reality, depends on how quickly you wish to move as to how best to market the property. If you're in no rush and pitch it over value to take an offer, your viewing rate is pretty good. Conventional sale process doesn't encourage big interest. Also, if your agent is any good, they'll only be bringing round good quality potential buyers. This is much better than 25 people who can't proceed

pararct

It's very much a buyers market. The market today is a world away from what it was in 2005, there are practically no FTB entering at the bottom due to LTV and deposit restrictions being put in place by the lenders, as such the market stagnates all the way up.

Property is still selling but only that that needs to sell where the vendors are being very canny on the price.

You could sell your flat tomorrow if you wanted too you just need a USP. Being lower priced than the majority of the competition would be a good one.

SimonMrGreenWard

Ignore above post. Property is selling. Habe to take each property on an individual basis.

Any 4-bed detached house that comes on in A nice road in Southbourne thats sensibly priced and below £400k will sell in a day.

brit1234

SimonMrGreenWard wrote: »

Ignore above post. Property is selling. Habe to take each property on an individual basis.

Any 4-bed detached house that comes on in A nice road in Southbourne thats sensibly priced and below £400k will sell in a day.

Simon do you dispute it has changed to a buyers market?

From what I see it is increasingly becoming a buyers market and sellers have to be realistic.