Worried about limited number of viewings

brightondebs

I appreciate all the comments about pricing etc but it's hard to make generalisations about the housing market that are relevant to Brighton. It's an incredibly popular place to live and house prices here have always been strong. We put our flat on the market at the price both we and two agents thought it should go on at. Perhaps we just have to be patient.

See: http://news.bbc.co.uk/1/shared/spl/hi/in_depth/uk_house_prices/html/ml.stm?f#table

twisty

Hi brightondebs, I'd like to think I can offer you some more specific advice, having just bought a flat in Brighton (well, Hove ) and sold an unusually large 1-bed flat in Worthing - this is all still going through but the buying/selling/negotiating stage is over.

Firstly, we were also worried about viewings. They were quite low, about 1 a week on average, although we went a few weeks with no viewings. We eventually got an offer 2 months after going on the market which was 5.5k under asking price and 1.5k less than our 'lowest' price. However, we accepted as we were desperate to move back to Brighton.

I am sure we could have got a couple of grand more if we had stuck it out a bit but, frankly, we didn't want to. Sometimes the best financial decision isn't always the right thing to do. Now we are a couple of weeks away from our dream move and I don't regret it at all.

I think, being an unusual size/quality for a 1-bed flat, you just need to make your peace with the fact that it will take a little longer to sell. This isn't necessarily because people don't like your flat, even that they think it is overpriced. But it is more expensive than many one-bed and two-bed flats in Brighton - whether it is worth the money or not doesn't change this fact. (Of course there are many one-bed flats in Brighton that cost more than yours as well).

It was the same for us - in Worthing most 1-bed flats are 100-120k. Ours was on for £135k (it has very similar dimensions to yours). Many viewers eventually bought 2-beds or smaller 1-beds. Your market is likely to be wealthy singles, particularly those past the age where having children is a possibility.

Just a quick point as a buyer, rather than a seller.... My wife and I needed to buy a flat with 2-bedrooms in Brighton. Our budget was £190k and we looked at about 30 flats. We eventually found a lovely one in an old mansion block on Dyke Road and paid £184k. It is probably smaller than yours in terms of square footage, but we simply needed 2 bedrooms and I'm sure there are many more in that situation.

My advice to you is, if you can, to sit tight, be patient and don't think the worst. If you are confident that the price is right, just sit it out.

brightondebs

Thanks so much twisty. What you said just confirms what we'd concluded today after visiting the EA. We're at the top end of the market and we are never going to attract the average buyer of a one bed so we just need to be patient and wait for the right buyer to come along.

arby

brightondebs wrote: »

I appreciate all the comments about pricing etc but it's hard to make generalisations about the housing market that are relevant to Brighton. It's an incredibly popular place to live and house prices here have always been strong. We put our flat on the market at the price both we and two agents thought it should go on at. Perhaps we just have to be patient.

See: http://news.bbc.co.uk/1/shared/spl/hi/in_depth/uk_house_prices/html/ml.stm?f#table

you're right, house prices are strong there, but they were strong when you bought in 2006 so you already paid that premium. Once again, what has changed either physically in the flat or in economic conditions that would increase the value from the £175k that you paid? Most property experts are predicting a few years of pain ahead, my point is that if you need to sell then you may be prudent in actively trying to do so now while you will still be ahead of the competition.

Everybody thinks their house is unique, and that their local area will always hold up better than others. While this is sometimes the case, more often than not it's simply wishful thinking and an emotional attachment to the house and the area that you've built up over a number of years that a potential buyer won't have. Seriously ask yourself if this is the case for you, and if it isn't, then start looking at all the sold properties around your area and see how you compare. There will be a reason someone chose another flat over yours and you need to find out what that is and price/advertise accordingly.

Cannon_Fodder

brightondebs wrote: »

It's an incredibly popular place to live and house prices here have always been strong.

Not quite "always"...

[IMG]http://www1.landregistry.gov.uk/houseprices/housepriceindex/report/default.asp?g=1&gt=1&a=Brighton+And+Hove&s=01 January 2008&e=01 May 2010&t=1[/IMG]

Recent strength is only valid, if you have adjusted for the previous weakness.


And for such an "incredibly popular place" its strange to see any levelling off/drops during the spring period...

[IMG]http://www1.landregistry.gov.uk/houseprices/housepriceindex/report/default.asp?g=1&gt=1&a=Brighton+And+Hove&s=01 January 2010&e=01 May 2010&t=1[/IMG]

Could be a sign of the weakness being felt across the country; http://news.bbc.co.uk/1/hi/business/10603905.stm