advise needed of what to do next

des123

hi
we have had our 2 bed first time buyers house up for sale since april and so far we have had only 5 viewings. all the people loved our house but they all were not sure of their mortgages. Anyay contacted our estate agents stating that to why we have had very slow progress. We are with two agents which is duel agency .They fisrt said there is uncertainity in the market due to election , then it was the world cup and now i they say its government cutbacks which is slowing things . Our house is up for sale at £!40000 , which is very reasonable price in the area and we could negoitate a small drop if people give offers . For about two months we have had no viewings. I Think this is really bad . when we contact the agents they say they cant force People in and the market is so slow.They also state that we should try reducing the price from 140000 to 13500. . We really do not want this as we would have not much deposit and equity for our next house.it is at the lower end anyway when we marketed it

Today my partner thought of pulling out from selling this year and re adevertising next year in april.at least with no viewing we can try to take a small holiday without worring about the sale

we got only three options here

1. keep the house on the market and see if auguest and september will bring change and luck.?
2. lower the price about four thousand?
3. not sell and put back next year ?

what do you guys think? im really struggling to find out what the best option is ?. Just not getting those first time buyers or infact any buyers through that door.

many thanks in advance for your comments and advise

twirlypinky

It's just one of those pain in the !!!! things. I personally think prices are going to fall further, so pulling out and waiting might not really be the best option.

Selling is a nightmare - there are no two ways about it.

I had my last house on the market for 8 months and had only 3 viewings in that time, and the house before that we did eventually manage to sell, but the feedback was unbelievable. It was the show home on a new estate, and i kept it looking like that, had a lot of pride in it. One couple told our agents that our house reminded them of the Trueman Show! !!!!!! does that mean? I still don't know!

PasturesNew

4. Take it off the market for 5 years, during that time save as hard as you can so when you next put it for sale you are in a stronger position to buy and not reliant on squeezing vast sums out of potential buyers.

PasturesNew

twirlypinky wrote: »

It was the show home on a new estate, and i kept it looking like that

But it was still "second hand" when you sold it, and benefits/extras you got chucked in were probably worth a few quid, things the next owners wouldn't have had from you. (e.g free this, free that, free other stuff)

Cresswe

Know how you're feeling. Depend on your reasons for moving, if you don't need to the hold on and see what happens. The market is quiet though so this may not change. Have you thought about changing agents? They may have different people on books.

I'm in a similar position no viewings for around 6 weeks but lots of interest to begin with. We're going to keep price as is for another couple of weeks and they reduce slightly. It's definately a buyers marlet at the moment.
Good luck

des123

I understand . we have to move by next year as we want our child in a specific school we had in mind for ages . we cannot wait five years for this to happen . i dont understand why its a buuers market when everything is at halt. Also people are saying house prices are going up so is reducing the price a good option to do.
we have changed three agents now and dont want to do that at might sendthe wrong message .
I am running out of options maybe reduce a bit and see what happens. i spoke to the agents today and they said that buyers will pick up in the school holidyas. hmmm not sure aboiut that when people are on holiday

What a nightmare . more gloom and misery with everything else . never is it a good moment .

mlz1413

You have a year to move so just slow down and stop worrying.

Most people view higher priced houses than they can afford knowing most sellers will reduce so IMO leave the price alone for now. You can reduce anytime so wait for Sept and some more feed back.

Are you tied into the two agents? if so when are the contracts up?

If you go to another agent discuss an open weekend so that you get lots of feed back early on.

Also re the school have you compared private tution with the increased mortgage costs? Not saying its for everyone but might be worth a look if you can't move.

des123

no not tied into agents . but time will go so quick if no sales. one agents contract coming to an end and the other flexible.
private tuition is a no no . not that rich and earn less.

just wondering what would be a good price to reduce the house by from 139995 to ?????

any suggestions ?

des123

our house is up for 140000 and it has been on market for 4 months and have had four viewings . first time buyers house really . we have the house at this price since march. We dont know what to drop it by really

Fire_Fox

des123 wrote: »

I understand . we have to move by next year as we want our child in a specific school we had in mind for ages . we cannot wait five years for this to happen . i dont understand why its a buuers market when everything is at halt. Also people are saying house prices are going up so is reducing the price a good option to do.
we have changed three agents now and dont want to do that at might sendthe wrong message .
I am running out of options maybe reduce a bit and see what happens. i spoke to the agents today and they said that buyers will pick up in the school holidyas. hmmm not sure aboiut that when people are on holiday

What a nightmare . more gloom and misery with everything else . never is it a good moment .

The value of a property is not based on what sale price you need, it is based on what buyers are willing and able to pay. Everything is telling you that the house is overpriced for the current market. Have you looked at land registry sold prices for the street and area? Why not sell up and rent a property in the area you need whilst you save a deposit?

twirlypinky

PasturesNew wrote: »

But it was still "second hand" when you sold it, and benefits/extras you got chucked in were probably worth a few quid, things the next owners wouldn't have had from you. (e.g free this, free that, free other stuff)

Nope, i knew that none of those things would match as nicely anywhere else, so we left curtains, lamps, light fittings, cushions, everything that matched because i knew they would only look right in that house. I'm a good house seller, i always leave the house spotless and on one occasion left a little mini bottle of fizzy wine and two glasses for the new owners to celebrate buying their first home because they were so nice.