A selling Dilemma

deputyg

Hi Everyone,

In February our house went on the market and until 2 months ago was the only house for sale on our street. We have reduced the price 10k to 269k.

We now have the problem of lots of ex-student houses coming up for sale on our street and being bought for just under the magic 250k mark.

I know we are in a tricky price bracket as we know that nowhere sells for 250-260k and we couldn't see ours go for 250k or just under because it is definitely better than the ex-student houses.

As you can probably tell our viewing figures have plummeted since these others have become available.

Any words of wisdom would be greatly appreciated.

Thanks

tawse57

250K is the cut-off for no stamp duty for FTBs if that helps.

I was in a similar position. Last house in my road sold for 239K but the students were taking over life was becoming hell. I put the house on for 215K prepared to accept 200K - I got 201K.

A neighbour 2 doors away put her house on for 249K because it was lovely and gorgeous inside - which it was - as they had spent years stripping all the paint from the woodwork. I sold within 2 months and now nearly 3 years later they have just sold having reduced the price time and time again.

I knew that landlords were buying up the area for student lets so I wanted out. I was lucky.

If the area is going downhill with more properties becoming student lets you need to have a big think.

On the other hand, if the student landlords are selling up then perhaps your area is about to have an upturn... and your advantage will be, I presume, that you still have mang original features which I assume have been stripped out of the student houses and replaced with HMO fire-doors, etc, etc?

Can you get some viewings of the student houses for sale to get an idea of what you are up against?

Hope this helps.

This is not financial advice.

Cannon_Fodder

Not selling since February, is going to be for a more fundamental reason than properties appearing recently, I suspect.

Sometimes you risk 'cutting off your nose to spite your face', by holding out for some mythical target figure.

If the sort of place you want to move to, has dropped, then take the hit too, and move on.