Why will my house not sell?

mumm

My husband has seen the Hzaelwood Road property - the road is next to ours. It may look good at 265k for 6 bed detached but there is a reason there are no photos, as the place is a terrible mess and rented as bedsits, needs total refurbushment.

dopester

mumm wrote: »

our neighbours 3 bed sold for 230k in 2007 - it is a different postcode.

Yes it did; on 03/01/2007. Houseprices.co.uk linky. Sort of right at the very peak whilst Gordon was still boasting no more boom and bust and the banks were still chucking money at nearly everyone who asked for a loan.

Yep, just been taking a look. (wait a moment for acquisition)

Unless it's some strange dealing, number 82, detatched, a few houses down, sold for £150,000 on 03/11/2009, although it does side-on to that row of more ordinary looking houses.

Street View look-see

If we can rely on houseprices.co.uk data, your place seems not to have been bought/sold for many a year, so hopefully you've got lots of equity. I mean, in comparison to say someone who bought something similar in 2006 with a huge mortgage. That equity gives you some room to lower the price to try and find more interest from the market?

mumm

michael1234 wrote: »

Hi

I don't know the area, but looking at zoopla I found the following:

1/ there are a mix of terrace and semis on that road and give your has had a loft extension (which looks well utilized to me from the plan)
2/ A terraced number 108 was sold for 175k in July 2009 and another terraced was sold at £210k in 2006.
3/ Zoopla calculates that number 96 is worth 234 - this is based on previous sales and average house prices since then.

SO, adding all this together, it would seem that an asking price of 240k is probably about right meaning you're expecting offers of up to 10% below that (i.e. as low as 116k).
The problem as I see it is that you originally had the house on at 289,950 which is clearly far too high. So since it didn't sell at that price, it means the property has been on the market longer which in turn unfortunately means you will get low offers.

In my view, I would certainly keep no more than one agent and ditch the rest. I would also consider removing it from the market to say a month so that it can appear "fresher" when put back on. I would also consider putting fewer pics on RMV - just put the best rooms.

Good luck anyway.:D Its really tough in the current climate. We've had our house on for a year and only "sold" a month ago. That was when the "cash buyer" got rejected on his first mortgage application.....

Thanks for the advice. It is not a loft extension though, but was always originally a 3 storey property. The back has just been expanded into a dormer, that is all.

mumm

Unless it's some strange dealing, number 82, detatched, a few houses down, sold for £150,000 on 03/11/2009, although it does side-on to that row of more ordinary looking houses.





Number 82 was a shell (I mean there were no windows, and half a roof) but the guy who has brought it has now done it up really nicely. I presumed this would have a good impact on out house value (as it is no longer an eyesore but a family home), but it seems not.

It was I who decided to put it down from 259K to 239K - the estate agents were surprised and said that was really cheap and it will now go fast, but this hasn't happened - I reduced it beginning of June. I would love to get rid of the agent who will not change the photo but was locked into a 20 week deal, finishing beginning November I thought at the time, it was a 12 week deal. As for the agent that has removed their listing from Rightmove, I may as well write next week to say goodbye. But should I replace them with another one?

nearlynew

The house is obviously still too expensive

mark5

mumm wrote: »

My husband has seen the Hzaelwood Road property - the road is next to ours. It may look good at 265k for 6 bed detached but there is a reason there are no photos, as the place is a terrible mess and rented as bedsits, needs total refurbushment.

I was looking at the 4 bedroom victorian semi.

mumm

Yes, I can see it now. It is a quieter street, but a smaller house and no ensuite - and ours is 25K less?

nearlynew

mumm wrote: »

Yes, I can see it now. It is a quieter street, but a smaller house and no ensuite - and ours is 25K less?

Any potential buyers will know this as well.

Yet none of them have bought your house yet.

FATBALLZ

It costs too much. The stats indicate prices are 13% lower in your area than they were in 2007 when your neighbours house sold. It's not an exact science, but the lack of viewings and single "crazy" offer (possibly realistic, depending what side of the fence you are) would agree with this analysis.

Salz

Can I just ask how many beds you have in the property? I'm not being funny, but there do seem to be an awful lot in the property. This would make me think you have a lot of kids, and I would wonder at what state the property may be in?