Aborted sale, no more offers, what next?

shortchanged_2

pezos wrote: »

Hello,

I put my flat up for sale in London some 3 months ago, and realised that the market was taking a nose-dive so dropped the asking price massively to get ahead of the competition.

Are you sure?

There are some on here that are adamant prices are rising in London.

hazyjo

I just did a search for 2 bed flats in Ealing and 414 came up. That's some tough competition!

Might be that you've actually gone in too low as the cheapest is £269,950 and the priciest is £450k. As a buyer looking in Ealing, would you wade through 42 pages of flats or would you just set your price brackets a bit tighter? It's a really tough one... I'd be tempted to start again in the spring and it might be worth using a pricing bracket. I usually hate them (say something like offers between £270k-310k) and I think I'm right in that it would be picked up on RM by people looking within that bracket. Am sure someone will be along to correct me if I'm wrong - maybe it's just the minimum price they come up in searches under.

People can be choosy in a market like this with that many properties on in one area. If I were looking, the closeness to the North Circular might put me off a bit (I've 'virtually' walked up the street and know you're not that near, and not near a particularly built up part of it, but the map shows it as close) - plus it looks like the tube track runs behind your garden which puts a lot off. Also, that 2nd bedroom is really only a single which puts a lot off. I've sold 2 two-bed properties in the past with a single 2nd bed and I had trouble selling both for that reason.

I just can't think of any more options... it's a toughy! I think this is a case of the Ealing market being swamped.

Jx

steve1980

Don't do a "price guide" It's puts people off. Work out the lowest you can take, add on your fees for selling, buying etc, then add on a small amount for negotiations.

delmar39

Eric1 wrote: »

as a buyer, I would prefer sellers to reduce the asking price by £100 rather than spend it on pointless marketing gimmicks. As long as it is on Rightmove, you should be OK.

I agree with this. A potential buyer could be around the corner. For example, someone could start looking for a flat this weekend and yours could fit the bill. EAs always say they have a long list of people on their books to go at, but at the end of the day they cannot force people to buy it. It's a waiting game. We sold up within two months, yet the same house just around the corner from us is still on the market now, a year later. There's nothing wrong with you changing EAs if you want a change of direction - we did this and sold with our new one within two weeks. It's horrible this house selling thing. Just stick with it.

delmar39

pezos wrote: »

Hi All,

I think perhaps I'm just being a little impatient. The agent tells me that very little is moving and buyers are pulling out of sales in the hope that they can find something cheaper. The thing is that I and everyone else can only drop the price so much before it becomes a pointless sale. Have just dropped it again!

J. The property is is on rightmove and find-a-property etc., and is the only period flat in it's area at the price. I can't myself believe how cheap I've made it! The market must be really depressed. It's cheaper now than offers I was getting only a few weeks ago.

RS89. It is on find a property, listed in W5 3RL ref: : 7305833

Thanks

It always goes quite late October / Nov and December with people getting ready for xmas. Who wants to move out around this time? However, we sold in December so you just never know. January things will pick up again.

RS89

Hi,

I've actually viewed your property!

I viewed it when it was a bit more (285, I think) a few months ago. It is comparatively low priced for a 2 bed conversion in the area.

FWIW - we discounted your property due to the closeness of the train lines and the size of the bathroom. It has great potential though. Happy to give you more feedback if you want.

R

pardal51

What is the target market for this particular property? If it is FTB then ask yourself if you are happy with £250K max (stamp duty threshold). If you aren't than I believe it will be difficult for you to sell in the current economic climate.

properties up to 290K are rather tricky to sell, IMHO, as potential buyers would try a max of 250K to avoid paying higher SD.

neverdespairgirl

delmar39 wrote: »

It always goes quite late October / Nov and December with people getting ready for xmas. Who wants to move out around this time? However, we sold in December so you just never know. January things will pick up again.

It's only the 13th, not yet late October.