Any advice on why house won't sell (inc RM link!)

delmar39

Yeah I'm afraid it's most probably the market. Two months on the market with one viewing isn't all that bad. Houses don't sell overnight these days. It's just a waiting game I'm afraid see what the weekend brings. Things do slow down this time of year too.

wanttomovehouse

Thanks HappyMJ

Its not just about saving per month.. Its also about moving towns to be nearer to my OH family. Living here was never a long term option for us.

I think I'll have a chat with the EA and look at dropping the price and making some changes to RM listing.

pinkteapot

I bought in 2006 for £115k and sold in 2009 for £103,500, and that wasn't a new build. You pay a premium for a new build; they depreciate in the short term so you really need to live in them for the long term (or at least keep them for the long term).

As others have said it's a terrible market with very few buyers. If you are desperate to sell fast the only thing you can do is slash the price. The other option is to sit it out and wait for someone who falls in love with it and will pay the price. In this market though it could take some time.

Errata

You need more pictures. Basically, what you're trying to sell is a two up/two down with a bedroom in the attic. No drive, no garage, no eat in kitchen or dining room and a family dining table and chairs in the lounge would make it very cramped.
Get a new set of pictures taken - all the current ones are pants.

westlondonbuyer

Have a look at what local employers pay the sort of person who could reasonably be expected to buy your house. Multiply it by 3, or 4 if you live in the sort of house or area where two people would work. You will definitely sell at this price, although I suspect you won't want to.

That was the mortgage multiple that used to be used as recently as 2004. It's not a terrible housing market; this is a normal housing market. It's just our expectations have become abnormal in recent years.

inmypocketnottheirs

Sorry to say, but I reckon following westlondonbuyer's advice above, the realistic price you would sell at would probably be £99,950.

birduk

wanttomovehouse wrote: »

I think you may be right about being overpriced but our mortgage is for £113k so we need to be able to cover that and fees.

But any potential buyers/viewers don't know that. Nor do they care. Do you want to sell it or not? Bottom line is price, always has been, always will be.

I think your photos look fine by the way.

pinkteapot

inmypocketnottheirs wrote: »

Sorry to say, but I reckon following westlondonbuyer's advice above, the realistic price you would sell at would probably be £99,950.

Probably fair. The other one is on at £110k and obviously they'll take an offer off that if they sell.

wanttomovehouse

And if we don't sell and just sit on it... how long do you think before its worth what we paid for it again?

pinkteapot

Impossible to say - everyone has a different view of where the market is going.

However, the amount owed on your mortgage is reducing every month so, unless prices fall quicker than you're repaying capital, at some point you'll owe what you can get for it and could move.

Can you start saving? When I sold my flat it was for less than I owed on the mortgage so I had to put in the difference. If you can save up the cash to pay any shortfall you could move.

This is all assuming you find a buyer at the lower price. There are simply less buyers than houses at the moment so it is a waiting game, even at the right price. But your wait should be less at the right price.