feed up totally now

googler

In Oct 09, No. 14, also a semi 3-bed, sold for £119,000, apparently with asking price £129,950 (see History icon)

from Zoopla

iB1

Yeah your price needs to be lower if you bought for £118,500 at the peak of the market in 2007. Also, the first picture of your house is not very endearing. Get the EA to retake that picture on a sunny day, including the front door and the little patch of front garden that you have.

Also, not a big deal, but I couldn't get the link from "More information from this agent" to work, which I assumes links to a PDF on their website

grimsalve

iB1 wrote: »

Also, not a big deal, but I couldn't get the link from "More information from this agent" to work, which I assumes links to a PDF on their website

Corrupt PDF file? I thought it might be just my PC not having an up to date reader.

The photos need re-doing - was it raining when the external one was taken? Looks like water on the lense (top right).

Only little things I suppose but it's enough to put any potential buyers off especially if there's other houses for sale in the area. Unfortunately, first impressions do matter.

Incyder

Im not so much interested in looking at pretty new house pics but more at the area the pretty house is in. What are the job prospects ? Good schools? Crime rate?


Here is a nicely presented graph showing region 1, which is where Sunderland is, as the hardest place to find a job





http://www.dailymail.co.uk/news/article-1357512/A-record-20-young-people-unemployed-1m-people-looking-work-forced-time-jobs.html

Apart from the West Mids (region 5), more people have lost their job in the North East in the last 3 months than anywhere else, plus it holds top spot for total unemployment.
Oh dear.

quantic

I think given the area and the current market you'd be looking at around £100k to sell that. Just going by other houses that I've looked at in the NE of a similar size and stuff.

B_Blank

You bought march 2007 when the average house in the N/E cost £126k. Now the average cost of a house is £107k. This is a 20k drop, which is about 16% drop.

You bought your house for £118k. Now it is worth 16% less (roughly). So your house is worth £99k maximum

Hence you have no viewings and wont sell when asking such a ridiculous price! You are listing your property 25% more than it is worth. That is insane. You are also listing a property you bought at the peak for more than you paid for it when you bought it. This is clearly stupid.

You options:
1, Sell alot cheaper than you paid
2, Stay where you are.

Nobody is going to come round to a small 2 bed and "fall in love" like people with £1m+ do on the telly.

Get real is my advice.

Incyder

Firm but realistic advice there from B Blank. I seem to remember house prices (generally) kept on rising till Oct 2007 then stopped going higher, so March 07 was probably not the peak, but very close to it.

There is no way the house is worth more now than then. The EA must surely know this.

I guess, you have a mortgage close to 118k, they were easy to get in those days.

So what is it worth now? Tough to say. Certainly if you want/have to sell, you need to drop well under what your neighbours are listed at. Reduce to £109,950 immediately and it may need to go lower in 3 months if no interest is shown.
Perhaps you can't afford to take that loss, so if you are employed, not splitting up and can afford the monthly payments, then stay there.

Horizon81

As an FTB also in the north east of England I'd say the comments have been mostly spot on so far. I wouldn't worry too much about the photos - you can have all the sunshine, good light and tidyness you want but that would make no difference in whether I view it or not. For me it all comes down to price.

It's a 2 bed house. I'd spend no more than 90k on a 2 bed house in this area (the north east). I've studied the market very closely for a good couple of years and put simply, nobody wants them because they're simply too small. The only 2 beds selling are either ex-LA, or terraced, in either case they're cheap. Judging by the location of yours (ugly terraces out the back) and the size (I'm sorry but its absolutely tiny - the staircase is the main feature of the living room for goodness sake) I think you have to admit you bought a newly constructed shoebox at a hugely inflated price.

Your 2 options are basically as B Blank says above. Sell at a loss or stay put.

shellstar

I think some of the replies I may be right in essentials, but they are worded a bit harshly (and boarder on personal attack). OP hasn't been stupid, they've been caught out like a lot of other people and are at the beginning of what for some is a very long journey.

OP, do some in-depth local research of your own, talk to your EA and decide for yourself what you need to do. Hindsight is a wonderful thing, but you are really not the only person in the land who has found themselves unable to sell, even when they drop the price. The market is just very tough right now, for pretty much everybody.

Oh, and I personally thought your house looked very nice (and I don't like new builds at all). It was right for you once, and it will be right for someone else again. The hard part is that you don't yet know when or for what price.

Good luck, I hope you are able to move forward in a way you are happy with.

evoke

grimsalve wrote: »

I was just looking up and down your street on Google maps - there's a couple of other houses for sale so how does your asking price compare to theirs? Also, I noticed one house is "to let" - have you considered renting it out instead of selling it?

Google Street View is not realtime! LOL.

The photographs are around two years old.