Advice on selling - 2 others on road also on market

murphydog999

Getting back to the OP's original question..... I can't see how a 2 bed house can be the same price as a 3 bed? And people looking for 3 bedrooms presumably wouldn't consider a 2 bed, so no comparison. I'm another one that wouldn't entertain a downstairs bathroom, and although I still think the 2 bed and 3 bed are going to appeal to different people, next door does seem like it has a bit more character and looks more appealing/homely and their kitchen looks bigger (worktop space especially). All of this can be obviously added by the purchaser but the 2 bed looks a little more loved...just my opinion.

dopester

Key info to identify which house is the OP's out of the links in this thread.

OP first post 30th April 2011

andidb wrote: »

Hi all. I was just wondering if anyone had any advice or tips on selling when there are multiple houses on the market within a couple of doors of each other. We have been on the market for a couple of weeks, a house 3 doors up has been up for about a month and now our next door neighbours have told us their house is going on the market on Tuesday. The house 3 doors up was on the market for £174,995 but reduced their price to £169,995 when ours went on. Ours is on for £172,500 (price decided before we knew the other one was bringing their price down) and next door is going on for £169,995.

andidb wrote: »

We bought for £167,000 in 2006 and were hoping for £165,000. I know a few people have suggested reducing the price to £162,500 - do you think it would make sense to reduce to £167,500 or £165,000 first? Megzmam - how much cheaper were you?

As I say we've only had one buyer after 2 weeks on the market.

andidb wrote: »

It's difficult bringing the price down as we bought it for £167 and have spent a fortune on it, together with alot of blood sweat and tears! We were hoping for £165-£167 so if we bring asking price down to £167,500, £165,000 or even £162,500 we obviously have no chance of getting what we had hoped for.

This is when I began to worry, and made more posts than I really should have, but only out of concern for the risks they seemed not too worried about taking on.

andidb wrote: »

We do need to sell as we have an offer in on another property - and the vendor of that one has said that we have to exchange in 6 weeks, with a view to completing in July. We have managed to borrow the money so that we can afford to have both for a short period of time but we will be very very stretched so we naturally want to sell asap.

Any other thoughts on pricing or what we could ask the estate agent to do?

I just hope the OP didn't buy the 2nd house. Or if they did, that they got exceptionally good value.

The OP's house is still for sale.

From the key info we know it came on to market in late April at £172,500. Matches link below if you've got Property-Bee. We also know it was bought in 2006 for £167,000 which matches records on house price transaction websites, and number of house tallies google streetview if you count back up the property numbers on zoom, and thus the Rightmove exterior pics.

So from the links on this thread it was this house: http://www.rightmove.co.uk/property-for-sale/property-29751892.html

And it's now on with a new agent at £157,500.

My concern was, quibbling over a few thousands pounds, possibly being way too hasty to buy a more expensive house in an area also prone to falling back in value. When price discovery for the first house was very murky given the other houses for sale on the road are asking prices.

I wouldn't be laughing now if I put it on market at £172,500 and worse case scenario expected to easily get a minimum of £162,500 and went ahead and bought a new house before selling the first one. So now on at £157,500..... just hope they didn't stretch like they suggested they might in buying a new house before selling their existing home.

Not sold yet, but undercutting the other sellers. Actually not, for I've only Rightmove searched the postcode, and doing a 1/4 mile out search can see there is another 3 bed house for sale, new to the market, on the same street at Guide Price £155,000.

House 1: Guide Price £169,950 http://www.rightmove.co.uk/property-for-sale/property-29872639.html

House 2: Asking Price £169,950 http://www.rightmove.co.uk/property-for-sale/property-33398384.html

House 3: (The OP's House) Asking Price £157,500: http://www.rightmove.co.uk/property-for-sale/property-30740392.html

House 4: Guide Price £155,000: http://www.rightmove.co.uk/property-for-sale/property-30580789.html

dopester

The OP's house is also up for rent, asking £725pm, as well as for sale at asking price £157,500.

For Sale: http://www.rightmove.co.uk/property-for-sale/property-30740392.html

For Rent: http://www.rightmove.co.uk/property-to-rent/property-30965890.html

It looks like they've moved out. TV and homely looking interior photos in the For Sale link, but empty looking in the Rent link. I just hope they've not moved into a new purchase house, possibly leaving themselves overstretched.

dopester

Another 3 months pass by.

Original home is still for sale at a big discount from what the OP was originally hoping to get for it. Noticing others in the nearby 1 mile radius also slashing asking prices, and rental asking prices in the same area seem to be coming down too.

And by the looks of it, still hoping to find a tenant to pay the mortgage.

3 more months of voids, insurance, maybe council tax, and of course mortgage repayments to make, on the empty home. With it looking like they followed their plan to keep the house whilst borrowing the money to buy a new house, which may have also lost value over last 5 to 6 months.

For Sale: http://www.rightmove.co.uk/property-for-sale/property-30740392.html

To Rent: http://www.rightmove.co.uk/property-to-rent/property-31775632.html

Nearly every day I read posts at MSE of people looking to put themselves in the same situation above, to buy a new home without selling their first home. And they're usually excited about the discount on offer to buy the 2nd home, without too much concern they may have to discount their existing home, (like by tens of thousands in this example and still not sold) in order to sell it, especially if their BTL ambitions don't run as smoothly as they expect.

https://forums.moneysavingexpert.com/discussion/3584417

PasturesNew

Gotta love stalkers

Cheers dopester for the update/link..... how's the dog?

martinbuckley

Well, the OP has had plenty of activity over the summer, with numerous posts in August. Shame he couldnt be bothered to give us an update, but then again, eating a dose of humble pie in public is often hard to swallow...

poppy10_2

You are quite scary sometimes, dopester. :eek:

Stellar research, thanks for the update.

dopester

PasturesNew wrote: »

Gotta love stalkers

Cheers dopester for the update/link..... how's the dog?

Hi PN. Not stalking as such, but just keeping an eye on a course of action I was very much against when the OP suggested doing it back in April/May.

That's why I tracked the listings, because nearly every day there is a thread begun with someone wanting to buy a house before selling their own house, and too often playing with serious amounts of debt.

Worse, too many of the replies by others don't hammer home the dangerous risks they could be exposing themselves and family to.

I once told how my parents put their 4 kids (including myself) at stupid risk when they took a bridging loan to buy a new house 50 miles away. It was nearly a disaster, with both homes at risk, and a completely unnecessary dangerous position to expose themselves and us to. No one to step in and make it all better. It took over a year to sell original house with other complications they never envisaged. I'll never eat cheap liver and bacon casserole again, which was our main meat staple for so long, followed by us kids taking it in turns to wash up.

Don't like to see people taking similar steps without really thinking it through sensibly. Too often only focussed on the nice house they want and lapping up EA talk of what their own will later sell for, and expecting they will immediately get a tenant.

Dog is ok but old now, and on medicine for rheumatism. Again not stalking, but the last time I looked in on NPT4 you were arranging the applications some monies you were entitled to and which I was hoping you would get. And then a change in circumstances with olds which I felt for you - you then seemed so busy, and had to do a lot of driving iirc. I hope any emotional pain is limited for you, and that eventually you find a long term housing solution which is sustainable for you and which makes you happy. I considered posting that on NPT4 but sometimes other's circumstances make me feel bad and any words offered don't seem good enough.

dopester

poppy10 wrote: »

You are quite scary sometimes, dopester. :eek:

Stellar research, thanks for the update.

Hi poppy10. The intention behind posting was to be helpful in raising awareness of the risks of buying a dream house before selling their own house. It can be so full of risk, as you know.

From putting their house on market at £172,500 and it now cut to an asking price of £157,500 for last few weeks, and still not sold. And having to meet mortgage payments on two houses for so many months. Let's hope they do sell, and soon, for a price which doesn't leave them in way more debt than they ever expected. Or that they get a reliable tenant to meet the rental asking price they've also had to cut a few times.

They're now in the same asking price range (upper £150s) as the house that sold last Christmas which they dismissed as nowhere near as good as their own, when that sold with an asking price of £165 and they estimated final price upper £150s.

andidb wrote: »

As for forced sales, haven't noticed any hitting the market or any significant changes in price. A house sold in the same road just before Christmas - ended up with asking price £165k and we reckon sale price was late £150s / early £160s but was in much worse condition, no central heating or double glazing, out dated etc.

Davesnave

And....................

http://www.bbc.co.uk/news/uk-england-wiltshire-11215579

Mind you, Taunton has slightly better weather than Swindon and I prefer the countryside around it.