House not selling

GDB2222

MarshallMellow wrote: »

No dilusion here my friend, I started this thread to get advice, not be talked down to.
Fact is house value has been dictated by EA, not me. I didn't go with the highest valuation, as most were still saying around 155k. The EA was the same as that for the neighbour, and he valued his house at 135k. Neighbour dropped value 5k and accepted 5k less again.
I am fully aware that people do their research before buying, you would expect that.
Speaking to EA and asking about other properties in area that are listed between 142k-150k to see whether they have viewings, he said some but people think they are too cramped etc... ours is the same principal (ie 3 bed semi), however much bigger and more space around. I also asked if he had any people on his books that were looking for houses that had around 140k to spend, he said that he was doing a viewing tomorrow for one such person. He said that he didn't think we'd accept 140k. We may not accept it, but we may get someone who likes the place. The guy who's buying next door told EA he only had budget of 115k, then drove around area and like it!

I understand where you are coming from, and I hope you get lucky with your buyer! You came on asking whether, apart from lowering the price, you were doing the right things to market the property, and it sounds like you are. So, good luck.

Procrastinator333

GDB2222 wrote: »

I think he said that he cannot afford to knock £20k off the price. But I agree with you that he should stop getting angry and upset about the position, as it's not helping.

If the op is stuck in negative equity, they should deal with that. No point being frustrated because they can't sell for what they need.

I'm sorry, but 12 months on the market across 2 agents, there is nothing but price left.

MarshallMellow

Procrastinator333 wrote: »

If the op is stuck in negative equity, they should deal with that. No point being frustrated because they can't sell for what they need.

I'm sorry, but 12 months on the market across 2 agents, there is nothing but price left.

No negative Equity, and no big frustration. I was asking if people had any suggestions as to how to increase viewers as the current EA hasn't provided any.

It seems some posters take the lead from other posters than actually consider what the OP said. I appreciate those who have, and those that give advice from personal experience.

It turns out that the EA has ignored buyers in the 140k category as we wouldn't accept, we have asked him now not to.
I don't expect to get the asking price and never did, but was advised of what the asking price should be.

Honest_EA

I felt the need to take 5 minutes out of my busy day to post here and give the OP some advice, whether they choose to accept it or not. Firstly, I havent read every single post, just a few on the first page and this page but I get the gist. Your EA sold the house next door for £125k but it has no garage, and he tells you that yours is worth £150k and has openly admitted to turning away buyers in the £140k category. I'm gobsmacked! Repos are not flooding the market and they make up less than 5% of the stock in my area of NI. Even if they were, they are still bought at fair market price as the Banks get them valued by independent surveyors (the same people who will dictate what level of mortgage a buyer will get for your house). These surveyors use date from recently sold properties to give their valuation on a repo so it is done openly and the repos are not sold dirt cheap as some people think. The price anything is sold at is the price it is worth. We have sold 5 properties in the last week and they were sold at around rateable value and one even 10% below RV. We're back to 2005 prices and possibly lower so a sense of realism is needed from your EA. Your lack of viewers from two EAs has nothing to do with the location of their offices, the lack of footfall or the price of milk - It is clearly down to asking price. If next door sold for £125k without a garage I would guess yours should sell for £130k max. Maybe it's time to bring back some of those buyers with a budget of £140k and give your EA a slap for not advising you properly and making silly excuses why your house is not selling.

MarshallMellow

Honest_EA wrote: »

I felt the need to take 5 minutes out of my busy day to post here and give the OP some advice, whether they choose to accept it or not. Firstly, I havent read every single post, just a few on the first page and this page but I get the gist. Your EA sold the house next door for £125k but it has no garage, and he tells you that yours is worth £150k and has openly admitted to turning away buyers in the £140k category. I'm gobsmacked! Repos are not flooding the market and they make up less than 5% of the stock in my area of NI. Even if they were, they are still bought at fair market price as the Banks get them valued by independent surveyors (the same people who will dictate what level of mortgage a buyer will get for your house). These surveyors use date from recently sold properties to give their valuation on a repo so it is done openly and the repos are not sold dirt cheap as some people think. The price anything is sold at is the price it is worth. We have sold 5 properties in the last week and they were sold at around rateable value and one even 10% below RV. We're back to 2005 prices and possibly lower so a sense of realism is needed from your EA. Your lack of viewers from two EAs has nothing to do with the location of their offices, the lack of footfall or the price of milk - It is clearly down to asking price. If next door sold for £125k without a garage I would guess yours should sell for £130k max. Maybe it's time to bring back some of those buyers with a budget of £140k and give your EA a slap for not advising you properly and making silly excuses why your house is not selling.

Thanks for your input. Very useful. Can I ask what region in NI you are in?

Honest_EA

MarshallMellow wrote: »

Thanks for your input. Very useful. Can I ask what region in NI you are in?

Sorry but I would rather maintain my anonymity as NI is a small place and I'm sure someone would work out who I am if I gave too many details away. I dont post on here to gain business or good pr so there is no need to divulge my location.

ElGringo_3

Hi

I thought I would throw my tuppence-worth into the ring.

Firstly in regards to the location of the house. Touristy towns and the holiday homes therein are the first and hardest hit in any house price crash. My home town (in NI) is at the seaside and was full of buy-to-letters and holiday homers. In 2007 a 5 bed, 2 reception atrosity would have set you back 400+ k. Now you can get one for 100k or less.

Secondly buyers will not look at anything they deem as not being value for money. A lot of them have probably looked at your house on the internet using property bee. This shows that it has been on for a year, only gone down 10k and says offers over. To put it blunty they quite possibly think you are deluded or greedy (no offence).

Thirdly, if your EA has been turning down offers around 140k then word has probably gotten around about that or the EA is not held in high regard and people avoid them. I know a few EAs in my area who do this and are generally not very pleasent people to deal with (lie compulsively too). As a result I wouldn't view a single house through them.

Finally, what is the lowest you are prepared to accept? If it is say 140k, then do one of two things.
1 - ask yourself why this is the lowest. If it is that is what you genuinely think the house is worth then you are in trouble. People will only offer/pay what they think a house is worth, not what you or the EA ask. If you are asking over what the majority of buyers think the house is worth then you will never sell, and prices are dropping daily. Chasing a falling market just means you will never win.
2 - If you cannot take less than 140, then put it on at 130 and try to drum up interest and viewings. If you are lucky 2 buyers might turn up and start a small bidding war. You could end up with 140 and reject offers you deem as too low.

As an aside it might be worth finding out WHEN the house next door sold for 125. As I said above, prices are dropping daily (4% or something since the start of the year in NI) so if next door was sold before Christmas for 125 and the market is down by 4%, it is now worth 120.
Just something to bear in mind.

Buyer perception is king these days. Houses sitting for a long time at what are seen as high prices, will not be viewed because potential buyers see it as a waste of their time.

Good luck though. I wish you all the best.

gingertips

MarshallMellow wrote: »

No negative Equity, and no big frustration. I was asking if people had any suggestions as to how to increase viewers as the current EA hasn't provided any.

It seems some posters take the lead from other posters than actually consider what the OP said. I appreciate those who have, and those that give advice from personal experience.

It turns out that the EA has ignored buyers in the 140k category as we wouldn't accept, we have asked him now not to.
I don't expect to get the asking price and never did, but was advised of what the asking price should be.

maybe try another EA & tell the next EA that all offers will be considered - its not THEIR job to decide which offers get passed to you - they are duty bound to pass all offers to you to consider - in an awful market for sellers like yours in NI, your agent shouldnt be turning anyone away.

leftieM

I'm another one wading in to say that the problem you have is the price.
As the EA above said, houses sell for RV or thereabouts. What is your rateable value? You can find it on this site:
www.mycapitalvalueni.gov.uk
That is what your house is worth.

Bear in mind that you might get some young ignorant to offer your asking price. However when the valuer comes along they will not approve the valuation and your buyer will not get a mortgage. So no sale.

yellerman

I don't know what area of NI you are living in but where I live (Mid-Ulster) there is very little to nothing selling even when realistically priced at or below RV. Some vendors are getting desperate and going into free fall but still no 'Sale Agreeds'. Your area doesn't seem so bad in comparison, at least there are some buyers about.