Why isn't this property selling?

princeofpounds

Price. Sure it's a bit ugly but it's seemingly spacious and has an ok garden so I don't think that would put off everyone.

I'm almost certain it's price. I'm a potential buyer (not in that area but not entirely dissimilar bracket) and prices everywhere are just silly. Very little comes up, very little moves. I'm still looking at rightmove listings that came on in 2008. Sounds to me like it's overpriced for the street too based on the land registry sales data posted previously but I don't know the other houses to make comment.

By the way, if the agent suggested that price as a way to hook your friend in... fallen for the oldest trick in the EA book. Why people choose based on price I will never know, it should all be about service.

GAH

Your friend won't be getting any offers if he isn't getting any viewings.

I also doubt the agent don't well to sell it for a commission of £8000.

The estate agents may well say it is a quiet market, but its going to be like this for many more years to come, the boom time has gone.

How long as your friend had it on the market?

95% of the time people who aren't getting viewings is because their price is wrong, even if the agent has told them a certain price to market at. A lot of agents are over-valuing properties in this market to win instructions from their competitors.

If I was your friend, I would sit down with the agent and ask them when they honestly think it should be marketed for, so it sells (even if its a figure your friend doesn't want to hear).

Alternatively, if the agent is terrible, your friend should get a further couple of agents round, ask them for an honest valaution, and when the time comes that he can boot Agent No 1 into touch, he can then employ someone who really wants to sell his home.

flecker

I can get this 6 bed around the corner for £490k: http://www.rightmove.co.uk/property-for-sale/property-30851983.html
Or this 4 bed £540k: http://www.rightmove.co.uk/property-for-sale/property-17586339.html

Knocking 15-20% off might be a start...

cepheus

About £500,000 should sell it

auroan

!!!!!! !!!! It's not selling because of the price.... end off. You would need a deposit of £79,500 just for a 90% mortgage. I can't even find a mortgage company online that would quote (even putting in a salary of £200K) monthly payments for remainder.

Put in perspective......for £135K mortgage on a house valued at £150K, I've been getting quotes of £764 and above per month. Roughly extrapolating that out (£700K mortgage), means a monthly payment of £3820.

How many people can "afford" that a month ?

WastingMyTime

Very amateurish photos and too many of them not showing the house in a good way. Overall impression is that it is overpriced, small, cluttered and dark.

Photo01. No kerb appeal
Photo02: Dark photo makes the room look small. If the photo was taken from the other way (from the dinning room) and having the window in the photo, would it look lighter and bigger??
Photo04: Dinning room looks basic and bare, one colour almost. Table not 'dressed' very well and it’s the focal point of the room.
Photo 03 and 05 should be one after each other - not have the dinning room between the shots.
Photo07: The weights next to the bed and white high chair seem very out of sorts, do need to have bedside cabinets beside the bed. My impression is that you don't have enough room for your things and so want have enough room for my stuff. Also, to the right of the picture there seems to be something almost going to fall-off the cabinet.
Photo8: I never like to see what shampoo and shower gel people like to use, just looks untidy. Happy to see full bottles displayed for a purpose though. Is the blind down, if it is why are you blocking out natural light?
Photo09: Doesn’t load for me
Photo10. Nice photo of a radiator but it does not enhance anything about the house at all.
Photo11: Looks cluttered and small with stuff everywhere. No natural light coming in.
Photo12 Garden looks unkempt
There is nothing in the description of the house at all. EA seem to very lazy about trying to sell your house.
Prefer this one http://www.rightmove.co.uk/property-for-sale/property-30334327.html?premiumA=true and its 20k cheaper.

devotee

I can't comment on the area and the price but I'd think that agent is probably right and it's slow.

I think it's a bad time of the year to put big family houses on market - don't they start looking around Easter so they have already moved in by August before the schools start?
Plus you'd have holidays at the moment so people are distracted and not looking at houses.

I'm still watching the market in London and at the moment all I can see shifting more quickly is FTB properties up to £250k.

devotee

auroan wrote: »

!!!!!! !!!! It's not selling because of the price.... end off. You would need a deposit of £79,500 just for a 90% mortgage. I can't even find a mortgage company online that would quote (even putting in a salary of £200K) monthly payments for remainder.

Put in perspective......for £135K mortgage on a house valued at £150K, I've been getting quotes of £764 and above per month. Roughly extrapolating that out (£700K mortgage), means a monthly payment of £3820.

How many people can "afford" that a month ?

You seriously think that someone would put 10% deposit on a £800k house???? Most people in that market have at least 50% deposits...

WelshNic

auroan wrote: »

!!!!!! !!!! It's not selling because of the price.... end off. You would need a deposit of £79,500 just for a 90% mortgage. I can't even find a mortgage company online that would quote (even putting in a salary of £200K) monthly payments for remainder.

Put in perspective......for £135K mortgage on a house valued at £150K, I've been getting quotes of £764 and above per month. Roughly extrapolating that out (£700K mortgage), means a monthly payment of £3820.

How many people can "afford" that a month ?

I really don't think you can view a purchase of this cost/size with FTB eyes

jonny_power

I think the photos aren't great, and the exterior photos especially don't show off the house to its full potential. I'd recommend getting a gardener in and putting up some hanging baskets. Maybe take that car off the drive and get a mate to park their Merc on there rather than a green banger. Clear out the clutter, and the bathroom is hideous - consider redecorating. I'd rotate the first photo so you see the lounge taken from the dining room area. Some of the photos are taken from too low down, which makes the ceilings feel really low and rooms quiet dark. Take out the photo showing the back of the house. Get a photo of the en suite.

As also mentioned, it does seem expensive - even though Loughton is a very nice place. I think there'll be limited buyers for that kind of property so the market will just be a little bit slow.