why can't I sell my house?

stoptheworldIwannagetoff

Happy New Year to you all.

I have been directed here cos you guys are very knowledgable and give good advice, so here's my problem:

My house has been on the market since October with an online portal and also with local (largest board presence in area) agent.

Prices are rising in London (so the reports all say) but I have reduced my price and still had no sensible offers. Started out at £315000 but now reduced to £309000. I have had 6 viewings in all, and the only offer has been £285000.

House is in good condition, 4 bedrooms, semi, garage, nice garden, modern decor etc... I don't know if I am allowed to post a link to the website to show you.

Now my agent is suggesting that they re-market the property price as "In excess of £300000" with the hope of attracting people who might not have previously looked over the price banding.

What are your thoughts on this marketing ploy?

Gorgeous_George

Houses don't sell because the price is too high.

Or
It's not being marketed correctly
It's not presented in best condition

Winter is a quiet time for house moves. Maybe you will have more luck in the Spring.

I don't think that there's a problem with posting a link.



GG

freebo_2

Is it viewable online? If you post a link I'm sure some folks would be able to offer an opinion.

silvercar

This is the time of year that the market picks up, so you want to be visible now. I would go with the agents suggestion; you don't have to accept an offer you don't like.

Do post a link.

Have you checked nethouseprices etc to see the price that properties have actually sold for in your area?

If your happy with your agent, your happy with the property condition either there is something offputting about your area or the price is wrong.

Doozergirl

Welcome to MSE! :wave:

£315000 down to £309000 is no difference at all. It doesn't move the price bracket to attract new purchasers and isn't really enough of a difference to convince people that have otherwise decided not to view. I'd probably go for £299,950 to bring in the people looking under £300k. If you think of what you do on rightmove etc where you put in your maximum price, you're sitting just over a definate bracket.

Offers over £300k is a silly suggestion. I never take this seriously as I'm sure it's something that agents use to try and keep vendors optimistic. Your offers will be either £300k or people won't offer at all as they will feel initimidated to offer less.

However, it's not been that long since October. Go on, post us a link and we'll see what we can suggest.

courtjester

The last three months of 2006 have seen a slow down in property movement after the Summer rush - despite media reports to the contrary (which are generally referring to house prices three months out of date!). You are now beginning to see reports emerging showing the fall off of buying /selling, which actually started about the time you put your property on the market.

So I would say hold your nerve. Don't take the agents advice without doing your own research - remember their primary goal is to sell your home at ANY price in order to get their commission. A big drop in the price you sell at makes little difference to the amount of commission they charge you, so it's in their interests (not yours) to encourage you to drop.

Obviously, if the property is over-priced to start with you may have to go along with that, but check out (asking) prices of comparable properties yourself in your area - it's easy enough to do. Look in agents windows, check the local newspaper, check internet sites Rightmove, FISH4, HomesandProperty, Hotproperty.

You can review "sold" prices for your street on many free to access websites like Nethouseprices or Thisishouseprices - often difficult to compare property features though unless you can identify the house number and compare the actual property directly with your own. Generally, sold prices agreed will be 5-10% below asking price, but depends on your locality.

Once you have a proper 'feel' for what is going on in your area, you can make a judgement over future level of your asking price. The market will start to pick up (it has already) now that we are into 2007 and many people will want to move before the compulsory introduction of HIPS in June, so activity and interest in property on the market now should steadily improve.

Having done your homework, you might want to consider INCREASING your price to reflect improving interest if that is appropriate - it is just as bad to advertise a price which is TOO LOW as TOO HIGH...:cool:

An offer of 285k against 315k is 10% off. Against 309k is 7.5% off, so not unreasonable, but opening offers will generally be pitched quite low - any chance of negotiating this up?

stoptheworldIwannagetoff

Maybe I am just impatient because I have bought and sold 8 houses in the past 20 years and its never taken so long.

I know that one of the main comments (for which I can't do anything about) is that the house is 'top heavy' i.e. it only has 2 main rooms on the ground floor (kitchen/diner) and lounge, but 2 further floors with bedrooms and bathrooms. However, there is great potential to extend at the side or back to add a dining room etc if that is required.

It's difficult to do direct comparisons with houses that have sold in my road/area because they are all sooooo very different. Ranging from bungalows to detached with swimming pools and 2 up 2 down terraced as well!

silvercar

Your estate agent needs to update the "status bar" to advertise its got 2 bathrooms. Anyone looking for a 4+2 would go straight past it.

Otherwise it looks good. Disadvantage is that a lot of people after 4+2 will want a second reception room (though the garage looks easy to convert) and to be detached, but at the right price it should sell quickly.

Rachman_2

I don't know Romford well, but it's not in London.

Being blunt (and apologies for this):

it's part done - back garden recently done, why is front crazy paved a la 1980's.

Kitchen is old and needs replacing (it looks a good 15 years old)

artex ceilings

ceiling fan lights may be practical, but look terrible (IMO)

paint colours scream 1997.

it is top heavy and looks a pit unconventional - it's not 'elegant' - it's providing space, not style.

bathrooms are clean, but not up to date (one loo apart)

no front garden yet next door has no problem with having one - it looks like it's got traffic problems even if it's not.

character is there in the hall, but ripped out elsewhere (or looks it)

laminate flooring (is what it looks like) makes it look like a rental.

[sorry if that's near the knuckle - it's of course all my opinion, and I could be wrong]

I'd spend some money and repaint in less brash colours at this point and try to make the front look less like a Newquay car park. Maybe get some replacement kitchen doors that look newer and think about skimming the artex over.

However, the main thing that stops places selling is price - did you take the highest valuation or an average ? Agents appeal to our sense of greed.

How far out is it against similar properties ? And be honest and critical...

Poppycat

It looks a nice house, the only critical points i have is that its only two rooms down stairs, and the front with crazy paving, I would much rather have a garden and a drive way on the left to the garage, but thats just my view, others may feel differently.

Gem_

I think the bathrooms look fine but the kitchen is dire! Also having the piano in the hall just reinforces the sense that there is not enough living space downstairs.

Are you a developer? That is what the house feels like from the photos - and people are going to expect a very different finish from a "renovated" house than from a family home.

Just my impressions though so take with a pinch of salt and all that.

Good Luck with the sale

G