Selling house, help needed as price keeps tumbling

catrace

Hi, I was wondering if anyone could help me, we are trying to sell our 2 dedroom end terrace through auction on Tuesday and so far have only had 3 viewings.

We were initially valued at £85,000 through a different estate agent, and went on the market for £79,950 but nothing came of it. We since changed and were assured that our wish of £65k would be no issue.

Watching the online tracker I can see that lot's of people have downloaded property details (over 75) and there have been hudreds of people glancing, but all our estate agent suggests is to reduce, reduce, reduce

At the moment we are on as a starting price of 50k and they think we should reduce even further, would it be best to follow their advice, or does this just cause more problems at a later date if we aim for more through another estate agent? This seems like such a low price for what is a decent sized house - the area has a bad reputation from issues several years ago, but as the pub causing the issues has long since been demolished and turned into retirement flats the estate agent should be able to market around this, maybe?

Time is a real pressure here, we were silly and fell in love with another house. Strange thing is, the estate agent for this property is really eager to market us through auction (but there is a paying in charge).

We're not sure what to do, should we go lower to try to sell, or hold off and risk a paying in charge to try to sell for a fair price? Does anyone have any advice, or even a way to de-stress on the auction day? thanks!

Cat

ruggedtoast

Rightmove link please.

The_Palmist

are you willing to sell fro 50K ?

catrace

Sorry, as I am a new user I can't link, it is on Pattinson.co.uk/property-for-sale-gateshead/138477

I'm afraid we aren't on right move, we are one of the lowest in the area, but as I know there are nicer and larger properties around we may need to reduce more.

I'm not thrilled at the idea of selling for 50k, it will mean we have lost money on the improvements we have made to the house, but I think it might come to this.

(I know it's nothing special, it's our first house, but at the end of the day it is still my house and I don't want to just throw it away)

Lokolo

http://www.pattinson.co.uk/property-for-sale-gateshead/138477

Link for you.

Personally I think not being on rightmove is key here. Can't see anything wrong with the house, its nice apart from being new Newcastle (I'm a southerner ). The measurements only show metres.... and I only know feet, so for me I'd not want to bother working it out and just skip the house.

The pictures aren't great, they're repeated!

firsttimetom

I would imagine they are trying to get people in with a low starting price and try and get a bidding war on the day (if it is going to auction, the ad doesn't make this clear).

The fact they are using previous sold prices to show that it is a 'bargain'.

That said, house prices are falling - they will fall further in the north and they fall further in bad areas, so yours will be falling. If it is on the open market (i.e. available to buy outside of auction) and you aren't getting interest at £50k, then it is still overpriced.

You are though missing a large chunk of potential purchasers with it not being on Rightmove - there might be someone out there willing to pay £60k, but hasn't seen it yet.

devotee

If you go to the auction you can always have a reserve price.

go_cat

Sorry to say this but the pictures are awful - its almost like you are selling your washing machine and sofa ... whats with the phots of half a room?

Also the garden seems to have been taken at a funny level???

Also personally the large rug on the living wall room looks a bit odd

Get it on right move , new pictures at a realistic price

Good luck

dippy

Get rid of the estate agent. The pictures look like they were taken by a 14 year old and the advert also looks like it was written by a 14 year old.

Find a good estate agent who lists on rightmove, and one that can create a proper listing for your property.

WTH is BUYERS PREMIUM? The sound of that put me right off and when I looked it up, it was a definite no no.

LauraFox

Lokolo wrote: »

http://www.pattinson.co.uk/property-for-sale-gateshead/138477

The pictures aren't great, they're repeated!

Blurry too!!!!!

Emmzi

your house looks really dark and the garden shot taken from "up top" makes it look like scrubland with no actual grass.

First, new pictures.

All the red paint is very darkening, as it the strange black thing round the bathroom sink, and all the black in the kitchen. Unless you have a lot of goths lookig to buy, you need to make some changes.

Good old magnolia over the red and get rid of the fairy lights, they are not everyone's taste.

Declutter bathroom.

Get some light coloued fruitbowls or something on the kitchen surfaces, get some colour on there somehow!

And retake pics with lights on, on a bright day, with a sober non-blurry camera.