Fustrated seller needs advice

GAH

Check your contract first with your current agent. I would imagine you are now outside of your fixed contract but they will probably still want 2 weeks notice.

You can then do what you want,

Dump current agent, and bring in a new one on a sole agency.
Keep current agent, and add a new one (they may both charge a higher fee for this)

Bu yes do it on the basis, that whoever gets the sale, gets all the fee.

Getting honest selling prices are what you need to hear, and tell the agents that, as most will tell you an inflated price to win your business as thats what they think you will want to hear.

Then you can make your choice, you £125k must have price is very near to your £129 asking price, if people had really been interested at £125k, they would have been making offers at that level.

All of the other marketing tips above are helpful and will make a little difference, but everything will fall back to price in the end.

Good Luck, hope you get your sale.

fannyanna

I've just seen someone else mention that you bought the property in 2007 for less than you're currently marketing it.

We also bought a property in 2007 and then spent a lot of money rennovating it.

We put our place on the market in early October and we've sold our place subject to contract.

The difference between me and you is that I recognise that the market has changed since we bought. My property was marketed for less than I paid for it and I accepted an offer (albeit a decent offer).

In the nicest way possible you're living in cloud cuckoo land if you think you can get the same or more than what you paid 4 years ago.

Notamondayfan

GAH wrote: »

Check your contract first with your current agent. I would imagine you are now outside of your fixed contract but they will probably still want 2 weeks notice.

You can then do what you want,

Dump current agent, and bring in a new one on a sole agency.
Keep current agent, and add a new one (they may both charge a higher fee for this)

Bu yes do it on the basis, that whoever gets the sale, gets all the fee.

Getting honest selling prices are what you need to hear, and tell the agents that, as most will tell you an inflated price to win your business as thats what they think you will want to hear.

Then you can make your choice, you £125k must have price is very near to your £129 asking price, if people had really been interested at £125k, they would have been making offers at that level.

All of the other marketing tips above are helpful and will make a little difference, but everything will fall back to price in the end.

Good Luck, hope you get your sale.

Thanks for the advice.

fannyanna wrote: »

I've just seen someone else mention that you bought the property in 2007 for less than you're currently marketing it.

We also bought a property in 2007 and then spent a lot of money rennovating it.

We put our place on the market in early October and we've sold our place subject to contract.

The difference between me and you is that I recognise that the market has changed since we bought. My property was marketed for less than I paid for it and I accepted an offer (albeit a decent offer).

In the nicest way possible you're living in cloud cuckoo land if you think you can get the same or more than what you paid 4 years ago.

I don't think I'm living in cloud cuckoo land thanks! I'm just looking at all my options before I make any hasty decisions. Dropping even £1000 to me is a lot of money, and I am more than aware of the change in market.

The best comparison I have is the house directly next to me, which in late 2006 (6 month prior to me buying), it sold for £133500 in good condition, and according to zoopla (using their regional value change of -13%) that property is valued at £125000. I know for a fact that my house is worth more, with recent electrics, bathroom, central heating. The houses are identical, mirrored infact, but my house has a rear extension, adding additional floor space, not to mention the overall condition is better.

Anyway, back on topic. Thanks for the advice, I will call our EA tomorrow. I think I'm going to suggest a drop to £124950 and give the current EA until January to generate some more interest, otherwise I will look for a different EA.


Cheers, Dean!

MrRee_2

Not read all of the posts ... but, from what I have read ... my advice is this:-

1. Re-Launch the property with a new agent at £119,995 ... you'll think I'm mad, but hear me out.

2. This should generate plenty of interest and offers will come in, maybe 3 or more at the asking price!

3. Go to sealed bids ......

4. Open sealed bids and accept the highest offer - maybe £125,000?

5. If the above fails then you cannot afford to move - remove property from market.

It is the Nuclear option .... but, it gets it over and done with either way.

Good luck!

Notamondayfan

MrRee wrote: »

Not read all of the posts ... but, from what I have read ... my advice is this:-

1. Re-Launch the property with a new agent at £119,995 ... you'll think I'm mad, but hear me out.

2. This should generate plenty of interest and offers will come in, maybe 3 or more at the asking price!

3. Go to sealed bids ......

4. Open sealed bids and accept the highest offer - maybe £125,000?

5. If the above fails then you cannot afford to move - remove property from market.

It is the Nuclear option .... but, it gets it over and done with either way.

Good luck!

Interesting approach and sort of alternative answers I was looking for! It might be worth a shot, but do you think it would be best to do something like this in the spring when it's traditionally the time to sell and there are likely to be more buyers anyway?


Cheers, Dean

googler

Notamondayfan wrote: »

.... do you think it would be best to do something like this in the spring when it's traditionally the time to sell and there are likely to be more buyers anyway?

I'd suggest that all these seasonal 'rules' and traditions are out of the window. With the depressed financial situation, depressed market, fewer buyers and sellers, there's going to be much less of a variation between high and low seasons.

DVardysShadow

Slinky wrote: »

You say you'd go reluctantly at £125, but it's priced at offers over £129,950.

The road behind you, is it called 'School Access Road' or is that just what the EA has decided to put on the map? I'd get that removed or changed to Access Road. The thought of loads of kids trooping past my back gate wouldn't encourage me to come and look, but if I didn't know that's what it was, you may get me through the door and who knows, I could fall in love with it at that point IYSWIM

Good thought. The actual address is School Terrace. Which to me sounds better than School Access Road - suggestive of deliveries of school dinners and skips with left overs.

DVardysShadow

MrRee wrote: »

... It is the Nuclear option .... but, it gets it over and done with either way.

Better than being in limbo.

Notamondayfan wrote: »

Interesting approach and sort of alternative answers I was looking for! It might be worth a shot, but do you think it would be best to do something like this in the spring when it's traditionally the time to sell and there are likely to be more buyers anyway?

Probably better to come right off the market now for 6 months and go back in about late May 2012 or go back in spring 2013.

If you want to move, as others say, you have to take the hit. It may look like a loss on 2007 prices, but you would also be buying at 2011 prices. Don't expect to sell at 2007 prices and buy at 2011 prices. You have already sustained a loss for having bought in 2007 - trying to avoid crystallizing that loss will delay you until the whole market moves - so the difference you have to find is not going to reduce.

The only thing you need to be sure of is having the savings to make good your loss of equity if that is preventing you selling.

KateLiana27

As someone who bought a house to completely renovate (and am very happy with the decision, because I want to live comfortably in it), it's worth noting that new electrics/bathrooms/heating don't add much when it comes to selling a house. Such things make a house more saleable, but you're unlikely to get much additional money for them. These things are seen as home maintenance and/or personalisation, rather than truly adding value. If you're added floor space through an extension or attic conversion, that might increase value, but only if it's done to a high standard and in keeping with the building and street. Most people don't want to pay for someone else's taste in bathroom suite, and are useless at seeing the benefit of "invisible" things such as electrics and heating (important and expensive as they are).

Part of the problem is that everyone knows what you paid for it initially, and will be reluctant to pay the same or more in this market - even if it "deserves" it. Another problem is that the "added value" of refurbishment in the past was most likely an artefact of rising prices.

I'd take the price you paid for it (ignoring the cost of refurbishments), subtract the % fall in the market in your area, and expect to get that for it. Market it for just above and get people through the door. Give people a chance to fall in love with it, and who knows, you might even get competing offers.

DannyboyMidlands

You bought at the peak of the bubble for £118k and are now asking for over £129,950. Thats's the problem right there. Never going to happen. Sorry but you need to get your head out of the sand and accept that house prices have fallen.

A comparisson with what Zoopla thinks about a house next door which hasn't sold is meaningless. Come on, Zoopla?!

As a buyer I would think that you were deluded and wouldn't even bother with a viewing. I'm not going to pay your next deposit for you. And anyway, your next house will also be cheaper than in 2007. Sounds like you want to have your cake and eat it.

Changing EA's or dropping the price by a couple of grand is just fiddling around the edges. I'd market at £118k and be ready to settle at around £100k to £110k. Or stay put.