Fustrated seller needs advice

pinkteapot

I just had a look on Rightmove Professional at archived listings going back to 2009 within a 1/2 mile radius of your house. I can see the full listing for each property and whether it sold (with the sale price) or just went off the market unsold.

Another 2 bed terrace in School Terrace was on the market for a year at £125k and didn't sell.

A large 3 bed semi in Far Bank was on at £125k and is Sold STC (sale price not available yet).

A 2 bed detached with no chain in Huddersfield Road sold in July this year for £121k.

A 2 bed terraced in Penistone Road sold in July 2010 for £103k (asking price was £115k). It needed work. Another needing modernisation sold for £96k in September 2010.

That's it. There's very little activity.

I did notice that this is available for the same price as yours:
http://www.rightmove.co.uk/property-for-sale/property-32688890.html?premiumA=true
Though there appears to be a plank of wood holding the back of the building up. :eek:

ankspon

If someone wanted to buy mine i would buy it,i love that area but sadly a ground floor flat is not particularly attractive to buyers at the moment.Could i ask the reasons for selling please.

Notamondayfan

DannyboyMidlands wrote: »

You bought at the peak of the bubble for £118k and are now asking for over £129,950. Thats's the problem right there.

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.

Bought at the peek at a very discounted price. The seller at the time was desperate to move, and we paid around £15k under the original price. Since then the house is unrecognisable, and has added value. Maybe I need to show you a before and after?!

I totally understand that today I sell at 2011 prices and buy at 2011 prices, hence why it's an ideal time to up-size.

hazyjo wrote: »

On a selling price that low, it's highly unlikely they'll be able to get even near to £2k for all that. Second hand goods aren't worth a lot! And, as a buyer, why would I want to pay another few grand for something which would basically be worth £125k once I moved in? Really can't see anyone paying a penny over the £125k level.
Jx

Yea I asked our EA about that, and unless there are receipts for £1000s of fittings, then you generally can't do it. I think I would be wasting my breath trying this, and would only give buyers another excuse to look else where.

GDB2222 wrote: »

I glanced through the RM listing, and "SCHOOL ACCESS ROAD" jumped out at me. Other people might not notice it.

Ill request that change.

Notamondayfan

Mallotum_X wrote: »

Also drop the "offers over", it can put some people off.

Yea I think that needs changing, will probably just go for a straight "asking price £124,500" instead now.

pinkteapot wrote: »

I just had a look on Rightmove Professional at archived listings going back to 2009 within a 1/2 mile radius of your house. I can see the full listing for each property and whether it sold (with the sale price) or just went off the market unsold.

Another 2 bed terrace in School Terrace was on the market for a year at £125k and didn't sell.

A large 3 bed semi in Far Bank was on at £125k and is Sold STC (sale price not available yet).

A 2 bed detached with no chain in Huddersfield Road sold in July this year for £121k.

A 2 bed terraced in Penistone Road sold in July 2010 for £103k (asking price was £115k). It needed work. Another needing modernisation sold for £96k in September 2010.

That's it. There's very little activity.

I did notice that this is available for the same price as yours:

Though there appears to be a plank of wood holding the back of the building up. :eek:

Yes saw this, and know the house. It has no garden, and the door opens straight onto a busy main road. Great views though!

Also thanks for the insight into rightmove, much appreciated.
I think the activity is low because people usually settle in the village and stop there for a long time, there are a lot of over 60s and retirement couples.

davidhwdn wrote: »

Could i ask the reasons for selling please.

Want to up-size to somewhere where we can raise a family. The area is excellent, we just need more space.

DannyboyMidlands

Notamondayfan wrote: »

Bought at the peek at a very discounted price. The seller at the time was desperate to move, and we paid around £15k under the original price. Since then the house is unrecognisable, and has added value. Maybe I need to show you a before and after?!QUOTE]

Hey, don't shoot the messenger. You've been on the market since June so it's not just me thinking that way. Your price is way too high. I reckon you might sell for £100k to £110k.

neas

Agree with 'offers over nonsense' we not in scotland.. It just makes you look greedy/daft or unwilling to compromise on price... which would stop me eve nshortlisting it.

If it saved me 20k i'd buy a 'dooer upper' anyways. After buying a house last year I've changed most of the rooms anyways... getting two rooms completely reskimmed and decorated, new boiler and new kitchen doors.

All of these things I added were personalisation so as a buyer now i'd look for value for money as I know over time I will be DIYing nearly all rooms and would cost similar amounts for a 'nice' property or a 'doo-er' upper.

If you bought at peak at 118k... and it suffered a 15% drop or so that would take it to a value of 100k. Now with your improvements I'd guess you haven't spent say mnore than 10-15k on it. So asking for130k.. shows why it aint shiting. Really the worth is probably 115k or 120k at a push if you lucky. Which is why offers over 130k would just scare people away as you are asking 10k more than what you should be... and people will see you wojnt negotiate.

I'd set at 122k with a view to sell at 115k/118k. The good news is if you are buying again that the property you will also buy will have dropped by a similar amount so if you moving to a 3 bedroom house you will save more on the purchase price of that property than the loss on the smaller property (i.e. 15% on 118k is 18k... 15% on a 200k house is 30k drop... net effect you save 12k)

pinkteapot

neas wrote: »

The good news is if you are buying again that the property you will also buy will have dropped by a similar amount so if you moving to a 3 bedroom house you will save more on the purchase price of that property than the loss on the smaller property (i.e. 15% on 118k is 18k... 15% on a 200k house is 30k drop... net effect you save 12k)

neas is right. I bought a flat for £115k in late 2006. Spent over £5k on it. Sold it for £103k in spring 2009. Ouch. But, we then rented for a while and eventually bought a house for £230k that would have sold for £275k at the market peak (it took us a while to find a place that was realistically priced). Loss of almost £20k on the flat but the gain on the house more than offset it. So long as you don't overpay on your next house, you're not actually out of pocket from where you are now.

Would have been nice if we hadn't bought near the market peak, but hindsight is a wonderful thing.

joyee

Well i'll recommend to you dont sale to the house because in these days this is the best assets . and the money of the house increased day by day.

hazyjo

Yeah but look what I did to my house too (forgot to add 'new roof' to the list above!) - spent over £15k (not done to add value, done because it was my home and I'd not planned on meeting someone and wanting to buy a house together), but it didn't make a jot of difference to the price, probably just helped it sell quickly. It's probably why 'investors' seem to be crawling over the market over 'developers' these days!

I do think it's very unlikely you'll get much more than what you paid for it, if any more.

Jx

fannyanna

Notamondayfan wrote: »

Since then the house is unrecognisable, and has added value.

In your opinion. You're relying on potential buyers to also come round to this way of thinking and I think that's quite unlikely.

As has already been said a lot of people are of the opinion that the only way to add value is to extend. Anything else is maintenance.

Notamondayfan wrote: »

Maybe I need to show you a before and after?!

Would they show a story like this?

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=15529916&sale=17144510&country=england

http://www.rightmove.co.uk/property-for-sale/property-20183283.html

The first is our property how we bought it in 2007 (and trust me when I say the pictures do not do it justice to how bad it was). The second is how the property currently is.

Like you we bought the property at a discount and spent a lot of money doing it up. We're making a loss. It was initially a hard pill to swallow and I'm afraid I think it's one that you're also going to need to swallow.