How long should we wait for a viewing?

socistep

DannyboyMidlands wrote: »

With zero interest in the first 4 weeks I would suggest it is yours that is priced very high rather than theirs very low.

The problem is that if they sell, that price will become a benchmark. You might as well match it now.

It's all about price. I bought late last year and had waited the whole year for something sensibly priced (ie a good 20% less than the 2007 value). Sellers often seem to think that they should have made a profit for doing nothing while the market has fallen around them. Madness.

No I don't believe ours is priced very high, there are 5 properties for same in the couple of streets around us, all very similar - they are 174, 169, 159 (ours), 147 (needs a lot of modernising) - theirs is on for 140 and is in a good condition - to add another angle we had a part ex offer for a new development of 150k which tend to be lower then market price

We don't want to make a profit, far from it, we just don't want to lose money because the market was inflated in 2007 - ultimately people who bought around that time are going to be 'losers' in the current market conditions, especially when buyers and some EA are trying to push lower prices.

zappahey

socistep wrote: »

No I don't believe ours is priced very high, there are 5 properties for same in the couple of streets around us, all very similar - they are 174, 169, 159 (ours), 147 (needs a lot of modernising) - theirs is on for 140 and is in a good condition - to add another angle we had a part ex offer for a new development of 150k which tend to be lower then market price

If the other ones haven't actually sold, then their prices mean nothing. If the new development numbers stack up then bite their hands off at £150k.

To put it in context, we're looking and will view anything that more or less fits the bill within the first week of advertising. We'll even go and look if the price is optimistic but not if it's stupid.

If no-one has viewed yours then no-one at all is interested in a house like yours (unlikely) or you are asking too much.

pinkteapot

You can't expect buyers to spend more than the current market value on the basis that you bought yours at a market peak and the neighbour didn't...

Think of the housing market like the stock market. If you bought some shares for £10 each and a year later they're trading at £1 each, you wouldn't expect to be able to sell them for £3 each.

The housing market isn't the same as obviously every house is slightly different so the values aren't so uniform, but it is a market and the principle is the same.

Woodyrocks

I have seen houses on the market now for over a year in many cases and still the price hasn't been lowered. It leads me to think that some sellers are not that bothered about how long it takes to sell or even if it sells full stop. Otherwise they would take positive action! But I guess positive action in my eye might negate their profit value. I am interested in a few of them but knowing that a property has been on the market since August 2010 means I would be looking to offer substantially less than it is being marketed for.

There is an house that has sold at a loss twice before the current listing and all in the past 5 years. The current seller granted as done some work on the kitchen since then but it doesn't warrant the over inflated asking price. It is just about making a profit in a market that cannot sustain it because in my opinion the house is worth no more than 10K more than what was paid for it. Instead of the 38K more that the seller is asking. Sellers are not being realistic. You either are in a position to sit out or you lower the price. And I am saying this as someone that is in the process of buying and selling a property.

Cambridge32

It's not always price that affects viewings. Is the property on Rightmove? Have you seen the listing? If the photos look awful and the description is vague then you won't get any viewings.

Consider spending a few hundred pounds on redecoration and de-cluttering (the usual things) and then get some new photos up.

googler

socistep wrote: »

No I don't believe ours is priced very high, there are 5 properties for same in the couple of streets around us, all very similar - they are 174, 169, 159 (ours), 147 (needs a lot of modernising) -

...and if they're overpriced too, the comparison means nothing....

What have similar houses recently SOLD for?

Look on Zoopla, OurProperty, nethouseprice, etc.

zappahey

Cambridge32 wrote: »

It's not always price that affects viewings. Is the property on Rightmove? Have you seen the listing? If the photos look awful and the description is vague then you won't get any viewings.

You know, I see this statement quite often here and, with the exception of it being on Rightmove, I don't believe a word of it.

There is so little coming on to the market that I don't believe buyers can afford to be that fussy and will look at anything remotely suitable.

pinkteapot

^^^

Agreed. When I saw a new Rightmove listing come up I checked that it had the right location, number of bedrooms, was detached and had a south or west facing garden. If the RM listing didn't include any of these details I just phoned the agent and asked.

I also don't think that an EA who can't spell or some poorly lit pictures will make a difference if the price is right.

GAH

Even though price is probably the main factor that the Op has zero interest, it does just show that isn't just about sticking it on the property portals and then sitting back and waiting for the viewings to roll in.

cattie

Whilst the photos on RM do help to give an idea of what the property looks like internally & externally, bad photos wouldn't put me off of wanting to view a property that sounded, on paper suitable.

Op, you don't give an indication of which area you are in, but what is the market like in your location? Is it sluggish & slow with most properties taking a while to shift or is it reasonably bouyant? How long have any other properties similar to yours been on the market?

When you say your property is on with an Internet site, do you mean Rightmove? Are you also on with a bricks & mortar estate agent? I tend to check out ea's own websites for likely properties before checking Rightmove.