How long should we wait for a viewing?

phoebe1989seb

We bought and sold this time last year when the market was in a similar state. We accepted an offer within two weeks of marketing - we only had a handful of viewers but our house was very unusual and much larger than the surrounding properties, so we never expected it to appeal to the mass market.

The offer proceeded to completion within around nine weeks. The house we bought (some 200 miles from where we then lived) we viewed the day after it came on, offered next day and moved in approx 4-5 weeks later.

Admittedly we lost on the price we paid for house (plus £40k of renovations) but we had bought at the peak (Nov 2007) so were prepared for this as much as it hurt at the time.

We knew to achieve a sale in a reasonable time frame we had to price realistically......and we did!

With no or few viewers within the early stages of marketing, something has to be wrong with the price imo.......

TheCatCameBack

Are you in a sole agency deal?

EAs can be very charming and convince you they're the right agent to go with just to get the listing, whether they know they can sell it or not.

You're probably getting a decent deal if you are in sole agency but I would honestly consider going multi - yes, you will pay a higher percentage but you should sell it quicker.

Did you get several valuations or just one from the EA you've used? Using an internet-only EA is fairly new and many people still rely on newspaper adverts and walking down the high street and popping into local branches.

Brallaqueen

Not sure multi-agent is the best method, as 6 adverts at the same price won't help if price itself is the problem. It just makes the vendor look silly.

googler

TheCatCameBack wrote: »

Using an internet-only EA is fairly new and many people still rely on newspaper adverts and walking down the high street and popping into local branches.

A viewpoint totally at odds with the online EA supporters around here, who would have you believe that nobody does this anymore.....

BigAlC

From a FTB perspective, and from reading here it seems that price is a dictating factor for house sales.

Around me in Sheffield house prices vary massively, and in my immediate area there are some Vendors/EA's who are hugely optimistic on how much they think a house will go for IMO.

Online search tools are easy to come across and anyone doing their homework on local area, and sales prices will see that over the last 3-4 years prices have been reducing from the "golden years" and as such attitudes have changed towards house buying.

As others have said, if your house is over-priced compared to sold prices over the last 3-4 years, then simply put people will not entertain it, and so your viewings will suffer. Also you cannot expect to make back what you brought for in the peak and again as has been mentioned vendors who are looking to sell now need to accept that they will be making a loss on their original purchase price.

In current climate, I'm spending more time researching sold prices than I am spending paying attention to current prices as I've found them to be completely unrealistic in some areas, simply put, despite what other houses are up for around you, it would be wise to see what they have sold for historically and looking to price at some median around that value to generate some real interest.

Swinstie73

I don't think it matters how long it takes, you could have 10 viewings at the start but no offers!

I put my house on the market last June (to sell or let) and had only one viewer in August to rent. They have been there just over 7 months but move out on Sunday, had only one viewer to buy just last night and guess what?! They have made an offer, I've accepted and I am totally over the moon. So all it really takes is one viewer to make that offer. I think that the guy who bought wasn't in the position to buy last year but does now, things happen for a reason.

yorkshire_terrier_owner

I have had my house on the market since last November. It is on as a 'premium listing' and I have reduced the price 3 times - a total of 10% off the original asking price and changed the EA. I have thoroughly researched what else is on the market in my area at that price - council houses in roads riddled with antisocial behaviour, a 50% shared ownership in a flat or utter rubbish that needs a total refurb. My property is a 2 bed terrace in excellent condition in a fairly decent area and I have still had not a single viewing. The asking price is in line with Zoopla's estimation and with other sold properties in the area. However, properties in my area do not seem to be shifting and that plus the economy is, I think, why.

hcb42

I put mine on the market last October, had loads of viewings and got an offer in under 7 days, unfortunately their buyer pulled out, so chain fell apart.

Still had lots of viewers, averaging 2 a week I would say, even now, but very few indeed are actually able to proceed. When you rule out those who dont like the things you cannot change about a property etc, e.g. size of garden, then you need an awful lot of footfall to find a buyer!

zappahey

yorkshire_terrier_owner wrote: »

I have had my house on the market since last November. It is on as a 'premium listing' and I have reduced the price 3 times - a total of 10% off the original asking price and changed the EA. I have thoroughly researched what else is on the market in my area at that price - council houses in roads riddled with antisocial behaviour, a 50% shared ownership in a flat or utter rubbish that needs a total refurb. My property is a 2 bed terrace in excellent condition in a fairly decent area and I have still had not a single viewing. The asking price is in line with Zoopla's estimation and with other sold properties in the area. However, properties in my area do not seem to be shifting and that plus the economy is, I think, why.

How long ago were the sold prices that you're comparing with?

Honestly, we can come up with as many excuses as we like but if there are absolutely no viewers then it's the price. There's a buyer for almost anything at the right price.

BTW, Zoopla's estimation is about as useful as a chocolate teapot.

yorkshire_terrier_owner

In reply to Zappahey

Sold prices in the last 12 months (the few that there are). Have used mouseprice as well. And yes, we can come up with as many excuses as we like, but I was simply responding to the OP's question, not inviting comment on whether the price on my house is right in the area it is in. I am realistic and will drop price further if required. My house is at bottom end of market, FTB property. Bought house in 2004 (before the peak in 2007) for the same price it is on at now. At the end of the day, if it doesn't sell, it can come off the market and I still have a roof over my head or I'll rent it out - I'm not going to give it away for nothing.

BTW as a buyer I use Zoopla to see if the asking price of a property is in line, so IMHO for that reason alone, I don't think it is as much use as a chocolate teapot, but we are all entitled to our own opinions!