House not selling

Dooley

Hi
I'd really appreciate any advice, because I'm stuck between what the estate agent says, and my own thoughts and common sense!

I've had my house on the market a year now, with only two viewings, which were towards the end of last year. I bought the house for 90k three years ago. I marketed it for £105. I obviously wanted to get what I could and thought I'd start a little higher, for people to knock me down. I wasn't in any rush to sell, and haven't really thought about it much - had other stuff going on in life.

Had a meeting with EA the other week and reduced to 99k. I have no problem with that, I appreciate that making 15k in three years was a little unrealistic! But now what? It's made no difference.

Personally, if I was looking for a house, and had a budget up to, say, 90k, and be searching for house up to £110, with a view to offering less. So surely, there's no new people who are seeing my house? They would have already viewed and offered a lot lower if they wanted it?
So I don't really see the point in reducing even lower. Or am I missing something?

It might just come down the fact that I can't afford to move, but I'm giving it a go. I need to make 95 really to have a decent deposit for next house. Unless I come down more and get a loan to add to a deposit, which seems a bit of a roundabout way of doing it. (but I want to keep mortgage repayments down and get best deal possible).

My house is a first time buyer house really, so maybe the problem is that people can't get mortgages? I don't know...?

R_P_W

why do you think it would increase in value at all?

go_cat

What are other similar houses selling for?

It_can_get_better

2 viewings in a year tells you it's too expensive. Have prices risen in your area in the last 3 years? Did you pay too much for it?

hcb42

there is always the possibility the house is worth £80 or £85K. First thing to make a sale is to get viewings. Two in a year, suggests a major problem, either the house is sticking out like a sore thumb price wise, or it is badly presented for the money compared to similar houses in the area.

I think your logic for selling at £95K seems flawed. Given the last three years, staying still would be a result in most areas. Of course you will have been paying capital off the mortgage hopefully, and that is how you can build up deposit for next property.

DRP

go_cat wrote: »

What are other similar houses selling for?

yes and how many other houses in the street have sold whilst yours has been on the market?

If the answer is 'none', then your area is a particularly depressed market.

If the answer is 'loads' then find out what they've gone for and adjust your price accordingly, or your house isn't attractive enough (maybe think about doing some touching up or more extensive work to improve)

Generally it seems to come down to price though.

Dooley

There's been three other houses on the estate for sale at the same time, they were all three bed, where asmine is two bed. (but mine's got a conservatory and a garage). But anyway, the others are a little bigger and I guess generally more desirable. There were two on for £110 and one for £105. so yeh, mine was a little overpriced. It's what the EA suggested at the time though. I have no idea about house prices. On my first house I made £18k in one year so I guess I was a little deluded about the property market, thinking it was the same as back then.
I don't think I paid too much for it. When I bought it, it was advertised for £110, and I got it for £90. Next door sold three months later, for £100k.

Dooley

One of the other houses has sold, the others haven't.
I borrowed an extra 5k on the mortgage to build a convservatory. I don't expect that to put 5k value on the house, but it would be nice to recoup that!

amcluesent

Sounds like your house has been hanging about like a bad smell on Rightmove. Anyone with the slightest interest will have seen it there, month after month.

I'd take it off the market during the summer for starters.

What region are you in? Use Zoopla to see how much prices have dropped in the last 3 years. If you knocked the seller down by £20K, then I fear you're going to taking a bath, given the doom and gloom about the economy.

Post the Rightmove link here, MSE peeps will give you honest feedback on the presentation

pinkshoes

How about posting the rightmove link so those potential buyers can give you some constructive criticism?

Dooley

http://www.rightmove.co.uk/property-for-sale/property-19269282.html/nomsite

I hope this link works. I got it off Internet on my mobile.
There's another one on my street, pretty much same as mine just gone on for same price.

The postcode isn't the best, but my estate is a nice area just far away from the bad bit!

When you compare, there's some two bed apartments for the same price and then you see three bed houses for the same. So I don't know how the comparison works.
I'm just not sure what my estate agent is actually doing

And like I say. Surely if someone wanted the house? They'd come look and offer me 80 or something anyway??