Selling. 3 months and no offers

brit1234

advice_please wrote: »

Have done so next door which is an attached semi went for £234k end of 2010. A similar house on another road £230k.
Ours is end semi better condition, now priced at £229k

House prices in the majority of areas have fallen for 2 years since 2010.

Check the sold prices for more recent sales of property which matches yours in the general area.

advice_please_2

I have done, but being in a build area from 2000 there are many different style houses.
Ours is 4 bed semi but with one reception room top heavy house, but the opposite neighbour in a detached which may have a separate diner was on market and sold (not sure how much) but guide was £319k

advice_please_2

new price since last friday and not even any interest

DRP

advice_please wrote: »

new price since last friday and not even any interest

i have heard there is a seasonal drop in interest in august which may not have helped you.

Don't lose heart - my sisters' house had been on for more than 10 weeks without a viewing and she now has 3 viewings in a week...

Fire_Fox

Why are people wanting an extra reception room in a four bed semi? Is the garage part of the house or are the reception rooms badly laid out/ poorly presented/ cluttered? To me wanting another room = wanting to pay less for the existing space. You may not get negative feedback unless you ask for it.

advice_please_2

No not cluttered, as we even move kids toys out the way
No real negative feedback, just the house is more top heavy, but all 4 rooms are good and no real box room

PbroAgent

I see you have posted several threads and would like to offer you some advice.

1. Speak to your current agent - explain that you have found a house and really want a quick sale, ask him what price he truely believes your house needs to be to find a buyer this week. Any house can sell overnight at the correct price - imagine what would happen if you reduced your price today to £100,000? (i'm not suggesting you actually do this) You would be inundated with buyers and people would be fighting for your house. So it's not the market that is stopping you selling, it's your price. Your price might need to come down further, but see point 2...

2. Have you spoken to the agent that is selling the house you want to buy? Find out what the vendors there are doing next. They might be considering a big price reduction themselves or might have indicated to the agents that they would consider a low offer but aren't ready to drop their asking price yet. This of course could mean that you can drop your price further, sell quicker and still move without compromising your equity.

3. Have you considered renting yours out? Increasingly vendors who can't sell are turning to renting - it's not ideal and there are risks involved - but it can be a way to secure your ideal home.

4. If you can't afford to drop further, then patience might be the key. Houses are taking about six-nine months on average to sell. Many buyers are not registering their interest with estate agents, but never the less are trying to sell theirs elsewhere in the hope that they can buy a house they've seen online. You might have a keen buyer in the wings - you just might not know it yet. Finally, the market usually picks up in mid-late September as people come back of their summer holidays and look to buy before the nights draw in.

Good luck

advice_please_2

Thanks

1. I had the initial conversation and they said to make a difference fr level of interest would be £10k drop which we had. When we first listed it we had a handful of viewings in first week or two. But it's been half a week and no calls even with price reduction

2. The house we're interested is in a popular high demand area so usually fetches asking price and quickly
I do know they have found finance elsewhere to purchase next place which they are in progress with. Been told other proceedable buyers are viewing so can see it go
Only thing I can think of is part ex and cash on top. They have quick funds of £100k but will have ours to sell, so can't see that happenings

3. Ours is in a nice area and any further drop we're giving it away.

Was hoping £10k drop will get increase interests but nothing of such at the moment

advice_please_2

The vendor was actually at the viewing, even though we're not proceedable I'm tempted to drop a letter through showing our interest directly, but then again Im not sure what that will achieve or tread on anyone's toes

PbroAgent

I'd speak to the agent of the house you want to buy and explain your situation off the record. You can explain you are interested but let him know that you can't sell. Ask what he thinks the reaction might be to a low(er) offer - bearing in mind it will help you to sell more quickly. Agents are there to do deals - depending on the agent you might get more help than you were expecting (it would also be advantageous to have the conversation face to face in the agent's office rather than on the phone if you can)

Finally if this is the house you really, really, really want, is it feasible to consider taking a larger mortgage if it will help you to make the move happen?