Trying to sell studio flat - only 1 viewing in 2 weeks.

olly300

SloppySaver wrote: »

I'm an old woman, you dumbass

What delightful lady

Seriously in a place I use to rent in London, 2 double bedroom flats/houses sell in a couple of days, other properties take weeks but studio flats seem to be on the EA websites for months. There is a lot of FTB who want to live in that area and there is a lot of rental demand, yet very few people want a studio flat.

I would try and get another estate agent, and just be prepared to wait a while. BTW all the EA advertised the same price for the studio flats and the prices of the flats I watched weren't dropped in that time.

asandwhen

bukup wrote: »

would it be worth offering a 5% deposit paid instead of a reduction on the asking price? This may generate you interest from potential buyers struggling to raise a deposit.....

sounds like a good idea - I will definately speak with my estate agents about that one - I wonder why it isnt done more often.

Miss_Penny_Pincher_2

SloppySaver wrote: »

almost 100k for a none-bedroomed flat just before the market crashes? It's no use jollying people along Penny Pincher, this knob needs some tough love and Sloppy is the man for the job. Drop the price and get rid before the market drops it for you (probably by 30%).

Or listen to Bum Pincher's suggestion of tea and sympathy and do nothing and end up not selling.

Dumbass.

Nothing wrong with a bit of tea and sympathy... maybe that's what is missing from your life, eh Sloppy?

I didn't recommend do nothing - I recommended trying a more suitable estate agent that will bring in extra viewings and more potential buyers. Only a 'dumbass' could misunderstand what I was saying there :P

Anyway, look at the prices of desireable areas in London - 30% rises in the last year and a flat the size of a snooker table, YES, a snooker table, went up for sale in Chelsea for £170k!! http://news.bbc.co.uk/1/hi/business/6287375.stm

High prices indeed but shows that we can't assume that the price asandwhen is asking is necessarily excessive for his market.

Peace and love to all but you especially SloppySaver I would even pinch your bum if there was the teeniest of hope that it would turn you from a troll into a cute leprechaun! :rotfl:

epz_2

20k isnt that much more if you are getting an extra bedroom, a one bed flat has a pertty wide market couples, singles and even a family with a baby can strugle by for a couple of years and you arnt limited by age demographics.

bedsits on the otherhand tend to be limited to single young people, how may single young people can afford to blow 100k so they can sleep on a sofa bed.

i dont know your market but it does sound overpriced .

olly300

epz wrote: »

i dont know your market but it does sound overpriced .

It maybe overpriced to you but you didn't state that you lived in the same area as the OP and were trying to buy/sell in that area. Some areas near me that I thought were cheap to buy in are now not.

asandwhen

epz wrote: »

20k isnt that much more if you are getting an extra bedroom, a one bed flat has a pertty wide market couples, singles and even a family with a baby can strugle by for a couple of years and you arnt limited by age demographics.

bedsits on the otherhand tend to be limited to single young people, how may single young people can afford to blow 100k so they can sleep on a sofa bed.

i dont know your market but it does sound overpriced .

I completely agree with you £100K for a studio flat is complete madness but that is the price they are in my area - I would say that £20K to a first time buyer looking around that price is a huge amount 20%

Melissa177

I've seen studio flats near where I live on the market for 120K. Which isn't much more - and I'm in zone 2 London.

Does the OP mind saying how much they paid for the flat originally?

asandwhen

Melissa177 wrote: »

I've seen studio flats near where I live on the market for 120K. Which isn't much more - and I'm in zone 2 London.

Does the OP mind saying how much they paid for the flat originally?

It was valued by the council at £70k when I purchased it from them in Jan 2004 - I paid 37K.
The council under valued it at the time by about 5k (they tend to under value as they do not take into consideration any decoration value just the bare walls)

Melissa177

That's a big jump - 70K to nearly 100K in little over three years. That is a rise of approx 13% a year, which is an awful lot!

Also, I'm not sure studios are in as high a demand as the rest of the market, as EPZ explains.

I wouldn't start panicking yet, but if you're not getting the viewers through the door in the next couple of weeks, I think you should either a) switch estate agents or b) think about dropping your price.

I also noticed that none of the other studios on RightMove in Stevenage were "sold", which might tell you something about the market for studios in Stevenage.

Good luck, but be realistic with your price expectations. If you got an offer for 90K, I would think that to be good going.

xela_17

Could you post us your link to rightmove so we can comment on photos/description?