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

asandwhen

Melissa177 wrote: »

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.

I think its more like gone from 75 to 95 which is about the national average.

p.s I would be happy with 90

Melissa177

Perhaps if you marketed it at 95K? Might encourage more buyers.

I think I've seen the property on Right Move - I couldn't help but peek, and there's only one studio in Stevenage on for 98.5K!

xela_17

Also had a look now and I think one big reason why you have had so few viewings is that you have no photos. I for one will never view a property that has no photos as I automatically think there must be something wrong with it.

lynzpower

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?

I sold one myself not so far from where oyu live melissa went to sealed bids- and achieved 157k - this was an Ex la studio too.

one things about the place i sold was that it was fairly biog ( being ex la Id have thought) and the vendor had put up a stud wall in the proiperty to create a seperate bedroom. now its never going to be a one bed flat in terms of is registry- but its certinly bigger than some one bed flats Ive seen.

In terms of marketing a studio, im in agreement, that theres not much in the pricing between those & one bedsthen a one bed would be sold over yours. Im also sorry to have to say that from what Ive heard in the industry, they do tend to have quite a large "fall out" rate as buyers often bring thier parents to take a look and go "oooh i dont think so" and often dig about the family coffers for a couple of extra grand to go for a one bedder instead.
In terms of your competition, I dont think the all new shared ownership schemes in stevenage listed on RM help your cause much, despite many peoples reservations about SO, FTB have these to be tempted with on RM.

if your property is the one i think it is on rm- any reasons why theres not a single interior shot?certainly doesnt hep.

I also am inclined to think that if you are happy to accept 90 why not market it at that?

before_hollywood

i thought about a studio, if the layout allowed it to be converted into a decent sized 1 bed, i would have gone for it but i haven't found one round here yet

typeractive

Interesting post.

I'm a FTB, and I'm looking at 1 bed flats really. My initial thoughts are - I would not pay that amount for a 1 bed, however I do not know the area at all. If that's the going rate, then albeit. As suggested if you want to speed it up, drop the price.

Currently I have been stuck trying to decide what property to buy - have a look at the link in my signature for the details. Viewing it from a buyers point of view may help a little bit (albeit - not the exact same scenario). Basically I was looking at a BRAND new development - not even fully completed. The flats that have been finished are to a nice standard, my friends whom are builders and plasterers both agree on that. I spotted the development around 5 weeks ago and have viewed it 3 times - twice with the sales manager. It still hasn't sold.

So if it's THAT good then why has it not sold? The sales agent says because it has not been fully marketed....that I think is a load of bull! 1. I have been looking (and there will be lots of people in my position also ACTIVELY looking) and I spotted it. 2. The sales agent called me to say a lady from Ireland was looking at buying a few flats in the development. She hasn't bought any yet, as apparently they wouldn't give her a big enough discount for bulk buying - could be true, but I think it was more a sales technique to hurry me along. I don't believe ANY fcuker when buying. Sure, we all get ripped off when buying, but as long as I know that and I'm willing then it's ok - but as nice a guy as he is (which he does come across friendly) he ain't my pal.

The property is up for 80k, he's offering me the chance to buy it for 75...like he's doing me a favour. Bullcrap. I think they haven't sold as for a bit more money you could buy a 2 bed terrace withing a 3 mile radius, albeit it would need work - which, again would cost. I think people see it very expensive for a 1 bed flat. Also where I think they majorly went wrong with the development is not having the living room and kitchen seperate - saving space as they're being greedy trying to get as many flats as poss into the development. I'd love to leave it for a few months as I think the prices will drop, but at the same point I have the opportunity for another property, which is in teh family, so I don't want to mess them around by waiting.

To be fair I don't know if there will be a crash or not. We all know the market has slowed down - fact. Will it crash? Maybe, and it's a crap time for all FTB's....but it will always be a crap time for FTB's regardless. At the end of the day, money lenders will grace the changes in markets and allow people to borrow. It's hard for the majority of people, most of the time.

Back to your post - if you want to sell, make it more attractive by price. That's what I'd do. If people are looking they will find it. You're not exactly going to lose out on your sale, you were lucky enough to make a bit of money - so well done Be careful where you want to buy next (if you're buying).

Best of luck with it all.

SloppySaver

Lol, you've been burned by the council & paid 70k for an ex council flat!!

:rotfl:

And now you're trying to add 30K on top and wonder why it's not selling?

Wake up dumbass, it's 2007, not 2003!!!

What a !!!!!!!!.

tomstickland

They paid £37K for it.

It was valued by the council at £70k when I purchased it from them in Jan 2004 - I paid 37K.

asandwhen

SloppySaver wrote: »

Lol, you've been burned by the council & paid 70k for an ex council flat!!

:rotfl:

And now you're trying to add 30K on top and wonder why it's not selling?

Wake up dumbass, it's 2007, not 2003!!!

What a !!!!!!!!.

I think I can safely say havent been "burned"?!? and I am very greatfull to my local council for giving me the lift I needed to get onto the property ladder (god bless maggie)

I am selling because I have an offer in on a house at £180,000

Melissa177

lynzpower wrote: »

I sold one myself not so far from where oyu live melissa went to sealed bids- and achieved 157k - this was an Ex la studio too.

:eek: :eek: :eek:

The 120K one was off Battersea Park Road - McDonald House.

However, it did have a man with a bucket of Kentucky Fried Chicken slumped in the doorway when I arrived :rotfl: