Does everything sell at the right price?

TANZA_2

My boyfriend and I hope to marry next year. He has a flat which is up for sale and has been for 12 weeks. I don't want to move in as I think if I do then he won't make an effort to push the sale. His mother lent him some money to buy the flat and she has a lot of influence. The flat has been valued at 130000 by 2 estate agents but she has put it up for 145000. I want him to go with another estate agent and reduce it to at least 139000 but she doesn't want him to and says he is tied in with the estate agent he's with for another 2 weeks-making 14 weeks in all and won't change. I think that seems to be a long tie in-is that normal. I despair that the flat won't ever sell and don't know what to do. Do you think reducing the flat will make a difference?

tomstickland

Yes, if it's overpriced it won't sell unless he's very lucky.
Go on rightmove and see what else can be bought for the same money, get some idea of the competition.

dannyboycey

Does he have a mind of his own? You should talk about this openly together and make a decision without his mother.

I don't know where the flat is but the property market is very shaky at the moment and unless you are in london or the south east I would urge you to sell as soon as! Otherwise you may find that you'll get less than the 130,000 valuation!

Eastate agents are notorious for over-valuing properties anywayso based on their 130k you can realisticallty expect 120k. You might want to check out https://www.propertysnake.co.uk

ehs_3

The problem with putting a property on the market at way over a realistic sale price is that unless you are lucky the property will just "sit" there for weeks with possibly very few viewings and likely no offers. By the time you reduce the price, most buyers who are looking already at the market will think:

a) there is something wrong with the property
b) you are desperate to sell and will then make offers further below the price you have reduced to

Of course it is getting easier and easier to spot what is going with the maket with websites like propertysnake

The way I would play it in this scenario is wait a couple of weeks until the contract is up with the existing agent and then go to another one and put it on with them at a lower price. The benefit with changing agent is that hopefully they will be a bit more enthusiastic promoting the property

seven-day-weekend

It will sell at ehatever people are prepared to pay and if he has had no viewings in this time it suggests the price is too high.

mr218

probably you dont want to hear this, but maybe his mother does not want the flat to sell. she probably wants her boy tied to her apron strings.

Redbedhead

mr218 wrote: »

probably you dont want to hear this, but maybe his mother does not want the flat to sell. she probably wants her boy tied to her apron strings.

I have to agree with this completely from the perspective of marrying an only son/child.

Despite him having lived with me for 3.5 years and us being married for a year of that, his mother still won't call our house his home and insists on pointing out to him I had the house before him. She hasn't visited in 2 years although only living 6 miles away (not that I think that is a bad thing anymore:rotfl:)

If he hasn't had any viewings at all I would speak to the estate agent and find out why people aren't wanting to view it - they must be giving reasons. I would also want to know what marketing they are doing - have they called their list? How many sets of details have they sent out?

Woby_Tide

dannyboycey wrote: »

Eastate agents are notorious for over-valuing properties anywayso based on their 130k you can realisticallty expect 120k. You might want to check out www.propertysnake.co.uk

this obsession with propertysnake is bizarre. Valuing property on a site that can only show a cross section of properties(i.e. those that have falling asking prices) isn't a good guide. You don't gauge a supermarkets value purely on the goods on the reduced shelf.

Use it objectively to see where other people have made mistakes in conjunction with other sites but don't think that a myopic site will hold the answers.

JayScottGreenspan

Check out some of the land registry sales data websites to see what other flats have gone for recently (think the data is about 3 months old). Bear in mind the time of sale and that some of them may have different floor plans / # bedrooms.

This does the job:
http://www.houseprices.co.uk/

TANZA_2

Thanks for that. I know I've got a problem with the MIL to be and that's why I don't want to move into his flat as she has a key and just lets herself in when she feels like it-it would be great if she never visited! Needless to say, if he ever sells and we buy a house together she aint having a key!! She said reluctantly today that she will change estate agents and reduce the price. I've got holiday for a while and could show people round-if there are any people out there who want to see it! but she won't let me. I know it's not my flat but fed up now. One flat has already reduced its price so the process has started. I forgot to say there are 4 other identical flats up for sale-2 the same price and the others higher. I think realistically £130000 would be a fair price but she's putting it on at £140000. I just hope people will feel they can negotiate and not be put off by the price. I think we are only going to attract first time buyers or at best a very fit single older person as there is no lift so it narrows our options. Meanwhile, houses are passing us by and by the time he sells the prices for a house will have gone up so much. Don't want to have bad feelings for this woman but..........
I know he wants a big deposit for our house but I don't care-I've got a good deposit and we will just get a bigger mortgage-we've both got secure jobs.

bylromarha

How many viewings have you had? Sounds like stiff competition if 4 other identical flats are trying to sell too. Best price will win out on that one.

Who is actually selling the property, named on the deeds and talking to the EA? Your first post suggests its boyf, 2nd suggests it's MIL? If it's boyf, then he needs to make the final decision, not you, not MIL, but him.

On a tangent, might be a good idea to get MIL to publicly say at the wedding that she freely gives her son in marriage...

At weddings at our church, both sets of parents are asked if they freely give their children...helps reinforce in everyones head that the couple are making their own way in life now and parent's role has changed from that point on.