Property has been in the market for so long... bad sign?

EverGreen_2

The market in Westmidland is not boiling or moving fast but still reasonable. I drove to see another property (just a look from outside). Luckily, I met the owner. He invited me for viewing. The house looks very good, out and inside. It is also in good area where the market is moving ok. The house has been in the market for 2 and half years. It was sold (bought) on 2009 in the heart of the market crash. Even thu, it has been reduced substantially and gradually. Being in the market for so long, can this be bad sign or bad luck or both? Normally the asked price goes above the last sold price.
More information: the back yard is small for that size of a house. The backyard is bordering a golf course, separated by an area of trees (say little forest) which is not in use by the golf club. The little forest has got an exit to the street (of the property) thru a passge between that house and the neighbour. It is fenced properly and full of trees. Could this be why the property is not desirable. Otherwise it is lovely.

Old_Git

EverGreen wrote: »

The market in Westmidland is not boiling or moving fast but still reasonable. I drove to see another property (just a look from outside). Luckily, I met the owner. He invited me for viewing. The house looks very good, out and inside. It is also in good area where the market is moving ok. The house has been in the market for 2 and half years. It was sold (bought) on 2009 in the heart of the market crash. Even thu, it has been reduced substantially and gradually. Being in the market for so long, can this be bad sign or bad luck or both? Normally the asked price goes above the last sold price.
More information: the back yard is small for that size of a house. The backyard is bordering a golf course, separated by an area of trees (say little forest) which is not in use by the golf club. The little forest has got an exit to the street (of the property) thru a passge between that house and the neighbour. It is fenced properly and full of trees. Could this be why the property is not desirable. Otherwise it is lovely.

it was bought in 2009 .It has been on the market for 2.5 years and has gradually reduced the asking price .
I would say its been overpriced .Is it worth the asking price now .

EverGreen_2

Old_Git wrote: »

it was bought in 2009 .It has been on the market for 2.5 years and has gradually reduced the asking price .
I would say its been overpriced .Is it worth the asking price now .

Thank you.


2009 was the time of the housing market crash. Over-priced houses at that time??!!!
How about the neighbouring golf club? can it turn into a new development?

rosie383

I agree that it was overpriced when it first went on the market and the price is being reduced very gradually until it comes down to the right price. Watch Sarah Beeny How to Sell Your House that was on C4 last night. Home owner was adamant that her period cottage was worth £100k more than the local EA valued it at, and 80k more than Sarah's valuation. After 6 months she hadn't had a single viewing and eventually dropped the price by a mere £5k. It's probably still unsold as she was refusing to budge.

Old_Git

EverGreen wrote: »

Thank you.


2009 was the time of the housing market crash. Over-priced houses at that time??!!!
How about the neighbouring golf club? can it turn into a new development?

There is no way for anyone on here to know about the golf club
For a development to happen the forest would need proper vehicular access planning permission and a buoyant market.

EverGreen_2

Old_Git wrote: »

There is no way for anyone on here to know about the golf club
For a development to happen the forest would need proper vehicular access planning permission and a buoyant market.

I call it "little forest" because the area while belongs to the golf club, it is not an active part of it. That means it can be sold for a developer, unless this is not allowed by regulations. And yes it has got a path "vehicular access".
It means the quiet, private property will be over looked by crowds. Would this put you off? or still ok to consider that property?

Old_Git

EverGreen wrote: »

I call it "little forest" because the area while belongs to the golf club, it is not an active part of it. That means it can be sold for a developer, unless this is not allowed by regulations. And yes it has got a path "vehicular access".
It means the quiet, private property will be over looked by crowds. Would this put you off? or still ok to consider that property?

at the moment the "little forest " belongs to the golf club.
They may do a number of things with it .

1 do nothing
2 incorporate it into the golf course at some time .
3 sell it for a development
4 something else .

I know golf courses generally are not keen on houses being close to the greens,it leads to broken windows people finding golf balls in the garden and then going to the local paper to complain the golf ball could had hit my child (if I had one ) ect .

perhaps the whole golf club will be sold to a developer for a new tesco anything is possible .
If you like the house just buy it.

Edit you could just ask the golf club if they have any plans for the site .

EverGreen_2

Old_Git wrote: »

at the moment the "little forest "


Edit you could just ask the golf club if they have any plans for the site .

Thanks.


I will ask the golf club. Can I ask the golf club to sell small portion of the little forest which can be added to the backyard of the property? As I said, the backyard is too small for that size of a house. It is really a nice house (subject to surveyors..,I am not expert). 125k were deducted or taken from the sale price of 2009. That is probably why I have been wondering.

kiddakidda

rosie383 wrote: »

I agree that it was overpriced when it first went on the market and the price is being reduced very gradually until it comes down to the right price. Watch Sarah Beeny How to Sell Your House that was on C4 last night. Home owner was adamant that her period cottage was worth £100k more than the local EA valued it at, and 80k more than Sarah's valuation. After 6 months she hadn't had a single viewing and eventually dropped the price by a mere £5k. It's probably still unsold as she was refusing to budge.

Yeah, she wouldn't have it would she :rotfl:

Nutter!!

Old_Git

EverGreen wrote: »

Thanks.


I will ask the golf club. Can I ask the golf club to sell small portion of the little forest which can be added to the backyard of the property? As I said, the backyard is too small for that size of a house. It is really a nice house (subject to surveyors..,I am not expert). 125k were deducted or taken from the sale price of 2009. That is probably why I have been wondering.

you can ask the golf club anything you like .you can even ask for a round of golf;)

AlexMac

It might also be worth a call to the local Council planners with a Q about the current status of the 'forest'; whether it's inside the village/town boundary in development terms, if it's currently zoned as open space, or recreational space, or green belt or whatever, and what their general likely approach would be to future development .

Some Planners (eg the ones a mate of mine is dealing with in a rural district in the SW) are nightmares to communicate with, but those in our London local Council and (from similar calls I've made in the past) in the neighbouring borough and in one Kent district Council have had a 'duty planner' on the end of a phone who has proved straight talking and helpful.

But in the end its your call if the place is worth the price (or any offer which the vendor will accept) to you. And you can't predict the future. we live in a lovey quiet street, but as values have now risen locally, there's a trend to replace bungalows with bigger homes with basements; and apart from objecting (unsuccessfully) to planning applications there's nothing we can do but put up with the marginal hassle of tipper trucks, carnes and delivery lorries up and down the road for a few months during the builds.