Flat up for sale, no interest, when do I drop the price?

PurplePow

So our flat has been for sale for 10 days now, which I know isn’t a lot, but we’ve had no interest at all. I knew it would be a struggle because flats don’t sell well where I live in the North East as with houses being so cheap, first time buyers tend to go for houses. Lots of flats are rented out so I could get some interest from an investor. I priced my flat lower than the other ones currently for sale in the same ‘complex’ but I willing to drop the price.

We’re using an online estate agent and had our statistics through from rightmove and they seem really poor. In the ‘last 14 days’ (so 10 days since we went live really) we’ve appeared in search results 1,943 times with a conversion rate of 4% compared to Housenetwork’s average of 4.3%.

I don’t want to sit around for a year or two as the other flats here seem to do, but I don’t want to drop the price too soon without looking desperate. When would a good time be to drop the price?

Other flats for sale here are around 99,950 or 100k+, I’ve put mine at 98k with the only other 2 flats for sale being at 95k as they’re ground floor and are very undesirable for this complex as they have little privacy. I’m willing to drop to £94,950, looking to accept an offer of at least 90k should I wait a month first though? Housenetwork suggested doing a ‘offers in excess of’ but I always hate that term when I see it!

Oh and I don’t want to post my advert yet as I want to keep an eye on these statistics

arbrighton

What can you afford, i.e. how much do you owe on it?

Ten days isn't long

PurplePow

arbrighton wrote: »

What can you afford, i.e. how much do you owe on it?

Ten days isn't long

I agree 10 days isn't long, but don't want to be like the other flats here that have been sitting around listed since 2012/3, just want to move! A similar flat to mine sold for 93,150 last year, but recently a couple of ground floor repo's have scuppered the selling figures as they went for 85k. Do you think this is what I'd have to sell it for?

Our mortgage is 74k. We've seen a house on for 157k (but feel its 10k overpriced) mark so would need around 15k difference. If we miss out on that house we'll move in with his parents until we find something we like.

Hoploz

Have you had any conversations with local estate agents? They might be able to give you info that's useful. If you are desperate to sell then they will reach a bigger audience so do not rule out the traditional route. I would not reduce the price until it had been fully marketed.

PurplePow

Hoploz wrote: »

Have you had any conversations with local estate agents? They might be able to give you info that's useful. If you are desperate to sell then they will reach a bigger audience so do not rule out the traditional route. I would not reduce the price until it had been fully marketed.

I prefer being in control using this online agent to be honest. I also don't think many first time buyers go into estate agents/call them asking whats available, but I could be wrong. I suppose I'm just remembering when we bought it 5 years ago and how we relied solely on rightmove/zoopla etc.

orionmoo

PurplePow wrote: »

I prefer being in control using this online agent to be honest. I also don't think many first time buyers go into estate agents/call them asking whats available, but I could be wrong. I suppose I'm just remembering when we bought it 5 years ago and how we relied solely on rightmove/zoopla etc.

This.

As a first time buyer about to complete next week, we did everything through Rightmove.

Only time we actually went to the estate agent was to chase them up on progress of the whole thing. Placing the offer was done over the phone and follow up emails.

Didn't bother with the estate agents spammy email alerts, I can get that from rightmove and setting it to last 24 hours gets me new properties each day, not the same old properties every week.

Bart1

Don't know if it applies to you but I notice a lot of flats on Rightmove, most even omit details of length of lease and amount of service charges etc which is of course vital info.

If that info is missing I move on to the next one.

phoebe1989seb

Otoh, local *high street* EAs might have a list of potential buyers (investors etc) that they can call up when something of interest comes onto their books.....

Can understand you wanting to save money by going with an online agent and that many buyers today don't even bother looking further than Right Move etc, but I still think the widest audience is achieved by covering all bases......if you are keen to sell quickly.

Last couple of times we've sold - 2011 and 2014 - we wanted to achieve a quick sale and whilst we considered saving money by going with an online agent, we felt that our house would be more likely to find a buyer by going with someone that had both local and national offices.

In both cases, despite the market being stagnant in both locations and our house(s) being not what the typical buyer was looking for, we achieved a sale in less than six weeks.

Imho, properties that are best suited to online agents are those that will sell easily - for example those in London - and those that are likely to linger need all the exposure/help they can get......

PurplePow

Bart1 wrote: »

Don't know if it applies to you but I notice a lot of flats on Rightmove, most even omit details of length of lease and amount of service charges etc which is of course vital info.

If that info is missing I move on to the next one.

I could add length of lease (110 years) but none of the flats round here ever put service charges/ground rent on the advert.

kaflinkle

Offer an iPad, that'll shift it.

http://www.rightmove.co.uk/property-for-sale/property-47180062.html?premiumA=true

Bart1

PurplePow wrote: »

I could add length of lease (110 years) but none of the flats round here ever put service charges/ground rent on the advert.

That's my point and I don't understand why. It's the single most important thing to consider when buying a flat. If those details are missing I wouldn't even consider looking at the place.