When to drop price

seven-day-weekend

kinger101 wrote: »

Does it meet the legal requirements to be marketed as a bedroom? Your EA is sitting painfully on the fence at the moment. Perhaps they are a small EA firm not aware that the law might not be a grey as they anticipated. Most large EA's just call these loft rooms now.

If I had a family member there, my concern would be whether they had a adequate means of escape in a fire. Maybe you've already done this, but it might be worth double checking with the planning office whether it would meet today's standard. And if not, what might be required to get it there.

The difference between a habitable bedroom and storage space might be £20K, so it's probably worth getting some clarity on this.

It was our son's bedroom for years, so we made sure there was ample fire escape. Whether it would reach today's standards I've no idea, but I can't see any difference between it and the modern (and presumably compliant) one they have next door.

After he left home, we used it as an office and art studio.

The EA is very experienced, going back two generations to my personal knowledge.

seven-day-weekend

We dropped the price by £10k this morning, highlighted the fact that there was no chain, and changed a couple of pictures over.......... and have a viewing tomorrow! The person is chain-free but does need a small mortgage.

Watch this space!!


http://www.rightmove.co.uk/property-for-sale/property-53023820.html

DebtFree2012

Good luck. We've just had our first viewing after 4 weeks on the market and dropping the price 10k. Keep us posted.

Chanes

Good luck!

penguingirl

Good luck! I'm sure you're now whizzing around the house getting ready.

My reaction was the same as others- tbh if I see 'loft room' on a floorplan and no picture I wouldn't investigate any further. There are so many recent 'loft conversions' around that don't have building regs (but should do as they were done recently), that I would have assumed yours was the same and not looked any further- particularly if it is at the top end of the price range. If it is a bedroom and has always been, it needs to say that on the floor plan. Other than that it looks a lovely house, although downstairs bathroom is also going to be a deal-breaker for some people

Corelli

Your house is a delight, I'm wishing it were closer to any of the areas I have connections with.

If your viewers today do not become buyers, might it be worth elaborating about the cellar? I see it has a window and it is presumably another possible room if worked on. Perhaps mention this and have a photo of it?

Prothet_of_Doom

An agent local top me, seems to have a Mode of operation that involves overpricing a house by 5% to 10% and after 2 or 3 weeks dropping the price by 3 or 4%

The thing is that on Zoopla, you can see all the price moves, and if you do your research on sold prices in the area, you can usually work out what the going rate 3 months ago was.

I deliberately didn't offer at all on a house that fitted all our requirements, because I didn't want to offer 15% less than the asking price and kept looking. We went for something that had been on the market for months, because originally 12 months ago the vendor put it up at a greedy price, and refused to take offers. It's now reasonably priced at the offer we have had accepted.

My conclusion is that any buyer spending that sort of money has a lot of choice, they know what's available to them within travelling distance of their work, and they know what houses sold at in the area. If you try it on initially, and drop the price too soon, then I think they will sense a rat. If you want to sell quickly, make it very cheap. If you don't mind waiting, keep the price as it is and take no offers unless they are above the asking price. 2 weeks is too soon, too cynical. Wait another 5 weeks.

getmore4less

Just looked,

I think using high end agents that take on low priced places does not work unless you have something really special.
(tried his before)

They make a shedload from each high end sell, but try to be more focused on viewings with good fit so low foot fall and low end properties don't get the cross sell from the clients already on the books(hence no early viewings).
You internet/promotion has to get people into the EA for just your property, a lot won't bother unless really interested.

Those that work the general market are much more focused on volume so go for footfall, new property they have people on the books ready to view and they cross sell heavily.

Nice house well presented loads will love it but not be so keen on living in it with the .

No bath, single bathroom downstairs(2 flights for the attic)
High maintenance garden
No off road parking.
Unusual access and flying freehold.
No pictures of the attic room or the side access/verandah.

Not done a price review but indications from others and yourself it is top end so people will probably look at others first.

People don't fall for a £2k shed in the garden.

edit looking at volume.
between £140k-£160k inc SSTC your agent < 20 connells >60

seven-day-weekend

I personally think the access is a bonus. Most mid-terrace houses don't have totally private access to the rear.

I agree the downstairs bathroom will put some people off, although there is room to put a bath in it, we took the bath out several years ago because we didn't want it. Can't do anything about it being downstairs though.

We don't have the flying freehold (that is next door's), we have the creeping freehold, which is the alleyway at the side which goes to the rear, which goes under their bedrooms (so they need us, we don't need them!).

Thanks everyone for your comments.

getmore4less

Side access, bonus yes, but if you are pitching at semi, detached prices range it becomes an essential feature.

Any complication on a freehold will put some people off creeping/flying makes little difference to those that do care.