Price or patience

Thatsthespirit

Thanks for your replies.

I actually had 2 agents round, and the first one actually valued it at around 104-105 tops If I recall. The Purple Bricks guy came round the following day and said 110, but in my marketing report once I gave the go ahead, actually recommended put it on for 115.

Obviously when an EA tells me that it was tunnel vision, but the more I think about it, the realistic figure was from the first EA (ironically is a high street agent).

ellie27

£10k is a huge price difference when we are talking of house prices of £104k compared to £114k! Price is your problem, some folk will not be interested in even viewing if its soo overpriced to start with. Indicates an unrealistic seller.

And now you will have 'prospective viewers' who are going to see that its been on the market for 2 months, and also assume there are other things wrong with it which is why it hasn't sold yet.

If you want to sell and would happily accept about £105k then you need to drop the price. We dropped our price by £3k and that was enough to bring it back up on rightmove and get some more viewers and 2 offers!

Good luck!

Davesnave

Thatsthespirit wrote: »

the more I think about it, the realistic figure was from the first EA (ironically is a high street agent).

Nothing odd or ironic really. Smaller high street agents have to keep selling consistently, or they go under.

As ellie implies, you get one crack at the market as a completely 'virgin' property. If you didn't have anyone view, that means it was priced too high, regardless of the actual advertising. People wrote the flat off without even giving it a chance.

Make the price drop worthwhile when you do it. Don't be like the folks I mentioned earlier and reduce in tiny increments. It doesn't look good, or work.

Thatsthespirit

Davesnave wrote: »

Nothing odd or ironic really. Smaller high street agents have to keep selling consistently, or they go under.

As ellie implies, you get one crack at the market as a completely 'virgin' property. If you didn't have anyone view, that means it was priced too high, regardless of the actual advertising. People wrote the flat off without even giving it a chance.

Make the price drop worthwhile when you do it. Don't be like the folks I mentioned earlier and reduce in tiny increments. It doesn't look good, or work.

Thanks Dave.

The price has dropped like 3 times since it's been on, in tiny amounts. I sort of run it by the EA first who recommends small drops. But from what people have been saying, I need to bring it right down to 105k from 109k. Even that might be too high considering the other 2 on the market for even less..

StumpyPumpy

I think, if you want to sell, you have to take a pragmatic view. You have to work out a price based on looking at the available properties in your development that are currently on the market and look at them with an unbiased eye. Then you need to either undercut them or come up with a compelling reason why yours is worth the money compared to them.

For instance, take a look at the flat one above yours in a Rightmove search on your postcode currently on sale since February for £110,000. It is 2 bedroom, second floor and has a much larger and (IMO) more functional living room and a much bigger kitchen area. Based on the listing alone, I cannot see why I would opt for yours over that one just to potentially save £1k. That is what you are up against, regardless of what the EAs say. If you can't come up with a very good reason why to buy yours over theirs then you need to make one by dropping the price. (And if you can come up with a reason other than price, it needs to be in the listing).

SP

NicNicP

We only decided to put our house on the market after seeing a house go up for sale in our neighbourhood. (Location is very important to us). We knew we had to move quickly so put our house on at a realistic selling price rather than above market value but willing to accept less. We sold within 2; hours. We probably could've got more had we had the time to find out but for us we decided it was more important to sell quickly than at a higher price.

Thatsthespirit

Here is the link to the properties for sale on the complex.

http://www.rightmove.co.uk/property-for-sale/find.html?searchType=SALE&locationIdentifier=POSTCODE%5E4257026&insId=1&radius=0.0&minPrice=&maxPrice=&minBedrooms=&maxBedrooms=&displayPropertyType=&maxDaysSinceAdded=&_includeSSTC=on&sortByPriceDescending=&primaryDisplayPropertyType=&secondaryDisplayPropertyType=&oldDisplayPropertyType=&oldPrimaryDisplayPropertyType=&newHome=&auction=false

ellie27

How does your flat compare with these new ones in terms of size?

If similar in size.... I would rather spend my £110k on a brand new, shiny flat, choice of tiles etc...., rather than buy an old property. And I am sure most others would too, that assuming they were similar sized. If you could buy brand new for the same price as yours then it would make yours look overpriced.

alchemist.1

You need to drop the price by at least 9-10k i would imagine. New properties were sold at 112500?

You would that sort of difference as minimum to buy over old rather than new.

Wi88le

Properties sold nearby
30 Nov 2015
Flat 46, Castle Locks, Castle Road, DY11 £101,500
09 Nov 2015
Flat 14, Castle Locks, Castle Road, DY11 £102,500
30 Oct 2015
Flat 45, Castle Locks, Castle Road, DY11 £81,950


Canal and river are also a little too close for my liking especially for a ground floor flat.

How does yours compare to flat 45?