Why is it so hard to sell a 3 bed semi in Leeds?

student100

Incidentally, we are trying to sell our 3 bed semi in Leeds near the Headingley/Burley/Kirkstall boundary. Without being rude, this is a nicer and more desirable area than Bramley, and our house while older (inter-war) is in better and more modern condition (we rewired and had a new kitchen in 2012 and have redecorated throughout since; bathroom is modern and white, etc). Our asking price is around 33% more than yours but a lot of that is down to the area.

We went on the market in May and had 2 offers on the first weekend, at asking price.

Vendor pulled out a few weeks later and since then we have dropped the price but still very few viewings. Brexit definitely hasn't helped. We have had 2-3 weeks with no viewings. Suddenly we had 6 viewings booked in over the weekend, though not had any feedback from them yet. Not sure if the interest rate cut had an effect or what.

But in any case, in our part of Leeds at least, Brexit seems to have spooked the sort of buyer who is likely to buy that home.

csgohan4

Op should change title to:


Why is it so hard to sell an outdated 3 bed semi in Leeds at unrealistic EA prices?


Seriously if only want to hear what you like, why not price your house at 150k and see what happens?


Another distant relative who wants to monetize to the max their previous family house without being realistic.


if you want a better price you need to do some work on the house, rather be a keyboard warrior and not be involved directly.


Time for the popcorn to come out........

tykesi

student100 wrote: »

Incidentally, we are trying to sell our 3 bed semi in Leeds near the Headingley/Burley/Kirkstall boundary. Without being rude, this is a nicer and more desirable area than Bramley, and our house while older (inter-war) is in better and more modern condition (we rewired and had a new kitchen in 2012 and have redecorated throughout since; bathroom is modern and white, etc). Our asking price is around 33% more than yours but a lot of that is down to the area.

We went on the market in May and had 2 offers on the first weekend, at asking price.

Vendor pulled out a few weeks later and since then we have dropped the price but still very few viewings. Brexit definitely hasn't helped. We have had 2-3 weeks with no viewings. Suddenly we had 6 viewings booked in over the weekend, though not had any feedback from them yet. Not sure if the interest rate cut had an effect or what.

But in any case, in our part of Leeds at least, Brexit seems to have spooked the sort of buyer who is likely to buy that home.

This is my worry, we've been on the market a week today in Meanwood and had one viewing at the weekend, positive feedback but no offer. Got another viewing later this week so we'll see. We were a bit cheeky with the asking price so I won't be surprised if we have to reduce sooner rather than later.

Our estate agent seems to be from the same crop as the OP's though as they originally suggested we should market at up to £137500 to test the water. This knowing full well one down the road with an extra bedroom, off-street parking and a garage that we don't have sold for £125000 :T

Thankfully I wasn't as quick to agree as the OP as I know there is no chance of that so we have priced accordingly.

student100

tykesi wrote: »

Our estate agent seems to be from the same crop as the OP's though as they originally suggested we should market at up to £137500 to test the water. This knowing full well one down the road with an extra bedroom, off-street parking and a garage that we don't have sold for £125 :T

Thankfully I wasn't as quick to agree as the OP as I know there is no chance of that so we have priced accordingly.

Who's the agent?

Ours is on with Moores. In April when we spoke to them they did give a higher price than some of the other local agents, but at the time we weren't in a rush to sell, and lo and behold we got two offers at their suggested asking price from the first weekend of viewings, so it must have been about right at that time. (The buyer we chose messed us around - if only we'd accepted the other of the two offers we might have moved by now! Grr!)

When I speak to them they say they've not seen much adverse affect from Brexit, though I think they might be putting on a brave face. Certainly if I was a FTB I might have delayed things a little while everything settles down so I'm not surprised that others are doing so too.

We dropped by £6500 from the original asking price, still a touch higher than some of the other agents were going to market at, and now the question is whether we drop further or wait it out. Will see if we get any interest from the latest round of viewings, maybe the interest rate drop was enough to kick people back into action?

mattk_180

To add a bit of fuel to the fire, by previous threads you've created you also seem to not be in the best financial position personally and struggling to pay the necessary bills on this unoccupied property (that's the assumption I came to anyway).


In which case, it's not going to get any better the longer you leave it and sounds like no matter what price you want to get for it (realistically or not), you should take what you can, as soon as you can, rather than put more and more pressure on yourself trying to get every last pound you can from the sale.


Especially seeing as the gas and therefore the heating has been off for quite a few months (unless you've now turned it back on), meaning any cold weather could increase the chance of damp, burst pipes etc. and reduce the value of the house even more!

csgohan4

mattk_180 wrote: »

To add a bit of fuel to the fire, by previous threads you've created you also seem to not be in the best financial position personally and struggling to pay the necessary bills on this unoccupied property (that's the assumption I came to anyway).


In which case, it's not going to get any better the longer you leave it and sounds like no matter what price you want to get for it (realistically or not), you should take what you can, as soon as you can, rather than put more and more pressure on yourself trying to get every last pound you can from the sale.


Especially seeing as the gas and therefore the heating has been off for quite a few months (unless you've now turned it back on), meaning any cold weather could increase the chance of damp, burst pipes etc. and reduce the value of the house even more!

Wonder if the OP skimped on house insurance too in that case.

Person_one

Sexyscorp66 wrote: »

Over priced at £130k in this day and age?please serious replies only.Do people expect things to be given away????
It's the buyers responsibility to make any changes-and I am SORRY but what the he'll do viewers expect when my parents were in their late 80s/90s???
Well I won't accept less than £125 no matter what.Similar houses have gone for 130 to 140k not a chance. The quick sale companies offered me £125k if I left it on the market for a minth;the estate agent valuations are 135 to 140;
People really are taking the liss suggesting £108k.

I bought a house that looked a lot like yours on the Rightmove pictures. The elderly owners had both died within the previous year, so similar circumstances.

I paid around 40K less than similar properties on the same few streets that had already been modernised and updated. So far I've spent about 25K and its still not finished.

I think you're underestimating the amount of work involved. It may be clean and tidy and liveable, but as soon as somebody starts to do a bit of work that will all come undone, its actually a full renovation project.

It may need rewiring unless its been re-done since the original wiring went in. The heating and hot water system may have been in for decades and need renewing fairly soon if not immediately. Once you start stripping wallpaper that's been on for so long it will probably become apparent that the whole house needs re-plastering before redecorating. The kitchen and bathroom need to be gutted and started again. How long since any work was done on the roof, if ever?

I have to agree with everybody else. If you really want to sell it, drop the price or accept a lower offer.

csgohan4

Sexyscorp66 wrote: »

Well I won't accept less than £125 no matter what.Similar houses have gone for 130 to 140k not a chance. The quick sale companies offered me £125k if I left it on the market for a minth;the estate agent valuations are 135 to 140;
People really are taking the liss suggesting £108k.

You also do know the quick sale companies drop their prices close to exchange to blackmail into agreeing large drops in the house as they are banking on the people to spend the money before either physically or mentally.


OP clearly has done no research and relies on keyboard warrior mentality.


Here's a quick example FYI
http://www.reviewcentre.com/Property-Websites/We-Buy-Any-Home-Now-Ltd-www-webuyanyhomenow-com-reviews_1659893#Reviews

marliepanda

csgohan4 wrote: »

Op should change title to:


Why is it so hard to sell an outdated 3 bed end terrace in Leeds at unrealistic EA prices?

Fixed that for you :P

AdrianC

Crashy_Time wrote: »

http://www.dailymail.co.uk

Could this be the reason...

Unlikely.

But let's pause and think here, shall we?

Three-bed family house. At a 5% rental yield, £100k is £420/month rent.
Leeds Local Housing Allowance Housing Benefit rates for a three-bed property are £150/week.

So it would be a good investment as a BtL, even allowing for some refurb. So, no, it's not some ridiculously never-worth-it conceptual figure.

But, at that money, there are much better buys.