Anyone else still trying to sell in London?

sidewinderflame

OK thanks for all your comments. I would put a link up but I don't think it wise in case any of my potential buyers browse these forums. Don't want to give them an insight into my situation.

Anyway it sounds like the Estate Agent won't make a difference so I will stay put for now.

Thanks for all your comments.

Jhoney_2

A friend of mine is trying to sell in south east London, great 3 bed victorian period house priced mid range and the most saleable by a mile in terms of trans links, interior etc - 4 weeks - tumblweed + 1 viewing.

The agent told him nothing's moving in that price bracket/demographic so out of curiousity I took a look at similar properties in the area and things have been stagnant for several of the ones advertised since mid to late summer.

It's not a great time (of year) to be selling an expensive home, could be any combination of suggestions above.

The developers tend tosell quickly as they can discount on the mark up and still make a profit and of course they generate a frenzy of competition amongst the EAs commission rental fees etc, so they work harder imo.

If your priced a few £ks above what you can really accept and that is a very real competitively priced figure, there is little you can do.

One thing though, if you are considering using/paying more for another EA, why not reduce by the same a mount????

Agent change will not make a difference as we all look in the same few places. Could you do any more to make the property more appealing or to widen it's appeal?

Good luck!

Cakeguts

sidewinderflame wrote: »

Thanks for all your thoughts and posts.

I do understand about the price but I did have an offer just below it and would have sold at that had their sale not fallen through and I am always happy to accept offers below the asking price. I could drop the price and yes if they're getting a bargain it will sell but I don't want to sell it for less than it's worth. My estate agents actually told me to put it on for more initially but after doing my own research and looking at what other properties were on for in the area I plumped for a slightly lower figure.

I am seeing properties sit on Rightmove for about the same amount of time as mine round here (North London) and they are at all sorts of prices low to high and I am told by my agent that it is completely dead.

My question really is whether changing agency can make any difference to people coming through the door. A different agent would essentially market it the same way but they may have existing people on their books who don't use Rightmove or Zoopla (unlikely). Would changing agent in the New Year open my proeprty up to other buyuers or essentially are we all one and the same these days?

I don't think you really understand about the price aspect of this. If you lower the price and get more viewings and offers at that price you won't be selling it for less than it is worth you will be selling it for what it is worth.

Changing the agent will not make any difference to how many people view if the price is too high. The same people will see it on property websites and decide that it is too expensive for what it is. At the moment you are trying to sell it for more than it is worth. Estate agents can only make a guess at what you will sell it for. You only find out what it is worth when someone buys it. Houses that are on the market at the same price as yours are not suitable to use as comparisons because they haven't sold either. What you need is property in the same area and that is similar to yours that has sold recently.

MobileSaver

sidewinderflame wrote: »

I would put a link up but I don't think it wise in case any of my potential buyers browse these forums.

As you've realised, changing EA is pointless if it will cost you more; pretty much everyone uses Rightmove and if your property is in their chosen area and within their budget then they'll find it.

If you want to sell quicker then drop the price however much you're reluctant to do so. It really is that simple.

Regarding posting a link, the chances of a potential buyer finding the details on this site are slim to say the least. However, even if they did, so what? You and you alone have the final say on what price you are happy to accept and so any discussions here won't change your ability to say yes or no to any particular offer.

silvercar

An indication of price may give an insight to why you aren't getting viewings. Supposedly the £1m is a bit sticky at the moment.

Again all depends on the area and type of property. Are you on the border of London boroughs and your area has a higher council tax/ lower LHA rent allowance or something like that?

Really you need to give more information.

That said, you seem to have had only a few viewings and the reason for that needs to be understood.

hazyjo

MockTurtle wrote: »

Does a 2-bed terrace for £50k count as 'dirt cheap? I suppose it does when it's a quarter of the price of the cheapest equivalent listed on Rightmove in London (well, Chingford - can that really be classed as London?).

http://www.rightmove.co.uk/property-for-sale/property-62337647.html

I live in Chingford. Yes, it is London. E4 actually.


Ignore my other line - just deleted as realised you said the cheap one is quarter of the price of a Chingford house. The ones you quote are on a plan for the over 60s. Cheapest house without that is OIEO £310k.


Jx

Surrey_EA

silvercar wrote: »

An indication of price may give an insight to why you aren't getting viewings. Supposedly the £1m is a bit sticky at the moment.

Again all depends on the area and type of property. Are you on the border of London boroughs and your area has a higher council tax/ lower LHA rent allowance or something like that?

I agree, it really does depend on the type of property, and precisely where in London it is located.

£1m does not buy a great deal in many parts of London, as unbelievable as that sounds. In my view a lot of homeowners in London got used to annual price increases in their property of at least 10%, and that has now come to an end. it appears not everyone has noticed though.

Jhoney_2

Whilst I agree in part with this, you have to be careful nor to generalise. Homeowners are one element - and EA procurement being another, but when property developers come along, buy a standard terrace at 'normal'pricing and within 6months and a few tens of £ks sell it on at a premium for silly £, they drag the others along with them - albeit proportional IYSWIM.

The area I gave in the example above has a SOLD figure change in value of 20% in the last 12 months. I dont know the pre/post Brexit value, last sales etc, but it's down to various vested interests and demand - not one type or element - or indeed property.

penguingirl

I don't know the London market, but it sounds strange that none of your viewings have come from rightmove or zoopla- what are your listings like? I think you need to make them more appealing- that might be changing the price (if those at the same price point give more property) or by altering the pictures. Either way, it seems like the listings aren't working at the moment.

Have you tried asking a friend to mystery shop your EA to see if they suggest your property?

Surrey_EA

Jhoney wrote: »

Whilst I agree in part with this, you have to be careful nor to generalise. Homeowners are one element - and EA procurement being another, but when property developers come along, buy a standard terrace at 'normal'pricing and within 6months and a few tens of £ks sell it on at a premium for silly £, they drag the others along with them - albeit proportional IYSWIM.

The area I gave in the example above has a SOLD figure change in value of 20% in the last 12 months. I dont know the pre/post Brexit value, last sales etc, but it's down to various vested interests and demand - not one type or element - or indeed property.

You're quite right, I am generalising. Each property for sale will have a number of factors that affect the price, and the motivation of the seller.

EAs must also shoulder blame, as they are frequently guilty of telling prospective sellers exactly what they want to hear, and often try and outdo each other to tempt clients with increasingly unrealistic prices.

A lot of people moving to my area to buy are currently live in London, and I have long since lost count of the times I have had similar conversations with prospective buyers where they tell me they have not yet put their own property on the market, as "the estate agent tells me they have loads of buyers wanting property like mine, and I won't have any trouble selling." I would love to reply: "Well, of course they're going to tell you that, aren't they?! Are you really likely to instruct an agent who tells you they don't have any buyers who would like to look around your home, and actually the whole thing is likely to be something of a struggle?"

EAs will frequently value property at a little more than they really think they're likely to sell for, because they know that if they don't one of their competitors will. The seller will then often ask to inflate the price even further, and most EAs are too spineless to refuse, again because they know that if they do one of their competitors will agree, and they're salespeople after all.