Dropping the asking price ?

[Deleted User]

I've put my two bed ex council flat on the market for 150k after having a bad experience renting to friends so I will not rent it again. It's in excellent order and I'm selling through a well known Estate Agent.After good interest in the first two weeks with one offer which was rejected, there hasn't been any showings for two weeks since and there are none lined up.Has anyone been in a similar situation and if so, did you reduce the price as this is what I'm thinking of doing ? It's costing me £350 a month, one bed flats are priced at around 130-135k in the area so it's not overpriced a great deal.So do I drop the price and re market it...or should I stick it out for a bit longer ?

Cakeguts

Are the one bed flats that are priced from £130k-£135k ex council flats? If not you can't use them as a comparison. You can only compare an ex council flat with another ex council flat. What you need to do is to see if you can find out what a 2 bed ex council flat sold for in the same area. When you find out what an ex council flat sells for you can work out your asking price.

dimbo61

So check out sold prices on rightmove or mouseprices.
Just put in the post code and see what other 2 bed flats have sold for

juniordoc

Where are you in the country? Are house prices rising or falling?
http://www.thisismoney.co.uk/money/mortgageshome/article-4414318/Average-UK-home-falls-1-000-value.html

Crashy_Time

Why is it costing £350 p.m?

amateur_house

Deleted_User wrote: »

I've put my two bed ex council flat on the market for 150k after having a bad experience renting to friends so I will not rent it again. It's in excellent order and I'm selling through a well known Estate Agent.After good interest in the first two weeks with one offer which was rejected, there hasn't been any showings for two weeks since and there are none lined up.Has anyone been in a similar situation and if so, did you reduce the price as this is what I'm thinking of doing ? It's costing me £350 a month, one bed flats are priced at around 130-135k in the area so it's not overpriced a great deal.So do I drop the price and re market it...or should I stick it out for a bit longer ?

If you need to sell quickly it's probably a good idea to drop the price. In the area I have been looking for the past 18 months there seem to be 3 different approaches. One is to put it on the market then if it doesn't sell in the first few weeks reduce the price, another is to wait 6 months or so before reducing the price, and there are some that sit there without reducing the price until they eventually sell - one was on for 18 months but did eventually sell. Actually, there is a fourth option, some are taken off the market without being sold.

Four weeks isn't very long though, and at this time of the year there will probably be more people who start looking in the next few months. Maybe wait another 6 weeks or so before reducing?

[Deleted User]

Crashy_Time wrote: »

Why is it costing £350 p.m?

£250 mortgage and £100 council tax. Other flats very similar in the area have sold for 135-140k...I would like a quick sale as even if its on the market for 6 months its going to cost me £2100...

cashbackproblems

well if they have sold for 135k yours is 15k overpriced..surely thats not difficult to see?

Also bare in mind most areas in UK seem to be falling/stagnant and buyers are holding out big time, so even 135k might be too much. Are the other places ex council? If not you are comparing Waitrose to Lidl.

I would reduce to 140k and see what happens/

Also what was the offer you rejected?

amateur_house

Are there any other 2 bed flats sold to give you a better idea of the price? If the one bedroom flats sold for £130-135k then yours should be worth more. I would say the extra bedroom should be worth around £10k.

Or are the similar ones you refer to the 2 bedroom flats?

Crashy_Time

Deleted_User wrote: »

£250 mortgage and £100 council tax. Other flats very similar in the area have sold for 135-140k...I would like a quick sale as even if its on the market for 6 months its going to cost me £2100...

But do you live there or is it an additional property? If it is an extra property I would get rid ASAP, dropping the price if necessary, but many will tell you the opposite I`m sure.

Crashy_Time

amateur_house wrote: »

Are there any other 2 bed flats sold to give you a better idea of the price? If the one bedroom flats sold for £130-135k then yours should be worth more. I would say the extra bedroom should be worth around £10k.

Or are the similar ones you refer to the 2 bedroom flats?

When sentiment turns people don`t think like that.