No good offers in 6 weeks, drop price?

AHannabee

Hi - I'm posting here as recommended to by a MSE article on buying/selling!!

We have a two bed garden flat for sale in Hammersmith, London and we're not getting any good offers. It's been on for 5.5 weeks and we've had about 20 viewings but only one very low (more than 14% off asking price) offer with no follow up.

Estate agent is keen to reduce, basically as far as I can tell as a marketing tactic (pushes notifications out to everyone signed up for searches in the area and jumps us back to the top of the list).

Any thoughts? My instinct is we aren't on too high a price since we're getting people through the door and surely if it was just down to price someone would just offer lower? Any good reasons to reduce except marketing and any other ways to achieve that marketing?
We're not in a huge rush to move (though about to offer on a house we like and being under offer ourselves would really help with that!) and while we would accept below asking price if needed (we're very aware of the current market etc etc) if we reduce we would need to take the 'new' asking price if you see what I mean...

Thanks in advance! Really appreciate any opinions as stuck on what to do.

EDIT: link added as suggested (thanks RedFraggle!) - add www at start.
rightmove.co.uk/property-for-sale/property-66988159.html

RedFraggle

Post a link and we'll tell you what we think (I am a poet!)
You'll need to leave the www out as a newbie

singhini

How many Estate Agents did you get a valuation from and how did they all compare? (a friend of mine had 4 valuations when he was trying to sell is house and 3 of them were identical but he opted to go with the estate agent who valued it the most. Guess what after 2 months he had to reduce it as he and NO viewings).

AHannabee

@singhini We had six valuations. We went with the joint 2nd highest (two companies valued it at the same price it's on for now). If we reduce it would be to the amount two others valued it at and then we also had one crazy high (IMO) and one crazy low valuation.

He had NO viewings?! Ok so maybe our situation isn't so bad...!

Crashy_Time

Go with the "crazy low" one, that will probably be most realistic, or getting there.

Marine_life

Well...other than saying how depressed I would be if I were contemplating paying £675 k for a 2 bed flat...

Yours is actually pretty small (58 sqm) relative to most of the others around you so looks relatively expensive.

No separate space to eat (outside space is nice but not when its raining!)
Tiny bathroom

AHannabee

@Crashy Time - i hope not!! It was 100k lower than the rest...!

@Marine_Life I know what you mean. The London market depresses me so much!! Especially since we're buying in it...!
Thanks for taking the time to look into this. All good points you make - except there actually is room for a table in the living room too and we've now rearranged it as that after first viewers feedback. Good to know that could make a difference though. I should've said we've already planned to have new photos taken next week of it with the table in so they'll be up in a week or so.

I guess I understand we may have to take an offer lower than asking, I just don't get why we're not getting those offers already with the viewings we've had and therefore how dropping the price would help us?! Anyone got any logic they can throw my way that explains it?!

Thrugelmir

AHannabee wrote: »

It's been on for 5.5 weeks and we've had about 20 viewings but only one very low (more than 14% off asking price) offer with no follow up.

Estate agent is keen to reduce, basically as far as I can tell as a marketing tactic (pushes notifications out to everyone signed up for searches in the area and jumps us back to the top of the list).

What's the feedback from the viewings? A good EA will be informing you of this. Doesn't matter what you think a property is worth. As only worth what another party is willing to pay.

singhini

AHannabee wrote: »

@singhini We had six valuations. We went with the joint 2nd highest (two companies valued it at the same price it's on for now). If we reduce it would be to the amount two others valued it at and then we also had one crazy high (IMO) and one crazy low valuation.

He had NO viewings?! Ok so maybe our situation isn't so bad...!

Thanks for providing the link.


My initial reaction was wow its nice and £675k isnt too bad. Your right by Charring Cross hospital and a walk away from the tude stop which is at the top of your road (i used to work Charring Cross Hospital).
Having done a search of other properties there are 2 flats on Fulham Palace Rd (both 2 bed) for £600k and £550k. Theres also 2 other flats further down the rd from you near the recreation ground £650k and £550k.


None have outside space, which is a real premium in London.


Based on price alone (and not knowing the length of the leases or service charges etc....) i would be tempted to go for either of Fullham Palace Rd @ £550k or Lillie Rd @ £550k and suffer not having a garden.


On the flip side, if someone wants to, there are 2 bed flats for over £1m near by so its not like ypur at the ceiling price for the local market.


I dont know the market for that part of London im afraid (i lived in North London [Finchley Rd) and sold a 3 bed top flor flat approx 8 years ago for £480k having paid £265k just 4 years ealier. ive since moved out of London.

steampowered

EAs are incentivised to secure a sale as quickly as possible.

The sale price makes almost no different to the EA's commission, certainly not enough for them to bother spending more time on the property.

If you feel that your offer price is fair and there is no need for as quick sale, I would leave it where it is.

quantumlobster

Couple of data points:

For less than twice as much money, I can get much more than twice as much house on the same road:
https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=63230041&sale=6798796&country=england

(aside: yeah yeah london prices, but that's a !!!! garden for a million quid plus)

If I'm a buyer and I click on the "market info" tab of Rightmove, what's happened to your flat that it's doubled in value in nine years? Other flats in the area also increased sharply, but most seemed to go up 25-30%. Not saying the value hasn't been added - but it's not clear how this has happened.

Also - "secluded garden" probably shouldn't mean "also overlooked by every property in the vicinity", which is clear from the photograph

Wide angle photos also means that the property looks way smaller in person than it does on the interweb. Picture 4, forex - how wide is that door?! Also, all those angles on the kitchen ceiling would make me nervous about what's above.

Love your big window, though. That's just fab.