No good offers in 6 weeks, drop price?

AnotherJoe

AHannabee wrote: »

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?

Not necessarily. It may be there's such a disconnect between your AP and what people are willing to pay no one thinks you would take what they think is a realistic offer.
The other issue is that people are holding back from moving so there are fewer people willing to move.
If you are buying in the same area, the same should apply to your purchase as well. Are purchase prices high in your estimation and not moving ?

P.s. now seen the pics. I'd say this is a niche property because of the single large room. It's not going to appeal to most families because with one room for living in this only works for a singleton or childless couple (and at most one baby and even with one child you'd be thinking what happens when they are older so why buy now if you'd want larger ina year or two ) Also the pictures seem to be taken with very wide angle camera so as another poster said people who view are then hit by the disconnect between the picture and reality. Which all comes down to, too expensive or wait for that niche buyer.

dlmcr

2 things that really jump out from looking at the rightmove link:


- I really struggled to understand the kitchen / living area. Is it a kitchen? Is there a separate living room? I had to look at the floor plan to confirm that in fact the kitchen area is it in in terms of reception rooms and you would need a dining space and living space there which at the moment seems to be occupied by a large piano. I can't visualise this area as a living space, plus that is a very small living space.
- Bathroom has no bath, and this would be a deal breaker for me. Who is the property being marketed to? Singles? Yound families? If young families I would expect you would need a bath not just a shower.

I am not going to comment on whether 675k is considered to be good value for money, the fact that you are having viewings suggests that the price is not a million miles out however viewers are disappointed by the reality of what they see when they view. Time to get candid feedback from the agent and if they can't provide this then change agents.

Cakeguts

That one offer is probably nearer to what people are prepared to pay you for the flat than your asking price at the moment. If you reduced the property how much would the offer be lower than your new asking price?

AHannabee

Firstly thanks everyone so much for taking the time to look into this and reply - really appreciated!

@Thrugelmir - Feedback initially was that the living space didn't fit a table, until we put one in. Since then we've had one feedback of small bathroom (fair enough, it was a compromise we decided we were happy with when we renovated) and that's about it! I'll chase for more details now.

@steampowered - I think you've hit the nail on the head! The EA just wants a quick sale and as Freakonomics taught me, they really don't benefit much from the higher price...

@singhini - thanks for the compliments! We've lived here 8 years and love it. Personally I wouldn't buy a flat on Fulham Palace Road as it's such a busy road. We're off it and in a nice quiet tree lined street that is more us, but I totally get your point. I think we're looking for a buyer who really wants a garden.

@quantumlobster (great name) - the extra added value comes from the fact we completely renovated the flat (it's all new from wiring/boiler to kitchen/flooring) and converted it from a 1 bed to a 2 bed. Maybe we need to highlight the redesign in the ad more. I agree on secluded garden, I'll ask for that to be taken out of the description. I think the fact it's south facing is more important. And thanks on the windows, we love the light in that room.

@Anotherjoe - as you say we are indeed benefitting from the market being down when upsizing, I feel we're marketing to young couples who want a house to live in for the next 5 ish years until they move further out to have a family (our situation exactly!). I think you've uncovered the other reason we're not getting offers though - those we're getting in the flat are expecting something better than they're seeing, and presumably they're seeing better with their other viewings. This could actually be a good reason to reduce a little (managing expectation...)

@dlmcr - agreed I think the living space initial layout may be causing our issues.

@cakeguts - I hope not! It's £70k less than what we would be happy to accept (in order to be able to buy what we want!).

Thanks again on the feedback. I'm going to sit on the price and have a think about what we really think it's worth and then make a decision there, but we'll get new photos taken in the meantime and I'll edit the ad to reflect some of the above. Fingers crossed! I'll let everyone know how we get on

Wobblydeb

Yep, the wide angles photos are great at making somewhere look more spacious, and you've not got a lot of furniture which adds to that. Unfortunately the reality hits when the viewer turns up and stands in the middle of the room, or tries to figure out where to put a dining table.

The reception room and garden remain your selling points, but lack the "wow" factor. Sort out the furniture in that room (and relocate the piano temporarily) - for £675k it is worth renting or buying some furniture specifically for the space. I would also spend some time and money making the garden amazing and I think you'll sell. Is there also any way you can make the small area outside the master bedroom more inviting? Wall covering plants, a small table and chair?

somethingcorporate

https://www.rightmove.co.uk/property-for-sale/property-66988159.html


I think the place looks great! You may just need to be patient. A lot of uncertainty in London right now and prices stagnating / starting to fall.

HorrorHound

Honestly? It’s gorgeous but doesn’t scream family home. Personally I’d buy/borrow some home office supplies and set the nursery up as a home office for the pictures and/or viewings and really push the place for single/couples that aren’t wanting kids or at least not yet.

If I didn’t have a family I’d have that place with a home office, fairy lights and plants around the table to give somewhere lovely to enjoy a glass of wine after work.

Just an idea...

Fosterdog

The flat is lovely, very well presented and a very nice style but too small to be a 2 bedroom flat. If I were living there I would have one room as a living/reception room, one bedroom, and your current living/kitchen as a kitchen/diner. The lack of a bath would put me off slightly but I'd still consider it with just a shower.

As others have said though you do need a new set of photos that are not taken with a wide angled lens, it distorts them too much and makes the rooms and features look odd.

If it's priced as a 2 bed flat then that could be the problem, people who need a two bed flat unless using one room as a guest room or home office also need more family space and this flat just doesn't have it.

AHannabee

Thanks @Wobblydeb, @somethingcorporate, @HorrorHound and @Fosterdog. Lots more food for thought! We'll see what we can do to make it more appealing...

SouthLondonUser

As others have said, it's a small two-bed flat which is not very suitable to a young couple with a small child. You are, in fact, selling a one-bedroom flat in which you have put up a wall to "convert" one decent-sized bedroom in two small-sized ones. In many foreign countries, price / surface is the key parameter, clearly highlighted in property portals etc. Here it seems everyone focuses on "price by # of bedrooms, regardless of size".

Asking prices and agents' valuations are totally, completely and utterly meaningless. How about actual sale prices of comparable properties? 2015 was probably peak market time. How does your asking price compare to the actual sale prices of similar, small two-bedrooms in 2015? By all means, don't answer to strangers on a public forum, but to me that would be a more useful benchmark than current asking prices.

Just as anecdote, not too far from there, a house I had my eyes on sold for 6% less than it was bought for about 4 years ago. At the same time, another, similar house is on the market for 40% more than it was bought for 4 years ago (yes, 40%, not a typo). The latter is still on the market despite multiple reductions.