No good offers in 6 weeks, drop price?

Crashy_Time

How do the EA`s explain their vastly differing guesses as to the value of your house, can`t they be more accurate using recent sales?

buzzyzoe

In London, if a property is not selling, it is down to price.

As others have said, for the size of the property, this seems expensive to me. It is a really gorgeous flat and doesn't need anything doing to it, so I can see how it would command a premium in that sense, but you will never be able to overcome the lack of floor space.

Personally, I would drop the price. Ultimately, it will always find the right price or it just won't sell.

Crashy_Time

buzzyzoe wrote: »

In London, if a property is not selling, it is down to price.

As others have said, for the size of the property, this seems expensive to me. It is a really gorgeous flat and doesn't need anything doing to it, so I can see how it would command a premium in that sense, but you will never be able to overcome the lack of floor space.

Personally, I would drop the price. Ultimately, it will always find the right price or it just won't sell.

Couldn`t you say that for anywhere though?

SouthLondonUser

Also, OP, don't forget that, at your asking price of £675k, stamp duty would be £23,750. With that amount, you can probably rent a comparable property for 10-14 months. When the market was constantly rising, stamp duty wasn't a big deal because it was very likely to recover it (in terms of price increase) very quickly. Now that's no longer as likely - in fact, property prices may even continue to go down, so you can't really blame people for continuing to rent, at least till there is a bit more certainty on Brexit.

PixelPound

The EA is wanting a sale, so lowering the price should help, but it does mean you get less. It depends how soon you need to sell.

You need to determine if its priced right, look at other nearby flats for sale, say +/-100K. Does yours have anything more than those lower than yours that justifies the higher price bracket, Lowering it to around those might help.

Also look at the sold house prices for the area. Seems to be a few recent ones sold for 10% less
https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=63624160&sale=7328512&country=england
https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=27961022&sale=7308559&country=england
https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=62214346&sale=7308562&country=england

buzzyzoe

Crashy_Time wrote: »

Couldn`t you say that for anywhere though?

Not necessarily, if you're trying to sell a property on the Outer Hebrides, it may not be selling due to the location rather than the price. My point was that in London, the property market moves faster than anywhere else and if a property is keenly priced, it will sell (It may be to an investor but it will still sell)

Crashy_Time

buzzyzoe wrote: »

Not necessarily, if you're trying to sell a property on the Outer Hebrides, it may not be selling due to the location rather than the price. My point was that in London, the property market moves faster than anywhere else and if a property is keenly priced, it will sell (It may be to an investor but it will still sell)

I wasn`t talking about the Outer Hebrides, I meant towns/cities outside London with reasonable population size and a going economy, the same rules apply but on a smaller scale. It is probably at least a couple of decades since anything in London was "keenly priced" though? The only hope for money savers now is the US Fed..........and anyone else who is going to help push rates up.

Crashy_Time

nic_c wrote: »

The EA is wanting a sale, so lowering the price should help, but it does mean you get less. It depends how soon you need to sell.

You need to determine if its priced right, look at other nearby flats for sale, say +/-100K. Does yours have anything more than those lower than yours that justifies the higher price bracket, Lowering it to around those might help.

Also look at the sold house prices for the area. Seems to be a few recent ones sold for 10% less
https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=63624160&sale=7328512&country=england
https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=27961022&sale=7308559&country=england
https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=62214346&sale=7308562&country=england

You also need to look at transaction figures.