House not selling? Think about this.

capital0ne

Has your house been on the market for 10+ weeks?
It's probably over priced and the answer is obvious. You probably took the advice of three or more estate agents, then checked the for sale prices in your area for similar properties and voila you arrived at a price.
Well all you've done is look at a list of prices that houses are NOT selling at. The ones that sold won't be on the list so you wont have a comparison. And the agent wants lots of high price houses on his books so he can charge even more.
You should be looking at list of SOLD prices and pitch your property at that level.

Proof is a friend of mine who flips houses, the current one started at £139k (two bed terrace in Cornwall) - six weeks no sale and few viewings, dropped to £132.5k and it sold (STC) within a week!

Good luck folks and Merry Xmas :beer:

middleclassbutpoor

I did what you said and then put my property on for £15k more and it sold within 2 weeks for full asking as I had renovated, giving the new owner, new boiler, windows, kitchen etc.

It goes beyond just looking at sale prices, its knowing where your house sits in comparison to those that sold.

capital0ne

middleclassbutpoor wrote: »

I did what you said and then put my property on for £15k more and it sold within 2 weeks for full asking as I had renovated, giving the new owner, new boiler, windows, kitchen etc.

It goes beyond just looking at sale prices, its knowing where your house sits in comparison to those that sold.

Good point, obviously you need to compare, and well done, for those of you that haven't upgraded and spent a few thousand on a new boiler (£1k - £5k), new kitchen (£2k to £10k) and a new bathroom, (£2k - £10k), and youve been on the market for 3+ months, then bear in mind you're one of the many thousands in the band valued at NOT selling at.

Good luck and well done middleclassbutpoor :T

AnotherJoe

Where's the logic in your statement OP? Agents aren't bothered about a few pounds more, a quick sale is worth far more to them than hanging on for weeks for a sale that won't happen.
Of course sometimes they will put forwarda high price to win the deal vs other agents and some times unrealistic vendors will insist ina higher price.

capital0ne

AnotherJoe wrote: »

Where's the logic in your statement OP?

Well the logic is seeing the same list of properties for sale over a periods of 6+ months. The only conclusion is that this is a list of properties NOT selling at the price being asked. So why would you position yourself in that list?

You need to be in the list of SOLD AT prices, but that list isn't displayed, you need to create it yourself. Or ask the agent for it.
Of course you may be happy to wait a few years to sell and wait for the SOLD AT price to reach your NOT SELLING AT price.

tori.k

That's the lower end of the market for Cornwall a two bed under 140 means they were selling in an area that would always be a hard sell to begin with, as he was getting viewings at 7k more he's probably dropped a little too far even for somewhere like the Clays, Camborne or Liskeard.
Its a win for everyone

middleclassbutpoor

But you could get someone on my street now wanting to sell at my sold price... It just doesn't work that way unfortunately.

It's not a static market where the price of one property is intrinsically linked to another. Lots of variables involved.

What happens if you have a house where the last one was sold was when that property was overlooking green fields but now has planning for the new HS2 railway to pass by now... or you have a property which was overlooking an industrial site but has been converted into residential etc..

Having your house on the market at this time of the year may take longer than say spring/summer etc.

There is some sense in that if a property isn't shifting, it could be price but equally it doesn't necessarily mean that you should move it to a sold price which may have no bearing on the actual value of your property.

Other than that - agree completely.

capital0ne

middleclassbutpoor wrote: »

What happens if you have a house where the last one was sold was when that property was overlooking green fields but now has planning for the new HS2 railway to pass by now... or you have a property which was overlooking an industrial site but has been converted into residential etc..
Other than that - agree completely.

Aha, no HS2 down in the Southwest so that's not a problem, but of course a huge wind turbine could be planned.

Obviously anything could happen that could affect the price of a property. But generally the prices you see in a list of for sale properties is the NOT SELLING AT price - I'm afraid it's as simple as that. The longer a property has been on the list the more likely this is the NOT SELLING AT price.

Davesnave

capital0ne wrote: »

You need to be in the list of SOLD AT prices, but that list isn't displayed,

Prices houses sell at are published about 3 months afterwards by the Land Registry and then uploaded to a number of price web sites.

This is hardly headline news!

Anyway, not everyone lives in a boring, standard sort of house on an estate where such comparisons are easy. If a house has a unique selling point, there's no harm in the vendor floating it at a slightly optimistic price if they aren't in a hurry.

capital0ne

Davesnave wrote: »

Prices houses sell at are published about 3 months afterwards by the Land Registry and then uploaded to a number of price web sites.

This is hardly headline news!

Anyway, not everyone lives in a boring, standard sort of house on an estate where such comparisons are easy. If a house has a unique selling point, there's no harm in the vendor floating it at a slightly optimistic price if they aren't in a hurry.

Surprisingly most people DON'T know about finding sold at prices from the land registry. Of course everyone on MSE knows because we read MSE and we're smarter than the average punter out there.

And surprisingly most people DO live in a boring 'all the same' estate, of course none of us here do. we all live in designer houses which are unique in them selves and sell way above the average price.

My post was aimed at those who DO live in a boring house and it get's over valued so it remains on the NOT SELLING AT list that agents provide.

Merry Xmas folks :cool:

Crashy_Time

capital0ne wrote: »

Surprisingly most people DON'T know about finding sold at prices from the land registry. Of course everyone on MSE knows because we read MSE and we're smarter than the average punter out there.

And surprisingly most people DO live in a boring 'all the same' estate, of course none of us here do. we all live in designer houses which are unique in them selves and sell way above the average price.

My post was aimed at those who DO live in a boring house and it get's over valued so it remains on the NOT SELLING AT list that agents provide.

Merry Xmas folks :cool:

Except in some cases when it comes to the fact that cheaper property benefits ordinary people?