Average time to sell a property?

G_M

Is it freehold or leasehold - they seem to be a mix.


Leasehold 2 bed semis in Walkercourt have sold for 109 - 120 in the last couple of years.

MNM2903

I was just asking out of curiosity to be honest. Estate agents tell you we can have this sold in a month or a couple of weeks etc, obviously they want your business hence why I posted here. The valuation was between 120k & 130k I went for a guide price of 125k expecting to get people offering less but also with an aim to get as close to 125k as possible, not sure about others but that seemed sensible to me.

MNM2903

Cakeguts wrote: »

Your comparisons have to be with actual sold prices not what others have listed their houses for. So how many houses on your estate that are the same type as yours have sold for £125k in 2018?


I can't find the one that sold for £123k it doesn't seem to be on the list for your road. You can't compare to a house in a different road it may have appealed more than your road there could have been something more about it.



A house is worth what someone will pay for it not what the estate agents tell you it is worth. They usually overvalue to get your business.




How many houses have sold in your road? Not on the estate but in your road? What can make a similar house more valuable can be as simple as which direction the back garden faces, or the parking space or the size of the garden.

If you look on Zoopla at the ones sold for £121,995 those are the same properties however they were sold by Bellway, you then have to consider these properties don't come with flooring or garden done or even a fence. That's not cheap to get done so this need to be considered when looking at the valuation as well.

Davesnave

MNM2903 wrote: »

If you look on Zoopla at the ones sold for £121,995 those are the same properties however they were sold by Bellway, you then have to consider these properties don't come with flooring or garden done or even a fence. That's not cheap to get done so this need to be considered when looking at the valuation as well.

No one is going to pay extra because you have done something to the garden, put up a fence or laid some carpet.

When Bellway sell properties, they're new, which is the most important factor in purchasers' minds. Yours is second hand.

Which would you rather have: a brand new car, or one with £35k on the clock, a set of mats, an upgraded stereo and 2 or 3 car park scrapes?

Davesnave

Monkeysocks42 wrote: »

What a sweeping statement! I live in a three year old house. Several neighbours have sold for WAY more money than they paid for their houses and my next door neighbour has recieved an offer for £35k more than he paid for his house three years ago.

And you live in Newcastle?

Just editing to add that I have nothing against the North East; just bearing in mind that it isn't usually a fast-moving area, compared with places like Bristol.

We are also at one of the worst times to be selling, just about anywhere, for a long time.

I remember the last time selling was hard and what eventually got my house sold. It wasn't the brand new bathroom or the nicely block-paved drive; it was the price. £60k reduction.

MNM2903

Davesnave wrote: »

And you live in Newcastle?

(Just editing to add that I have nothing against the North East, just bearing in mind that it isn't usually a fast-moving area, compared with places like Bristol. We are also at one of the worst times to be selling, just about anywhere, for a long time.

I remember the last time selling was hard and what got my house sold. It wasn't the brand new bathroom or the nicely block-paved drive; it was the price.

Yeah Newcastle, thanks for your input which seems a sensible one compared to a few I've had. I know it's a bit of a funny question with no real answer I just wondered what people experience/knowledge could tell me.

MNM2903

Davesnave wrote: »

No one is going to pay extra because you have done something to the garden, put up a fence or laid some carpet.

When Bellway sell properties, they're new, which is the most important factor in purchasers' minds. Yours is second hand.

Which would you rather have: a brand new car, or one with £35k on the clock, a set of mats, an upgraded stereo and 2 or 3 car park scrapes?

Don't think that's quite the same. In buying an older house once we move from here. Houses and cars are not the same mate.

Moving in to a new house you get all the snagging issues to deal with, natural settling of the house causing cracks etc skirting boards cracking and needing repair etc. I would also argue that flooring etc would be more appealing, I know I would have paid more so long as it was to my taste rather than having the hassle of getting that sorted myself. When property is valued in pretty sure they take in to consideration the finish, if you were buying a house would you rather have a back garden that looked like a skip or one that has a nice clean garden?

babyblade41

From the photos and not having the benefit of others sold on the road then it will always be the most enticing offer which swings it.

If EA said between 120-130 I would have gone for maybe 115 because when you get a lot of interest someone will offer with emotion and they will want it and then you might get over that 115 figure (Might)

It depends how quickly you want to sell but if there are a lot of identical properties in the vicinity and no offers after about a month then sadly the price will be the biggest factor

Cakeguts

MNM2903 wrote: »

Don't think that's quite the same. In buying an older house once we move from here. Houses and cars are not the same mate.

Moving in to a new house you get all the snagging issues to deal with, natural settling of the house causing cracks etc skirting boards cracking and needing repair etc. I would also argue that flooring etc would be more appealing, I know I would have paid more so long as it was to my taste rather than having the hassle of getting that sorted myself. When property is valued in pretty sure they take in to consideration the finish, if you were buying a house would you rather have a back garden that looked like a skip or one that has a nice clean garden?

You bought a house with a back garden that looked like a skip I assume, so if you did then others might but only if the house is new. If it is not new then you expect to get a nice garden in the price you don't expect to have to pay extra for something done to a garden. Once a house is second hand you can't charge extra for flooring, garden planting or fences because that is normal to get with a second hand house. If you didn't want to not get your money back you should not have bought new. I think even in the builders information it warns you that you might not get back what you paid for the house if you sell quite soon after it is built. 3 years is quite soon.



Your buyer is buying a 2nd hand house not a new house. It will have 2nd hand floor coverings. You can't expect someone to pay a new price for 2nd hand floor coverings or a 2nd hand bathroom or kitchen. The whole house is now 2nd hand it isn't worth the same as a new one on your estate. So it certainly won't be worth more than a new one cost.



If you paid £123k for it new it is going to sell now for less than that. Estate agents over value to get your business so the £120k is an over valuation as an asking price. This means that you won't get £120k for it. It needs to have an asking price of less than £120k to sell.

MNM2903

Cakeguts wrote: »

You bought a house with a back garden that looked like a skip I assume, so if you did then others might but only if the house is new. If it is not new then you expect to get a nice garden in the price you don't expect to have to pay extra for something done to a garden. Once a house is second hand you can't charge extra for flooring, garden planting or fences because that is normal to get with a second hand house. If you didn't want to not get your money back you should not have bought new. I think even in the builders information it warns you that you might not get back what you paid for the house if you sell quite soon after it is built. 3 years is quite soon.



Your buyer is buying a 2nd hand house not a new house. It will have 2nd hand floor coverings. You can't expect someone to pay a new price for 2nd hand floor coverings or a 2nd hand bathroom or kitchen. The whole house is now 2nd hand it isn't worth the same as a new one on your estate. So it certainly won't be worth more than a new one cost.



If you paid £123k for it new it is going to sell now for less than that. Estate agents over value to get your business so the £120k is an over valuation as an asking price. This means that you won't get £120k for it. It needs to have an asking price of less than £120k to sell.

I paid 110k for it 3 years ago, estate agents all 5 of them gave very similar valuations for what it's worth now which was on average 125k. In not saying carpets and a garden should massively increase the value but a well presented house certainly makes it more appealing.