6 weeks on the market

Halfie

Hi all

We've been on the market about 6 weeks now and have had a few viewings but don't seem to be getting anywhere. Main comments are bedrooms are too small once viewed (can't do anything about that unfortunately) but that it's all completed to a very high standard and is in a great location. We've already dropped from £250k to OIEO of £240k to get more viewers through the door and dropping below is not an option. We paid £225k 2 1/2 years ago (the old pictures are still available on Rightmove so you can see the work that's been done).

My thoughts are:
1. Change order of pics on Rightmove so they are grouped together (and teenagers bedroom isn't the first bedroom you see!)
2. Dress office/spare room as a single bedroom using a cheap bed.

Otherwise, I have no idea what else we can do. Price wise, a house of the same layout but that needed completely updating (bathroom, kitchen, loo and original boiler and with a smaller garden) sold for £210k in December last year.

Any other thoughts or recommendations greatly appreciated.

EDIT: Removed URL as lots of feedback now received.

Exodi

I'll be honest, I haven't looked at your property but generally the same concepts apply with selling.

If you're not getting views, your price is way too high.
If you're getting views but no offers, your price is too high.
If you're getting views and offers, your price is in the right ballpark.

You also make the common mistake of "we paid X a few years ago, therefore we are entitled to Y". What you paid is irrelevant to the current market value of the house. I could go buy a one bed flat for a million pounds tomorrow, that doesn't mean I'll be able to sell it for a million pounds (unless I live in London haha). You mention that a similar house sold for 210k half a year ago but needed some updating; would you say these updates are equivalent to 30-40k? I wouldn't think so but that's what you're asking for. I'm also struggling to see why you consider changing 'Guide Price: £250,000' to 'OIEO: £240,000' a reduction?

I would ignore what you bought it for, take a look at what's selling around you and what for and seriously reconsider your asking price.

tom9980

I honestly don't see the improvements made as being anything particularly special if anything just a like for like replacement and redecoration to taste, there is no added value.

Davesnave

You've made cosmetic changes, which have cost, but you cannot expect others to now fund those with a large increase in price. The movements in the local market will be more influential. What's it been doing in Kettering, particularly your area?

Personally, I'd prefer to go for a £210k one and have my own choice of fittings, and their arrangement, but I appreciate not everyone would.

I wouldn't have taken away the fig tree and other greenery there once was either, as the garden now looks very exposed.

Finally, no one likes OIEO; they'll offer you what they think it's worth or else decide you're inflexible, which seems to be the case. If you can't be flexible, you may enjoy all these improvements a little longer, because it's a tough market in many places currentlyand people who simply have to sell will set the prices this summer.

AdrianC

Halfie wrote: »

We've been on the market about 6 weeks now and have had a few viewings but don't seem to be getting anywhere.

Lack of viewings = poor details.
Viewings, lack of offers = details are doing the job.

Main comments are bedrooms are too small once viewed (can't do anything about that unfortunately)

That's a clue that you're asking too much. Remember, they're comparing your property to others available at the same price.

We've already dropped from £250k to OIEO of £240k to get more viewers through the door and dropping below is not an option.

Why not?
Remember - what you paid and have spent on it does not affect what others will pay.

We paid £225k 2 1/2 years ago (the old pictures are still available on Rightmove so you can see the work that's been done).

So a lick of paint, a kitchen and bathroom that look very similar to the old ones, and maybe a bit of decking over the old patio.
https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=59743700&sale=88786938&country=england

The old floorplan has dimensions, the new does not.

Otherwise, I have no idea what else we can do. Price wise, a house of the same layout but that needed completely updating (bathroom, kitchen, loo and original boiler and with a smaller garden) sold for £210k in December last year.

I think you just answered your own question.

Explain to me why yours is worth more than these?
https://www.rightmove.co.uk/property-for-sale/property-61446930.html
https://www.rightmove.co.uk/property-for-sale/property-70752745.html
https://www.rightmove.co.uk/property-for-sale/property-61467210.html
...because, from the details, they'd all be ahead of yours if I was looking.

Yes, they're all semi while yours is detached. But you are right on a junction, which is not a good thing, in my book.

Halfie

AdrianC wrote: »

Lack of viewings = poor details.
Viewings, lack of offers = details are doing the job.


That's a clue that you're asking too much. Remember, they're comparing your property to others available at the same price.


Why not?
Remember - what you paid and have spent on it does not affect what others will pay.
Because we can't take the next step if we sell for less than £240k here

So a lick of paint, a kitchen and bathroom that look very similar to the old ones, and maybe a bit of decking over the old patio.
https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=59743700&sale=88786938&country=england
There's also been a new boiler installed and moved out of the kitchen.
The kitchen and bathroom in here previously were 30 years old so needed replacing and surely the fact they are similar to the old ones doesn't make a difference?

The old floorplan has dimensions, the new does not.
New dimensions are in description but can ask EA to add if it will make a difference.

I think you just answered your own question.

Explain to me why yours is worth more than these?
https://www.rightmove.co.uk/property-for-sale/property-61446930.html
https://www.rightmove.co.uk/property-for-sale/property-70752745.html
https://www.rightmove.co.uk/property-for-sale/property-61467210.html
...because, from the details, they'd all be ahead of yours if I was looking.

Yes, they're all semi while yours is detached. But you are right on a junction, which is not a good thing, in my book.

We're in a cul de sac, with only 3 houses past us so it's not a junction. The ones you linked to are all on rat run roads where traffic and parking are both horrendous.
And they're period Semis. Without garages.

Thanks, have replied in red.

Halfie

Exodi wrote: »

I'll be honest, I haven't looked at your property but generally the same concepts apply with selling.

If you're not getting views, your price is way too high.
If you're getting views but no offers, your price is too high.
If you're getting views and offers, your price is in the right ballpark.

You also make the common mistake of "we paid X a few years ago, therefore we are entitled to Y". What you paid is irrelevant to the current market value of the house. I could go buy a one bed flat for a million pounds tomorrow, that doesn't mean I'll be able to sell it for a million pounds (unless I live in London haha). You mention that a similar house sold for 210k half a year ago but needed some updating; would you say these updates are equivalent to 30-40k? I wouldn't think so but that's what you're asking for. I'm also struggling to see why you consider changing 'Guide Price: £250,000' to 'OIEO: £240,000' a reduction?

I would ignore what you bought it for, take a look at what's selling around you and what for and seriously reconsider your asking price.

Didn't mean that because we paid £225k we're entitled to more, was just giving the facts

We changed the price to get it into the next banding on Rightmove and more visibility which has got us more viewers and interest but nothing that's converting unfortunately.

Halfie

tom9980 wrote: »

I honestly don't see the improvements made as being anything particularly special if anything just a like for like replacement and redecoration to taste, there is no added value.

Would most people not view changing a 30 year old fittings and boiler as added value?

Halfie

Davesnave wrote: »

You've made cosmetic changes, which have cost, but you cannot expect others to now fund those with a large increase in price. The movements in the local market will be more influential. What's it been doing in Kettering, particularly your area?

Personally, I'd prefer to go for a £210k one and have my own choice of fittings, and their arrangement, but I appreciate not everyone would.

I wouldn't have taken away the fig tree and other greenery there once was either, as the garden now looks very exposed.

Finally, no one likes OIEO; they'll offer you what they think it's worth or else decide you're inflexible, which seems to be the case. If you can't be flexible, you may enjoy all these improvements a little longer, because it's a tough market in many places currentlyand people who simply have to sell will set the prices this summer.

I'll take a look at the market movements but it is very slow here at the mo I think.

Re the tree and garden... the biggest tree that was removed was the neighbours so we had no say so over that. There was another tree on our side garden which has just been lopped back a bit (but appreciate you cant see it in the pics)

OIEO was purely to get into next RM band and thus more visibility.

AdrianC

Halfie wrote: »

Because we can't take the next step if we sell for less than £240k here

That's not your buyer's problem.

Halfie

AdrianC wrote: »

That's not your buyer's problem.

Completely agree, just explaining why we won't drop below £240k. Everyone has their rock bottom price, and that's ours.