Selling post Brexit

DarcyT

Hi

I know it’s a pretty bad time for selling at the moment but we thought we would have a go so went on the market early August. To date we have only had 3 viewings. My initial reaction was to blame our rather “relaxed” estate agent so we have booked a meeting with another. Straight away though he has mentioned dropping the price again, which we already have done by 15k so not prepared to do again.
My question is shall we come off the market put it an updated kitchen and try again next year?

Thanks
D

hazyjo

I wouldn't update a kitchen to sell. It's unlikely to be to anyone's taste, not likely to be top quality, and most people like the thought of being able to add some value if the rest of the house is modern. Unless the rest is dated too? In which case, I'd definitely not update the kitchen.

AnotherJoe

DarcyT wrote: »

Hi

I know it’s a pretty bad time for selling at the moment but we thought we would have a go so went on the market early August. To date we have only had 3 viewings. My initial reaction was to blame our rather “relaxed” estate agent so we have booked a meeting with another. Straight away though he has mentioned dropping the price again, which we already have done by 15k so not prepared to do again.
My question is shall we come off the market put it an updated kitchen and try again next year?

Thanks
D

A couple of points.

Dropping prices apply to the houses you'd want to buy as well as the one you are selling, so as long as the cost to change is the same or less, it doesn't matter what price your house sells for.
Absolutely do not put a new kitchen in because there's no way you'll get back what you spent on it unless perhaps you are a kitchen fitter with ability to get cheap units as well.

sal_III

What are your motives for selling? Unless you have really low equity price drops post Brexit or w/e aren't that big of an issue as they will equally (more or less) affect the price of your new home.

Anything, but a fresh coat of neutral paint is not going to improve your prospects of selling much. New kitchen before selling is one of the worst ideas. There is slim chance you will match the taste of the prospective buyer. If the kitchen is very dated, just mention on the ad that you are aware of the fact and the price already dropped to allow for a new kitchen.

DarcyT

So it’s a valid to point the finger at the estate agent for not getting the viewings?

RelievedSheff

DarcyT wrote: »

So it’s a valid to point the finger at the estate agent for not getting the viewings?

Not really.

If your house doesn't appeal to people they won't view it!

sal_III

DarcyT wrote: »

So it’s a valid to point the finger at the estate agent for not getting the viewings?

Not really, EAs don't generally round up people off the street to march them for a viewing. If they have your listing on their books and a half-decent RM/Zoopla ad, the reason you are not getting views generally boils down to price.

Even the most decrepit house will sell if the price is low enough. And even the best presented house won't get many views (apart from time wasters) if the price is too high.

If you post a link to the property, people here are generally good at pointing out what's wrong (if anything) with it and the comments are mostly civil/constructive.

lisyloo

August isn’t a great time for selling as lots of people go on holidays.
Did you get any feedback on the viewings?

It’s unlikely your agent is relaxed as this is their livelihood.

I’d be asking for feedback on the viewings. If the house is not miles off on price then you would expect offers.

Thrugelmir

DarcyT wrote: »

My initial reaction was to blame our rather “relaxed” estate agent

What exactly do you expect the Agent to do. To generate interest drop the price when the time is right.

Davesnave

DarcyT wrote: »

So it’s a valid to point the finger at the estate agent for not getting the viewings?

Turn the finger around and point it at yourself if you think the agent's ability is questionable. You were the one who chose them from the agents in your area, whose work is out there for all to see on the various portals. Vetting them is part of what's called 'due diligence.'

I haven't sold a house in 10 years, but it's not difficult to observe which two agents in my area shift the most property, which means they get the ads and the price right more consistently.

That said, your Rightmove/Zoopla/On the Market ad will still be getting views and if people aren't biting, it's possibly because they are not keen to buy right now, or there's nothing suggesting good value on your listing.


It's a tough call whether to come off and re-market in the spring when all the politics have stabilised or whether to give another agent a try. Frankly, I'm glad it's not me making it!

lorralorralaffs

I agree don't bother with changing the kitchen, or anything else much. It's unlikely to really add value.

It's very easy to point the finger at the EA, but there is only so much they can do - if the listing is online and they are showing it to any prospective buyers who may go into the high street branch, then there's not much else they can do. They aren't going to hand out flyers in the street!

It's likely to be a combination of things - price is the big one, but also summer is also generally more quiet, and yes, the big B word is making a lot of people nervous.

FWIW I've had my property on for 4 months and had 2 buyers drop out, and now I'm seeing viewings and interest tail off completely. My EA is doing all they can, and I also am a little wary of dropping the price right now - only because I'm not convinced if I do it will suddenly lead to a rush of extra buyers if buyers are holding off generally. If it doesn't sell within the next month or so I'll take it off and list in the spring, when I will consider a price reduction, and by then hopefully things may start moving again.