Advice on selling my flat please.

whoever

Hi,

I live in Southampton and have had my flat on the market for quite some time now Basically theres quite a few appartments up for sale in my block of flats, so I priced mine low to get a quick sale - up to £15K under some of the other properties. I've also got a top floor flat which has the added advantage of loft access. The flats coming to 3 years old (I bought it off plan) so it still has 7 years NHBC cover and is in good condition.

So I'm really looking for some advice on what I should do - especially from flat buyers in this area. The options as I see it are:
1. Give the flat a coat of paint to make it look even better.
2. Get rid of my furniture (some of which is inheritted from mine and my partners parents) and buy more modern furniture to give it that modern feel.
3. Theres too many flats on the market in Southampton at the moment so theres not much you can do

I've looked into part exchanging for a new property, but most don't have garages are overpriced and very small. So I think I'd be better off selling my property in an auction and buying another property for less money. My way of thinking is that it would cost me less to sell in an auction and buy an older house, than it would be to part ex and buy an overpriced new one.

Another thought I've had is that people are buying new properties, but unable to part ex. theirs as theres not enough price difference for the builder to do it. So has anyone had any experience of buying a property off someone that is buying a new property and part exchanging theirs with the builder to tie the loop?

kamaran

You have to do as much as you can for as little money. Start off by painting because it will give you the most dramatic benefit for the least expense.

Rent some furniture in the style which should appeal to your target market (im guessing young professionals). Although I always hear about people renting furniture on TV I have never seen a place that offers this service! If you find one please let me know.

Put it on the market with multiple agents if you want a quick sale, play them off against each other to make sure they arent charging you above 2% for mutliple agency.

In general it seems the market is saturated with flats and apartments in city areas. First time buyers are holding on to their cash, whilst family houses are still selling well due to people reinvesting their equity.

The problem with you dropping your asking price is everyone may drop their price to the same level. Therefore potential buyers wont see yours as a bargain but at the 'going rate'. Therefore buyers will still put in around 90% of your lower price leaving you worse off overall.

meanmachine_2

I don't know the Southampton area very well, but as a potental FTBer I have to admit that buying an "old" new build in an area like yours would be bottom of my list.

Sorry.

This is the problem with new builds and large developments - they're not new anymore and you're always likely to be up against at least a dozen other sellers in your block.

Unfortunately, in your case, most of these flats were probably bought as BTL investments and these "investors" are now getting out of the market.

I'm not sure that adding a coat of magnolia is going to help you. If it's a newish property won't it already be in good nick?

These "luxury" apartments in non-premium areas (ie anywhere except London and Manchester) are, I think, really going to suffer in the next few years.

As Kamaran points out, you have to be quite aggressive with agents. If you want a quick sale I'm afraid you will have to consider dropping the price.

Good luck, and let us know how you get on.

Sput2001

Places like Fully Furnished do furniture rental, but you might find it's cheaper just to head down to your local Ikea (or somewhere similar) and buy stuff instead.

I'd definitely spend a few quid and a few hours repainting, though.

margaret_3

There's a super poster on here---I think she's new to mse---but she is SO helpful.
She was an estate agent but now works for herself. She gave me terrific advice.
I don't think she's on too often but you could send her a pm. Her name is Mandi.
I hope this helps.
Margaret

meanmachine_2

I guess it's all about targetting your property to the type of people who *are* buying right now.

Look on nethouseprices and see if/whether other properties in your block have sold, and if so when.

Or it's just a case of you sitting tight, withdrawing your property and trying again in March, during the next "Spring bounce". In the meantime keep a close eye on the market and hope that things pick up.

But as I say, I'd class myself as a "young professional" (well youngish), on an above average wage and I was priced out of the market years ago.

No lick of paint or Ikea table is going to change that fact.