Help my flat isn't selling and has been on the market since Oct 2018 ☹️

Crashy_Time

ProDave said:

This is a sad situation. I have mentioned before that many parts of the UK the market has been very slow since the GFC and has never really recovered, and prices are still pre 2008 levels and have never got back to that. People in the south just can't comprehend that.

I am surprised it has not sold recently.  Even where I am, at the start of the year before Covid came along, houses were selling and some going to a closing date, something I have not seen for a while.

If it has been on with the same agent for 2 years, I think it will be viewed as stale. Re list it with a different agent, different set of photos and better description.

But now you are in the lap of the gods until we find out what Covi-19 has done to the market.

I`m sure that many in the South will be cheering loudly when prices start to slip there as well.

Crashy_Time

Lover_of_Lycra said:

AdrianC said:

Here's the 2019 listing for number 7 - it was an auction sale...
https://www.zoopla.co.uk/property-history/7-station-road/kelty/ky4-0bl/52141866

I think the OP's has an edge on this - which makes me wonder if auction might be the way to go here...?

Agree that the listing isn't doing it any favours, nor is the use of an online agent.

Number 7 was snapped up by a BTL investor, no great surprise there. I think an auction to attract BTL investors might be the way to go too as I think it's likely to be the target market for this type of property in this particular area.

Surprises me TBH,  I don`t think the area is a natural BTL  hotspot?

Unicorn_cottage

@Mcgowan1988 - I know it is hard but you need to try and remove the emotion from this situation. You need to investigate your options in terms of costs etc and work out which is going to be "best" for you although I appreciate it may not be the optimal outcome.

What does your contract with your Estate Agent say? Can you walk away now without penalty? What fee did you agree with them initially?

Could you get advice from some other local Estate Agents about the market for you property and how much their fees are?

Have you looked at selling by auction? You could ring some of them and enquire about costs and what they think the property will sell for. My Uncle just sold through auction but this was organised through his estate agent so he ended up paying fees to both the Estate Agent and Auctioneer which was very expensive in my opinion.


Get everything down on paper or a spreadsheet or whatever then have a sit down with your partner and decide what will be the best way forward. Unfortunately you may have to take a hit but it sounds like you really need a clean break. Let us know how you get on

GDB2222

AdrianC said:

Here's the 2019 listing for number 7 - it was an auction sale...
https://www.zoopla.co.uk/property-history/7-station-road/kelty/ky4-0bl/52141866

I think the OP's has an edge on this - which makes me wonder if auction might be the way to go here...?

Agree that the listing isn't doing it any favours, nor is the use of an online agent.

That’s a 2 bed flat. Not as nice as the OP's flat but the extra bedroom is definitely a plus. 

kasqueak

I know as a buyer I always search on rightmove, Zoopla etc by “newest listed”. Most people won’t even get down the listings to your flat which will be at the bottom. People might even assume it’s been sold but not removed from the website as it’s been on so long. Or people will think there’s something wrong. 

I think you need to take it off the market. 

Then get 3 different agents round for valuations. Go with a new agent, get fresh pictures, give the agents a bullet point list of what you want mentioned on the advert. Boast about its good points. I know as a buyer I’m interested in whether it has parking, outside space, how long left on the lease. I think it’s a nice flat I just think it needs a fresh marketing job with a new estate agent. 
 

jacko74

ProDave said:

This is a sad situation. I have mentioned before that many parts of the UK the market has been very slow since the GFC and has never really recovered, and prices are still pre 2008 levels and have never got back to that. People in the south just can't comprehend that.

I am surprised it has not sold recently.  Even where I am, at the start of the year before Covid came along, houses were selling and some going to a closing date, something I have not seen for a while.

If it has been on with the same agent for 2 years, I think it will be viewed as stale. Re list it with a different agent, different set of photos and better description.

But now you are in the lap of the gods until we find out what Covi-19 has done to the market.

I'm not sure what's so sad about prices not ''recovering'' back to post 2008 levels?... Prices that were only brought about by mass fraudulent and irresponsible lending and borrowing resulting in an unsustainable bubble that almost brought down the entire economy.

ProDave

jacko74 said:

ProDave said:

This is a sad situation. I have mentioned before that many parts of the UK the market has been very slow since the GFC and has never really recovered, and prices are still pre 2008 levels and have never got back to that. People in the south just can't comprehend that.

I am surprised it has not sold recently.  Even where I am, at the start of the year before Covid came along, houses were selling and some going to a closing date, something I have not seen for a while.

If it has been on with the same agent for 2 years, I think it will be viewed as stale. Re list it with a different agent, different set of photos and better description.

But now you are in the lap of the gods until we find out what Covi-19 has done to the market.

I'm not sure what's so sad about prices not ''recovering'' back to post 2008 levels?... Prices that were only brought about by mass fraudulent and irresponsible lending and borrowing resulting in an unsustainable bubble that almost brought down the entire economy.

It is sad for anyone that paid peak price and now 12 years later still can only sell it for less than they paid.

AdrianC

GDB2222 said:

AdrianC said:

Here's the 2019 listing for number 7 - it was an auction sale...
https://www.zoopla.co.uk/property-history/7-station-road/kelty/ky4-0bl/52141866

I think the OP's has an edge on this - which makes me wonder if auction might be the way to go here...?

Agree that the listing isn't doing it any favours, nor is the use of an online agent.

That’s a 2 bed flat. Not as nice as the OP's flat but the extra bedroom is definitely a plus. 

Ouch, you're right...

NinjaTune

Lovely flat, terrible listing.  Find another EA who will market it properly.

Needs photos of the garden - following lockdown this is one of the top 'wants/must haves' for people looking to buy at the moment.

Mention the parking as this is very important for a lot of people.

Nick some of the listing info from the auction property - there should be mention of easy access to Dunfermline, Edinburgh and Perth.  Mention the local country park and forest being in easy reach and list some of the local amenities (shops, health facilities etc.).  

State that the bedroom has a new en-suite shower room and separate wc.

Neutral pictures and some indoor plants will add warmth to the rooms without having to put more furniture in and can be removed after the sale.

Get better photos of all rooms including the basement and have more photos altogether (garden, different room angles, parking etc.).

MysteryMe

I know that 90% of the time the lack of sale is simply down to price but that is a shocking listing. I wouldn't reduce anything until it's at least been marketed properly. A garden and parking are huge omissions. Other important information such as heating also missing. What kind of estate agent would focus on a cellar instead? First thing tomorrow, go in and end the contract if you are able to. If not, feel free to refer the agent to this thread and tell them to do their job properly.