No viewing requests in first week?

eidand

Isn't it a bit too early to think about reductions? Assuming of course you didn't overprice it to begin with. 
A week is nothing, wait 6-8 weeks then you'll have a better idea

Angela_D_3

Deleted_User said:

Aaroncity2 said:

Thanks to everyone for your responses so far!
So are key selling point is we are in an area called Noak Bridge, which is much more desirable than other areas in Basildon. However, I take the point about not being near a train station.
The pond is a sore point, with all the dry weather we've had it has all dried up, which is such a shame as our flat overlooks the 'pond'.
I also take the points about pictures of the front door area, parking spaces and outlook - I am going to raise this with Yopa.
Finally, I hadn't realised Guide Prices would be potentially off putting. We paid £230k back in 2018 so not really willing to take a loss as it's worth the money. Sounds to me like the timing is wrong and hadn't thought about others not considering flats now - seems to be the perfect storm.
We wanted more space too as I'm working from home full-time, but so many are in that boat too. Our goal was to get everything in place so we could save on the stamp duty like so many others.
Thanks for your help so far everyone!

Have you considered dropping the price by roughly what you'd expect to save via the stamp duty holiday? e.g. if you're expecting to save 15k in stamp duty fees from your onwards purchase then reduce the asking price for a little under that much. I know it means you won't benefit from it but you won't lose out either and might get you a quicker sale. 

And push the losses up the chain, if you have to drop by £10,000 so does the next person.  The only winner is the first time buyer which is absolutely the intention of the stamp duty holiday.

Angela_D_3

eidand said:

Isn't it a bit too early to think about reductions? Assuming of course you didn't overprice it to begin with. 
A week is nothing, wait 6-8 weeks then you'll have a better idea

We had 14 viewings and an offer by the Tuesday, went on the market on the Friday.   It's all about the first month of marketing these days 

[Deleted User]

Angela_D_3 said:

Deleted_User said:

Aaroncity2 said:

Thanks to everyone for your responses so far!
So are key selling point is we are in an area called Noak Bridge, which is much more desirable than other areas in Basildon. However, I take the point about not being near a train station.
The pond is a sore point, with all the dry weather we've had it has all dried up, which is such a shame as our flat overlooks the 'pond'.
I also take the points about pictures of the front door area, parking spaces and outlook - I am going to raise this with Yopa.
Finally, I hadn't realised Guide Prices would be potentially off putting. We paid £230k back in 2018 so not really willing to take a loss as it's worth the money. Sounds to me like the timing is wrong and hadn't thought about others not considering flats now - seems to be the perfect storm.
We wanted more space too as I'm working from home full-time, but so many are in that boat too. Our goal was to get everything in place so we could save on the stamp duty like so many others.
Thanks for your help so far everyone!

Have you considered dropping the price by roughly what you'd expect to save via the stamp duty holiday? e.g. if you're expecting to save 15k in stamp duty fees from your onwards purchase then reduce the asking price for a little under that much. I know it means you won't benefit from it but you won't lose out either and might get you a quicker sale. 

And push the losses up the chain, if you have to drop by £10,000 so does the next person.  The only winner is the first time buyer which is absolutely the intention of the stamp duty holiday.

What? 

All I suggested was if the OP is desperate to sell then they could drop the asking price by however much they expect to save on stamp duty, or a little less. What does that have to do with the rest of the chain? I'm not following you... 

getmore4less

looking at the lower priced 2 beds.

forsale/SSTC
price....2b.........3b+
0-100 00/04
0-125 02/11 
0-150 05/14 1/02
0-175 16/25 1/05
0-200 45/55 1/12
2 bed numbers get better under £200k

looking at what has been put on up to 250 in the last 2 weeks
(includes price drops)
price 2b  
0-200 12/2  0/1
0-250 39/3 6/2
thats not looking good.

keep an eye on the sold through data June completions are coming through

eidand

Angela_D_3 said:

eidand said:

Isn't it a bit too early to think about reductions? Assuming of course you didn't overprice it to begin with. 
A week is nothing, wait 6-8 weeks then you'll have a better idea

We had 14 viewings and an offer by the Tuesday, went on the market on the Friday.   It's all about the first month of marketing these days 

I am not convinced on this. Many properties take longer to sell, mine for example took 2 months, others I had an eye on have been on the market 4, 6 months and sometimes even more. It's definitely not just about the first month, I would say.

Besides when people are looking they won't look exclusively at recent additions to the market. 

numbercruncher8

I would say the first month provides a disproportionate amount of activity.
Comprising of existing interest on the agents books, plus appearing as new for the first time in people's searches. 

In 2019 the average time to go under offer was 50 days, would have thought it was quicker than that in the years before hand, and slower than that now. 

Those times would also be skewed upwards by properties which sit on the market ages, because their owners have to sell for a certain price. Properties can sit for years on there before getting offers.
 
As always, averages are rather meaningless. If you are kite-flying and hoping for a bite, waiting around for 50 days because that's the average amount of time it takes is not going to help you much. On the flip-side on the rare times I have seen a rare combination of good property and bargain price, it usually is gone very fast. 

getmore4less

Median time to go to offer would be a better indicator than average 
You could add the 25% and 75% times to get an even better indicator.

Racky_Roo

eidand said:

Angela_D_3 said:

eidand said:

Isn't it a bit too early to think about reductions? Assuming of course you didn't overprice it to begin with. 
A week is nothing, wait 6-8 weeks then you'll have a better idea

We had 14 viewings and an offer by the Tuesday, went on the market on the Friday.   It's all about the first month of marketing these days 

I am not convinced on this. Many properties take longer to sell, mine for example took 2 months, others I had an eye on have been on the market 4, 6 months and sometimes even more. It's definitely not just about the first month, I would say.

Besides when people are looking they won't look exclusively at recent additions to the market. 

I would have to agree. It took me 3 weeks to get viewings on my 2 bed flat and then I got an asking price offer. I'd also expected a rush in the first week but nothing. I think people are needing to tie up chains and some are away on holiday. In my area flats tend to sell to downsizers and they often aren't on RM every day. I would hang on until you've been on 4 weeks before dropping the price

happysellerbuyer

Is Yopa actively chasing buyers. A local agent would be much better in this climate.