No viewing requests in first week?

Crashy_Time

You either want/need to sell or you don`t, expecting to get 2018 price, especially after the sort of economic noises coming out of BOE etc. over the last couple of days is unrealistic IMO.

kinger101

If Yopa are anything like Rightmove, you might have had half a dozen people trying to arrange viewings but have given up because the agent can only do 10.15 on a Tuesday every other week.

I does look like a few flats have been on the market a very long time in that area though.

peterhjohnson

AdrianC said:

On a surface level, the price looks about right - plenty of similar flats listed for similar amounts. Nine within half a mile.

I would be cautious with that logic. If a listed price is fair - or even cheap, the property will likely go off the market very quickly and you might never see it. Overpriced properties hang around for months and will certainly be noticed. Sold prices from the Land Registry are more useful.

Story: Near me there's a street I've paid a lot of attention to. A decent semi goes for about 325 perhaps 350 on a good day. Last summer, one of the semis went on the market for 375. I knew it wouldn't sell and four months later, it came off.  Just recently, another semi came on the market at 395! I think it might get 350 - we'll see. Then, the 375 house pops up again for 380! There cannot be many places where a house listed at 375 in 2019 and didn't sell can now get 380 in 2020.  Perhaps the two vendors are feeding off of each other's listing prices?

Here's my evil plan. Next time I'm thinking of selling, I'm gonna bribe several neighbours to put their houses "on the market" for 30% over the odds. Then when mine goes on at 10% uplift, people will think it's a bargain :-:wink:

Crashy_Time

peterhjohnson said:

AdrianC said:

On a surface level, the price looks about right - plenty of similar flats listed for similar amounts. Nine within half a mile.

I would be cautious with that logic. If a listed price is fair - or even cheap, the property will likely go off the market very quickly and you might never see it. Overpriced properties hang around for months and will certainly be noticed. Sold prices from the Land Registry are more useful.

Story: Near me there's a street I've paid a lot of attention to. A decent semi goes for about 325 perhaps 350 on a good day. Last summer, one of the semis went on the market for 375. I knew it wouldn't sell and four months later, it came off.  Just recently, another semi came on the market at 395! I think it might get 350 - we'll see. Then, the 375 house pops up again for 380! There cannot be many places where a house listed at 375 in 2019 and didn't sell can now get 380 in 2020.  Perhaps the two vendors are feeding off of each other's listing prices?

Here's my evil plan. Next time I'm thinking of selling, I'm gonna bribe several neighbours to put their houses "on the market" for 30% over the odds. Then when mine goes on at 10% uplift, people will think it's a bargain :-:wink:

The banks have already tried that one, and it looks to have got us into a right old pickle with an economy based on property always going up facing the strongest economic headwinds for 300 years. PropertyLog is always good for a laugh in the more delusional postcodes though, if anyone needs cheering up.

NameUnavailable

Prices haven't increased since 2018 levels generally and in some cases have dropped - as well as considering prices are forecast to drop generally from where we are right now. You don't want to take a loss so does that mean you wouldn't accept £230K? Of course it depends what you consider a loss as you have lived there for 2 years and if you consider what you'd pay in rent for that time it's not really a loss.

On the face of it I would say you're overpriced. What was did the agents you spoke to before going on the market value it at? It's not been on for that long but no interest at all when it's new to market suggests a problem. Wait a while longer to see if you get any interest, but then you really need to think again about that price.

Crashy_Time

getmore4less said:

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

From a quick browse 5-15k price drops seem common, IMO the OP should be looking at starting at 200k to maybe get some interest going.

breakfast_epiphanies

When I see “guide price” I assume it’s an auction property. 

Crashy_Time

NameUnavailable said:

Prices haven't increased since 2018 levels generally and in some cases have dropped - as well as considering prices are forecast to drop generally from where we are right now. You don't want to take a loss so does that mean you wouldn't accept £230K? Of course it depends what you consider a loss as you have lived there for 2 years and if you consider what you'd pay in rent for that time it's not really a loss.

On the face of it I would say you're overpriced. What was did the agents you spoke to before going on the market value it at? It's not been on for that long but no interest at all when it's new to market suggests a problem. Wait a while longer to see if you get any interest, but then you really need to think again about that price.

The main problem is the backdrop of the biggest economic crisis in living memory, that`s the main problem, but of course like most property it is overpriced as well, which just makes the situation even worse for the seller.

NameUnavailable

breakfast_epiphanies said:

When I see “guide price” I assume it’s an auction property. 

Indeed, it's really an auction term. I ignore guide or asking prices myself and offer what I think a place is worth. The thing I don't get is if a guide price is say, £220-240K why would anyone start their offers at more than £220K?

It suggests to me that the EA has little idea so puts a range of values but again, why would anyone start offering at the top end of the range?

Stupid tactic IMHO, just state a price and accept that people will offer around that.

bucksbloke

Having looked at the amount of flats around you in Noak Bridge, I think you are overpriced for the market you are in. Just because you paid £230k in 2018 does not mean it is worth that now. Value can go up and down. 
I've counted at least four properties doing guide pricing - are you really expecting to sell at the top end?? 
If you want to move, you have to drop the price here.