Is it a red flag when a property takes a while to sell?

Mutton_Geoff

1122abc said:

Any idea how I’d find this out? 🤔

Flash the colour of your money at them. Make sure they are fully aware that you have the funds all ready to go and will proceed without delay. Some, self included, would be very nervous about a FTB as they tend to be more twitchy about standard survey terms and getting buyers remorse at every step of the way.

eidand

not always. for whatever reason that one buyer who fancied it did not turn up yet.
To give you an example, the one I bought recently had been on the market for a year, it was perfect for me and consider myself very lucky that no one else bought it. We've been in it for 2 months and absolutely love it, it was a great purchase. 
Do your due diligence of course, but don't assume anything.

AskAsk

some people have unrealistic expectation of the price, fuelled by estate agents overvaluing properties, then advising clients to drop the price if no one bites.  some sellers don't listen and keep the price at unrealistic prices.

they may be in no hurry to move or they can't move as they can't afford the next one if they don't achieve the required price for this one.

then there are properties where the seller have just been unlucky and have had buyers that have fallen through several times.  we had a flat for sale where the first 3 buyers dropped out at the last minute because of their own circumstance, so it took the fourth buyer to actually sell.

[Deleted User]

AdrianC said:

The price has dropped because potential buyers thought £625k was too much.
£580k is bringing interested people in... You, for one.

https://www.rightmove.co.uk/properties/81814699#/
It didn't even start at £625k...
7th Jul - £650k
29th Jul - £625k
24th Aug - £600k
15th Oct - £580k

It's very nice, and beautifully presented. It stands need to be - at that price...
There's a whole stack of comparables - and it's looking around the right ballpark now, local wrinkles notwithstanding. But, of course, they're asking prices. And quite a few have been for sale for a while.

So what is selling?
https://www.rightmove.co.uk/properties/72951114#/
https://www.rightmove.co.uk/properties/94510565#/
https://www.rightmove.co.uk/properties/85390732#/
https://www.rightmove.co.uk/properties/82281124#/

@AdrianC - how do you locate that info please ? 

AdrianC

PropertyLog browser plugin.

It's stopped putting it on the property page since their redesign - hopefully temporarily - but it shows it in the search results.

newsgroupmonkey_

I use the PatMa one if you want to try it

https://www.patma.co.uk/page/property-tools-browser-extensions/

Angela_D_3

1122abc said:

Angela_D_3 said:

Not always.  Could be lots going on in the background that have nothing to do with the property itself.  

Any idea how I’d find this out? 🤔

Knock the door and ask them.  I would 

Sandtree

What would you consider a red flag? 

All properties have an appropriate selling price but not all venders accept what that is. You yourself say you think its currently overpriced and so that is the likely issue rather than because its built on a mine shaft or anything else thats only found out later.

Unfortunately it depends on the owners motivation to sell and how firmly they believe in the price. Our last rental place was put on the market at £650k which was above the estate agents top end and despite the landlord moving in after we left as he lost his job and couldnt afford both mortgage and rent he still held out for almost a year before accepting £530k. We had after 3 months said we’d pay circa £550k but at that time he wasnt interested.... service charge was about £8k a year despite being share of freehold and so the delay cost him a fair amount.

NinjaTune

It's a lovely maisonette and it's freehold which is a bonus.

Vendors have already dropped the price significantly and will be unwilling to go lower for a while yet.  It's for offers over 580k so they are clearly still hoping for a higher price.  The blurb says it's been refurbished so I'm guessing the vendor is looking to claw that investment back which could be why they are unwilling to go below a certain level.

If you have your heart set on it then offer the maximum you are willing to pay and let the EA know that it's your final offer.

Neil49

Take a look at actual sold prices for similar properties nearby to get an idea of values on nethouseprices.com

https://nethouseprices.com/