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

Crashy_Time

AdrianC said:

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.

Convenient timing?

Crashy_Time

NinjaTune said:

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.

Their hopes and need to claw money back are more or less irrelevant, a smart buyer ignores the financial position the seller has got themselves into.

AdrianC

Crashy_Time said:

AdrianC said:

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.

Convenient timing?

Panic ye not, Chicken Little.

It's working again now.

NinjaTune

Crashy_Time said:

NinjaTune said:

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.

Their hopes and need to claw money back are more or less irrelevant, a smart buyer ignores the financial position the seller has got themselves into.

I fully agree with you, Crashy - just saying why the vendors may not be willing to drop the price again just yet (or, indeed, at all).  I didn't say that the vendors were being realistic if that's their motive.

FTB_Help

1122abc said:

I’ve been looking for a 2 bed flat in SW19 for a while with a max budget of around £580k. I’ve offered on a few properties but have rapidly been outbid. I found an ideal property (81814699 Rightmove) but it’s been on the market since mid-late July. The location is so perfect for me. It was initially £625k but the price has now fallen to £580k. Quite a big drop I feel. Viewing the property in person, I feel that it’s worth £550k but I was advised that this offer will not be entertained....and it wasn’t. I’ve heard that several offers have been rejected, none have moved forward in anyway. I suppose I could offer £580k but is it a red flag if a property has been on the market for a while? Also, what’s with the huge drop - might there be a structural problem?

They purchased this property 2 year ago for £547k, not sure if its been recently refurbished, if so they've probably factored that in so around the £580k is probably what they want to sell for to cover the costs? Also ask why they're looking to sell only 2 years in?

Crashy_Time

AdrianC said:

Crashy_Time said:

AdrianC said:

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.

Convenient timing?

Panic ye not, Chicken Little.

It's working again now.

Any tasty nuggets of price droppings?

Crashy_Time

55k price drop so far.
https://www.rightmove.co.uk/properties/83596319#/

powerful_Rogue

Crashy_Time said:

55k price drop so far.
https://www.rightmove.co.uk/properties/83596319#/

Less then 10% off the original asking price, and the property has sold.

Mine was valued between £150k and £170k by 3 different EA's.

Sold for £165k after I put it on at £170k.

So is that a 15% increase, a 3.13% increase or 2.94% loss in your eyes?

Crashy_Time

powerful_Rogue said:

Crashy_Time said:

55k price drop so far.
https://www.rightmove.co.uk/properties/83596319#/

Less then 10% off the original asking price, and the property has sold.

Mine was valued between £150k and £170k by 3 different EA's.

Sold for £165k after I put it on at £170k.

So is that a 15% increase, a 3.13% increase or 2.94% loss in your eyes?

Let`s see if it actually sells, or pops back up like a character in an 80`s horror movie.