No interest in house for sale yet

paulj2021

My house finally went on the market in the middle of last week, but as of now I haven’t had any signs of interest. The local area is quite hot apparently with buyers queueing up (according to the EA!) My instinct was that the listing was slightly overpriced (by maybe 5-10k) but the EA pretty much pushed me to keep the higher price, which is equivalent to listings of other local properties although mine has some obvious minor works needed. Am I being impatient? Should I wait for a few weeks to see what happens or should I go back and get the price amended now before it becomes one of those properties that just becomes a familiar unsold sight on Rightmove? 

paulj2021

Ps I should add I’m not in a hurry to sell but I am concerned that prices in the area I intend to move to are rising rapidly 

mark55man

It's been a reasonably good weather half term week, that may have slowed people down a little.  Would it be worth getting the small works done?.  Its one thing to overprice slightly but if you price at the top of the range people won't expect that sort of thing

paulj2021

mark55man said:

Would it be worth getting the small works done?. 

Would love to, but unfortunately I’m quite financially extended at the moment, the sale intention is (in part) to move to a cheaper property to realise some of the capital in the current property 

AdrianC

paulj2021 said:

My house finally went on the market in the middle of last week, but as of now I haven’t had any signs of interest. The local area is quite hot apparently with buyers queueing up (according to the EA!) My instinct was that the listing was slightly overpriced (by maybe 5-10k) but the EA pretty much pushed me to keep the higher price, which is equivalent to listings of other local properties although mine has some obvious minor works needed. Am I being impatient? Should I wait for a few weeks to see what happens or should I go back and get the price amended now before it becomes one of those properties that just becomes a familiar unsold sight on Rightmove? 

Let's have a look at the listing, and we can give you some pointers...

The job of the listing is to get people to view. If they aren't viewing, then they aren't liking what they see.

Grumpy_chap

paulj2021 said:

My house finally went on the market in the middle of last week, but as of now I haven’t had any signs of interest.  

The local area is quite hot apparently with buyers queueing up (according to the EA!) My instinct was that the listing was slightly overpriced (by maybe 5-10k) 

Do you mean only listed Wednesday 2nd June and no interest by Saturday 5th June?  That is no time at all and it takes time for the listing to cascade to visible in all avenues.
In a "hot" market, the £10k will not be a factor.

Cakeguts

The houses in my area that are lingering on the market are all overpriced for where they are.  So houses on main roads priced the same as a similar house on a side road will not sell.  I can give you some examples of houses that no one wants at the price they have been listed at.

Main road

Backing onto a railway line

Near a school

No off street parking

Lack of off street parking and no nearby on street parking

The amount of work required does not affect the price as much as the location of the property. Houses in nice roads sell immediately.

Crashy_Time

Drop the price, mortgage lending has supposedly dropped quite a lot and stamp duty has to come back at some point because the government are spending taxpayer money like drunken sailors trying to keep the whole thing going, the "mini-boom" that we have seen is probably over, especially if lockdowns come back or don`t get lifted.