Lower price or take off market

MobileSaver

shoeswith said:

there is actually quite a lot on the market here at this exact price and I am guessing its a little overvalued given the area. 

Are there any compelling reasons why someone would choose your property over all the others at the same price or even less?

If not then lower the price now before any of your more desperate competitors start dropping their prices and you end up chasing a falling market.

[Deleted User]

If it's a flat then the problem is probably the cladding/fire safety scandal. Now it's become well known people are scared of buying flats and finding that they have to pay huge sums of money to make them safe. Even with certificates to show the place has been inspected, people are wary.

getmore4less

You need to work out what people are buying and what they might be paying.

Do a more like this comparison.

count the for sale numbers and SSTC numbers

Look at the SSTC around your price point and ask yourself why did they buy that one not mine

you can also look at the Sold price data but that lags the SSTC data but you get an idea of how close to asking places have been going for.


eg if I do a sample of a quite wide area of S.London. for 1bed flats  (for sale/SSTC) with parking

0-200	79/45
0-300	424/285
0-400	809/574
0-500	1012/707
0-max	1063/718

you can adjust to your area and price bands to see where you fit in the pecking order.

Some stuff is selling but there is a lot of choice
might be worth looking at the more recent SSTC to see if they are priced right or price drops.

last, 14days  215/11,  7days 117/2

movilogo

Very few people want to buy flats now, especially in pandemic people realized they need more space and garden.

Crashy_Time

I doubt that many people expect a re-run of the first lockdown, even the government are saying they don`t want that, many people are probably just waking up to how poor value flats are for the amount of mortgage debt required?

gozaimasu

[Deleted User] said:

If it's a flat then the problem is probably the cladding/fire safety scandal. Now it's become well known people are scared of buying flats and finding that they have to pay huge sums of money to make them safe. Even with certificates to show the place has been inspected, people are wary.

The OP clearly stated there are no cladding issues. Do you still think it might be an issue putting off buyers? Maybe not stated clearly in the property advert?

Crashy_Time

It is usually price, lower the price.

[Deleted User]

gozaimasu said:

[Deleted User] said:

If it's a flat then the problem is probably the cladding/fire safety scandal. Now it's become well known people are scared of buying flats and finding that they have to pay huge sums of money to make them safe. Even with certificates to show the place has been inspected, people are wary.

The OP clearly stated there are no cladding issues. Do you still think it might be an issue putting off buyers? Maybe not stated clearly in the property advert?

It doesn't matter if there are no claddings issues. Unless the OP has all the paperwork to prove that many buyers won't bother. In fact many just aren't even looking at flats now because the chances are the current owner won't have the paperwork or be able to get indemnity from potential future costs.

hazyjo

Most people buying flats won't really have a choice of a flat or a house. Many FTBs or downsizers are obviously restricted due to price. If they could afford a house, they'd prob be buying one!

People are being cautious buying flats right now, and many are choosing a longer occasional commute as they can now wfh.

My nephew had to compete against several others to buy a one bedroom flat. Some areas are busier than ever. Central London seems hardest hit but good flats in smart popular areas don't seem so affected and there will always be a demand for them. How far out is yours (saw you said S London)?

Crashy_Time

[Deleted User] said:

gozaimasu said:

[Deleted User] said:

If it's a flat then the problem is probably the cladding/fire safety scandal. Now it's become well known people are scared of buying flats and finding that they have to pay huge sums of money to make them safe. Even with certificates to show the place has been inspected, people are wary.

The OP clearly stated there are no cladding issues. Do you still think it might be an issue putting off buyers? Maybe not stated clearly in the property advert?

It doesn't matter if there are no claddings issues. Unless the OP has all the paperwork to prove that many buyers won't bother. In fact many just aren't even looking at flats now because the chances are the current owner won't have the paperwork or be able to get indemnity from potential future costs.

Exactly, people have realised just how much of a money pit flats can be.