House Not Selling

elop_htuos

Why is our property not selling?
Its in a sort after location and valued by 5 agents at the same value....

Are lots of people finding themselves in this situation? Any Ideas what we can do?

Decreasing the value is not an option and we have already changed agents once and the agents are reputable and now if we change we have to do a survey paid so it doesnt seem worth it.

Any ideas would be greatly appreciated..........

tomstickland

Have you looked on right move to see what else you could buy for the same price?
How many people have looked at it?

firsttimetom

No houses are selling at the moment - Mortagage approvals hit a 3 year low with the last available data, so that backs this theory up (http://news.bbc.co.uk/1/hi/business/7118561.stm).

House prices have also dropped a lot over the past few months (according to nationwide they have fallen for the past 3 months) and I think they will keep on falling. Come may with the new CGT tax rules there is expected to be an influx of houses from failed BTL investments (of which there are many).

Even the best estate agents are struggling to sell in this market. Buyers are holding on, because they know house prices could fall further and sellers are reluctant to drop.

I think there is only one way to sell your house quickly - drop the price.

If you don't sell, and the market carries on the way it has been over the past few months for the next year (I haven't got a crystal ball and I don't know what it will do so don't flame me), it will be worth a lot less than it is now (my guess would be about 10% less, though I'm hoping for more)

elop_htuos

Yeah we get like reviews each month from the agents and they seem to be okay, we even reduced the price by £500 to make it fall into another search bracket on Right Move.

There where at one stage three houses for sale one across our road and one beside us! The one beside us did sell but to a guy who is developing it all again! Whereas ours is all developed. The one across is stil for sale, its like something is wrong here!!!!!!!!

jonewer

elop_htuos wrote: »

its like something is wrong here!!!!!!!!

Perhaps all the prices are too high???????

Zammo

Drop The Price

elop_htuos

It's average for the prices round here and valued by 5 agents at the same, each of them not knowing if we had it valued previously so it seems like a valid valuation. Just seems like such a gamble!

alidai

why is reducing the price not an option?

because that is quite a big reason why it isn't selling (IMO)

ruggedtoast

elop_htuos wrote: »

Why is our property not selling?

If you have a product , whether its houses or hamsters in a pet shop and its not selling there can only be three reasons.

1. Your customers dont know about it. Solution: Look at your marketing and advertising. Are you promoting in the right places to people who want to buy? What are your agents doing to sell the property; should you change them?

2. Your customers know about it but they dont want it. Solution. Why dont they want it? Are you presenting the property well; does it look like value for money, are the neighbours all sitting around in their string vests on rocking chairs when you have viewings?

3. Your customers know about it, they want it, but for some reason they cant buy it. Solution? If your product is physically difficult to obtain, if your hamsters arent selling for example then maybe your pet shop has short opening hours or its too far out of town. You cant move your house but maybe you can extend the hours that you'll let agents do viewings, including when you're out.

Of course another major factor is finances. A lot of people want things but cant afford them. Previously the banks took care of this for vendors by ensuring an endless supply of cheap loans at many multiples of a buyers salary. It looks like thats all over now and unless you're able to arrange a loan for a potential buyer yourself, and assuming you've already taken care of 1 and 2 above, all you can do is lower your asking price.

debtdummy

my bf in same situation he split with his wife and living in same house, been for sale for 5 months, he has reduced and only had 3 people round, he is longing to get out of there and sell it,
she cant buy him out, he cant buy her out so have to sell.
plus she wants 60%!!!!

HE WAS SPLIT BEFORE I MET HIM,, I AM NOT A MARRIED MAN STEALER!!!

elop_htuos

Ours has been for sale for a year now!!!! So its dragging on alot!!!! We've had couple of viewings but they just seem to be nosey people who dont even have their houses for sale!!!!