Struggling to Sell Flat

housebuyer219

Long story short we have been on the market since May 22 and are still no closer to moving. We had one sale progress for a few months but collapsed when the buyer pulled out. We are a flat above commercial property and on a main road (both not ideal) we’ve already reduced our price to what we and the EA feel is right but still struggling to get anywhere. The location is perfect for a BTL investor but there seems to be a lack of those about! What can we do to target the illusive BTL cash buyer ?!

propertyrental

I'm afraid there's only one answer: reduce the price again.....

housebuyer219

propertyrental said:

I'm afraid there's only one answer: reduce the price again.....

Have prices for flats dropped that low? We will soon be marketing it at the same price we bought it for in 2016 

pinkshoes

Why not auction it? You could always set the minimum at the price you paid for it? That way you will hopefully sell!

diystarter7

pinkshoes said:

Why not auction it? You could always set the minimum at the price you paid for it? That way you will hopefully sell!

Hi

OP, please be fully aware that selling at auction is not a bad idea but be prepared for costs, thousands often even if you don't sell.



Thanks

strawb_shortcake

Nowhere near Yorkshire, outskirts of Bristol but a family member is selling their 1 bed flat, they purchased 20 years ago for £90k, it was originally marketed at £160k last year and they finally accepted an offer of £130k 6 months ago.

They should hopefully be completing in the next week if it falls through, I think they'd be looking at a lower price again. Same town has a studio flat for £90k.

Interestingly when they bought their flat, they'd also considered a 2 bed house for £115k which is now on the market for £270k

NameUnavailable

diystarter7 said:

pinkshoes said:

Why not auction it? You could always set the minimum at the price you paid for it? That way you will hopefully sell!

Hi

OP, please be fully aware that selling at auction is not a bad idea but be prepared for costs, thousands often even if you don't sell.



Thanks

Not sure about that - I paid a listing fee (several hundred £ and if it didn't sell that included relisting in the next auction) and then the only extra costs were if it sold, and I added a clause in the conditions of sale that the buyer would have to pay 50% of my selling costs, so it worked out - for me - much less expensive than selling the usual way via an agent.

The auction house will however want you to set a realistic reserve price to encourage bidding.

That said, I would say it's more the time of year. As we come into Spring the market should pick up again. It's just not much fun going out looking at property in freezing cold wet weather.

youth_leader

I sold at auction and found it eyewateringly expensive, never again for me.  £795 to go into the 'catalogue' and onto their website listing, then 2.5% selling fees plus VAT.

housebuyer219

I had thought about auction but was unsure. My thought was that auction was more for the do-er upper style houses and that a ready to go flat wouldn’t have much interest.. 
I’ll take another look and see. 

I even tried a “webuyanyhouse” style firm and their offer was hilarious 

diystarter7

NameUnavailable said:

diystarter7 said:

pinkshoes said:

Why not auction it? You could always set the minimum at the price you paid for it? That way you will hopefully sell!

Hi

OP, please be fully aware that selling at auction is not a bad idea but be prepared for costs, thousands often even if you don't sell.



Thanks

Not sure about that - I paid a listing fee (several hundred £ and if it didn't sell that included relisting in the next auction) and then the only extra costs were if it sold, and I added a clause in the conditions of sale that the buyer would have to pay 50% of my selling costs, so it worked out - for me - much less expensive than selling the usual way via an agent.

The auction house will however want you to set a realistic reserve price to encourage bidding.

That said, I would say it's more the time of year. As we come into Spring the market should pick up again. It's just not much fun going out looking at property in freezing cold wet weather.

Not sure about that.
Decent auction houses based in London from when i investigated several years ago always charged and i guess offered a discount in you put it in for the next but charged nonetheless.
Thanks

diystarter7

housebuyer219 said:

I had thought about auction but was unsure. My thought was that auction was more for the do-er upper style houses and that a ready to go flat wouldn’t have much interest.. 
I’ll take another look and see. 

I even tried a “webuyanyhouse” style firm and their offer was hilarious 

By all means take a look but note the comments here
Your choice, good luck.Thanks