Struggling to Sell Flat

Sarah1Mitty2

housebuyer219 said:

Sarah1Mitty2 said:

housebuyer219 said:

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 

Are you using a price tracking app to see what other sellers in your area are doing?

I’ve not no, tried to use RM and see what similar properties have gone for. Is there another app I should be using?

https://www.propertylog.net/

RogerPensionGuy

The last few years I have seen people paying over the survey valuation figures happily often using very cheap money loans, family money and their own cash and the market was rising.

Generally the cheap money has stopped and they just cannot afford to buy like before, this is well reported in the press.

I currently know a few people selling properties and are just dropping the price when the estate agent says it would be a good idea to get more interest, however these properties have been on the market for 4 or 5 months now and its looking like slow progress as sellers holding out for prices of similar properties sold in the spring of 2022.

I sold an empty house years ago as the market was sliding down, I just reduced the price behind the curve unfortunately for me, lots of costs keeping the house during this period, in hindsight(a great thing) I should of had the price in front of the curve, hindsight is wonderful.   

https://www.which.co.uk/news/article/whats-happening-to-house-prices-aVCwI8I22pBe

housebuyer219

I understand that prices are dropping and I guess that part is all relative as my onward purchase will most likely be subject to a price drop. My biggest concern is getting viewings and offers on my flat. We can keep dropping price but surprised that we haven’t even had a “cheeky” lowball offer yet based on a price drop

silvercar

housebuyer219 said:

I understand that prices are dropping and I guess that part is all relative as my onward purchase will most likely be subject to a price drop. My biggest concern is getting viewings and offers on my flat. We can keep dropping price but surprised that we haven’t even had a “cheeky” lowball offer yet based on a price drop

What does your estate agent say? Did you get 3 estate agents round to value? Keeping dropping the price tends to mean you are following the curve, you really need to be one step ahead. 

Sarah1Mitty2

housebuyer219 said:

I understand that prices are dropping and I guess that part is all relative as my onward purchase will most likely be subject to a price drop. My biggest concern is getting viewings and offers on my flat. We can keep dropping price but surprised that we haven’t even had a “cheeky” lowball offer yet based on a price drop

With monthly costs back to where they were many years ago todays prices won`t work for a lot of people, that is why there is little or no interest, in my opinion the people with cash likely to make "cheeky" offers are waiting for the market to find it`s level then make offers, you can`t really do that though until inflation/interest rates become stable.

MEM62

housebuyer219 said:

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 ?!

I cannot see many being motivated to get into the BTL market at the moment.  In fact, many of us are selling and bailing out.  

Sarah1Mitty2

MEM62 said:

housebuyer219 said:

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 ?!

I cannot see many being motivated to get into the BTL market at the moment.  In fact, many of us are selling and bailing out.  

Is it easy to find buyers?

Alderbank

What do you know about the premises below you, which you say is 'commercial property'?

Is it a hot food takeaway? A wine bar?

Is it a quiet little shop with an older proprietor who might be considering retirement?

Sarah1Mitty2

silvercar said:

housebuyer219 said:

I understand that prices are dropping and I guess that part is all relative as my onward purchase will most likely be subject to a price drop. My biggest concern is getting viewings and offers on my flat. We can keep dropping price but surprised that we haven’t even had a “cheeky” lowball offer yet based on a price drop

What does your estate agent say? Did you get 3 estate agents round to value? Keeping dropping the price tends to mean you are following the curve, you really need to be one step ahead. 

How do you get one step ahead?

housebuyer219

Alderbank said:

What do you know about the premises below you, which you say is 'commercial property'?

Is it a hot food takeaway? A wine bar?

Is it a quiet little shop with an older proprietor who might be considering retirement?

It’s above a betting shop..