Agent or market problem?

LE_Bore

YoungBlueEyes said:

Would it be possible to take it off the market and go on again in a few weeks? Then it'll appear fresh to the market for Spring and go to the top of RM listings.

We had been wondering that. When we bought this house it turned out it had been listed like that, though it was priced down a little. .

housebuyer219

YoungBlueEyes said:

Would it be possible to take it off the market and go on again in a few weeks? Then it'll appear fresh to the market for Spring and go to the top of RM listings.

Is there not a period of time it needs to be off for ? Unless you go to a new agent ?

LE_Bore

housebuyer219 said:

YoungBlueEyes said:

Would it be possible to take it off the market and go on again in a few weeks? Then it'll appear fresh to the market for Spring and go to the top of RM listings.

Is there not a period of time it needs to be off for ? Unless you go to a new agent ?

Turns out this is correct -- just checked and if it is taken off and relisted again within 14 weeks, it is listed under the original listing date. Price reductions do go back to the top of the listings, I believe. 

jonnydeppiwish!

mi-key said:

jonnydeppiwish! said:

LE_Bore said:

Hi Fellow Forum Folk

We own a modest and characterful house in an area north west of London which has unexpectedly become desirable in the past 10 years. Lucky us. But we are skint. I have chucked in my job because my partner needs a full time carer, so we have decided to get shot of the house and move to a cheap area. We put the house on the market at the end of November, since when... hardly anyone has viewed it. 

We chose an estate agent with a good reputation and priced the house in the middle of the four valuations we received. We were warned by two of the agents that the market was not only dead at this time of year but the state of the economy meant all pricing was uncertain. We live in an area where there are about 15 agents locally, so we are not without a choice. But we hear far more often from the other agents who did not get to place our house on their portfolio than we do from the one we actually employed. They seem to think they can sell it when our agent can't, though exactly how they could find different buyers to other agents in an era where everyone looks on rightmove, I am not sure. 

When we do get to speak to the nice woman at our agent, she says we should drop the price of the house by 50,000. But I see tattier houses nearby priced higher than ours in worse locations. Some even sell! Plus we've only had four people through the door, so there's not a lot of reaction to go on -- all said it presented well but not what they were looking for. I note that our agent doesn't bother with social media, and I worry that they will only sell to locals. There is an artsy area nearby a few miles away which may just get the house a bit more than the locals, I think, but I don't know if our agent will reach them. My question is, should we swap agent, or just hang on? 

Many thanks for reading. 

As everyone else is no doubtedly saying, if it’s not selling, it’s overpriced, regardless of what other properties are up for.

Actually nobody was saying that... It's not as simple as saying 'if it’s not selling, it’s overpriced' 

It’s been in the market for 3 months, with the number of properties for sale doubling since July. No offers. Social media interaction means nothing as Rightmove covers virtually every type of buyer.

It’s over priced. 

The market has changed significantly from the summer, prices have dropped as people can’t borrow as much, and those who can either are not, or buying with reduced offers. It’s simple economics, but London will possibly be the first to recover in a few years.

Op, if you’re skint then drop the price and sell. No doubt you’d be able to buy a decent property somewhere else in the country.

YoungBlueEyes

housebuyer219 said:

YoungBlueEyes said:

Would it be possible to take it off the market and go on again in a few weeks? Then it'll appear fresh to the market for Spring and go to the top of RM listings.

Is there not a period of time it needs to be off for ? Unless you go to a new agent ?

Aye I wasn't sure, hence I said "would it be possible.."

They really do get you every which way don't they?

Slinky

Has your listing got a floorplan? I'm amazed that some properties are still listed without these days.

movilogo

Reducing price by £50k is quite common these days for properties in £500-£800k mark. I have seen several properties reduced by £100k or even more (and still not sold).

Interest rate hike has seriously affected people's affordability (you can check that yourself in Excel). So it is no surprise that houses are not selling at 2022 summer prices.

Expect the prices to fall even further this year. 

LE_Bore

Yes, it has a floorplan. Though to be honest, I had to check it did, as I haven't taken much notice of them generally. 

gwynlas

We own a modest and characterful house in an area north west of London which has unexpectedly become desirable in the past 10 years

Does your listing accurately describe your house and give sufficient detail to differentiate it from the bog standard one down the road? Does it present well on photographs, depersonalised and decluttered? Spring flowers are on sale at the moment would a couple of filled planters add some colour to the outside? Do you need some fresh photographs? The EA should be working for their commission.
Yes a huge reduction in price might make a difference but buyers can always make offers on any asking price. How would it make you feel if somebody offerred you 20-40K below current listed value?

diystarter7

Hi OP

Which EA in your area is well-known for getting things done? Find out and see if you want to go for them but often their fees are a bit higher and they are often quiet aggressive in their sales and I've had first-hand experience of this when looking at a btl, lol but i guess it works in favour of the seller.  These same EA's will not take on a property if they feel you are being unreasoble with price and wont move price after a week or so but worth looking up

No offence, but anything and everything well-priced will sell.

Good luck

Thanks