Will my house EVER sell?

Ruby-Tuesday

The property market were I live in Hertfordshire is beyond slow. I have been on the market 7 weeks, reduced the price three times and have only had 3 viewings. We have had our offer accepted on the property that we want to buy, they kindly took it off the market for two weeks to give us a chance to sell  but it is back on the market again. I have now instructed another agent, so it is with joint agents. Been on the market a week with the new/joint agents, same reduced price and no viewings.
I have cleaned, de-cluttered got the agent to re-do the photographs, all to no avail. Had two viewings cancelled last minute, after I had cleaned the already clean house from top to bottom in readiness. Totally fed up with it all. 
I think that we went on the market at too high in price, but it was based on two valuations, we took the lower one for a quicker sale. We have reduced our price by 15%. Just looking for advice on how to sell my house so that I can downsize and buy the one more suited to our family needs.

Skiddaw1

Are you brave enough to post a link to the Rightmove listing?

EssexHebridean

If it helps(or at least lets you feel you're not alone in this!) I'm not far across the border in Essex and we're seeing an incredibly slow market as well. 

diystarter7

Hi OP

After my initial post I was typing away around 2-230pm when I stated you have clearly over-priced the property hence no viewing, the thread disappeared

Did you tell the agents re this price?  Even with TLC and decluttering and not a lot of clutter there

IMO, it is overpriced and syou should try around 380 offers close.

Looking at the area from memory, I did not see it as a popular area as a lot of rentals around there, I may be wrong

Either way, good luck with the sale

Thanks


Edit - price around 320k when tidied up? if i have got the right street/area off the old victorian houses

diystarter7

EssexHebridean said:

If it helps(or at least lets you feel you're not alone in this!) I'm not far across the border in Essex and we're seeing an incredibly slow market as well. 

Hi

Not a lot to do with slowing markets when you get one viewing over 5 weeks. The usual reason for that in my vast experience of property is that it is vastly over-priced

EG, a family member was selling a btl last year, overpriced it - not a single viewing - priced it 700k I said that was too much as imo it was worth at the time 650tops.  Two weeks later, priced it 680 ono  about 10 viewings first few days and three offers- accepted 655k

Pricing is a fundamental factor when buying and selling property.

A property on our road, over-priced I said to Mrs Diy - 4 weeks later reduced by 25k and still on the market as imo it was intially overvalued/put on sale cloe to 80/90k

Thnaks

tacpot12

I think buyers may be starting to take the EPC into account, given the cost of energy. If the house is poorly insulated, it may be worth less than you think, given that proper remediation program might cost £50k.  

ReadingTim

You can put it up for auction tomorrow and complete 6 weeks later if you want, so yes, anything will sell.  Just not at the price you want.  

You're clearly so overpriced no-one's even wasting their time viewing it, so you may need another 15% off again, or at least an honest conversation with your EA about what they would market it at to guarantee a "quick sale" by a "motivated seller"

jonnydeppiwish!

It’ll be the price 15% off something that is 30% over priced in the first place is still overpriced

Ruby-Tuesday

EPC is a C, modern boiler, cavity wall insulation, double glazing.
I think  the mistake we made,  based on the estate agents valuation/advice, was to go on the market at too high a price and to lose that important first couple of weeks of interest.
Although we realised ourselves really quickly when we weren't getting any viewings and  we reduced it after the first week by £100,000  and have just reduced it  again by a further £50,000.  So in total we have reduced it by £150,000 and still no joy.
The house is dated, by modern standards. It needs a new kitchen. Bathroom is fine, white suite, clean and functional.
It is priced to reflect this. I may post a link to Rightmove if I feel brave enough!

RelievedSheff

7 weeks is no time at all to be on the market. Be patient!

Your constant price changes will make you look desperate so buyers will be holding out for mote reductions. 

Calm down. 

Ruby-Tuesday

We can't reduce it any further. We have reduced it down to our bottom line because we don't want to lose the property that we have had our offer accepted on. The price reduction has not lead to the hoped for uptick in interest/viewings.
The property market has dropped, thanks to the antics of Liz and Kwasi in September, and we went on the market too high. 
7 weeks seems a long time, when you are constantly cleaning to a very high standard, in case of a last minute viewing.