Looking for a bit of advice

Asimovs_nightfall

I’m looking for a bit of advice.

I’ve had my house on the market since the beginning of summer ’22, so 16 months. Initially I was happy to wait as I wasn’t in a rush to sell and I’ve had plenty of interest, a few near misses as buyers narrow down to the last couple to pitch, and I’ve had two substantive offers, both of which have fell through from the buyer end.

I think the EA has been good and advised about price reductions across the period meaning I’ve dropped the price circa £30k plus and is currently on at £285k. It’s been marketed well and the EA is experienced and I've been patient.

It is a bit of a unique property, fantastic location in the centre of a seaside town, difficult to compare with other houses, but has looked a competitive price throughout. It is a house with sea views, but is old, built in mid-19C and has no back garden and has shared courtyard.  It has a basement, four bedrooms, two reception rooms.  It has been well maintained and I’ve lived in it with my family for a while.  

I still have a £100k mortgage on the property.  I want to sell it as it is too big and a sale will enable my retirement.

I also have developed a bit of water coming in, which is going to need a bit of work.  It’s getting into the cavity and leaving damp patches on the white walls. 

So I’m trying to figure out a strategy to sell this now, although obviously not at the best moment and I’ve missed the peak sale point a year or so ago.

I can see three ways at the moment and wonder what others think and if there are other options. 

1. A price reduction that makes it a very good offer.  There are investors who have made their interest known to the EA and probably are waiting on this.

2. More gradual price reduction.  The problem here is that I’ve never been ahead of the curve on this.

3. Take it off the market and go again next Easter.

Option 1 might work if the numbers are right.  However, I don't know the risks to this such as how much downward pressure I'll be under (ie reduce the price even more).

Option 2 and 3 will need the damp to be addressed meaning more money and I’m reluctant to invest in, but I know there is some building work needed.  These options also fail to guarantee any higher sale value because of how the market is at present.  

Any advice welcome!

gwynlas

I'm sorry but you need to spend money to get any defaults fixed prior to selling the house as otherwise what would cost you £5000 to fix could lead to £25000 off your asking price.
What you could do is to fix faults redecorate have fresh photographs taken and remarket at a new figure to include money spent. This will place you back at the top of new listings. The likelihood is that you are not seeing the property through the eyes of buyers as you have lived there so long.
The other way is to put your property into auction and set a reserve. It might or might not sell.

Tiglet2

I think if you've only reduced the price by 30k since marketing the property in the Summer of 2022, you haven't reduced it enough to entice a buyer.   Either do the work and remarket in the New Year, or reduce the price further to encourage the DIY enthusiast or bargain hunter to make an offer.

Asimovs_nightfall

Thanks both.  Useful perspectives that I'll take on board.  I intend to discuss with the EA this week.  

Any other views would be appreciated.