6 weeks on the market - what to do next?

BaltimoreRaven

Hi everyone. I am currently selling my home in Scotland (Glasgow). It's a smallish FTB type of a house, which needs a little TLC but nothing major. The house is valued at £120k and has been on the market for 6 weeks. We had about 12 viewings and one offer (which I accepted but the buyer pulled out after 3 weeks stating they can't afford the mortgage). 
Last week we put the house on Fixed price and had 2 viewings with one scheduled for later this week. 
I am just wondering if anyone has any advice or if this is just a waiting game now? Houses in the area are selling quickly if they are newly refurbished or are 3 bedroom for the similar price, other than that they seem to sit for a while. 
I am currently moved out and am not planning to buy, so do have some time, however the Home Report is technically valid for 3 months until it needs to be refreshed again.

Any advice or feedback is welcome, being a first time seller is a lot more stressful than I have imagined! 

sheramber

Houses in the area are selling quickly if they are newly refurbished or are 3 bedroom for the similar price

How many bedrooms do you have?

Are you asking the Home Report price?

Are there any major items noted on the Home Report?

BaltimoreRaven

It's a 1 bedroom house with an extension. Yes, just fixed at a Home Report value. Nothing major in the home report, the house is approximately 30 years old, so the report mentions electrics being original and some wear and tear on the roof. 

Neighbours sold exactly the same type of a house that was refurbished a bit more recently but they do not have the extra space in a form of extension, theirs sold for 120k in May. 

I got it for 110k in 2021 and have done a bit of decorating and landscaped the garden.

GDB2222

I don't get this at all. Your 1 bedroom with an extension (you don't say how big that is) is at the same price.as a 3 bedroom? Wouldn't most people go for the 3 beds?


  

BaltimoreRaven

The 3 beds I mentioned are further away from the better area, and are obviously selling a lot quicker. If you stick to the exact area I am at the 2/3 beds will go for over 140k

RHemmings

Price reductions always raise my eyebrows a bit. And, the way RightMove is working for me, they get sent to me like they are new properties. Because of how expensive houses are, a 5% move looks quite big to me. 

MultiFuelBurner

When did you buy the property and what did you pay. What modifications have you done like did you add the extension and is it bricks and mortar not a conservatory etc.

BaltimoreRaven

MultiFuelBurner said:

When did you buy the property and what did you pay. What modifications have you done like did you add the extension and is it bricks and mortar not a conservatory etc.

I got it in 2021 for 110k (HR value). We leveled and landscaped the garden and decorated the house (just simple things, new paint job, wallpaper, etc). 

The extension is brick and mortar, 3mx4m.

MultiFuelBurner

I have found it on Rightmove, seems priced well and I suspect it's just the current state of the market as to why you have not received an offer. You listed it during the summer holidays but hopefully someone will want to be in for Christmas.

Smart one bed terrace decent ground floor size and a good starter home with the garden.

Hold out for an offer would be what I would do.

Rental must be £750-£800 pcm.

Anyone with 12k deposit (10%) can get a repayment mortgage for less than the current rental price for the property and that includes increasing equity by £170-200 per month.

housebuyer143

I think one bed houses have a much lower audience, single person only really for the foreseeable. As such you are probably going to have a harder time finding someone to buy it then a 3 bed family home will have. 

BobT36

BaltimoreRaven said:

MultiFuelBurner said:

When did you buy the property and what did you pay. What modifications have you done like did you add the extension and is it bricks and mortar not a conservatory etc.

I got it in 2021 for 110k (HR value). We leveled and landscaped the garden and decorated the house (just simple things, new paint job, wallpaper, etc). 

The extension is brick and mortar, 3mx4m.

So you got it for 110k at the PEAK at the market, why do you think it would be worth more now, after umpteen interest rate rises? Especially if you're pricing it comparatively to three beds and yours is ONE, lol..

So much for supply and demand. "What to do now" should be obvious.