6 weeks on the market - what to do next?

BaltimoreRaven

MultiFuelBurner said:

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.

Thanks for such an elaborate comment. Yes rental in the area is about £700 a month. Will have to be patient and wait another couple of weeks before taking any further action (easier said than done!). 

BaltimoreRaven

BobT36 said:

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. 

I appreciate your comment but I think people come to this forum for some genuine advice, and there is no need to be snide. 

Yes, I bought it at the peak market when people were paying 20% over the valuation, however I got it for the exact value. And after investing in redecorating, landscaping and boiler replacement it is natural the value would increase. I don't know about the rest of the UK but in Scotland property prices are still on the rise. 

The market is definitely slower so I would consider reducing the price if it came to it and especially if it seems crazy overpriced to others. As I said previously the 3 bedrooms in my exact area go for over 150k. 

YoungBlueEyes

I don’t know Glasgow, but it seems to be priced right compared to ‘nearby sold prices’ on RM. 

It’s a tidy little house that you could move straight into. The rooms are a good enough size, all decluttered and the decor is neutral. The garden is a decent size for the house, and it’s in a cul-de-sac. I’m guessing the spaces outside are your parking? Another plus point. 

Reminds me of my last house. It was only little but it was all there and it was all right. 

I’d say wait. I wouldn’t be too quick to reduce the price either. 

MultiFuelBurner

YoungBlueEyes said:

I don’t know Glasgow, but it seems to be priced right compared to ‘nearby sold prices’ on RM. 

It’s a tidy little house that you could move straight into. The rooms are a good enough size, all decluttered and the decor is neutral. The garden is a decent size for the house, and it’s in a cul-de-sac. I’m guessing the spaces outside are your parking? Another plus point. 

Reminds me of my last house. It was only little but it was all there and it was all right. 

I’d say wait. I wouldn’t be too quick to reduce the price either. 

Completely agree was struck by what a great FTB home this was👍

ProDave

What are prices doing?  Are other similar houses selling quickly or are a lot of others dropping price?

IF the market is falling then you want a substantial reduction, list at offers over a price under home report value and see what happens.

IF prices are falling you want swift action to sell it.  In a falling market slow reductions will just prolong the eventual sale and for a lower price.

At least if the market is falling, whatever you buy next will have fallen.

RHemmings

I looked up Glasgow house prices, and I see no sign of prices falling. Yet, maybe. 

Like @MultiFuelBurner I think I've found the property on RightMove. If so, then it looks a nicely presented house in good condition. 

I can't find your actual property on StreetView, but the road itself looks nice, with a lot of quite fancy houses. If those are the three bed properties you're talking about, then I think they are quite a way up the ladder from yours. Not just in having more bedrooms, but being houses with quite a bit more than yours. Your garden is simple, but nicely done. 

Personally I don't think that the things that would limit your market in terms of the easily changeable things. It's going to be the size/shape of the house and number of bedrooms that will limit your market. That sort of house with only one bedroom, that's specialist.

But, there is something else. Without wanting to give away too many details in the public thread, I can see what you did a week ago. And, if I was a buyer looking at your house, that would put me right off. I'm trying to say this in a reasonable manner, not being snide. But, I think it's important to say that as you are asking for feedback.  

BaltimoreRaven

RHemmings said:

I looked up Glasgow house prices, and I see no sign of prices falling. Yet, maybe. 

Like @MultiFuelBurner I think I've found the property on RightMove. If so, then it looks a nicely presented house in good condition. 

I can't find your actual property on StreetView, but the road itself looks nice, with a lot of quite fancy houses. If those are the three bed properties you're talking about, then I think they are quite a way up the ladder from yours. Not just in having more bedrooms, but being houses with quite a bit more than yours. Your garden is simple, but nicely done. 

Personally I don't think that the things that would limit your market in terms of the easily changeable things. It's going to be the size/shape of the house and number of bedrooms that will limit your market. That sort of house with only one bedroom, that's specialist.

But, there is something else. Without wanting to give away too many details in the public thread, I can see what you did a week ago. And, if I was a buyer looking at your house, that would put me right off. I'm trying to say this in a reasonable manner, not being snide. But, I think it's important to say that as you are asking for feedback.  

Thanks for the feedback, it's all appreciated. Do you mean with the price? That was a suggestion made by the agent to get things going again as my buyer pulled out. Their thinking was that it would invite more first time buyers who are fed up with competing over a house going to a closing date. But I will have a think if that's the best course of action.

RHemmings

BaltimoreRaven said:

Thanks for the feedback, it's all appreciated. Do you mean with the price? That was a suggestion made by the agent to get things going again as my buyer pulled out. Their thinking was that it would invite more first time buyers who are fed up with competing over a house going to a closing date. But I will have a think if that's the best course of action.

Yes, I mean the price. Most buyers won't have the option of asking for your reasoning on a forum. To me it looks as if you are someone who doesn't sell their house and then puts the price up. 

Personally I completely ignore 'offers above', 'offers in the region of', or 'fixed price'. I'd put whatever offers on despite the wording. 'Fixed price' would also put me off a bit, unless it was a clearly very competitive fixed price. But, in this context, with the price having gone up ... it would definitely put me off. 

Which is a pity as you have a very nice house. Odd that it has only one bedroom, but a nice house. If I moved into your house (impossible for a variety of reasons), I wouldn't change the decor etc.

BaltimoreRaven

RHemmings said:

BaltimoreRaven said:

Thanks for the feedback, it's all appreciated. Do you mean with the price? That was a suggestion made by the agent to get things going again as my buyer pulled out. Their thinking was that it would invite more first time buyers who are fed up with competing over a house going to a closing date. But I will have a think if that's the best course of action.

Yes, I mean the price. Most buyers won't have the option of asking for your reasoning on a forum. To me it looks as if you are someone who doesn't sell their house and then puts the price up. 

Personally I completely ignore 'offers above', 'offers in the region of', or 'fixed price'. I'd put whatever offers on despite the wording. 'Fixed price' would also put me off a bit, unless it was a clearly very competitive fixed price. But, in this context, with the price having gone up ... it would definitely put me off. 

Which is a pity as you have a very nice house. Odd that it has only one bedroom, but a nice house. If I moved into your house (impossible for a variety of reasons), I wouldn't change the decor etc.

I see what you mean. It's fixed at the Home Report value which is think is standard over here, basically telling the potential buyers I'm not expecting crazy offers over what they can get a mortgage for. But if you check listing history it would look a bit mad! I will see how the viewings go this week and have a chat with the agent. 

sheramber

Offers over is standard in Scotland.  If there is more than one offer then the sale usually goes to a closing date. There is not a bidding war as in England. You make a blind bid and hope for the best. Because of this some people. Only consider fixed price properties so they know what it costs and are not bidding blind. Offers are made through a solicitor so lost bids can cost money.