House not selling - same feedback every time! What would you do?

thebratprince

It feels like groundhog day every time we have a viewing on our house.

We've been on the market for over 4 months, and reduced the price twice in that time. A consistent flow of viewings (about 1 per week) but no offers at all, despite many viewers saying the house is immaculate. The only consistent negative feedback is that it's too small.
 
(Removed by Forum Team) - here's the house. NOTE: We've chosen to switch estate agents, having come to the end of a gruelling 16 week sole agency agreement with our current agent. We've also made a few layout changes to maximise space already.

You'll see that it's a 3 bedroom terraced cottage (1 large double, 1 small double, 1 single), 3-car driveway, a double garage and garden office. But the ceilings are low and it can feel small if you aren't used to the style of house. We (2 adults, 1 toddler, 1 large breed dog) live comfortably here so it does feel frustrating to hear this feedback again and again. 

Am I right in thinking this feedback translates to: we expected a bigger house for the money? Or is there another reason people say houses are too small?

The challenge is that we can't wait. We really do need to move house quickly now. Our mortgage deal will renew in 2 months and become unaffordable. I'm 4 months pregnant with baby number 2. I have PTSD and postnatal depression and my doctor has said our living situation - isolated from family and friends in Bristol, is contributing to my mental health declining. This is the main motivator for our move. 

The market in our village has been completely stagnant for a long time. Should we simply cut our losses and reduce the price a lot, hopefully get a quick sale, and accept our massively reduced budget? Staying here until the market picks up, with the mortgage increase and my poor mental health, isn't an option. 

The toughest thing is that if we reduce the price again, it will be worth less than what we paid for it and we will struggle to afford a house at all, let alone a 3-bed, in the city we need to move to. But is this what we'll have to do? What else, if anything, should be prioritise when listing again? 

I just need some perspective here, so we know what we're getting in for when we list with our new agent in a couple of weeks' time. 

Thank you.

Niv

Let me start by saying - I think your home is lovely (minor gripe with the fake grass lol).

I do not know the aera, or what similar homes are sold at so cannot comment on price but my instinct is that you need to wait for the right buyer. In my opinion homes like this do not fit the more common timelines sometimes associated by houses of this size (three bed terrace I mean).

I think that some people will expect 'standard' height houses, especially if they are also looking at modern houses so when they come to your place it will feel 'lower'. Do people need to duck to get through any doorways etc? Price (without being drastic) wont make much difference to someone not wanting to duck to get through a doorway. I struggled a bit with my previous home as the stairway was spiral rather than a standard dogleg - but eventually it sold without dropping price unrealistically. My current house put some buyers off as the stairway is 'non standard' to say the least amongst a number of other things. 

One of the problems I see is that phrases like 'open plan' can give an image of space and height ceilings.

To your question, 'what would I do' - I would change the wording slightly to make it clearer that the ceilings might be lower than standard  - I am not a wordsmith but assume the EA can think of something. And I would take a hard look at other houses for sale in the vicinity at the same /close price and ask myself the question - Would I prefer my house or this house  and if you keep coming to not your house maybe it is price?

What drew you to that house in the first place?

DE_612183

Not sure where this is in relation to yours - but seems similar but cheaper:

 https://www.rightmove.co.uk/house-prices/details/england-136933637-20079823?s=0d0fc22b273ed0f9bba1e18753ecf5a6073fd4b66ff983e5030a84d57b23f541#/

TheJP

Nice house, is small, is over priced. If people aren't making an offer yet you get viewings generally means the house is over priced. How comparable is your house to similar sold properties in the area?

ReadySteadyPop

The market dictates the price of a house, how much you need to move isn`t really relevant to the market or potential buyers. people saying it is "too small" probably mean too small for the price in my opinion, the good news is that as prices fall your next move should be cheaper.

kimwp

Continuing from the poster above, maybe adding the word cosy or the advert talking about reduced heating costs due to lower ceilings - putting a positive spin on the low ceilings but mentioning them?

Hoenir

Reduce the price. Within a three mile radius there's plenty of property for sale in the £350k to £400k range. The fact that in your locality the market is stagnant. Suggests that paying a premium to live in a village and WFH is no longer in great demand. 

thebratprince

TheJP said:

Nice house, is small, is over priced. If people aren't making an offer yet you get viewings generally means the house is over priced. How comparable is your house to similar sold properties in the area?

Overpriced may well be true, just frustrating as all 3 estate agents valued it at around the 400-420k mark. Wish we'd known the reality sooner, though I'm coming around to the idea.

Not much similar has sold in our village at all for a couple of years.

Our original asking price of £425k was steep and overly optimistic. Other similar houses in our village are listed between £380k and £450k (the upper end being the 4 bed detached ones). A couple have sold in the last year, most have been stuck on the market for months. A 2 bed cottage down the road from us has been on for over a year. Nothing wrong with the house from what I can see.

The houses in our village that DO sell are bungalows and ex-council houses, they seem to shift pretty quickly for around the 300-350k mark. The pretty cottages get stuck.

Brie

Well it's certainly a lovely place so I'm not surprised you've had viewings.  Hope you manage to get it shifted soon!!

Olinda99

the market at the moment is pretty much at a.standstill although of course doesn't mean no houses are selling whatsoever 

and the other reason is the expectation of lower mortgage interest rates

today three banks have reduced their intest rates for their mortgages and therefore I think we will see an uptick in the market in the near future

I would not give your house away unless of course you can get a corresponding huge reduction on the new place you are buying

thebratprince

Niv said:

Let me start by saying - I think your home is lovely (minor gripe with the fake grass lol).

I do not know the aera, or what similar homes are sold at so cannot comment on price but my instinct is that you need to wait for the right buyer. In my opinion homes like this do not fit the more common timelines sometimes associated by houses of this size (three bed terrace I mean).

I think that some people will expect 'standard' height houses, especially if they are also looking at modern houses so when they come to your place it will feel 'lower'. Do people need to duck to get through any doorways etc? Price (without being drastic) wont make much difference to someone not wanting to duck to get through a doorway. I struggled a bit with my previous home as the stairway was spiral rather than a standard dogleg - but eventually it sold without dropping price unrealistically. My current house put some buyers off as the stairway is 'non standard' to say the least amongst a number of other things. 

One of the problems I see is that phrases like 'open plan' can give an image of space and height ceilings.

To your question, 'what would I do' - I would change the wording slightly to make it clearer that the ceilings might be lower than standard  - I am not a wordsmith but assume the EA can think of something. And I would take a hard look at other houses for sale in the vicinity at the same /close price and ask myself the question - Would I prefer my house or this house  and if you keep coming to not your house maybe it is price?

What drew you to that house in the first place?

The first part amused me - we also despised the fake grass and were going to change it before we realised how great it was not having to clean the dog's paws every time he came inside! We fell in love with the character - the stone, the quirks, the beams. In addition to the 'extras' like the home office (we both wfh) and huge garage, which other cottages didn't seem to have for the same price at the time. Trouble is, I'm not sure that city-escapees wanting to wfh in the countryside is our market anymore.

Our price reduction will probably have to be drastic to make a difference, the two small reductions haven't shifted anything much. Good to hear you sold eventually though, it's tough when you don't live in a standard place.

Thank you for your thoughts.