Flat not selling what to do

MysteryMe

It's not unusual for flats to be electric only so I don't think that is an issue, especially on economy 7 tariff. What has the feedback been from the Estate Agent? Is the flat empty? A flat that has not been lived in for 18 months needs to be staged as if someone is living their now. If you haven't already give it a good old clean, make it seem fresh. 

Albermarle

subjecttocontract said:

Sorry to bring doom & gloom but I believe in being realistic. Let's look at the situation......
* You are finding the sales market in your area is already slow.
* We're a month away from a big impact budget which will put many people off until they know the damage.
* The economy generally is in dire straights.
* After all that it start getting very, very quiet leading up to Christmas & New Year and doesn't normally pick up until at least end of January.

Unless you have something special, stand out or unique to offer or your price is at the lower end of what's available, I see your chances of securing a buyer before next year as unlikely.

I would dispute the statement in bold. Low unemployment; some growth; inflation back under control; interest rates normal; Pound stable etc 
Compared to some periods in the past the economy looks quite OK. 

Newbie_John

I think that the Eco7 / lack of gas has not much to do here. Around where we live all houses are like this and due to close proximity to the station they sell really easily.

You haven't really told us much about your place so impossible to say why. What does the agent say? Could you show the listing?

RHemmings

Newbie_John said:

I think that the Eco7 / lack of gas has not much to do here. Around where we live all houses are like this and due to close proximity to the station they sell really easily.

You haven't really told us much about your place so impossible to say why. What does the agent say? Could you show the listing?

As per the note at the top of the page, people shouldn't post listings to their own property or everyone in the forum will know where they live. This is a second home that they don't live in right now, but still there are privacy issues. 

Philomena78

subjecttocontract said:

Sorry to bring doom & gloom but I believe in being realistic. Let's look at the situation......
* You are finding the sales market in your area is already slow.
* We're a month away from a big impact budget which will put many people off until they know the damage.
* The economy generally is in dire straights.
* After all that it start getting very, very quiet leading up to Christmas & New Year and doesn't normally pick up until at least end of January.

Unless you have something special, stand out or unique to offer or your price is at the lower end of what's available, I see your chances of securing a buyer before next year as unlikely.

Exactly, I know we are not selling because of the external circumstances rather than the place itself. The flat is marketed at the lower end for the area and the asking prices for similar flats are around 200k and more and I  am not sure if we drop the price close to the 2016 price that we will be able to secure a sale. It looks like we may need to wait until new year but that will mean an additional loss of few thousands until it is sold. What a disaster

Philomena78

MysteryMe said:

It's not unusual for flats to be electric only so I don't think that is an issue, especially on economy 7 tariff. What has the feedback been from the Estate Agent? Is the flat empty? A flat that has not been lived in for 18 months needs to be staged as if someone is living there now. If you haven't already give it a good old clean, make it seem fresh. 

It is furnished and well presented. We had an offer that was very reasonable but that fell through a couple of days before exchange in August. Since then the market has been very quiet and we only had 2 viewings since. Feedback was very positive but people are not putting an offer 

Hoenir

What's the honest assessment from the EA ?  They'll know the local market as well as anyone. 

subjecttocontract

Albermarle said:

subjecttocontract said:

Sorry to bring doom & gloom but I believe in being realistic. Let's look at the situation......
* You are finding the sales market in your area is already slow.
* We're a month away from a big impact budget which will put many people off until they know the damage.
* The economy generally is in dire straights.
* After all that it start getting very, very quiet leading up to Christmas & New Year and doesn't normally pick up until at least end of January.

Unless you have something special, stand out or unique to offer or your price is at the lower end of what's available, I see your chances of securing a buyer before next year as unlikely.

I would dispute the statement in bold. Low unemployment; some growth; inflation back under control; interest rates normal; Pound stable etc 
Compared to some periods in the past the economy looks quite OK. 

In your dreams. People in the market for a 1 bed flat will have been hit by all the adverse economic results over the past year or two.. rising prices for food, energy, insurance, interest rates, the cost of virtually everything has gone up and will clearly impact affordability.

housebuyer143

Unfortunately a surveyor told me that she would never advise anyone to buy a 1 bed flat as resale is very difficult. You generally get investors for BTL take them on, as the majority of people buying will want 2 beds. 
Your flat doesn't work as a BTL. At a rent of £750 it's unlikely a landlord would want to purchase it. 

You had a buyer before but you have fallen into a stagnant market, so you will likely find another but time isn't on your side. 

Potentially auction is the way to go if you want to offload it quickly?

daveyjp

All down to what else is available in the area for a similar price.  If there are houses with two bedrooms, garden, parking etc nearby buyers will be limited to those who only want/need a flat - just as you were.  If those buyers are few and far between a keen price will be needed to move it on.