House not selling

Herzlos

ReadySteadyPop said:

Herzlos said:

ReadySteadyPop said:

Herzlos said:

ReadySteadyPop said:

Herzlos said:

ReadySteadyPop said:

Hb92 said:

So i'm back at the start again! Buyer has decided the spare rooms are too small and has backed out!

So back on the market it goes after me already paying money to solicitors! Is this normal or not? I've had 2 buyers pull out now in like 3 weeks!

I think buyers pulling out is very normal now, yes.

Buyers (and sellers) pulling out has alway's been pretty normal. That the house is getting a steady (albeit slow) stream of viewings implies that price isn't the issue no matter how much you complain it is.

@Hb92 can you bring an impartial visitor in to give some harsh criticism on the place to see if there are any small changes you can make to make the place more sellable? A lot of buyers have no imagination so you need to have everything as clear and open for them as possible.

Viewings on their own don`t mean that much, what counts is actual offers and then the buyer`s lender valuation to see if that offer is realistic, because lenders are being very careful in this environment the OP needs to move fast and not spend too much time on "staging".

Viewings mean that the buyer likes the house (and the price) well enough to talk to the estate agent and view it. So it normally means something else is putting them off.

Staging is definitely important because impressions count with buyers.

Many buyers now view with the intention of getting the price reduced, hence comments about "lack of space" and "garden size" etc. and unless they are paying with their own cash there is a strong chance now that their lender will reduce the value.

But none of them are making cheeky offers. I don't think it's price.

I think it's more likely that the estate agent has made the space seem bigger than it is.

"We had a couple offer us £150k which was immediately turned down, it wouldn't even cover our mortgage. We only bought the house in Feb 2023 so haven't had it for too long. We originally bought the house for £170k."

What would you consider a "cheeky offer"?

That was right at the start, wasn't it? Not the more recent viewings we're talking about. The price has been reduced since then if I remember correctly.

ReadySteadyPop

Herzlos said:

ReadySteadyPop said:

Herzlos said:

ReadySteadyPop said:

Herzlos said:

ReadySteadyPop said:

Herzlos said:

ReadySteadyPop said:

Hb92 said:

So i'm back at the start again! Buyer has decided the spare rooms are too small and has backed out!

So back on the market it goes after me already paying money to solicitors! Is this normal or not? I've had 2 buyers pull out now in like 3 weeks!

I think buyers pulling out is very normal now, yes.

Buyers (and sellers) pulling out has alway's been pretty normal. That the house is getting a steady (albeit slow) stream of viewings implies that price isn't the issue no matter how much you complain it is.

@Hb92 can you bring an impartial visitor in to give some harsh criticism on the place to see if there are any small changes you can make to make the place more sellable? A lot of buyers have no imagination so you need to have everything as clear and open for them as possible.

Viewings on their own don`t mean that much, what counts is actual offers and then the buyer`s lender valuation to see if that offer is realistic, because lenders are being very careful in this environment the OP needs to move fast and not spend too much time on "staging".

Viewings mean that the buyer likes the house (and the price) well enough to talk to the estate agent and view it. So it normally means something else is putting them off.

Staging is definitely important because impressions count with buyers.

Many buyers now view with the intention of getting the price reduced, hence comments about "lack of space" and "garden size" etc. and unless they are paying with their own cash there is a strong chance now that their lender will reduce the value.

But none of them are making cheeky offers. I don't think it's price.

I think it's more likely that the estate agent has made the space seem bigger than it is.

"We had a couple offer us £150k which was immediately turned down, it wouldn't even cover our mortgage. We only bought the house in Feb 2023 so haven't had it for too long. We originally bought the house for £170k."

What would you consider a "cheeky offer"?

That was right at the start, wasn't it? Not the more recent viewings we're talking about. The price has been reduced since then if I remember correctly.

Ok, say the new price is 150k, what in your opinion is a "cheeky" offer?

Hb92

The problem that we have is that all of the EA agreed on the value price which was £175k. When we bought the house for £170k in 2023 the bank agreed the value was correct.

We are desperate to sell which is why we have now lowered it down to £155k. But we then have the problem of people offering way below this figure and we have to explain it is already heavily reduced which doesn't seem to help much. We've had a few more viewings but not from anyone that is what i would call a 'serious' buyer. We have a viewing tomorrow night which i will be doing myself so we'll see how that goes.

The EA are taking new photos today of the newly painted rooms and my ex partner has done some work on the garden now the weather is starting to get a bit nicer so we'll see how it all goes from here. At this point I am already so in debt that i would take any offer at this point.

ReadySteadyPop

Hb92 said:

The problem that we have is that all of the EA agreed on the value price which was £175k. When we bought the house for £170k in 2023 the bank agreed the value was correct.

We are desperate to sell which is why we have now lowered it down to £155k. But we then have the problem of people offering way below this figure and we have to explain it is already heavily reduced which doesn't seem to help much. We've had a few more viewings but not from anyone that is what i would call a 'serious' buyer. We have a viewing tomorrow night which i will be doing myself so we'll see how that goes.

The EA are taking new photos today of the newly painted rooms and my ex partner has done some work on the garden now the weather is starting to get a bit nicer so we'll see how it all goes from here. At this point I am already so in debt that i would take any offer at this point.

The value in 2023 isn`t important, interest rates were at more or less zero then, you have to price for today`s market with borrowing costs returning to more normal levels. How much you paid should be of absolutely no concern to a new buyer, they will offer what they feel it is worth to them now, but remember that THEIR bank also has to value it for today`s market, that will be a more reliable guide to how much your house is worth than random offers.

TroubledTarts

ReadySteadyPop said:

Hb92 said:

The problem that we have is that all of the EA agreed on the value price which was £175k. When we bought the house for £170k in 2023 the bank agreed the value was correct.

We are desperate to sell which is why we have now lowered it down to £155k. But we then have the problem of people offering way below this figure and we have to explain it is already heavily reduced which doesn't seem to help much. We've had a few more viewings but not from anyone that is what i would call a 'serious' buyer. We have a viewing tomorrow night which i will be doing myself so we'll see how that goes.

The EA are taking new photos today of the newly painted rooms and my ex partner has done some work on the garden now the weather is starting to get a bit nicer so we'll see how it all goes from here. At this point I am already so in debt that i would take any offer at this point.

The value in 2023 isn`t important, interest rates were at more or less zero then, you have to price for today`s market with borrowing costs returning to more normal levels. How much you paid should be of absolutely no concern to a new buyer, they will offer what they feel it is worth to them now, but remember that THEIR bank also has to value it for today`s market, that will be a more reliable guide to how much your house is worth than random offers.

Incorrect

In Jan 2023 the base rate was 3.5%
In Feb the base rate was 4%
Rising to 5.25 steadily in Aug 2023

Borrowing was infact more expensive in 2023 due to panick from interest rates rising than it is now as they are coming down.

So there is a revelvency here.

ReadySteadyPop

TroubledTarts said:

ReadySteadyPop said:

Hb92 said:

The problem that we have is that all of the EA agreed on the value price which was £175k. When we bought the house for £170k in 2023 the bank agreed the value was correct.

We are desperate to sell which is why we have now lowered it down to £155k. But we then have the problem of people offering way below this figure and we have to explain it is already heavily reduced which doesn't seem to help much. We've had a few more viewings but not from anyone that is what i would call a 'serious' buyer. We have a viewing tomorrow night which i will be doing myself so we'll see how that goes.

The EA are taking new photos today of the newly painted rooms and my ex partner has done some work on the garden now the weather is starting to get a bit nicer so we'll see how it all goes from here. At this point I am already so in debt that i would take any offer at this point.

The value in 2023 isn`t important, interest rates were at more or less zero then, you have to price for today`s market with borrowing costs returning to more normal levels. How much you paid should be of absolutely no concern to a new buyer, they will offer what they feel it is worth to them now, but remember that THEIR bank also has to value it for today`s market, that will be a more reliable guide to how much your house is worth than random offers.

Incorrect

In Jan 2023 the base rate was 3.5%
In Feb the base rate was 4%
Rising to 5.25 steadily in Aug 2023

Borrowing was infact more expensive in 2023 due to panick from interest rates rising than it is now as they are coming down.

So there is a revelvency here.

Sorry, I am a year out, that means the market must be in a worse state than we thought? Looks like the average base rate over the last 50 years is 9%?

Herzlos

ReadySteadyPop said:

Ok, say the new price is 150k, what in your opinion is a "cheeky" offer?

That's not for me to say. My point was that if the problem was the price they'd either get no viewings or viewings followed by offers under asking price. That doesn't seem to be happening so I'm saying that your tedious mantra of "price is too high" isn't the problem here.

Herzlos

Hb92 said:

The problem that we have is that all of the EA agreed on the value price which was £175k. When we bought the house for £170k in 2023 the bank agreed the value was correct.

We are desperate to sell which is why we have now lowered it down to £155k. But we then have the problem of people offering way below this figure and we have to explain it is already heavily reduced which doesn't seem to help much. We've had a few more viewings but not from anyone that is what i would call a 'serious' buyer. We have a viewing tomorrow night which i will be doing myself so we'll see how that goes.

The EA are taking new photos today of the newly painted rooms and my ex partner has done some work on the garden now the weather is starting to get a bit nicer so we'll see how it all goes from here. At this point I am already so in debt that i would take any offer at this point.

The new photos with the updated property will hopefully make a big difference. I think a large part of the problem is the poor existing pictures and possibly clutter making rooms feel smaller than they are.

Are you getting many offers below the asking of £155k or just silence after viewings? Is there a figure you have in mind or need to get?

our_des

Herzlos said:

The new photos with the updated property will hopefully make a big difference. I think a large part of the problem is the poor existing pictures and possibly clutter making rooms feel smaller than they are.

I saw the listing before it was removed, the kitchen looked liveable but needed updating. The 2 smaller bedrooms are very small and one has a sloped ceiling with a window on the taller part of the wall. It looked like a really awkward shaped room to fit bedroom furniture in which might rule out families from buying. It did have a huge front garden but then other properties in the area had internally better, bigger layouts, modern kitchens/bathrooms and decent front and rear gardens for less than £155k (between £135-145). Other properties around the original listing price offered much more space with no obvious work needed doing to them. 

It sounds harsh OP but I think you massively overpaid for that house to start with.

Scotbot

Hb92 said:

The problem that we have is that all of the EA agreed on the value price which was £175k. When we bought the house for £170k in 2023 the bank agreed the value was correct.

We are desperate to sell which is why we have now lowered it down to £155k. But we then have the problem of people offering way below this figure and we have to explain it is already heavily reduced which doesn't seem to help much. We've had a few more viewings but not from anyone that is what i would call a 'serious' buyer. We have a viewing tomorrow night which i will be doing myself so we'll see how that goes.

The EA are taking new photos today of the newly painted rooms and my ex partner has done some work on the garden now the weather is starting to get a bit nicer so we'll see how it all goes from here. At this point I am already so in debt that i would take any offer at this point.

I don't know where you are but in my area (West Midlands)  prices for my type of property have dropped 4% in the last year and 10% since 2022. For a  £170 house that would make it worth  £153

.Both Rightmove and Zoopla will tell you how much the market has changed in the last year and estimate the value of your house based on market changes. If it is a standard estate type house these values are pretty accurate. In rightmove go to house prices, find your house and use the "track property " function