House has been on the market for 6 months

leriloo

We put our house on the market in September 24 and 6 months later have only had one offer, which was 50k under! We've had 35 viewings and the feedback has always been really positive and complementary. There's a few things that have been pointed out - upstairs is too small and the garden is too small, soo obviously we can't do anything about that. But they are the reasons why we want to move! We've dropped the price twice now (from 400k - 375k) and other houses near us are on for 425-450k! It's a 3 bed detached on an estate in a quiet market town, approx 20 mins walk to the centre. We've had a new kitchen, doors, windows, fascias, guttering and it's been rewired. Re-decorated and decluttered throughout. We can't drop the price any more as we only have a limited amount of cash and the next step up for us is 100-150k more! I'm getting so fed up of cleaning and finding somewhere to go (with a child and a dog!) whenever we have viewings and I'm close to the point where I'm just going to take it off the market. I just can't understand why it's not selling?!

FlorayG

Who knows? There's a lovely bungalow two doors up from me been on the market  six months, doesn't need any work doing, perfect for retirement - not a single offer in all that time. Price has been dropped and still no takers. 
Unfortunately with the historic information on the internet available some people may be wondering what's wrong with yours that you have to keep dropping the price - they may be suspicious that there's something more than just 'we are desperate to sell'

gwynlas

Houses here are taking a long time to sell as well and if you have been on the market a long time perhaps it is time for a refresh of your listing and some new photos.
Are some agents sales better than others?
Does your listing make mention of refurbishments distance to centre etc?
If you know that others were for sale at 425-450K why was yours initially priced at 400k?

Newbie_John

gwynlas said:

Houses here are taking a long time to sell as well and if you have been on the market a long time perhaps it is time for a refresh of your listing and some new photos.
Are some agents sales better than others?
Does your listing make mention of refurbishments distance to centre etc?
If you know that others were for sale at 425-450K why was yours initially priced at 400k?

They said they get viewings, so no issue with listing.
My guess would be that it competes with other 3 bed houses but once people arrive they don't get the feel of "3 bed". Who's looking for 3 beds, probably someone with larger family (2+2) and if they find rooms and garden too small they'll look elsewhere.
Few years back we were looking for 3 bed and there were a lot of places that were converted from small 2 bed to even smaller 3 bed and we ignored them for that reason - garden was also important and seeing houses with small garden that had extension built which made garden so small.. 

Saying that, have a look at what price have the houses actually been sold for? Maybe even go and see competitors houses just to get a real feel of what you're against.
Sometimes it's just time, mortgage rates are going down so maybe people just wait for the right time? Who knows..

leriloo

The other houses have come on the market a few months after ours, at the time our EA said they'd put it on at 400k with offers accepted - we were prepared to go 35k under, but can't really afford to do that now it's on for 375k. We've just refreshed the images, added the garage (extended) to the floor plans and re-written the description to include schools/train station/town and shops. Garden is approx 7m x 7m, we've had work done on it last year - new grass, edging and patio, it also has a lot of planting and is very wildlife friendly. It has 2 double bedrooms and 1 single bedroom (currently used as an office). 

Albermarle

What does your EA say when you ask about why there are no offers ?

leriloo

Albermarle said:

What does your EA say when you ask about why there are no offers ?

They just say that it's a slow time at the moment!

RogerPensionGuy

One offer after 35 viewings, what does estate agent say?

The housing market is in a shambles unfortunately. 

Population grew, insufficient building. 

People used to borrow maybe 3 times income, now house prices are maybe 7 or 8 times income in many places. 

So government gave extra loans to prop up the market. 

People took out mortgages too big when interest rates went back to long term normal average and on top of the mortgage, inflation has knobbled peoples spending flexabilities so cash is tight. 

Some people get parents or the like gifting, lending, some doing equity release to fund this. 

University debts, childcare costs, DB pensions mostly gone, the list goes on. 

Looks to me like governments the last 40 years want working people well deep in debt and needing to work till 70 or plus, think I read the other day state pension agd of 71 is now doing the rounds. 

It's so unfair, this current generation of many people born after 1985/1990 will in many cases be having a different lifestyle to that generation born 1955/1980.

Any government won't ensure enough building is achieved as that would soften house prices and cause its own set of issues. 

The phrase I'm alright Jack, pull the ladder up comes to mind and unfortunately that ladder won't be put back in position, just a variety of ropes and cardboard boxes for future generations to have available and endure all that will will bring to the party.

It's a total mess, totally unfair. 

vic_sf49

leriloo said:

Albermarle said:

What does your EA say when you ask about why there are no offers ?

They just say that it's a slow time at the moment!

I'd agree with the "slow" comment, just from nosying at the local market.

I'm in a village with lots of bungalows, which normally get snapped up quite quickly, yet lots have been on the market for 4 months, with some price drops, but still not much is selling.

And in this case, I don't think they're overpriced. No one seems to be moving.

Newbie_John

vic_sf49 said:

leriloo said:

Albermarle said:

What does your EA say when you ask about why there are no offers ?

They just say that it's a slow time at the moment!

I'd agree with the "slow" comment, just from nosying at the local market.

I'm in a village with lots of bungalows, which normally get snapped up quite quickly, yet lots have been on the market for 4 months, with some price drops, but still not much is selling.

And in this case, I don't think they're overpriced. No one seems to be moving.

Sure, but thye had 35 viewings, it's a 1 viewing a week for the past 6 months, resulting in no offers.
It takes per average 10-20 to sell a house so there is something else involved. Most of these people could afford this 400k house but they decided not to proceed for some reason - and I doubt that would be becuase market is slow ;-) 

If you put your house for sale for £200k it will be gone in a week. Here, during the stretched finance days people may not see this place as value for money.

I think there aren't many options for you:
- wait, it's been only 6 months really, it just takes 1 person to say yes
- withdraw and put back on market later
- drop the price even more if you really want to move out

Flugelhorn

FlorayG said:

Who knows? There's a lovely bungalow two doors up from me been on the market  six months, doesn't need any work doing, perfect for retirement - not a single offer in all that time. Price has been dropped and still no takers. 
Unfortunately with the historic information on the internet available some people may be wondering what's wrong with yours that you have to keep dropping the price - they may be suspicious that there's something more than just 'we are desperate to sell'

that's an odd one, in most places bungalows, especially if not needing any work, sell very quickly