One bedroom flat not selling

SazzyJackson

Im trying to sell my one bedroom flat in West Sussex in a coastal town. It's small but nicely presented, maintenance fee is around £1400 per year (not too bad in comparison with others in this area) and about 110 years left on the lease.

I had a buyer who had agreed £160k and put in an offer to a two bed flat I'd like to buy but my buyer has now withdrawn as he couldn't get a new mortgage offer (how previous offer had expired).

So now I am left trying to find a new buyer so I don't lose the flat I want to buy. It's been back on the market for three weeks at £165k which is what it had been on for originally. There have been no viewings so I've put the price down to £160k.

Is there anything else I can do? My estate agent says the market for one bed flats is really quiet at the moment. Is that anyone else's experience?

sheenas

The simplest thing to do is to go onto right move as see what the competition is like in your area. You now doing what is call chasing the market, which is not ideal. 

swingaloo

Are the photos showing it off to its best potential? 
My step daughter has just paid £170 for a one bed flat in Worthing and she must have looked at 20 before deciding. There are loads of one bed flats just in that one town so it may be similar where you are selling. 
You need good photos in order to stand out to get viewings.

gwynlas

You should not be lowering the price on £5k increments as serious buyers will look to make offers anyway.

Have you chosen the best EA for your type of property and do you have a personalised home description and good photographs?

SarahB16

SazzyJackson said:

 My estate agent says the market for one bed flats is really quiet at the moment. Is that anyone else's experience?

Yes, definitely and I think it will always be the case now. Two bed flats are far more popular even for single people as so many people work from home for at least part of the week now so they like to have that additional bedroom as an office or as a spare bedroom. 

ReadySteadyPop

gwynlas said:

You should not be lowering the price on £5k increments as serious buyers will look to make offers anyway.

Have you chosen the best EA for your type of property and do you have a personalised home description and good photographs?

10k increments are better for price drops, they will get people`s attention on the various apps that monitor price drops.

ReadySteadyPop

SarahB16 said:

SazzyJackson said:

 My estate agent says the market for one bed flats is really quiet at the moment. Is that anyone else's experience?

Yes, definitely and I think it will always be the case now. Two bed flats are far more popular even for single people as so many people work from home for at least part of the week now so they like to have that additional bedroom as an office or as a spare bedroom. 

WFH isn`t what it was, the bigger corporations don`t seem to like it too much.

ReadySteadyPop

SazzyJackson said:

Im trying to sell my one bedroom flat in West Sussex in a coastal town. It's small but nicely presented, maintenance fee is around £1400 per year (not too bad in comparison with others in this area) and about 110 years left on the lease.

I had a buyer who had agreed £160k and put in an offer to a two bed flat I'd like to buy but my buyer has now withdrawn as he couldn't get a new mortgage offer (how previous offer had expired).

So now I am left trying to find a new buyer so I don't lose the flat I want to buy. It's been back on the market for three weeks at £165k which is what it had been on for originally. There have been no viewings so I've put the price down to £160k.

Is there anything else I can do? My estate agent says the market for one bed flats is really quiet at the moment. Is that anyone else's experience?

Any more offers?