House not sold, in rented what to do?

Smilepea

We've had to relocate for work, and our house has been on the market since May. We've reduced it twice, had a new EPC (A because of solar panels and batteries we've put in), but no luck. We've had probably 20 viewings, including one second viewing but no offers. 

We keep being told the market is slow, and that our house is performing competitively well (based on Rightmove clicks). 

I'm happy with our estate agent, but wondering what to do. 

I've considered the quick sale companies but am concerned because of their terrible reviews and the lack of guarantee. 

It's just fairly stressful, and that's why I'm considering the quick sell, we are fortunate that we can afford the rent and mortgage (we have stopped our overpayments on the mortgage though).

If we were to reduce to the next price band on Rightmove it would be listed at less than we paid, and I'm concerned about how that would look. 

The house could do with some new carpets in a couple of rooms, but sorting that out is a bit of a challenge with not being local any more. I'm also concerned of choosing something that might put someone off...

We have a really decent chunk of equity, and could take the financial hit of selling for less than it's really worth. 

We've considered renting it out (we've seen a house we like that's not at the top of our budget so we could own both) but I think that's not something we'd like to do for a few reasons. 

My feeling is I'd just like it sold, so we can know where we're buying (don't want to commit and offer until we're precedible) and don't have to be in rented any longer (we've not properly unpacked because we can't anchor bookcases and the like to the walls, and after owning our own home for 10 years the fact that we need inspections feels really unpleasant). Also it's a stress I don't want given that we've moved to a new town, in a new county, and I've started a new job. 

Thanks in advance for any suggestions.

Nearlyold

Ask your agent for feedback on what potential buyers are saying about the property. Are other similar houses nearby selling?

twopenny

Don't worry about the carpets. People will change them anyway. 

It is true that the market is slow, unpredictability of cost of living, coming up to Christmas, people don't like to move in winter etc.
Is the house being cleaned, garden tidy while you're not there?

If you want to reduce the price the bargains are still going. I saw a place I was interested in sell in 5 days because the price for the location was surprisingly low.
But I would leave it till February when everyone is looking forward and recovered from Christmas.

Flugelhorn

we are looking but there is very little on the market, I am hoping it will pick up in feb

Grumpy_chap

Smilepea said:

We've had to relocate for work, and our house has been on the market since May. We've reduced it twice, had a new EPC (A because of solar panels and batteries we've put in), but no luck. We've had probably 20 viewings, including one second viewing but no offers. 

We keep being told the market is slow, and that our house is performing competitively well (based on Rightmove clicks). 

I'm happy with our estate agent, but wondering what to do. 

I've considered the quick sale companies but am concerned because of their terrible reviews and the lack of guarantee. 

It's just fairly stressful, and that's why I'm considering the quick sell, we are fortunate that we can afford the rent and mortgage (we have stopped our overpayments on the mortgage though).

If we were to reduce to the next price band on Rightmove it would be listed at less than we paid, and I'm concerned about how that would look. 

The house could do with some new carpets in a couple of rooms, but sorting that out is a bit of a challenge with not being local any more. I'm also concerned of choosing something that might put someone off...

We have a really decent chunk of equity, and could take the financial hit of selling for less than it's really worth. 

We've considered renting it out (we've seen a house we like that's not at the top of our budget so we could own both) but I think that's not something we'd like to do for a few reasons. 

My feeling is I'd just like it sold, so we can know where we're buying (don't want to commit and offer until we're precedible) and don't have to be in rented any longer (we've not properly unpacked because we can't anchor bookcases and the like to the walls, and after owning our own home for 10 years the fact that we need inspections feels really unpleasant). Also it's a stress I don't want given that we've moved to a new town, in a new county, and I've started a new job. 

Thanks in advance for any suggestions.

What feedback have you received for the 20 viewings?

A property that is priced correctly will always sell, but given that you have interest and viewings I would suggest that the price is in the right ball park.  You mentioned that you have reduced the asking price twice - to reduce it again will possibly look desperate.

I would not worry about the carpets.  Any buyer will wish to decorate to their own taste and replacing carpets to what they wish to have rather than what you chose is possibly a plus.  The difference in any offer that might be made for "needs new carpets" versus "brand new carpets already" will be negligible.  Assuming the carpets are not so bad that people would need to lift them instantly because stained / threadbare.

What does the current EA advise when you ask them for recommendations?

Changing EA might be worthwhile, but the 20 people who already viewed will "belong" to the current EA should any of them return to the property and move forward.
You could consider taking the house off the market and starting again in January.  That won't meet your "just like it sold" aspiration.

Sometimes a very little thing can make a difference.  When I was selling my first house, the first EA got zero viewings in 12 weeks so I ditched them.  The next EA said to re-paint the front door and to list at a higher price on the basis that I was underselling the property and the higher price would make it more attractive as it had moved up a Rightmove band.  They must have been correct as the second EA sold the house quickly.

kinger101

20 viewings since May isn't all that much to be honest.

You'd be right to stay away from quick sale properties. 

Where I live, houses tend to come in the market and see two reductions in price before they sell.  Or go within a week because they're sensibly priced.

The fact you've had viewings suggested you have interested buyers in the area.  But your property was not competitive with others they viewed.

How much was your original asking versus reduction?  

Smalltownhypocrite

To be honest if its been on 6 months its probably either over priced or has a very limited buyer pool.

We offered on our house in March (just days after it was listed), Completed it in June. The house we bought was listed £115k and we got it for £100k and is the biggest on the street as the corner plot with extra bedroom, reception room and garage compared to the other houses.

Next door was for sale 3 months before we offered on ours, we looked at it online and wrote it off as overpriced and not suitable. They where listed £150k originally and over the year dropped to £135k, then to £125k, then to £115k. They just went SSTC (right after our sale price became public knowledge) and I'll be curious to see what it sold for.

The most expensive house ever to sell on this street was during the housing boom and sold for £125k, nothing has sold that high since. The neighbor that asked £150k originally bought just before Covid for £89k and did NOTHING to it.

They wasted a year just by being MASSIVELY over priced in the first place though. 

On the other hand though there was a gorgeous 'if I won the lottery' (cinema, gym, bar, private woods, secluded etc... just lovely) house here that failed to sell because no one round here is rich enough to afford it. Totally worth the money but the buyer pool of people that rich in a little northern pit village is non existent. If they sold it lower people would bite their hand off but it wasn't 'overpriced' it was just 'too expensive' for the locals of the area its in.

Smilepea

There only feedback we've really had are things we can't change. The second viewing people said the garden was too small, and others have said the house overall is too some. Some people were worried about the noise from the railway line that's about 75m from the front of the property. 

Agent said they've had only a quarter of sales agreed this October than they would typically expect for October. Lots of other properties locally (both in the immediate area, and across the city of a similar type and price) are being reduced/on with multiple agents. 

So we lived with the carpets as they were, but one is thread bare in one place and has what like like a burn from hair straighteners. This is much more obvious now the house is empty (laws were cut recently, and house is checked on regularly too by my husband). 

Smilepea

Oh also price reduced just less than 10% from starting.

Albermarle

Smilepea said:

Oh also price reduced just less than 10% from starting.

That is not too dramatic.
Family member recently bought a house that had been reduced by 15% ( in two stages) and then offer accepted with another 5% off. 
That was in the South so in money terms a large drop.

For sure would be better to drop the asking price again rather than go to a quick house sale company. ( not always quick either) 

sheramber

Being empty can make it less attractive. 

Many people cannot imagine what a room will look like with furniture in it.