To stay on market or temporarily de-list

TheBlueDonkey

Hi all

Any impartial advice appreciated

Selling our late Mum's house (1930s bungalow). Been on market since 1st June - zero interest. Have reduced price three times, and it is well within the average locally for similar properties, but the market round here is absolutely dead. The Agent we are with (who have been great) has said that viewings are down for all property types - not just bungalows.

We are aware that the property will now have a massive "red flag" having been on the market so long so our quandary is...

Do we keep going or do we temporarily de-list (we are outside any minimum term with Agent) with a view to re-launching e.g. 1st March

Which looks better to a buyer?

Thanks

El_Torro

If you're going to take it off the market then now's the time to do it. If you keep it on the market I doubt there'll be much interest before January, just due to the seasonality. 

I'm not sure the fact that it's been on the market a long time is a red flag. If I were interested in buying it I would probably put a cheekily low offer in since nobody's bought it until now. It wouldn't necessarily stop me from viewing it.

In your position I probably wouldn't take it off the market. It's hard to say what the right call is though.

sheenas

"Hard to say". Reducing prices until you get interest i.e. "chasing the market" is an issue. Maybe do some research and understand why you have not had interest. If it's curb appeal maybe a coat of paint could help while you off the market for a short while. 

TheBlueDonkey

Thanks both

It is freshly decorated (white paint, new carpets, and tastefully furnished - garden is in excellent condition) but with no views we have absolutely no idea what the issue is. 

We have been told it is local conditions - backlog of downsizers unable to shift their properties (we are generally looking at retired cohort of potential buyers)

Since June we have dropped price twice - most recently a month ago. As above, it's not overpriced given location/accommodation.

ButterCheese

TheBlueDonkey said:

 it's not overpriced given location/accommodation.

That's the problem, and I know everyone quotes this but "it's only worth what someone is willing to pay for it".  e.g. we wanted to sell our 4 bed house and the agent said "we'll get 350k for it all day long".  Well, we didn't.  We ended up selling it for 310k.  We later saw the house down the road sell for 345k and it was otherwsie identical but only had 3 bedrooms, but it was a lot more modernized.  Yes, most people do not want to buy/move in the run-up to christmas so might be worth taking off.  Having said that, we sold in August and moved on the 18th Dec....

twoLou

I’m sorry you are in this position especially in the circumstances. 

If it were me I would do as you are thinking and remove it from the market until March.

The weather will be getting brighter, Christmas long gone, and the bungalow will appear newly listed on Rightmove.

It sounds as if you have done everything possible to aid its sale but the market does seem very odd - properties near me that would normally have been sold long ago are sat still for sale.

The best of luck whichever you decide is best

Bigphil1474

Personally I'd leave it on the market now, but don't expect to get any interest until the new year. If people see it has been on the market a long time they are more likely to put in that cheeky offer - some interest is better than none? Not sure what you get to gain from taking it off tbh. Assuming it's on Rightmove, not everyone using that site searches by time on the market. Maybe get someone you trust to review the listing and visit the house and see if there's any issues you've missed.