House wont sell other options

BACKTOBACK

So i have been trying to sell my home for a few months. Valued by 3 agents between £220k and £230k.

I would accept £220k but it is just not selling. No interest despite changing the photos to clear and uncluttered pictures.

I desperately need to move areas. Should i just keep reducing the property to below market value and hope for the best?

Or should i rent it out? The rental income has been valued at £1000 a month. I know the new laws regarding section 21 being abolished but if i needed the property back it would be for a genuine sale later.

My plan would be to move area and rent a room to find work in the new area.

My question is the property is mortgage free. If i found work and after a few months what money could i use towards a new mortgage? Could i re-mortgage the old property? Plus include some of the rental income?

Or would it just be a better idea to keep reducing the value of the old property and waiting for a sale?

I just need to move areas as soon as possible

EssexHebridean

First thing I would do if you haven't already is ask the agents for feedback - are they simply not getting enquiries?

Compare your listing with those for other similar properties - how does yours stack up?

Ask friends to cast an eye over the listing and give their honest opinions.

Although price can certainly be a factor, and of course if you price a property low enough it will eventually sell regardless of all other factors, but if you're pretty sure that the price is there or thereabouts it's likely to be something else getting in the way here. If it was simply that the price was "a bit too high" people would view, and make a cheeky offer.

How qualified do you feel to become a landlord - that will answer your question about renting. What happens if when it comes to wanting the property back to sell, you end up with tenants refusing to leave until you go through the full process, and as a result end up with no rental income potentially for a protracted period.

BACKTOBACK

I have looked at other similar properties in the area and it does seem fairly priced. I think its just the area having slow sales at the moment. Other properties have been on the market for a few months as well. There has been no interest at all.

I have been a landlord before. But that was before all these planned legal changes

born_again

Last few months are not the best time of year to sell. Should start picking up soon, as weather gets better.

theartfullodger

The standard 3 sensible options for those in your position

Spruce the place up some more, after advice from agents.

Reduce Price

Revise agent's description.

RelievedSheff

A few months is absolutely no time at all to be on the market, plus it has been the slowest few months of any year.

You need to be more patient im afraid.

Albermarle

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Selling a house for the first time - struggling! — MoneySavingExpert Forum

EssexHebridean

As a starting point, I'd be scrutinising the photos on the listing - is there anything there that you now look at and think "Hmmm - that doesn't look great!". If there is anything, then fix it (without spending fortunes - sometimes even a different angle of photo can change the look of a room) and take new photos/ask the agents to do so. Does the floor plan have room dimensions on it? And does your chosen agent market actively or passively?

I'd agree with those saying that it hasn't been on for long - except for the fact that the impression you've given is that there has literally been no interest at all - not even people viewing and for whatever reason finding it doesn't suit them. Depends how long is "a few months" though - 1 - 2 at this time of year isn't long, and yep, feasible that nobody has yet seen it who is interested to view. 3 - 4 though without any viewings and I'd suggest that something needs attention.

BACKTOBACK

The photos have been changed and improved. The agent only advertises on Rightmove (no other sites). But its cheap at 1%.

I just want to get out the area. Will wait a couple more months see what happens

Slinky

Does the floorplan have room sizes in both imperial and metric?

Are the outside photos taken obviously in a different season making it noticeable it's been up for sale for a while?

Bigphil1474

We put ours on the market in October 2023, and we had some viewings but didn't actually sell until March 2024. If it was me, I'd wait at least another month, and then reduce to £200k ish. Might draw in more potential buyers who are looking at £200k budgets searching on Rightmove. IME, you don't need to be on anywhere other than Rightmove these days.