House wont sell other options

RelievedSheff

https://forums.moneysavingexpert.com/discussion/comment/81890451#Comment_81890451

Is part of the problem your agent? Are you using a local agent or an online only agent?

We paid a bit more for a local agent but they really did push the property and had a list of buyers looking for property like ours. Might cost us a grand or so more but they got us a quick sale at a quiet time of year at a price we are all happy with.

BACKTOBACK

Its a small local agent. The outdoor pictures have been changed to summer pictures. The indoor photos have been changed to de-cluttered images.

I am a cash buyer. I am moving to a more expensive area so reducing the price to £200k would mean i would have to work (while paying rental on a room around £800 a month) and try to save £20k or more.

So i can reduce it to £20k below market value or rent it out?

Tiglet2

If you decide to reduce the price to £200k, you might generate much more interest and a possibility of getting a similar reduction on the property you want to buy.

Albermarle

It is not unheard of for a reduced asking price to generate enough interest to start a bidding war. This actually happened to a family member looking for a house to buy. The property had been on the market for a few months . The asking price was reduced by nearly 10%, and two weeks later it was sold for a price inbetween the old and new asking price

Probably significant that the house was in the South East, so 10% off was quite a lot in cash terms and got quite a lot of people through the door for viewings.

saajan_12

https://forums.moneysavingexpert.com/discussion/comment/81890881#Comment_81890881

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.

Well is it really 220k market value? What agents 'value' it at could be inflated to win your business. How does that compare to other sold prices for similar properties in the area? If its not selling at $220k then the market value is less than 220k. Do you have any reason to expect the value will change in the foreseeable future? Aside from a general inflation, but then your purchase could also increase in that time..

By all means give it another month as we get into warmer weather, but you might need to accept the 220 may have been inflated all along.

peterhjohnson

https://forums.moneysavingexpert.com/discussion/comment/81890790#Comment_81890790

Yes, the right local agent can do very well. Look at other local agents and try to find one who has previously sold similar (location, price, etc) properties.I once sold a somewhat non-standard property through a local agent who really did have a mailing list of people looking for that sort of place. I got around 10 viewings within as many days, a bidding war and a sale at about 5% over the agent's estimate :-)

BACKTOBACK

Its already selling at a loss

gazfocus

Personally I wouldn't consider renting it out. If you're moving out of the area you'd need to be looking at having a letting agent manage the rental which costs around 10% of any rent you receive plus it costs the first months rent for the agent to find a tenant.

On top of that you would have to get the property rental friendly meaning you'd need a gas safety check, an EICR (which if you get a proper one will take the electrician a full day), make sure the smoke detectors are up to standard, get an EPC (although you may already have that if you're selling), you're then on the hook for any repairs when things go wrong (and they will!) Honestly, it's a huge headache if you're just doing it because your house isn't selling.

Myci85

Selling at a loss I can imagine doesn't feel right. However it is all relative. If market conditions were such that your house was worth more now than when you bought it, then it is likely your next property would also be worth more.

Also, I can't remember the full situation, but if you bought it as a new build, you immediately lost value as soon as you put the key in the door. So if you factor in that immediate reduction of value, selling at a loss may not feel so unlikely.

BACKTOBACK

As the property is slowly getting further down the Rightmove search lists is it worth asking the estate agent for a price to make the advert 'Featured' on Rightmove. I understand the featured adverts give a slightly larger image and get back to the top of the search results?

I have not asked the price for this but is it worth considering?