Back-to-back start home not selling - advice?

wiggy001

oasisfeverish wrote: »

Just my thoughts as I'm not to far from Orpington.

In the advert;

No mention of the huge green space around the corner, with playground facilities, could help potential buyers visualise that the lack of garden, could be compensated by the open space that they could use.

Carlton Parade - no mention in the advert about local amenities and just a bit further is Orpington Walnut Shopping Centre either.

Cray Ave and Sevenoaks Way - loads of superstores.

There's no getting away from the fact that's it's a 1 bed smallish starter home, but you need to get the EA to be more descriptive about the local area to make up for it.

Try to remember what made you first want to buy it, and see if this can fit with today's advert.

All good points - thanks. I did consider that there's no mention of being close-ish to Orpington High Street or Carlton Parade but, to be honest, I'm not entirely sure that is a good thing (if you live locally, you'll know what I mean )

Good point about the green around the corner - I forget that that is there myself!

What attracted me to it? Not the ad that's for sure (it was a private small ad that read: "1 bedroom house for sale in orpington, £xxx,xxxk Tel xxxxxxxxx"). Took a look, loved the area (quiet no through road and chav-free - not common in orpington!) and it was affordable. Moving from a nearby council estate (where I could've bought my parents' 3 bed place for just £10k more at the time), it was perfect for me.

tomstickland

I don't think there's anything you can do to the house that will make it worth more. Either accept an offer, make a lower offer on the next house or wait.
I saw a similar house to yours advertised in my local town and I didn't see it as offering anything over a 1 bed flat apart from wasted space for the stairs. Oh, and a garden.

dolce_vita

OP - You have been greedy and are now caught chasing the market down unfortunately.

best of luck to you.

wiggy001

tomstickland wrote: »

I saw a similar house to yours advertised in my local town and I didn't see it as offering anything over a 1 bed flat apart from wasted space for the stairs. Oh, and a garden.

To be fair, I've always seen this as an alternative to a flat rather than a small house, but with the advantage of a garden, parking directly to the front, extra storage space (eg loft) and of course the freehold and lack of maintenance etc.

wiggy001

dolce_vita wrote: »

OP - You have been greedy and are now caught chasing the market down unfortunately.

best of luck to you.

Can I ask how it is greedy to market a property for a similar figure to those already on the market (ie a fair price)?

Yes, I could've accepted the original offer of £160k and with the benefit of hindsight, wish I had. Thing is, it was offered after a few days on the market, and a fair bit below what I could afford/wanted to accept at the time. I saw it as a cheeky offer and expected a second offer nearer the asking price.

carpmaster

You should have taken the £160k last year. Turning it down has already cost you £15,000.

I assume you turned the £145,000 down recently too. Have you not learned from last time? This time next year it will be on the market for £120.000 and you'll be tholding out for £145,000/

brit1234

The properties I'm watching are also falling about £15,000 every 4 months. If I was going to put a offer in it would be £15,000 less than todays price. Prices are falling back to normal levels. £160-£145,000 isn't a sensible price for a starter home especially a small one. Your looking at about 5x £30,0000 salary to buy it, on that basis it sounds well over value and likely to fall a lot more.

neverdespairgirl

Bearing in mind I don't know the area very well, I think you are in danger of chasing the market down.

It's a very small house indeed - 12'9 x 9' living room and 12'9 x 7'10 bedroom sound pretty cramped to me. For example, this flat http://www.rightmove.co.uk/viewdetails-17462333.rsp?pa_n=1&tr_t=buy has similar sized rooms, garden, and parking, at £140k. Similarly, this flat has communal gardens and off-road parking for £140k. http://www.rightmove.co.uk/viewdetails-9272232.rsp?pa_n=1&tr_t=buy

For £160k, you can get a 2 bed house with large garden in Orpington, such as http://www.rightmove.co.uk/viewdetails-15299071.rsp?pa_n=1&tr_t=buy (still tiny rooms, though).

You may wish you'd taken your current offer in a couple of months!

dolce_vita

wiggy001 wrote: »

Can I ask how it is greedy to market a property for a similar figure to those already on the market (ie a fair price)?

Perhaps your competitors (the other vendors with similar properties) were also being greedy.

As in most financial matters and investments it comes down to timing.

In the long run, you are always better getting in front of the herd. Even if it means missing the very top or bottom.


("leave something for the next guy" , as the saying goes)

jonewer

wiggy001 wrote: »

.......so if I get £15k under this, I'll be £15k-ish in debt after moving. If I get £15k off the next house I buy, that's only £15k over the next 20+ years.

I have read this statement several times and still cant make head or tail of if.

What do you mean?