Advice for a quick sale - please

Ercesuzan

First post, hope it makes sense!

We need to sell our house quickly. It's been on the market 9 months, 15 viewings, one offer of asking price which fell through because of bereavement of partner of prospective buyer. EA confident of asking price, all viewers feedback has been positive.
Young couple viewed 2 weeks ago, loved the house but it was more than they could afford after checking their property valuation and what they could borrow. We reduced price for them by £25,000 to try to get a quick sale but it was still too much for them. Two questions - 1. do we contact them to ask what they can afford (we do know them)? 2. have you got any advice or alternatives to get a quick sale?

Doozergirl

Reduce the price for everyone by £25,000? That would attract a bit more attention for any young couple.

Show us a rightmove link?

theGrinch

15 viewings in 9 months is very poor. I would suggest changing agents or moving to dual/multiple agents with a price reduction.

remember everything will sell at the right price and provided your EA is working

selectcase

Reduce by 10% that should then make your place a more attractive proposition

peaches67

we have had our house on market for 10 months, and had 13 viewings. We accepted an offer in july, but our buyers sale went bust cos they asked for more nmoney on their house...so they still want ours but we are waiting for them! in the meantime we have reduced our property from £275,000 to £270,000.unfortunately nothing has changed.

waiting_to_exile

peaches67 wrote: »

we have had our house on market for 10 months, and had 13 viewings. We accepted an offer in july, but our buyers sale went bust cos they asked for more nmoney on their house...so they still want ours but we are waiting for them! in the meantime we have reduced our property from £275,000 to £270,000.unfortunately nothing has changed.

You've reduced your previously unsuccessful selling price by 1.8% in a market that has dropped more than since last October and is commonly predicted to continue on down. Are you really surprised at a lack of interest?

peaches67

What would you suggest I reduced it to to get a quick sale??

Doozergirl

peaches67 wrote: »

What would you suggest I reduced it to to get a quick sale??

The magic Stamp Duty threshold - £250,000 exactly. It will keep you in the rightmove bracket for people looking higher.

There aren't too many people happy to pay that extra £5000 in SDLT; if they don't bite at £275,000 then you are going to struggle

The others marketing at the same sort of price will also be lucky to fetch that - it's one of those things where if they introduced a sensible Stamp Duty system, you'd probably sell at £270,000.

peaches67

Thank you for the advice.

Interesting, we paid 249,950 for it 2 and half years ago...I guess if we want a quick sale its gotta be .

Do you think the prices of houses will keep falling in 08?

Doozergirl

peaches67 wrote: »

Thank you for the advice.

Interesting, we paid 249,950 for it 2 and half years ago...I guess if we want a quick sale its gotta be .

Do you think the prices of houses will keep falling in 08?

House prices haven't moved in my area in over three years. A house worth £250,000 then would still be worth £250,000 now; even a nominal rise over the last two years would see your house sticking at £250,000 because of the Stamp Duty threashold. Whether the phrase 'keep falling' is correct, assumes that your property actually rose in value over that time.

peaches67

It did rise in value as it was valued at £275,000 in April when we put it up for sale. All the houses on this close are the same price...selling. I know one round corner went for £268,000 but that was before all this crash business started.
I will talk to my husband tomorrow, hes had t omove away to suffolk and leave us behind up north, due to the house not selling.