selling house - more problems

cgnao

Take the lowest price of similar unsold properties on the market. Cut it by 20%. That should get some interest. Be prepared to give up another 5%.

Remember chasing a falling market down is a very expensive mistake as everybody is in denial and is doing just that. If you don't cut aggressively now you will still compete with many other sellers and won't sell. You'll then have to cut aggressively in six months time and by that time prices will have dropped by another 10-20%.

Basically only aggressively priced properties will be selling in these market conditions. The others will just wait and wait and wait while the prices go down down and down. 1989-92 was very similar. The bubble has popped.

meanmachine_2

It does feel like the morning after the night before. A lot of EAs, sellers and priced-out buyers are staggering around, kinda dazed wondering how and why they got to such a ridiculous position.

I have some sympathy with buyers. They have to sell for a certain price otherwise they are unable to afford their next property.

The only people to have gained out of all this is estate agents (as always).

I'm sure the OPs home is lovely, but I suspect it would be far too expensive for me to even consider.

Again I suggest they wait until a rate cut and cross their fingers.

seabiscuit_2

thanks again guys

meanmachine has the problem nail on the head - we need to sell at a certain level or we just wont be able to afford to move and as we need to move for work and family reasons, then there is no easy solution

we are still trying part ex route, if only so we can get into the new area asap and wait a few years for the market to improve and then move within the area at leisure - but atm even that is looking ify

JanCee

seabiscuit wrote:

however the kitchen has had new wallpaper but the cupboards and surface looks dated - we asked all the estate agents we had value the place about getting it done up and they all advised against it as in their experience the buyer guts them and does them to their preference

I would totally disagree with what your EA has told you. Kitchens and bathrooms still make the difference between houses that sell and those that don't (providing the price is right). The majority of buyers don't want to buy a house and then have to put in a new kitchen, most people simply cannot afford to do this. Think about putting in new work surfaces, tiles and cupboard doors to bring the kitchen up to date.

bridiej

JanCee wrote:

I would totally disagree with what your EA has told you. Kitchens and bathrooms still make the difference between houses that sell and those that don't (providing the price is right). The majority of buyers don't want to buy a house and then have to put in a new kitchen, most people simply cannot afford to do this. Think about putting in new work surfaces, tiles and cupboard doors to bring the kitchen up to date.

I agree, kitchens are usually the most expensive things in the whole house so worth "tarting" it up a bit to entice buyers.

ALTHOUGH having said that a friend of mine sold her house a couple of months ago with an old kitchen in it which she said was pretty grotty BUT the rest of the house was immaculate.

seabiscuit_2

NEW UPDATE

we have had an offer 5k below our new price from one of the guys who sid it was 10k over priced - we are now in discussions about it - but it looks like we might be getting somewhere (btw he is one of the property developers i think)

meanmachine_2

seabiscuit wrote:

NEW UPDATE

we have had an offer 5k below our new price from one of the guys who sid it was 10k over priced - we are now in discussions about it - but it looks like we might be getting somewhere (btw he is one of the property developers i think)

Good for you. If you need to move pronto, I say take it.

WHA

We sold a house during the last property recession (early 90s). We never reduced the price enough to generate any interest - we kept knocking another few thousand or changing agents every few months, but the market was falling faster than we were willing to reduce our price. In the end we sold it for just £60,000 after three years on the market when it was first put on the market at £140,000 and we stupidly refused an offer of £120,000 within the first few weeks. Live and learn! We stupidly believed all the "experts", estate agents, etc who claimed there was no recession and that property prices wouldn't fall any more (sounds familiar to today?)

GDB2222

seabiscuit wrote:

we will hope that the boe interest rate drops and that encourages the one person who will buy our house to come

Surely any drop in interest rates will also affect your purchase? Do bear in mind that the people you are going to buy from are ine xactly the saem position as you.

nelly_2

WHA wrote:

We stupidly believed all the "experts", estate agents, etc who claimed there was no recession and that property prices wouldn't fall any more (sounds familiar to today?)

Thats bang on, and their not experts at all, any one can be an EA, their just guessers.