So tired of denial of the state of the housing market

Reds-on-Sea · 6 June 2018 at 1:10PM

I’ve had my Essex house on the market for over 13 weeks now – since the start of March. It’s a nice 3 bed semi-detached house in a quiet road, right by the beach and less than 10 mins from the most reliable train line into London (1hr).

When I first put it on the market, I naively didn’t think for a second that it would still be on the market 3 months later. I live just past Southend which, for those don’t know it, is one of those places that constantly makes the news for being “the best place to move for a commuter”, or “largest % house price rise” etc.

I don’t think it’s the house – every viewing we’ve had has commented on how much they love the place, and would buy it today etc etc… but they’ve all got houses to sell/ended up not being able to afford it due to mortgage problems etc. A couple of viewers weren’t even on the market, but liked the look of it so much they had to come view.

Nobody can sell theirs to buy ours. We’re planning on moving to the West country, and some of the houses there have been on the market for a year!

HOW DOES ANYONE MANAGE TO MOVE?

I’m happy to post a link for feedback, but I’m aware that for some of you, 13 weeks may not even sound that long. It just seems like a long time for me, for my house, for where I live.

So what is up with the market? The original EA we used for valuation (not for sale) was convinced it would sell in 2 weeks and people were “queuing up” for houses like mine. I even dropped the price £10K for a ‘quick sale’. Are there just hoards of delusional estate agents out there with their heads in the sand convinced that the market is still buoyant? Are they the ones causing this?

Is it just a waiting game, or is the answer to keep reducing the price? Or possibly change estate agent (though I’m v.reluctant to do that)? Can anyone make me feel better about having to put my life on hold?

[Deleted User] · 6 June 2018 at 1:12PM

You simply need to price it correctly to sell.

You can hang on for longer. hoping someone turns up who loves it enough to pay more, but basically, there's a price it will sell at today.

Reds-on-Sea · 6 June 2018 at 1:18PM

People want to buy it, but they can't sell theirs. I agree that I'll definitely get more people interested if it's a lot cheaper, but people do want it at the price advertised.

Grezz24 · 6 June 2018 at 1:19PM

do you have a link to the rightmove advert? People on here will be quick to point out any tips about pictures etc that may help pull in the right buyer

Reds-on-Sea · 6 June 2018 at 1:25PM

Said house:

http://www.rightmove.co.uk/property-for-sale/property-71819618.html

I know you all love a good ol' nose! ;-)

Red-Squirrel_2 · 6 June 2018 at 1:32PM

I love your stairs but that extension is awful, inside and out! Kitchen is too small and needs ripping out too. Its not a 'just move in' house for most people I wouldn't have thought.

Is it ex council?

Edit, sorry I see it is ex MOD. Are the rest of the houses privately owned now too? It does have a bit of a council estate feel to it, wouldn't put me off but might others.

worried_jim · 6 June 2018 at 1:33PM

Reds-on-Sea wrote: »

Said house:

http://www.rightmove.co.uk/property-for-sale/property-71819618.html

I know you all love a good ol' nose! ;-)

I like it! Great sized garden.

[Deleted User] · 6 June 2018 at 1:36PM

I like the toilet in the dungeon.

Is that for the people you normally hang from the hooks in picture 11?

pinkteapot · 6 June 2018 at 1:40PM

You're the most expensive 3-bed semi within a quarter mile of your postcode:

http://www.rightmove.co.uk/property-for-sale/find.html?searchType=SALE&locationIdentifier=POSTCODE%5E1239568&insId=1&radius=0.25&minPrice=&maxPrice=&minBedrooms=&maxBedrooms=&displayPropertyType=&maxDaysSinceAdded=&includeSSTC=true&_includeSSTC=on&sortByPriceDescending=&primaryDisplayPropertyType=&secondaryDisplayPropertyType=&oldDisplayPropertyType=&oldPrimaryDisplayPropertyType=&newHome=&auction=false

These results include Sold STC.

These ones look bigger than yours, were cheaper, and have sold:
http://www.rightmove.co.uk/property-for-sale/property-53579118.html
http://www.rightmove.co.uk/property-for-sale/property-52371702.html (end-terrace rather than semi but a lot cheaper)
http://www.rightmove.co.uk/property-for-sale/property-63569866.html (detached but needs work)

This one sold fast and is a 4-bed for only £10k (3%) more than yours which, to be honest, looks considerably nicer: http://www.rightmove.co.uk/property-for-sale/property-53713746.html

Your EA takes really weird photos. Half of them are using a wide angle lens held right up at the ceiling, which somehow makes the rooms look smaller than they are. Others (eg the kitchen) are taken with such a narrow angle lens that you can't really see anything. Makes the kitchen in particular look tiny (from what small part of a cupboard I can see!). That said, the fact you're getting plenty of viewings means the pictures aren't putting people off.

Surrey_EA · 6 June 2018 at 1:40PM

If a property has not sold after 13 weeks it's almost guaranteed that the price being asked is too high.

Reds-on-Sea wrote: »

. Are there just hoards of delusional estate agents out there with their heads in the sand convinced that the market is still buoyant?

Probably not, but there are hoards of EAs out there who are paranoid that if they told you what they really thought it was worth you wouldn't instruct them and you'd use one of their competitors instead.

Reds-on-Sea wrote: »

Are they the ones causing this?

In part, yes. But many other factors too.

Reds-on-Sea · 6 June 2018 at 1:40PM

The whole street is privately owned. By extension, I assume you mean the room we use as the office? It was previously the wood store and the whole street has the same treatment. We had it stripped back to bare brick at great expense haha! We love it, but it's good to know it's not everyone's cup of tea! I have to accept someone may come in and re-plaster over it again!

Red-Squirrel wrote: »

I love your stairs but that extension is awful, inside and out! Kitchen is too small and needs ripping out too. Its not a 'just move in' house for most people I wouldn't have thought.

Is it ex council?

Edit, sorry I see it is ex MOD. Are the rest of the houses privately owned now too? It does have a bit of a council estate feel to it, wouldn't put me off but might others.

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So tired of denial of the state of the housing market

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