Selling House - Need Advice

[Lucky7even]

I've had 5 positive viewings and they all said it was a nice house, but as of yet no what I would call a serious offer has been on the table

[assisted blonde]

Not long really

[honeybee13]

I've had 5 positive viewings and they all said it was a nice house, but as of yet no what I would call a serious offer has been on the table

 

Hello again.

 

If you want to know the real answer, because 'nice' is quite bland and non-committal, then you probably need to dig deeper than that. In your place, I would ask why other houses near you have had offers and while people think your house is nice, they aren't making serious offers.

 

Only do this if you want to hear the truth though.

 

HB

[citizenB]

Maybe you could go and view similar properties in your area to compare.

 

TBH, your property hasn't been on the market that long and to have 5 viewings already is excellent. Were these viewings genuine house seekers or simply local nosy parkers ?

[Kraken1]

Which could still jam you up. I think you are being quite brave. I also think you are a tad naive if you think that this sort of info could never come out of the council.

[Kraken1]

and again, 140k is a good and realistic offer. If it is up for 150k, and there are other similar places up locally (even if not identical) then you should be expecting offers of between 130k and perhaps 145k.

 

Most buyers that see that a kitchen needs doing will automatically knock 10k off the asking price.

[Lucky7even]

and again, 140k is a good and realistic offer. If it is up for 150k, and there are other similar places up locally (even if not identical) then you should be expecting offers of between 130k and perhaps 145k.

 

Most buyers that see that a kitchen needs doing will automatically knock 10k off the asking price.

 

The kitchen is the only room in the house thst needs updating, but the estate agent informs people that it is a blank canvas for someone to put their own stamp on it.

 

We've agreed that not to sell below £145K, so we need to make some money on it.

 

We only paid £137,500 for it 2 years ago

 

If it doesnt sell in the next couple of months, we will take it off the market, and put in a cheap white based kitchen in.

 

You can get a good quality kitchen for around £1000 from Wickes.

 

You dont need to spend a fortune, but we do know it does need plastering as its got that awful artex.

 

We need to test the market.

[Lucky7even]

Its been a whole week now without any viewings at all, estate agent said it was because its now school holidays and should pick up after the holidays.

 

I am begining to feel rather let down by the agent I am currently using and feel they havent done enough to market the property; they have had other properties similar tomine up for sale and they have sold for aound £145K which is what we are after.

 

If it doesnt pick up after the holidays will take it off the market and try again with someone else.

[Kraken1]

but if your's is the last of a certain type to hit the market it might not make that. What are they doing to market it? Is is on rightmove? what are the photos like? Is there a floorplan? Floorplans are almost mandatory these days to get folk in the door.

 

What is your deal with the estate agent? How long are you locked in?

[Lucky7even]

Had a viewing this morning.

 

We're listed on zoopla. We've had 308 views in 20 days, and 6 viewings now.

 

Photographs looks fine, and they have the floor plans.

 

I cant really take under £145K as the property we want is around £160K.

 

I have to ask how long were locked in for.

 

I think viewings is picking up again now.

[Kraken1]

Most people will use rightmove first - it is by far the most popular. I'd question an agent that is not listing there.

 

If you are not getting any serious offers after these viewings then something is wrong. the asking price, the staging, the condition, the tour, or the estate agent is not properly vetting viewers and you are not getting serious buyers through the door.

 

Also remember that just because the property that you want is up for 160k, doesn't mean you will need to pay that. Most folk (unless desperate or dim) will be knocking at least 10% or so off the asking price straight off, so an asking price of 160 means an initial offer of 150k max. Perhaps even 145k.

[Lucky7even]

Most people will use rightmove first - it is by far the most popular. I'd question an agent that is not listing there.

 

If you are not getting any serious offers after these viewings then something is wrong. the asking price, the staging, the condition, the tour, or the estate agent is not properly vetting viewers and you are not getting serious buyers through the door.

 

Also remember that just because the property that you want is up for 160k, doesn't mean you will need to pay that. Most folk (unless desperate or dim) will be knocking at least 10% or so off the asking price straight off, so an asking price of 160 means an initial offer of 150k max. Perhaps even 145k.

 

Thanks for the advice.

 

I have to agree we had our sixth viewing yesterday, there is clearly summit wrong as to why we are not getting any serious offers of over £145K.

 

I will wait until the school holidays are over, then I might go with another agent.

 

I am amazed considering that every viewer has said its a nice house, just had not that serious offer!!

 

I would have that the agent would have done more to have sold us.

[Kraken1]

bit it is really really rare to get asking price.

 

This is from a few years back, so the picture will be a little different now.

 

http://blogs.thisismoney.co.uk/2011/05/asking-house-prices-vs-selling-prices-what-should-you-offer.html

[Lucky7even]

Spoke at length to the estate agent this morning; they have admitted to over pricing ours!!

 

They have dropped the guide price from £150K to £140K with a views of accepting offers of around £145K.

 

Bit annoyed with them for over pricing our in the first place as we could have sold by now!!

[theoldrouge]

Spoke at length to the estate agent this morning; they have admitted to over pricing ours!!

 

They have dropped the guide price from £150K to £140K with a views of accepting offers of around £145K.

 

Bit annoyed with them for over pricing our in the first place as we could have sold by now!!

typical estate agents ploy to get you to sell through their agency

[Lucky7even]

typical estate agents ploy to get you to sell through their agency

 

Well, I have given then am ultimatim that we want at least £145K, if they dont sell us we will cancel and go else

where, simples!!

[honeybee13]

Well, I have given then am ultimatim that we want at least £145K, if they dont sell us we will cancel and go else

where, simples!!

 

Hello again. Have you checked what you signed with these people to make sure you can leave them when you want to? Or maybe you could bring in other agents to give these ones some competition.

 

In any event, it's useful to have several valuations to see what the concensus is.

 

HB

[Kraken1]

If you drop to 140k you are not going to get an offer of 145k. You will get offers between 128k and 135k. But the poster above is correct, it is common for estate agents to give higher valuations than realistic as many sellers will simply go for the highest valuation.

 

caveat - my comments are based on you being in England or Wales. Using the term 'guide price' gives me pause to think you are in Scotland, or are planning on selling at auction. If either of these are the case, please shout as it might mean I'm talking ****e.

[Kraken1]

Well, I have given then am ultimatim that we want at least £145K, if they dont sell us we will cancel and go else

where, simples!!

 

Cancelling can be troublesome and you can find yourself paying commission to two agents if you are not very careful. At the very least ask - in writing - for a list of all the buyers they have introduced to your property. If any of these end up buying your place - even through another agent - then you could be on the hook for commission.

[steampowered]

A month is not a long time to be honest. The longer the house is on the market the more likely you are to get a sale at a good price. This issue was researched extensively for the book "Freakonomics", which is a popular book on behavioural economics. There is a short youtube video explaining here: http://www.youtube.com/watch?feature=player_embedded&v=17jO_w6f8Ck#at=100.

 

As honeybee said, please check your contract and the agent's T&Cs to ensure that it is not an exclusive contract. Over the last few months there have been a few posts in the legal issues forum by people who tried to cancel their contract with an estate agent when they were not entitled to do so and are being pursued for fees through the court system. Not saying don't do it, just be careful.