Jump to content
House Price Crash Forum
Sign in to follow this  
Spirit

70 Viewings

Recommended Posts

Not so simple this selling houses lark..

"Hey, I feel for you, we sold,after 60 odd viewings then it fell through, then we had roof trouble and took 18 months to sell the house with me having to go back to England and live in my empty house on an air bed and finally sold after having my whole roof replaced while I was in Oz .We have sold now but it took nearly 2 years to sell and this was a house that was only 9 years old and totally immaculate. Does not stop there, I am still sueing the previous owner for damages as he basically cut all of our roof trusses out to make a 5th bedroom without planning permission or building regs and we are suing the solicitor for negligence as the prat did not do any of the searchers from the council.All this while having the pressure of being on a 457 visa which has time limits on it You will always find someone that has has more problems than you face yourself and I am sure we will have more posts on the horrors of house sales. Keep your chin up you will sell it in the end. "

Share this post


Link to post
Share on other sites

Interesting to see the other option to not selling posted on that thread....

Gotta start on that plan B, remortgage get a nice bit of cash then let the place through an agent.

Just think of all that free money.....

Share this post


Link to post
Share on other sites

2 possibilities here, isn't there?

1. There's something about the house (presentation?, traffic?) which turns everyone off.

I'm thinking that it's the crappy fifth bedroom.

Share this post


Link to post
Share on other sites

2 possibilities here, isn't there?

1. There's something about the house (presentation?, traffic?) which turns everyone off.

2. It's over-priced.

Actually, there's only one possibility....

1. It's overpriced.

(your "option 1" dictates the price in the first place!)

Share this post


Link to post
Share on other sites

I said this on another thread but we were advised that if you hadn't had an offer after 6 weeks you should drop the price by 10%. Then repeat until sold.

Edited by Given Up

Share this post


Link to post
Share on other sites

2 possibilities here, isn't there?

1. There's something about the house (presentation?, traffic?) which turns everyone off.

2. It's over-priced.

WRONG. there nothing whatsoever wrong with the house (and no i am not bias) and 20k under original valuation having reduced twice.

Actually, there's only one possibility....

1. It's overpriced.

(your "option 1" dictates the price in the first place!)

i fail to see how if its 20k under valuation. :rolleyes:

Share this post


Link to post
Share on other sites

Interesting to see the other option to not selling posted on that thread....

Just think of all that free money.....

Its amazing peoples attitudes to debt! So relaxed about it all!

I'm be a nervous wreck with a load of debt! :rolleyes:

Share this post


Link to post
Share on other sites

WRONG. there nothing whatsoever wrong with the house (and no i am not bias) and 20k under original valuation having reduced twice.

i fail to see how if its 20k under valuation. :rolleyes:

A valuation is just a made up number, mate.

I don't know anything about your house, it could be something that is putting people off, but you must entertain the possibility that it's the price.

OR

Just keep on blaming all those bad, bad people who won't buy your house, if it makes you feel better.

Share this post


Link to post
Share on other sites

This needs a bit of clarification perhaps?

A valuation - what a qualified surveyor values a property at

Asking price - what an EA and vendor agree - sometimes called a valuation

Selling price - what the vendor and buyer agree is the value the buyer will pay and the seller will accept for the property

These are all different things.

Edited by Given Up

Share this post


Link to post
Share on other sites

WRONG. there nothing whatsoever wrong with the house (and no i am not bias) and 20k under original valuation having reduced twice.

i fail to see how if its 20k under valuation. :rolleyes:

Have you tried offering your car for free? This is becoming a popular tactic.

What does the EA reckon? Seems to be doing his/her best getting you 70 viewings.

Have you tried nethouseprices.co.uk, or whatever it was?

btp

just remembered this one - should give you an idea of asking prices at least http://ononemap.com/map/

Edited by backtoparents

Share this post


Link to post
Share on other sites

WRONG. there nothing whatsoever wrong with the house (and no i am not bias) and 20k under original valuation having reduced twice.

Well let's look at this rationally.

You are having trouble selling the house, so what could the problems be?

1) The market is absolutely dead in your area. Almost nooone wants to buy, lack of cash, lack of jobs, whatever the reason.

2) Your agent is crap.

3) You are really unlucky.

4) You are priced wrongly for the current market. This includes the fact that the price doesn't take into account possible problems buyers are rightly or wrongly judging the property to have.

Take these one at a time.

1) You have had 70 viewers. Not sure of the time frame, but I assume 6 months to a year? That tells me there are plenty of people who wish to buy the kind of property yours appears to be (from its marketing) in your area. This is not the problem.

2) You have had 70 viewers. Unlikely that the agent is particularly bad. Sounds in fact that they are really quite good.

3) Dream on. You should be able to sell a house if you can get 70 people through the door. At the very least you should get some good offers, even if these then fall through for other reasons.

4) This is the only thing you are left with. It may be a reality you don't want to face, but it is the only reality. for whatever reason your price is wrong. Perhaps other houses of similar apparent spec at the same price are larger? Perhaps there are undesireable features compared with other similar houses? Perhaps you are in the wrong school catchment? All sorts of reasons.

Bottom line. The 'value' an agent gave you at some time in the past doesn't represent what the house should sell for. It represents what the agent wants you to believe he can sell it for. I would suggest, given where you are, that prices have fallen over the past year, and your 'value' is entirely likely to be out of date.

It sounds to me like you are chasing a falling market down. You had a value in mind, but the market was poor in your area. At some point you have reduced your price because you have found the market to be weak. Trouble is, the market keeps falling. In a buyer's market, people want bargains. If your house doesn't appear to be a bargain, you will struggle to sell. Sure, you might find your perfect buyer who just loves your house and pays a premium - you probably won't.

So - three choices are left open (other than letting the place etc.)

1) Reduce price further in small but relatively quick steps, until you get a bite. This way you are more likely to get a quick sale, but will perhaps lose money.

2) Wait until the market strengthens. Great if the market is at or near the bottom, bit if not, you could kiss away a hell of a lot of time and money.

3) Wait until your perfect buyer comes along. Pure chance. You are only a fool taking a wild punt if it doesn't come off, but the chances are slim.

It all depends what suits you.

Share this post


Link to post
Share on other sites

If 70 people have viewed (over what timescale?) then there is no problem getting people in to see the property based on the details so the price must appear OK before they view. Once they view, they do not offer, so something is stopping them - something does not match the details as written - so it may be the price or it may be the area - maybe it is rough, maybe next door is shabby? there must be something that they do not like. The Agent should be able to provide feedback on every viewing.

Edited by Given Up

Share this post


Link to post
Share on other sites

WRONG. there nothing whatsoever wrong with the house (and no i am not bias) and 20k under original valuation having reduced twice.

i fail to see how if its 20k under valuation. :rolleyes:

Obviously the original valuation was wildly optimistic and the £20k price below only slightly less so. If you don't believe it's overvalued then fair enough, you just need to wait around long enough to find somebody that agrees with you.

Share this post


Link to post
Share on other sites

I remember a friend of mine chasing the market down in the last property crash.

His house went on at £330K (a somewhat aspirational price) and he soon received an offer of £280K which he declined. He continued to drop the price in small increments (always too little and too late) and he eventually sold in desperation a year later for £220K - that's over 30% less than his original asking price.

The lessons of history are all there for those in continued denial about the fragile state of the current property market.......

Share this post


Link to post
Share on other sites

WRONG. there nothing whatsoever wrong with the house (and no i am not bias) and 20k under original valuation having reduced twice.

i fail to see how if its 20k under valuation. :rolleyes:

People have already given reasons why we believe it might be over priced.

Why don't you drop it by another £50K, you don't have to accept any offer it's not a legally binding price. If after 3 months you don't get any offers at the new price then clearly it's not the price and we can all help you find out what the problem might be.

If you are genuinly interested in why it's not selling supply us with the details (Post Code, number of bedrooms etc) and I'm sure somebody here will do the research.

Took me a while to sell my place, the details were accurate but when you saw it in the flesh it wasn't what you thought it was going to be (4 bed but really only the size of a 3 bed). When it wasn't selling I took what I new was the correct cause of action and cut the price.

Share this post


Link to post
Share on other sites

Doesn't the agent ask for feedback? You should be asking them to chase up all viewers, and tell you what they say.

With 70 viewings it doesn't appear terribly over-priced on paper (cf a house near us which had not a single viewing for 3 months, after it was put on the market at the most ludicrous price), but clearly something is wrong...

Share this post


Link to post
Share on other sites

2) Your agent is crap.

2) You have had 70 viewers. Unlikely that the agent is particularly bad. Sounds in fact that they are really quite good.

I'd say this is evidence the agent is bad. They should be spending their time with clients who are realistic buyers of the property, and they should have an idea of what properties the buyers will offer on.

Or, if the price is too high, they should either ignore the property or persuade the vendor to drop their price.

From the EA's pov, 70 viewings and no offers is a spectacular and costly waste of their time. They're doing something wrong.

Edited by the_duke_of_hazzard

Share this post


Link to post
Share on other sites

This is Rooksie's home:-

http://www.rightmove.co.uk/viewdetails-100...pa_n=2&tr_t=buy

The house is beautiful, far nicer than some of the crap I look at. Okay so until you get into a home you can't tell exactly what its like......maybe noisy neighbours/dogs barking ?

On nethouseprice one sold for a massive 225k last year, otherwise huge differences:-

2005 182-117k

2004 190-128k

2003 128-98k

Lets not be too harsh on these people selling their homes, when all's said and done most of them have had enough of the UK (like most of YOU) and are trying for a better life elsewhere and need the house sale.

I've been there and done it and I'm returning to the UK this year, the grass isn't greener just a different colour.

Maybe someone on HPC who is around Torquay could maybe give a better judgment on Rooksie's home, lets try and be constructive not gloating on this awful situation of 70 viewings, the price can not be that wrong if 70 people have walked through the door. Imagine if this was you....trying to 'escape' England....

Share this post


Link to post
Share on other sites

This is Rooksie's home:-

http://www.rightmove.co.uk/viewdetails-100...pa_n=2&tr_t=buy

The house is beautiful, far nicer than some of the crap I look at. Okay so until you get into a home you can't tell exactly what its like......maybe noisy neighbours/dogs barking ?

On nethouseprice one sold for a massive 225k last year, otherwise huge differences:-

2005 182-117k

2004 190-128k

2003 128-98k

Lets not be too harsh on these people selling their homes, when all's said and done most of them have had enough of the UK (like most of YOU) and are trying for a better life elsewhere and need the house sale.

I've been there and done it and I'm returning to the UK this year, the grass isn't greener just a different colour.

Maybe someone on HPC who is around Torquay could maybe give a better judgment on Rooksie's home, lets try and be constructive not gloating on this awful situation of 70 viewings, the price can not be that wrong if 70 people have walked through the door. Imagine if this was you....trying to 'escape' England....

Correct me if I'm wrong, but he seems to be doing a little line in religious art in the house.

That MAY put some people off. People get up to all sorts in the privacy of their own home - having Jesus and the Angels watching isn't what they are looking for.

Share this post


Link to post
Share on other sites

The road looks as if it runs parallell to a very busy road. It could be that it is very noisy? That would not be obvious from the details but would be when you actually visit.

Also it doesn't say how big the garden is. Maybe the garden is small?

The nethouseprices vary enormously so it would seem it is quite important where you are on the road.

It does look as if boils down to asking price possibly too high. He might be better to drop it and get 2 people competing.

Edited by Given Up

Share this post


Link to post
Share on other sites

The house looks quite nice.

The main proble for this seller is that prices are already actually crashing (i.e. falling by several percent per quarter) in the SW.

I think they are getting a lot of viewings because there is a certain amount of pent up demand and people are trying to assess what they can get for a certain amount of money. But, no-one is buying at this point because everyone realises that they would be buying into a falling market.

There is very rarely such a thing as a forced buyer. They only time you come close to having forced buyers is when someone relocates to the area for work and needs to move in fairly quickly. But I think this is unlikely in the area where this house is located as I would not imagine it is a particularly dynamic job market.

frugalista

Share this post


Link to post
Share on other sites

WRONG. there nothing whatsoever wrong with the house (and no i am not bias) and 20k under original valuation having reduced twice.

i fail to see how if its 20k under valuation. :rolleyes:

Hi rooksie, its a nice looking place, nicely decorated decent kitchen so i dont think theres to much wrong with it presentation wise (unless it radio active, hyper busy road, smells like crap (not meant as an insult) looking at it though i would say its nice.

70 Viewings and not an offer suggests to me that you've told the EA not to pass on any offers below £x's so you wont know the value of it. You've droped 20K under the 'valuation' so since it was 20K out to start with why cant it be 30K out, 50K out?

If the house hasnt sold then the valuation was wrong, the valuation is supposed to be what its worth and what its worth is what someone is willing to pay for it. So unfortunatly it is still over priced, you see even if it was a slum (which it defintatly is not) then someone would still buy it at the right price.

You have probably said something like 'ill drop the price but im not going to give it away' but what you need to realise is that house prics have unrealistically doubled in 5 years. My sister bought a place for 52K just under 5 years ago, its 'value' is now 120K. She was on 20K now she is on 22K so you do the math on mulitples and see if you think that it is really worth 120K.

In my humble opinion you will either have to drop the price further now, chase the market downwards or you might just get lucky and find someone who wants to buy it at that price (after 70 viewings i think that is unlikely though)

Please keep us updated.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.