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No viewings - is it overpriced?

(93 Posts)
Zeeky Fri 16-Sep-11 07:49:07

Our 4-bed detached house has been on Market for a few weeks & other than 3 viewings in the first week (one of which wasn't a serious buyer as house was way out of their budget so I think EA had persuaded them view anyway!) we've had no other interest. Had EA back earlier this week to take better photos as first lot didn't do house justice, but still no interest. House is in excellent condition - spent approx £100k on it in last 5 years doing everything to it - windows, kitchen, bathrooms, garden, driveway paving, garage doors, etc etc. It's in a good location - quiet cul de sac, good schools. So other than the price can't see why we're not getting more interest!

N'bour just put theirs on Market for £70k less than ours but theirs is a smaller house, single rather than double garage & needs some updating (kitchen, flooring, decor etc).

When we look at what is on the market in our area, our house looks so much nicer & in much better location & doesn't appear overpriced. BUT, we don't know how long all those have been hanging about on the Market!

Generally speaking, if a house is nice with nothing wrong with it yet getting no interest, is it the price?

If we were to drop the price, what sort of % should we think about?

noddyholder Fri 16-Sep-11 07:51:32

How much can you afford to reduce it before your plans change?

Rosa Fri 16-Sep-11 08:14:49

Ask another EA for an evaluation.....

Zeeky Fri 16-Sep-11 08:43:08

I guess we could afford 10% but it really would pressure on our budget. We are trying to relocate as DH has a new job, so at some point we are just going to have to slash the price just to get a sale. DH is adamant he doesn't want to let it go for less than £500k but then there is the stamp duty threshold problem. That's why EA advised us to price at £550, well away from stamp duty threshold!

levantine Fri 16-Sep-11 08:59:50

Hmm it sounds as if it is overvalued in that case. You aren't actually that far from the stamp duty threshold, I think you may well have to reduce to 525 and resign yourself to selling for 499.

levantine Fri 16-Sep-11 09:00:10

Get another agent's opinion, that's what I would do first

JillySnooper Fri 16-Sep-11 09:08:53

I think you've just snagged your problem!

At £550, your in stamp duty problem territory.

I think you either have to sit it out and hope someone will pay that with attendant stamp duty OR reduce to £520 and take £499. The market is hideous. Everyone wants a bargain.

nickschick Fri 16-Sep-11 09:12:31

link it here .....smile im always up for a nosey round peoples homes grin

follyfoot Fri 16-Sep-11 09:17:42

Would suggest always getting at least 3 valuations and never go with the highest. I guess in the current economic state means that people will live with dated decor and a smaller garage for the sake of saving £70k plus stamp duty which is a bit of a bugger for you. All the best.

justaboutstillhere Fri 16-Sep-11 09:19:42

Message withdrawn at poster's request.

CoffeeIsMyFriend Fri 16-Sep-11 09:22:02

It could be price or it could be your EA. Any chance of a photo/link so we can have a look.

JillySnooper Fri 16-Sep-11 09:24:36

The only houses selling at the moment are the ones with very flexible vendors and low prices.

Mandy21 Fri 16-Sep-11 09:32:55

How much smaller is your neighbours' house?

Depending on whether there is a sizeable difference between the two houses, if yours is on at £550k and your neighbours is on at £70k less, and the only real difference is the garage and the decor, then you're asking someone to pay £77,600 more for your house - the £70k plus £7,600 which is the difference in stamp duty. Hard on heart - is it really worth that much extra? If it is, then stick to your guns for a while, have a word with the estate agent about the feedback he's had from the viewings and see what happens. Perhaps get him to re-word the description to make it clear that it is a bigger house than your neighbours - "EXTENDED 4 bed detached" or "COMPLETELTY REFURBISHED 4 bed... " to differentiate it.

If it isn't, then as you say, it might be overpriced and I think you have to be realistic in this market to get a sale. Of course there is nothing to say that your neighbours' house is price correctly - they might have put it on low for a quick sale, but its the impression potential buyers will get when they see neighbouring houses. Good luck!

Zeeky Fri 16-Sep-11 09:45:30

www.rightmove.co.uk/property-for-sale/property-31278490.html?premiumA=true

Here's the link to it on Rightmove.

And here's the link to the neighbours house: www.rightmove.co.uk/property-for-sale/property-19999530.html

We had 3 EA's in initially. The first one said we should get around £500k for it due to the Stamp Duty issue. But then he showed us a couple of houses of a similar size near us which he had sold recently, and they were horrible looking inside, on the main road and had sold for £495k. So we then thought he was undervaluing us. The next two EAs both said the same thing - sell for £535k but put on the market for higher. I am now thinking that the first one may have been more accurate!

Let me know what you think of our house please - be totally honest!

Thromdimbulator Fri 16-Sep-11 09:47:37

You can see how long other properties have been on the market by downloading the Property Bee app (works with Firefox browser). It will also show you any reductions and sales which may have fallen through. It won't show you when someone switches agent but the Price Comparison Report feature in Rightmove often picks this up. You need to compare the price of your property not just with asking prices, but against actual sold prices for your area - there can be quite a difference. Ask you EA for comparables of actual recent sales too, and of course you can check the land registry details - try www.houseprices.co.uk which will give a chronological report of sales in your area without you having to target specific roads - bear in mind there can be a time lag of about 3 months or more.

Good luck!

bonkers20 Fri 16-Sep-11 09:48:51

I love it. I can offer you my right arm for it.

nickschick Fri 16-Sep-11 09:49:45

your house is beautiful.

I like the neighbours exterior but the interior isnt on a par with yours at all.

notyummy Fri 16-Sep-11 09:53:03

Your house is stunning, really lovely.

I much prefer it to your neighbours - HOWEVER - much of what I prefer is cosmetic and would take a lick of paint/restyled furniture to change (apart from the garden, that I accept would be more work/expense than that.) I also note you say it is smaller - but is it £70k worth of size difference? I know my DH, who is very rational buyer, would add up how much it would cost to re-paint most of the rooms and do some work on the garden, and it probably wouldn't make up for the price difference between the houses.

RickGhastley Fri 16-Sep-11 09:53:38

OP your house is gorgeous, really really lovely.

The problem is that it is only worth what someone is willing to pay for it.

What have been the recent selling prices for similar houses in your area? You can see on Zoopla.

I guess a lot of people in the current financial climate would prefer to pay £77k less for the neighbours house and spend say £20k updating the decor.

Do you need to sell or is there a market for rentals in your area?

Good luck with selling!

dexter73 Fri 16-Sep-11 09:54:36

Tbh I would go for the neighbours house if it was that much cheaper. They have a lovely garden and the house looks just as well decorated as yours.

dexter73 Fri 16-Sep-11 09:57:12

Hang on I had the pictures the wrong way round! You have the lovely garden! But still would go for the cheaper one and spend a bit doing it up.

JumpJockey Fri 16-Sep-11 09:57:27

Looking at the pictures I don't think the double garage will necessarily be that much of a draw over a single, given that you have a massive driveway anyway. You could get the agent to make more of the fact that you have a kitchen/breakfast room and then also separate living room, the other plae has just the one downstairs room really. What is the yellow room next to your downstairs loo for? Could it be advertised as a teeny study?

You said your house is bigger - according to the details it's 10msquare which can pretty much be accounted for by the extra garage space, so not that much more in terms of actual living space.

Tbh the difference is very large, not knowing your market it's hard to say If you're priced over and the other under but if I was looking to buy, i'd go for the lower price and spend a few k on doing the decorating. Sorry... They may well be putting it on low and hoping people will bid up to 500 onc they've got some interest.

Just have to say, i love the fact that there's a road near you called Radical Ride smile

nocake Fri 16-Sep-11 10:00:23

There's nothing wrong with the presentation of the house on Rightmove so it is entirely down to the price. The stamp duty threshold is a big problem for anyone whose house is "worth" just above it because it pushes the price down. Despite listing is £50k above the threshold everyone will look at it and think £500k.

Having a neighbour's house priced significantly lower is also affecting your viewings. While a beautiful interior adds a small amount to the value most people move in and start decorating anyway so would rather pay £70 less and spend the extra cash on decorating the house to their style.

Your house is beautiful but it's a harsh market at the moment and if you want to sell you have to drop the price. If you priced it at a level that made it clear you're looking for £500k then I think you'll get more viewings.

JumpJockey Fri 16-Sep-11 10:00:55

Sorry i read the figures wrong, you have 30m more which is loads. <looks around own two up two down recently measured at 75m2 altogether>

<remembers we're moving next week to somewhere 50% bigger smile >

JillySnooper Fri 16-Sep-11 10:10:27

It's a beautiful house! Best of luck! smile

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