House we're keen on buying has been on market for months with little interest - should we be concerned?(52 Posts)
We've viewed the house a couple of times. It needs updating throughout, elderly couple have lives there 25 years, but the size and layout are just what we need and it has potential to extend. Location is lovely, peaceful and not overlooked.
The thing that concerns me is that it's been on the market on and off since last May. In that time it's had one offer which was rejected.
There seems to be little interest in the property and we're wondering if we're missing something?
We put an offer in the other week which was rejected but I can't stop thinking about the house.
Should we be concerned how long it's been up for sale?
Potentially, post a link and let us pick it apart for you
Are the owners really keen to sell? They may be uncommitted. Or not want to move at all.
There was a house around the time that we were looking that was notorious with EAs for falling through on repeat. We never found out the cause, but offers were accepted several times, so our best guess was terrible survey results.
If the one you are looking at has only had one offer rejected and little interest, I would assume it needs too much cosmetic work to justify the asking price. Then there's the risk it needs bigger work which you won't necessarily find until you get as far as a survey.
Ooh anyname I'll try posting a link tho not done that before so might take me a while
Yes, sounds like the owners have overpriced it and aren't open to realistic offers. At least, that's my assumption without seeing it. <hint>
Not necessarily a problem. Tarty houses sometimes take a while to sell. You'll probably find there's a flurry of interest in it with people fighting over it and it'll go for over the asking price.
Searches should bring any problems in the area up.
Also, depends on sellers circumstances. Are telling elderly couple downsizing / deceased / in a nursing home?
Agree with Through. Lots of people would be put off by the work that needs doing. If you're not then it might be a good fit for you.
If I was viewing it, knowing an elderly couple had lived there for 25+ years, in my mind I'd be thinking "probably needs rewiring" amongst a slew of other 'negative' points. People just don't want to always put that amount of work in.
My parents recently sold theirs and are remodelling my grandparents house. They openly said they didn't want to rent either out because of the work that needs doing electrical wise.. most of the time old houses would potentially have hidden things (damp etc) that people may be concerned about.
Or it's that it's not 'livable' by previous viewers so they aren't interested
We completed on a house in November which had been on & off the market for nearly 3 years. We think one of the vendors didn't really want to move, they kept getting offers and then not finding anything to move to. They accepted our offer in May but took what felt like forever to sort out moving out. We'd had a survey etc done and originally both sides agreed to complete in early July. Another less committed purchaser would have pulled out.
throughthick I'd love to see a tarty house, have visions of Barbra Cartland's dressing room
Ours was on for over a year with no offers on it. We did get the price down a lot though and it was advertised as a three bed when it was a really large house and now we have turned it into a 4 bed. They had an upstairs lounge which is now a bedroom.
We also got rid of loads of swirly artex, hideous carpets and old gas fires. Does worry me if we ever need to sell but since most people now complement us on the house I'm hoping someone would buy it and we are not planning on selling for years anyway.
I'd assume it's over priced, and the rejected offers indicate that and the owners are unwilling to be flexible on the price they are requesting.
We moved in September to a house that had been on the market for a year with very little interest. It's not particularly tatty and the EA said that everyone who did view had the same reaction as we did, which was that it's kind of surprisingly nicer inside than out - good layout etc.
I must admit that I had to be
forced persuaded into viewing it by DH as the exterior is particularly unappealing (it's in a converted school).
However, I now think the real reason for the apparent lack of interest was an unmotivated seller. We low balled our offer because we didn't particularly mind if we didn't get the house and were initially rejected but accepted 24 hrs later after the old lady seller had consulted her family.
Turned out that the lady was unwillingly moving in with her family as she could no longer manage on her own. So unwilling was she that it took three months to complete the most straightforward transaction ever - we were cash buyers moving from rental and she was moving in with her daughter. She stalled at every turn and after completion came round to give me a piece of her mind for forcing her out of her home and "onto the street".
If you want the house, get your ducks in a row with surveys etc and just go for it.
Our house had been on the market for ages. EA only had one front external pic on rightmove. We thought it would be a wreck inside.
It was dirty and needed some rooms redecorating and recarpeting but it was largely fine.
I'm going against the grain here - we also bought a house that had been lived in for 40+ years by the same elderly couple. It went on the market on the Friday, millions of viewers over the weekend and went to sealed bids the week after.
I would therefore be quite direct with the EA
although wouldn't necessarily expect them to tell me the truth about why it has been on the market so long? Have the vendors found anything to go to? Has anyone got as far as a survey? What has been the other viewers' feedback? Why did he think no-one had offered? Does he know of any plans to build / change next door or the road its on etc etc that might be putting people off?
Not quite as long but we live in Dublin where there is a massive shortage of family homes so fierce competition and recently, spiralling prices. We bought a house that was on the market from April 2015. We put in an offer in May 2015 but our own house had yet to be sold. Some messing with buyers of ours meant we didn't sell til august and so from may-August we were the only bidder and got it for less than the asking price. 16 months later and a similar house on the road is now for sale for €145k more than we paid.
I think we were really lucky in retrospect. We had to do some work but nothing major and the survey made it all clear so we knew before closing. House is a bit ugly outside, summer is a slow selling time here and there's very little scope to extend so I think they were factors but we are in a huge (for us!), lovely family home in a fantastic area with all other houses since shooting up in price and I just thank my lucky stars!
One or both doesn't really want to sell. Speak to agent before spending money.
Lots of people are put off by the need for extensive updating and are unable to see past it.
I feel we got a really good house in a great area due to the need for extensive renovations but which we otherwise could not have afforded.
We do think it's overpriced considering how much needs doing. We put in a low offer which was rejected & the EA hinted at what they would accept. This would push us to our maximum & it might not leave us enough to do all the work needed.
Apparently they have found a bungalow they are very keen to buy which is a probate sale - not sure I understand the implications of this? Surely the bungalow owners wouldn't just keep it for them for this long?
Why would someone put their property up for sale if they didn't really want to move? What a waste of time.
Combination of dated decor and post Brexit angst of buying possibly. Houses that were bring sold week 1 round here are taking 3/4 months now according to agent.
why would someone put their property up for sale if they didn't really want to move? Usually its the breakdown of a relationship / divorce. One person wants to move on, the other doesn't. Court intervention may be required. One of the couple may instruct agent to put it on the market for a high price in order to frustrate sale / get more time in house etc.
A probate sale can sometimes take a while - depending on the complexity of the estate etc.
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