Why is our flat not getting viewings?(82 Posts)
We have a one bed flat in London, it was on at 350K to begin with as advised by agents - I thought this was a bit overpriced, probably 330K was more realistic. We dropped to 325K after two weeks as didn't get one phone call, we then got about five viewings in one weekend but no offers then no interest for a further few weeks, finally after two months we got an offer at 310K and we accepted as we had found a house we liked.
Our buyers (who were investors and cash buyers) pulled out a day before exchange because they found 'something more suited' (complete wankers). Anyway we put it back on and dropped price to 305K OIEO, as we thought we were bound to get immediate attention. That was on Saturday and we haven't had any viewings. WTAF? I don't understand, we are 5K below what we accepted from a cash buyer investor (which was surely a bit low as they do their numbers).
Surely we should have had some interest by now or am I being impatient? We had on it 'REDUCED PRICE FOR A QUICK SALE' and 'VIEWINGS ADVISED' but I told them to remove it because it might put people off because it looks desperate?
I'm clutching at straws, I have no idea why people wouldn't want to even see the bloody thing, I feel like auctioning it and just giving it to the first bidder, I'm so fed up.
I called our agent today and said has he called anyone on their database and he said 'I'll be honest, I've been inundated with calls today' (well not for our property!!!!) and 'things have been manic' and I'll have a look at it tomorrow. If we enlist another agent, do we have to pay double commission? I'm not quite sure how it works? Do you think it's the agents being crap that has resulted in no viewings or not enough time?
We are desperate to keep the house we've found, they don't know our sale has fallen through yet, which is why I'm so impatient to find a buyer asap.
We are in a fine mess! Any advice appreciated.
Message withdrawn at poster's request.
How do you see similar properties in the area doing?
You will have to pay extra if it's on with multiple agents but I can't tell you how much exactly.
I'd assume £305K perhaps a really bad figure to put a property on the market for due to the way that the search parameters are set on rightmove and other property sites.
"in excess of" always put me off because I knew that the price advertised was the bottom of the range, and that it would probably go to someone paying 25K more. So I never bothered viewing those places. 305K sounds quite a lot for a one-bed flat but it depends on the area.
Are your photographs the best they can be and are there lots of them? Do they show your flat off at it's best. Is the selling 'blurb' completely comprehensive and mention absolutely every good selling point.
Are you getting a good vibe from your estate agent.
What about phoning up, or have a friend phone, making enquiries and see how good the agency is at trying to sell/promote your property.
It's in London.
We've been trying to sell ours for a year. We've knocked £180,000 off the price. It's thirty seconds from a zone two tube station in a nice area and it's a newly renovated neutral Victorian terrace.
The market is a shit show right now, you have my full sympathy.
I have no idea about London prices, but it sounds an awful lot for a one bedroomed flat. The house opposite us (in South Yorkshire) sold a year ago for £300k. It is detached, has 4 bedrooms - one being en suite, has a garden and double garage, and has fantastic views over a rural valley.
I just don't it's a great time to buy if you're a London first time buyer. No-one knows what's going to happen in Brexit, and loads of people are predicting a property price crash (whether there will or not - who knows - but it's an uncertain time). If I saw your flat advertised with 'REDUCED PRICE FOR A QUICK SALE' I'd think there was something wrong with it. Far better to get your agent to tell viewers that. What have your EA said? Are they any good?
@Iamastonished Yorkshire and London are incomparable. A one bed flat sold next door to us (SE London) for 595k
I know SomeOther. I was just expressing my astonishment at the sheer difference at hoe expensive London is.
You don't need to put up a link!
The London market is a bit slow at the moment.
Check your contract, did you sign for a term of sole agency? If that has ended then I would regroup and go with another agent, yours doesn't sound that proactive - If they are inundated with calls for everything except yours they should be able to say why, whether it's price, location or condition. Do you have an unusual layout, what is it like for parking and outside access?
Sorry for being rubbish, but I am a paranoid type of person and don't want to put a link up on a public forum..
I know rest of UK is cheaper than London, but it's all relative - we are selling a 1 bed for 305K, the house we are trying to buy is a VERY average 3 bed semi (tiny kitchen, tiny 3rd bedroom) for 700K. We have to be near London as our jobs are here.
Flat is in very good decorative order, no parking - permit only but in the centre of town so everywhere is the same and a substantial number of people don't drive/own a car round here...location is fab, literally in the heart of everything BUT it's ex-council...still we tried to sell it two years ago and got 3 offers around 280K - 275K, 277K and 280K within a week so what the hell has happened? So wish we had sold it then, I'm worried now we can't drop it too low as it looks like something is wrong with it - it is now one of the cheapest flats on the market in the area as it is. To top it off, even if we get a buyer, our management pack that we received when we tried to sell it with our previous buyer shows the roof needs to be replaced, electrical rising mains and redecoration which will come to 10K. This is due in 5-10 years though so I don't know if it will affect the sale? TBH I guess if someone would just come look at it then at least we could cross that bridge when we come to it, but right now no-one will even go through the door.
Sole agency for three months but that's expired, we have to give 28 days notice to leave, so I think we'll lose the house we love if we don't stick with our crap agents.
Houses aren't selling. We have a shocking government, we are leaving the EU with no clue as to future trade deals, the pound is falling in value and nobody knows what is going to happen to the property market in the next couple of years so people aren't selling or buying if they can escape it.
The market has gone stagnant after recent events - it may not be anything specific to your flat that is putting off buyers
LadyB49 Photos are great, think it could do with some 'funk', we have a toddler and have made it very baby-proof so it may look a little 'uncool' to first-time buyers...
I'll have a think about making it more interesting, DH says a picture above the bed might help...wow, last time, the nappy bin was visible next to the sofa and we still got loads of interest, amazing how things change!!!
Katherina I think you are right about the filters on Rightmove - maybe we should drop to 300K as that will be picked up by people looking between 290-300K, but then I'm worried with the 10K of works due in 5-10 years time, they'll try to beat Us down to 290K and then it might be impossible to move...
The agent thing - if agent A sends couple B for a viewing and then you change agent and Couple B view and buy via second agent - you pay both - it's like an introduction fee
OP is it zone 1? I have heard that they are going for way less than advertised.
I know the local estate agents (zone 5 but still) and they have also said they think prices are going down. But are you able to wait because then the price of what you need will drop too? IT means letting current house go of course.
Btw I also think June isn't a great time to try and sell, my sis is about to try (zone 3) and I think she should wait till Septmeber, it depends who your buyer is likely to be but it doesn't sound like an investor case? Not sure. There are so many shiny new builds where they don't have to do much.
Slim It is zone 3, we are so desperate to move and have primary school applications to do in Sept so need to be moved in by Dec, plus we have one bedroom and no garden, we've stuck it out as long as we can here, we are literally desperate to leave...
I'm nervous because I think you are right, why would an investor choose a flat that had roof works/electrical rising mains planned in 5-10 years, even a FTB might be nervous and run a mile, I'm nervous we'll be stuck here forever.
"So what the hell has happened?"
BREXIT has happened. Nobody has a clue how things are going to pan out, so people are staying put or staying in rented.
As well as that, London property is ridiculously overpriced. Prices cannot just keep going up and up.
Where in London are you roughly and what's your price per square foot?
I know If, i've hoped they would be a crash for years so we could afford a house more easily, but now we NEED to move, and we need to sell, we can't wait for things to bottom out for two years, DD will be 5 if we do that Wish we'd moved before but hindsight is a great think...
We've had to reduce our place by 20% , also central London...
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