To consider part exchange - house not selling

[FabledBunny]

Has anyone gone through a part exchange route on a new build? Our house is not selling and just wondered if this was a sensible thing to consider and to see if anyone has done this to get moving and prevent being in a chain?

If your house isn't selling, I hate to say it but it most likely is the price.

Housebuilders will make all kinds of promises about the "market value of this house" etc but it's whatever someone is willing to pay, at that calendar time of year.

Part exchange is fine, but you would want to be solid on what you think is the valuation of your house. If your current valuation is for example £200,000, but it's not selling, and XYZ Homes offer you £160,000, do you think you could get £180,000 by lowering your asking price on the market today?

If it's just about getting moving quickly because you've already identified your dream house? then you know the answer already etc

Thanks Gindaddy, estate agent has said price is fine just the market is really bad atm, we had already reduced and said open to offers aswell but that still didnt muster any more interest.

There are serious buyers still out there, I am one, however it is nearly always down to price no matter what that estate agent with vested interest tells you. There's also things that put people off like lack of parking, weird layouts, bad area, house needs work etc.
Good priced properties will still sell, the deluded asking prices of 2016 are long gone

Sorry posted too soon. Our friends sold ours through a scheme and got way less then they would have by reducing - but it gave them enough to buy their next house so they were happy

I part exchanged and cannot recommend it enough!!! After vowing never to move house again with all the faff and stress of arranging viewings and them not turning up, buyers pulling out, constantly chasing agents / solicitors we chose the part ex route because it was the most efficient, stress free way to get the home we wanted. Yes, we got significantly less than we may have if we'd have sold the normal way but I cannot put a price on the amount of stress it saved us! (Especially considering we had 2 small babies at the time)

If you are thinking of part-ex on a new property, the new house usually needs to be around 30 per cent more than the part-ex property.

If you have any new builds near you, the unsold plots may come up as possible part-ex so you could ask around. Good luck, it is a stressful time!

Can i ask ball park how much less kittenface?

We did part-ex and it was the most stress-free buying experience ever. We even got offered 10K more than we thought we'd get for our old, drafty cottage.

Its so stressful!! I hate house buting/selling 😭

*buying not buting

You'll need to look at the 'cost to change' and the decide. We looked into it a few years ago and the difference worked out at about 18k - made up of 10k less than sale price and 8k discount on purchase.

estate agent has said price is fine

It's always down to price when something isn't selling.

Make it cheap enough and you'll find a buyer.

Somewhere between £0 and whatever your asking price is there will be a buyer.

Have also done it and also recomend. We had a quirky old house. It was in a small town so was small but too big for some older buyers. We had bought it for £240k. Been there for 6 years. Had on market at £325k and no offers. We part exc it for £310 And they then sold it for £300K. Though this is another story as they marketed it really badly with awful photos. Anyways their money not mine.
So no estate fees to pay. No chain to fall through. It was relatively stress free and simple.

We now have a lovely new house.

Am currently in the process of thinking about part exchange. However, I've also read a few horror stories online about developers pulling out of the part exchange deal at the last minute if the house proves difficult to sell, so in theory the 'chain' could still collapse (even though they are supposed to be guaranteed buyers).
Conversely I've also heard great things about it, and that some people even got more than their old house was worth.

We've just had ours valued for Part Exchange and the valuation they've given us is based on a 4 week sale so is really low - we are putting it on the market at £155k, they offered £135k. That difference is all equity and our deposit for the new house so we have declined.

estate agent has said price is fine just the market is really bad atm

Well you have a fool for an estate agent, maybe try another one who is less of a fool.

QforCucumber, that's what I'm really afraid of. We need a certain amount to be able to do this and I'm hoping they don't come in with a ridiculous offer. Maybe if you hold out they will reconsider if they are desperate enough to sell the property? (has it been on the market a long time or is it the last of a few unsold houses on the plot?).

There is also an 'express mover' scheme with some builders, which is where the developers will market your house and pay for the estate agent fees, it sounds like part exchange, but I think the only difference is that they are not the ones buying the house?

We are in no rush as the plot we actually want won't be ready for another 6 months - we are going to put it on the market and see what happens, maybe try again for PX if we don't get a sale. We are lucky in that we have somewhere to live if a sale does happen quickly. It's worth getting their valuation but be aware it may be nowhere near what you want - then again it may be higher!

We also didn't accept the first offer developer made and they upped it by £5000. They refused to go further so we negotiated extras in house to be included like flooring throughout.