AIBU to wonder why our fairly priced new-build house is not selling?

[Housesellinghelp]

We have a 5 year old ‘new build’ is a very mumsnet ‘naice’ area in the catchment area for some of the best state schools in the UK. A big 4 bed with four bathrooms, decorated very neutral and fairly high end - it’s definitely a nicer than usual new build. Garden isn’t overlooked, triple driveway, neighbours are staggered so not cramped. Three large doubles and a single bedroom (that could get in a double at a push).

We had our house valued by 3 separate agents. All valued the house between £675-£700k. We listed at £675 as we’d like a fairly fast sale. That was 8 weeks ago. 4 weeks ago we reduced to £649k as we’d had 8 viewings and no offers, and we’ve since had a further 2 viewings but that’s it.

I’ve looked at houses for sale in the area and also houses that have recently sold. We aren’t priced above what seems average. We had our house for sale a couple of years ago very briefly and received an offer for £690k but we changed our minds and pulled out of the sale.

The estate agents have no feedback for us either. They say nobody looks around and criticises anything. The only after viewing feedback we’ve had is that a couple of viewers wanted something a bit bigger/a 5 bed.

Any ideas as to why the house isn’t selling?!

We need a link to see the house!

Link?

Possibly due to the economy right now? Mortgage rates are up due to the war.

Without pictures and the listing it’ll be impossible to offer any suggestions.

I don’t really want to post my house, unfortunately!

It's always the price, Op.

Are you brave enough to post a link, you'll get loads of feedback that way. It's not something I would do 😬

Edited to say that you don't want to post the link!

It's only 5 years old and you've already put it up for sale twice in that time.

Perhaps that's ringing alarm bells for potential buyers.

The market is down 80% according to my Winkworth contact. Only people buying/selling are those who absolutely have to.

Iran war and possible consequences had already made massive impact.

I do agree with the thinking behind this. But it’s a very “young family” area, so I don’t think it’s uncommon. Lots of people moving to upsize etc.

The market is poor at the moment with a lot of people feeling very cautious given the world situation and rising mortgage rates. I think people are wary of committing to a big purchase.

If you are getting viewings that suggests it is not specifically the listing (tho I am not sure if eight in four weeks is a lot). Tbf it is usually the price. Have houses like yours sold at the price you are asking in the last couple of months? If you are on an estate there must be similar houses to compare?

Why are you moving? I mean if it's for work or to be close to family then no worries, but is there a big annoying factor that viewers are spotting?

ETA x posted with lots; I see @Housesellinghelp you talk about upsizing. Is that what you are doing? Upsizing from a big four-bed?

Cost of living and the economy generally. Do you know how much the other houses sold for? It may have well below asking price. Prices have dropped not risen in the last 2 years.

I agree. I'd be reluctant to put in an offer if I'd got wind of you being flaky and pulling out on another buyer in the past.

There's huge uncertainty in the world / economy at the moment and the market is very slow.

I'd assume you'll be waiting a while to sell. You could always drop the price again but it might be too soon to do that.

We are literally on the edge of global financial collapse because of a war started by our main allies. It's really not the time to be selling a property.

Without a link nobody can help tbh.

A house slightly bigger than ours sold for £750k a year ago. About 300sq ft bigger as there is an additional small office and a dressing room on the master. Smaller kitchen than ours though and an overlooked plot.

We are upsizing to a 5 bed!

Honestly no annoying factor at all.

with new builds, people tend to buy the new builds just built. A lot of people don’t want to buy currently either and there is a lot of houses that were rented flooding the market.

How does it compare in price to New new builds in the area?

Are you brave enough to post a link, you'll get loads of feedback that way.

Yes, some of it along the lines of "Your duvet is crumpled" and "There's a lot of clutter" if there are 3 items on a shelf.

It’s not the price OP it’s the market. It really is not a good time to sell unless you have no choice.

Also it’s not uncommon to put a house on a couple of times before finally selling. That can happen if people aren’t sure about moving, or they’re trying to get a property in a specific area/road etc but failed.

This sounds exactly like the house I’m currently searching for. We need a London mainline station within 1mile/ walking distance. Do you have that?

This. Houses are on the market for ages where I live.

What did you pay?

Rightly or wrongly in this (terrible) market it makes a difference.

Equally its only april so market may pick up.

How does your asking price compare to how much you paid for it? Prices have stagnated in the last few years especially at higher end.

War on innit