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?!

Don’t dwell on any prices for housing in 2020, the market went mental. I had two friends trying to buy that year who had both got divorced. The house across the road from me sold for 500k, for the area I live in up North that is higher end. A year later the house next door that is the same exact house but is a show home couldn’t sell for 50k less. The house that sold in 2020 had not had a new kitchen or bathroom for close to 20 years and was needing a lot of work done on it. So far it’s had a bathroom, kitchen and new windows.

Three houses have gone up for my sale in my road in the last month and two have already sold. Assuming the price was realistic. That’s good in a flat market.

It took my parents about two years to sell our house in the 1990s in a poor market.

New builds tend to drop in value for the first few years after purchase, why pay more for nearly new?

This! I was an estate agent for a few years in the 1980s, and even when prices were rising rapidly, new builds wouldn't fetch their original price, let alone more, for a couple of years. It was still true 4 years ago, when a friend needed to sell her 3-year old house because she'd developed a disability that made it no longer suitable for her. She had to sell it for around 8% less than she'd paid for it.

I have a nice 4 bed new build house, when we bought (and next door same time) it was snapped up straight away but a year later, the other side are struggling to sell theirs because there is a war on, it’s not the house it’s the climate

Because confidence in the economy is a rock bottom, the costs of moving are now through the roof thanks to the hike in stamp duty, and there is so much uncertainty on top of that, so absolutely no one is even thinking about moving house unless they really have to.

Weve been trying to sell for over a year, hardly anyone has even come to look. We had one couple who were really interested but then their sale fell through. It's just a terrible time to be selling.

If you want to sell, drop the price.
Make it too good to not buy.
People are very cautious at the moment, the world is a very uncertain place both physically and financially.
Houses are over priced (and over sized for what they now cost to run).
People are running to spend their money anymore.

I wouldn’t spend that much on a soulless new build.

There is 'little demand at the moment' because the prices are too high! The market is telling people this but they continue to ignore it.

Good houses, sensibly priced are still selling fast in my area. But older Victorian and 1930s properties do always tend to sell much faster in my area than newish houses (less than 10 years old but not brand new). The newer ones tend to to be bedroom-heavy and to be in less convenient locations - the areas are safe but a bit soulless with few amenities within walking distance.

It sounds like yours has many positives OP so make sure they are as immediately apparent as possible to people like me scrolling though rightmove who might usually not give much notice to newish houses. Good photos, clear descriptions with room sizes on floor plan. Highlight positives - energy efficiency, transport links, schools, other local amenities/attractions.

The market is poor and new builds are dreadful.

It's the market and the price OP, if someone wanted to buy it then they would.
Also not a 'new' house or an older property with character, tricky.

Ok well Ive searched that area and there are masses of 4 beds , actual new builds with all the bells and whistles in the region of 620/ 630 .
Brand new house, can choose your flooring,kitchen,bathrooms and offering to buy your current property as part of the deal

I know the area slightly as I live in south Birmingham and have family there.

Unfortunately in 2021, it would have been peaking as it would be seen as commuter to Birmingham. But with hybrid shifting slightly more office-based, that's much more of a commute now.

Plus WFH has now shifted the goalposts of WHAT is wanted in a house. I hate the newbuild open plan/big lounge thing - an office is what I need, not four bathrooms. And as PP said, with a double garage, a lot of that 1700ft is not living space.

The four bed I'm looking for has a regular garage, three big doubles (single is fine for fourth) and a utility, kitchen diner, lounge and office downstairs.

I wouldn't sacrifice space and proximity to work for a "naive" area and a "large" newbuild that has already been grown out of.

Your property is what someone will pay for it. Not what someone else values it at and who has a vested interest in selling it for you.
The market is changing. It is not a sellers market. But becoming a buyers one.
My area over values their properties all round. Woefully overpriced houses go up for sale. And stay there.

People earn so much, mortgages are going to increase along with all manner of other costs. Not enough people have the cash, or if they do will be very picky about where they go.
New builds do not have a a good reputation either. Which will not help you. People will wonder why you want to move. Five years in a large house may not seem very long.

Stuff is moving in my area OP. I recently sold to the second viewer within a week or so of going on the market. You do have to be realistic with price but that doesn’t mean taking a 20% bloodbath. I have seen posts on here of people expecting to get £50k off a house priced at £250k.

For people with a deposit saved and a mortgage arranged right now could be a great time to buy. Our current house we bought in the stagnation years following 2008. That turned into a sound investment although the media and forums were full of how terrible it was and a correction was coming. Unless banks start repossessing I don’t see that is likely. Prices may stop going up, but significant and long term decline is unlikely. Obviously there will be winners and losers but if the house you want to move to is out of reach if you discount your house too much then you are just not going to move.

Sorry, it’s 1700st ft plus the garage.

To be fair and just wanted to go against the grain here… we sold a 3 bed new build after 18 months due to break up. It sold for more than what we thought it for. So it’s not always the case that new builds depreciate quickly. I think the current market is v much impacted by current mortgage rates and cost of living, that’s my punt. Also I think 4-5 beds are less in demand than a 3 bed. I’ve been told 3 beds are the most in demand.

The market where we live is terrible - there's a gorgeous house round the corner that's been up for 8 months and reduced twice, two years ago it would have sold in a matter of weeks.

We'd like to move but not confident we could sell ours in this market and the next step up houses (£600k+) just seem like it would be a real squeeze with increasing mortgage costs, fuel costs, heating bills, food costs plus add in going up one or two council tax bands. We're out of the nursery years but still have wraparound and holiday club childcare to pay for and it would be tight.

Review the market. Look at similar properties for sale and recently sold. Are they also slow to sell? Estate agent ought to be able to know this already.

There might be nothing wrong with it. Market is slow and sales are not hallenning and £675 is a lot of money to spend.

My experience of living in period properties and new builds has taught me that new builds are more difficult to shift. They’re ten a penny. No offence meant, as I love them!
Even here in Edinburgh, where the market is booming, my new-build was relatively difficult to sell. People weren’t that interested and we sold at a big loss. My current Georgian flat will sell no bother at all, even if it can be problematic!
Mind you, its location is fantastic.

HS2 will probably be having a bit of an impact. One of the reasons we decided against this area.

That price for a 4 bed house sounds a lot. I live in a 'naice' area, and a 4 bed would be £500K tops, and it's middle class and rural, so yours sounds a lot to me. But I don't know where you live.

It is always price though, as is often said on here.

Tbh 1700 sq ft isn't very big. For 4 bedrooms and 3 or 4 bathrooms and living space. Its approx 165sqm.

This too. 1700 sq ft doesn't sound huge.