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?!

The pool of people in the market for such a large house is just very small and still shrinking. Interest rates are still unpredictable and cost of living is squeezing affordability. You need someone willing to pay a premium for all that space. People might be looking at it and deciding to go for an older property instead.
How big is it in sq. metres?

It's generally a bad time to sell. This year hasn't been great anyway but it's taken a real dive with Iran etc

It might not be the price at all, but the uncertainty. People are really wary of committing to a big mortgage at a high rate, lots of products are being withdrawn.

Same here. House on our road is very well priced and hasn’t shifted in months even after a reduction in price.😕

We aren’t a big new build estate where people would have much choice. There’s about 100 houses here built on greenbelt with no other local developments (unless you went into a less affluent area about 15 miles away).

Property prices are dropping in real terms. People.cant afford to move right now. There are definitely fewer opportunities to sell.

Yes its utterly bullshit feedback, people just ask for links to be nosey, not helpful

OP its always the price, if you bought brand new, you paid well over the odds so your price either needs to come down or I would just make do for now and move in a few years instead

Also a PP says buyers might think you're flakey, I disagree, who is going to 'get wind' of a change of plan and even if they did thats house buying for you.

Personally I think 4 bathrooms in a 4 bed are too many, even if one is a downstairs loo.
One good sized ensuite and a family bathroom are enough - though I know builders do like to squeeze them in. Extra cupboard space would often be more useful.

I know others will disagree.

How much did you buy it dor? If it’s 5 years old then you must have bought in 2021 when house prices were at a peak. Interest rates are higher now so people can afford less. Added to that your house is no longer a new build so has lost its new build premium. Therefore you’d probably need to sell it for less than you paid.

What did you buy it for? And were you the very first owners?

A year ago! A lot has changed since then. Really not a wise time to sell. Have you seen mortgage rates recently?

In a lot of areas, a five year old house will be priced similar to one that is brand new/ currently being built. People who want that type of house will probably just buy brand new.
There is also uncertainty with the market/ mortgage rates right now.

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

Five years really isn't that long to own a large 4 bed house. It may ring alarm bells with buyers.

However ultimately, as others have said, it is the price. It's always the price.

It has been the "wrong time to sell" since the 2008 financial crash but houses do sell at the right price. I sold last year within 4 weeks but had to drop by 20% on the 4th week to encourage a quick sale (low value house so 20% didn't make much difference to affordability of next place).

Sorry, I realised we have been here for 7 years, not 5.

We paid £595k in 2019. Sold for £690k in 2022.

We really underpaid back in 2019 really. Other houses on the development were all re-priced in 2020 and other people here paid much more than we did.

How does the price compare to what you paid. I would expect it to have lost 10- 15 pc and need decorating in 5 years. So if that's where you are price wise it must be the economy

Totally agree, complete waste of space and a (nother) reason why I wouldnt go for one of those types of houses but then other people seem to love them

There are no options to buy brand new here or in the catchment area for the schools that we are in.

Just an extra loo to clean!

Do you pay service fees or any additional fees of that sort? That's something that might put me off if the world economy was wobbly, I'd know exactly how to prepare for a mortgage increase but a sudden increase in service fees might be less predictable.

What else is on the market nearby? If there are a few properties in the same price bracket then buyers have their pick of which to choose. Could be based on price, but could be individual preferences of something you have no control over, eg south facing garden, slightly closer to the main road.

We repainted and had new floors last year.

The garden has been professional landscaped (trees/patio/borders/lighting) too.

Im sorry but you didnt 'sell for 690' in 2022, you have no idea if that would have gone through

Your price is probably nearer around 590 now then if thats what you paid in 2019 I would guess.

But that means what you're looking at will also be around 2019 prices too

Unless you’re desperate to sell, just wait it out. I reserved a new build 5wks ago, and the week after I secured my mortgage, the rate went up by 1% with my lender. People are hesitant to buy at moment and you also have a smaller pool of people who are in the marker for a large house.

It was a cash buyer who increased his offer when we told him we were pulling out. I’m fairly certain it would have gone through.

Iove a bathroom but I always think it seems a bit much. I mean with four bedrooms I could go.for three - one for me, one for kids, one for guests, but four seems indulgent! To be fair though, 2-4 areoften half bathrooms - one with shower, one with bath, and perhaps one with just toilet.