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?!

1700sqft is quite small s is 6x4 lounge. I’d be expecting much more area for the money.

Indeed. We once downsized from a six bed Victorian house of 3500 sq ft, to a 1650 sq ft house (Tudor) with two beds. That felt noticeably small compared to our previous house...but large for a two bed. 1700 sq ft for four beds doesn't seem that spacious imo.

Yes, and if it was during a super low interest rate period it won"t be worth the same now, and they will be checking price reductions in the area using PropertyLog or a similar app.

In the current climate it is a buyers market. If your house is priced fairly it will sell. We priced our house in February £20k below the price the EA's advised. Sold in 3 days and for 13k over our asking price, competing bidders. Buyers will decide the market value, not the EA. Put it on at offers over £600k and see what happens.

Without a link or a crystal ball, this is really a waste of time

You think it’s “fairly priced” @Housesellinghelp

Potential buyers do not

In many cases lenders decide the value, lots of buyers don"t have the cash to "make up the difference" now.

In some areas even well priced houses won"t sell because demand has dropped by a lot.

So it’s not well priced for the market.

a house doesn’t have a concrete value. The value is determined by market demand.

Timing is everything when it comes to buying and selling anything.
Nobody should be moving house with all the expense that comes with it unless it’s absolutely necessary
Just sit tight

This is what our EA says. That we’re not in FTB price range, nor are we super highly priced where the buyer’s aren’t affected by rising costs of living and higher mortgage rates. We in the middle and these are the buyers who are choosing to stay put for now unless absolutely needed (divorce, school catchments etc).

The hard evidence is clear though - it’s not “fairly priced” . Otherwise you wouldn’t be in this position asking mumsnet why no interest.

2 months on the market
not even a second viewing
substantial price drop and still only 2 viewings
and no more lined up

It is not “fairly priced” for the prevailing market.

I have suggested to the EA that we drop the price further and they keep saying that we shouldn’t as the house is already priced well but there just aren’t many buyers out there at the moment. And that somebody will eventually come along and buy…

You want to drop the price
drop the price
the EA is not the boss

You are priced for last year’s market, not this year’s market.

The property market above 600k has really cooled. People are staying put, interest rates, job security, increased costs of moving.

I'm sure they have! But it isn't their house, only their commission. What level of drop are you considering?

Three houses here have gone on the market this year at over £1 million. All three sold in weeks. The market generally is a buyers’ market but sensibly priced properties are still selling, even at the upper end.

I think this thread just shows how absolutely mad prices are now though. The assumption is that this is a mid income house, but the mortgage payment for most people would be over £3k per month, and you'd need two parents both earning more than £100k to bring that in line with long term advice on housing costs as a share of income.

We have fucked housing up so badly. My mortgage is just over half of that on a monthly basis and it still scares me every month.

I actually think we know the answer to this. We have to build and let prices fall as they have risen, over the long term. It is going to kill my generation financially, but what other option is there when so much money has already been taken out of housing by the generation above those having families now?

I would sell at whatever price you can manage - but to secure somewhere to stay really long term. Otherwise it isn't worth it.

I think the pricing til recently would've assumed a combination of both a very chunky deposit based on years of mostly unearned equity and lots of people being able to port existing mortgages at low rates. You're right though, that's a mess and it's going to unravel.

Clearly, your EA does not have your best interests. The longer a property is on the market, the more likelihood is that any potential buyers will believe that there is an issue with the property. Price it correctly, it WILL sell!!!!

You pay them, providing that they actually manage to sell your home so you direct them about whether to reduce the price or not. They haven't sold your house in 3 months they are incorrect. The reason there aren't many buyers out there is because people can't afford the prices, are worried about their jobs, the economy, more inflation hitting the world soon, etc. There are so many estate agents who don't seem to be able to do their jobs properly.

I know others have said similar throughout the thread and Im just picking up the latest one of this theme, but I never understand why people state that EA price badly for their own interests

If they over value, over price, then they dont sell it. Leading to 3% of zero

If they price well then they have 3% of the selling price

How is it in their interests to deliberately set a price which isnt going to garner a sale just because its higher?