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?!

A year ago is not comparable, the property market has dropped significantly since then.

Most people wouldn’t entertain a house without a downstairs loo. Who wants to have schlep upstairs numerous times a day?

Maybe try adding a screenshot of the floorplan, if you want to stay anonymous?

You say you are catchment for some of the best state schools in the country. I'm in a similar area or perhaps the same. The difficulty is catchment can be almost meaningless - would a child get in on distance from your location? Check this year's stats. If so, you can make more of this in your advert.

Pulling out of previous sales and being listed many times would put me off. It's one of the things I look for having been burnt before.

Honestly it’s the uncertainty in the world - are we going to end up in a war, is there going to a be a recession, will I lose my job, how much are prices going to rise, what will the mortgage rates be when I have to renew in 5 years.

Things have changed SO much even in the last couple of months. Reducing your price is the only real option we can suggest without seeing the advertisement. Or sit tight, see out this phase of uncertainty and try again in a year (or whatever it may be)

I have had four (one main bathroom, two en-suites, downstairs cloakroom) in my last three houses over the last thirty years, I’ve loved having them.

My friend has a 700k house around the corner from me and it’s been in the market since July and the feedback she’s getting is lack of ensuite at that price point is putting people off.

On my development houses are going like hot cakes so some people obviously do like lots of bathrooms.

Our neighbours have had their 4 bedroom house on the market since end of Jan.
We live near an outstanding primary school, when the other houses sold they would be snapped up really quickly. (last year the near enough same house sold for £565k) their home does need a little more tidying/decoration but near enough the same.

They dropped it from £565k to offers over £500k had multiple viewings but no offers, They desperate to move to be near family.

It seems to be the market, they are competing with a new build site nearby which a similar 3 bed which were on for £575k but we think they are struggling to sale and offering good deals - even though it’s only a 3 bed. But also people are concerned about the market currently.

Its expensive even if priced similarly to others. Time of year. Summer months are best fir selling and also cost of living. With a war in the middle east and fuel costs rising i wouldn't want to comitt to a new expense. Personally id sit right.

Sales of homes in this price bracket have stagnated, even in desirable areas. Like others have said, buyers are being cautious about over-committing to high mortgages due to the war and rising prices. Plus, you basing your price over your attempt to sell in 2022 is a false economy. House prices went absolutely insane in 2022 and have been on the decline since. I would say you would be more likely to sell for what you bought the property for in 2019 if you are desperate to sell right now. Sorry, OP.

Oh also - on the school catchment. We also live in an area where there is supposedly one of the best state schools in the country. People used to move house to live within a mile of it. House prices were kept really high because of this. But falling birth rates mean that this year the distance was over 3 miles which means that you can give in a much cheaper area and still be within the ‘catchment’

The market is sluggish, mortgage rates have rocketed, plus if I was spending that money it wouldn’t be on a new build as I’ve heard too many horror stories.

The house is 1700sq ft plus a double seperate garage.

Understand what you mean about buyers.

But I’ve never had a downstairs toilet. Stairs are good exercise.

I was buying a new build last year. For various reasons it took too long to get the sale going so I pulled out three months ago. I can now see the very same plot for sale and the asking price is 20% less than what it was when I put an offer in.
I put an offer on another property in February and got my mortgage approved a week before the war started. Had I not locked in the rate, I would probably not be able to afford this property right now.
So I agree with others, it is always the price.

Does the new landscaped garden have plastic "grass"? That would put a lot of people off.

Tbh four bathrooms sounds amazing for am active family with IBS and a child with SEN.

That’s a good size house.
What area are you in and are there many new builds in that area?

What is the parking situation? That might be a factor. We had a bit of trouble selling our old house as parking was at the back of the house (on a drive) and everybody on the street came and went through the back doors. If there’s an unusual parking situation or difficulty parking that could be it.

There’s a family bathroom with a seperate bath and shower, two en-suites (one with a bath and shower, one with just a shower), and a downstairs loo.

That’s actually not recommended advice. Having two agents at once makes you look desperate to sell snd more likely to generate lower offers/flakey buyers as a result. I avoid houses that are on the market with more than one agent for this reason.

I know. It was a response to all the posters who said it wasn’t necessary. 🤷‍♀️

No it doesn’t.

There's an old saying in Sales that "something is only worth, what someone is willing pay for it".
IMHO This is especially true in house selling. There are various factors, markets go up and down, the timing can be a buyers or sellers market, some areas are better than others, decor may be good or terrible. These (and more) contribute to the right price. You don't have the right price. It always price Op. I guarantee that some of your viewers will have liked you house and maybe even considered it. But the price was too high.

And yet for the price, two of your viewers want more space, or an extra bedroom.

Lower the price, be prepared to wait or take it off and try again next year.

They are desperate to sell. They’ve dropped 10% off the asking price.
Sometimes it’s not you it’s them. You’ve just gotta sit tight and wait it out.

two of our viewers didn’t like the pictures in the living room and one wanted the bungalow to have an upstairs
Most viewers are bloody idiots, ignore their comments.