No viewings - is it overpriced?

[Zeeky]

Our 4-bed detached house has been on Market for a few weeks & other than 3 viewings in the first week (one of which wasn't a serious buyer as house was way out of their budget so I think EA had persuaded them view anyway!) we've had no other interest. Had EA back earlier this week to take better photos as first lot didn't do house justice, but still no interest. House is in excellent condition - spent approx £100k on it in last 5 years doing everything to it - windows, kitchen, bathrooms, garden, driveway paving, garage doors, etc etc. It's in a good location - quiet cul de sac, good schools. So other than the price can't see why we're not getting more interest!

N'bour just put theirs on Market for £70k less than ours but theirs is a smaller house, single rather than double garage & needs some updating (kitchen, flooring, decor etc).

When we look at what is on the market in our area, our house looks so much nicer & in much better location & doesn't appear overpriced. BUT, we don't know how long all those have been hanging about on the Market!

Generally speaking, if a house is nice with nothing wrong with it yet getting no interest, is it the price?

If we were to drop the price, what sort of % should we think about?

[JillySnooper]

Good luck!

[caramelwaffle]

Good luck.

[Becaroooo]

Good luck

[Laquitar]

Really fab house Zeeky !!!

I think your problem is that it is so nicely done so in a way this limits the number of buyers. It will be good for someone with very busy lives who hate diy and decorating. As much as i love it i wouldn't buy it because i can't find even one thing that i would change! In your neighbour's house i can find 100s.

I cant comment on the price as i don't know the area.

I hope your viewers are pregnant/just given birth/have 5 bussiness to run/are allergic to dust , and want a ready fab done house. Fingers crossed!

[plupervert]

Something which comes out of your posts, Zeeky, is your insistence that you have spent so much on fittings. There is a danger that you have just overspec'd the place, that such fittings can't keep their "value" in this neighbourhood, or in this market. I thought the same about some friends of ours recently, who were selling a two-bed house in an iffy area of London, yet had a six-burner range and slate flooring in the kitchen, and a conservatory. It was beautiful, just not in the right place for that kind of interior.

[SybilBeddows]

How did the viewings go? Any feedback yet?

[SparklePrincess]

I think your house is lovely Zeeky! Having looked at both sets of details I think the neighbours Estate Agent has produced a far superior floor plan to yours. Their garden looks much bigger too, which would make me choose it in preference for that reason alone. If you don't sell soon please don't throw away 1k by advertising it at 499k. The stamp duty increases on prices above 500k, so 500k is still 3% 500k & 1p is 4%. As you are having viewings id be tempted to leave things for now. Fingers crossed. :)

[Zeeky]

Viewings yesterday weren't up to much. One wanted bigger bedrooms & the other liked it but is in no hurry & has lots to look at all over SE.

We had a meeting with EA yesterday & they were pressuring us to drop to £500k. We have dropped £25k to £525k & will see what happens.

[SparklePrincess]

Good luck with that Zeeky. :)

[Quintessentialist]

Zeeky, you have a lovely house. Beautiful.

But, If I were buying in your area, I would prefer your neighbours house. The colourscheme is pretty crap, but nothing that a lick of pain cant sort. (Even in the kitchen)

Your double garage seeem to come at a cost:smaller utility room, smaller study, a "pokey" a narrow entrance area, which does not befit such a great house. And no through access between garage, utility room and direct access to garden. The "pokey" feel continues upstairs, as there seem to be no "air" on the landing, just straight to staircase and down. Allthough, I do recognize that your bedrooms are a good size. You have two bathrooms, your neighours have a main bath and a master bedroom with an ensuite.

Dont get me wrong, I like your house, but if buying, I would buy the Practical house, not the pretty one. And to me your neighbours house is definitely the practical one.

See how quickly your neighbours house sell. You may find that viewings to their house has a knock on effect to yours! If people come to see one, they might want to see the one next door, too!

[Zeeky]

quintessentialist I agree that our hallway & upstairs landing is a bit pokey. But our master bedroom does have an ensuite & the garage is integral so there is a door out of utility into garage & an external side door from garage into garden - is this not clear from the floor plans? If not, then that's a bit of a worry!

plupervert I hear what you're saying about the f&f cost. We have spent a lot on top quality fixtures as we never thought we'd be moving! DH is adamant that the price should reflect the quality. They do fit in with our road, as other than the neighbour for sale, the other 12 houses are all bigger and 2 sold last year for over £600k.

[Quintessentialist]

Zeeky, after all my time on rightmove, I thought I had a BA Floor Plan reading, it seems not! I honestly did not realize the first time around!

[holidaysoon]

Zeeky last year was last year
this is part of the problem with the housing market everyone wants the top price ever reached (they do here i live anywaya) they want last years price or the same as that one on the nicer street or with 4/5/6 bedrooms got

[WynkenBlynkenandNod]

I think you have to be realistic about the Market at the time you are selling and in most places it isn't good right now and what something went for last year isn't a good indicator. A friend of mine is trying to sell her house. It was a smaller house that they took to pieces and rebuilt, everything brand new and good quality fittings. Last year they were on at 535k and had an offer of around 520k. This year they went on at 525k but noticed this morning they have reduced to 499k.

[Blackduck]

It is too close to the stamp duty price band. You need to drop it below IMO

[Catslikehats]

Either your house is overpriced or your neighbours is underpriced, but there certainly isn't £70k worth of difference between them. And whilst your house it is very nice it actually appeals to a far narrower market than your neigbours

I have never bought a "done" house and certainly in and around London my experience has always been that those houses that need work go for more than the "finished value" minus the cost of the work, simply because so many people want a property on which they can put their stamp without feeling guilty bout ripping our a kitchen that is perfectly adequate but not to their taste.

The stamp duty threshold is a big issue and it is extremely rare to find a house then sells for £500k-£550k. A 5-10% discount on asking prices isn't unreasonable and when that takes you near to a threshold the vendor is rarely going to win.

Ultimately a house is only worth what someone will pay for it and if you have had only 3 viewings in a month then it is overpriced. Someone might come along who is prepared to pay more but you need to balance your need to move against the risk of your house becoming stagnant if on the market for too long.

[Pissfarterleech]

I don't think there is any point putting it on at £525 if I'm honest. No one will pay over £500, you'll be here next Xmas if you think so.

By coming down to £500 you are in a different bracket on the Rightmove searches too.