House won't sell - desperate

[louby44]

Hello, so after a relationship split in Dec desperate to sell the house. I have all the equity and am giving him £5k as a good will gesture as he has contributed to the mortgage etc over the 5 years we've lived here, once debts etc are paid off there will nothing left. We won't have made anything on it and the £5k is coming out of my lump of equity.

House in north staffs, new 5 years ago. On a good estate in a lovely area. 5 beds, 3 bathrooms, 3 storey, modern, very large garden/decked area, south facing garden, modern, well decorated and presented.

Have dropped the price to what we paid for it. Exp wanted it on at £25k more when it first went up for sale in January. So price is realistic.

I've had 4 interested parties, 1 of which viewed twice and another who made an offer under the stamp duty threshold.

I just can't understand it. I have little money and need to move on and buy my own place. It's on Right Move and I've had an open house, estate agents are good, I've agreed to rent if someone wants to move fast.

Help!!

What is your competitions, if they aren't buying your house what else is available for the same £ or size. almost inevitably it boils down to price and I'm afraid new homes often don't gain value and even lose in first few years especially if the development is ongoing. Presumably you can't/won't accept below sd threshold ?

Houses of that sort of age are very difficult to sell. People looking for that type of house will be more inclined to buy a brand new one.

Could you post pictures. I'm sure its lovely but maybe there's something you haven't noticed. If not, then it will be the price. If its near to the stamp duty threshold people will naturally offer just below.

what you paid for it does not necessarily relate to what it is worth now, I'm sorry to say. If you are close to a stamp duty threshold then it will be difficult (daft government policy).

decking is an off-putter (very bad idea in British climate) but that won't be a major issue. From what you say, doesn't sound too much else wrong.

Have there been any nearby similar sales? Do you know why there were no other offers?

also make it very clear that you have control over this - buying from separating couples can be worrying as there is the concern that one will make life difficult.

How far over the stamp duty threshold is it?

Unless London, most new builds never sell for as high as you bought them for.

It's on at 'offers in excess of' £280K. There are 2 similar properties on the same estate both higher and my house is in a better position. I put £100k of equity into this house and if I sold for £280k (once mortgage/ex/joint debts paid off) I will get about £80k to put down as deposit.

I am realistic and open to offers regarding the price but of course I want as much as I can get.

I had an offer of £250k which would leave me with approx £50k left. The house next door but one, smaller plot & only 4 beds went for that earlier in the year so I don't want to accept a price that low.

Can't post pics but it's on with Reeds Rains, postcode ST5 and I have a purple bedroom.

www.reedsrains.co.uk

Is it this one?

The fact that the open day was almost 3 months ago is a real red flag tbh and offers in excess of always gets me riled. I'm not sure I really perceive a difference between this and the one at 250k apart from no. rooms but then I don't know the area.

Yes Jimmy

Plot is much bigger. House is 3 storey. Double garage.

The open day was a washout and I had no one through the door. I would accept £270k and am seriously considering dropping it again. Thoughts?

People seem to switch estate agents, does that make any difference. I am open to any suggestions folks. But bear is mind I zero money to change anything!

The other house on Reeds Rains (at £250k) isn't on my estate.

It's a gorgeous house, I'm just not sure you can expect the price you paid, house prices have not risen that much and in some areas not at all, what I mean is that you paid a premium for a new house, that premium is not applicable now, I'm sorry to say but it's over priced.

It's not often that 'old' new builds sell well, obviously there are exceptions to this but it's not the norm.

Looks a nice location though. More neutral décor. Reduce the price and be open to negotiation, remove the stuff about the March open day (raises questions about if it were so good why are you still trying to sell) and be prepared to accept 250k, sorry. Selling around the SD thresholds is tough.

I've just found a house, opposite mine, slightly up the road and it has 5 beds/ larger downstairs but not on a big plot and the bedrooms are smaller. It's on for £250k and is under offer!! Says a lot I think! Think I need to seriously re-think my price. 6 months and I am struggling!

www.follwells.co.uk/index.php/property-search/item/996-92-galingale-view-st5-2gr

Perhaps try having two agents marketing it? It worked well for us when we sold one of ours a few years ago. Seemed to make both of them work a bit harder to get the commission.

Looks like you will have to rethink your price though. Maybe go for somewhere in the middle - put it on for £270k but expect to accept £265k. I agree with LIZS that 'offers over' prices are a bit annoying.

One other thing though, if you are both going to be out of pocket, you with the equity and him (and perhaps you too) because of paying the mortgage for 5 years, do you really need to give him the £5k? Sounds to me like you should both accept that you've taken a financial hit on the property and leave it at that.

Ask your agent to remove the blurb about the open day. It's no longer valid as it was back in March and it shouts out 'look at me, I'm struggling to sell'.

I also dislike the offers in excess of price. I'd rather it was for sale at £290k so that I could make an offer at £275-280.

Thank you all for your suggestions. I did ask them to take the open house info off ages ago and didn't realise it was still on there!!!

The £5k for my ex was a bit of a nudge/sweetener so that he would move out, we were living together but separately and it was the most stressful time of my life. The annoying thing was that he was going to move out anyway. It was drawn up by a solicitor and signed etc by us both and is based on the conditions that he continues to pay half towards our mortgage & loan. If he defaults, that amount will be taken off his £5k each month.

He's struggling and is holding out for the £5k lump sum.

I think I will leave it till the beginning of July and if no more interest, lower the price again, maybe to £275k. Any lower and it will impact on what I can borrow/buy!

Could you do something with the garden? It looks very bare at the moment.

The garden isn't bare now!

I agree about xmas tree and open house details, will be on the case tomorrow!

Agree that a house that looks like it has been hanging around puts people off.
They sort of think, well if others have rejected it, then we are likely too.

Also it looks as if a seller is not keen to sell if the picture hasnt been changed for months [and that then ties in with, maybe that is the reason that others have ended up rejecting it]

I hadn't noticed the Xmas decs, but yes, I think you need a new set of photos and the details re-writing. Very shoddy of your agent to let that go.

In all honesty is that stupid stamp duty threshold. You have to be over it by a decent amount to not get knocked down to the £250k.

I have been a buyer in that position so I'd pay £2,499 if I bought at £249,999 or a whopping £7,950 if I bought it at £265,000

That extra money basically pays for the removal people, solicitors etc.

The other house that sold is not as nice as yours. Yours is beautifully presented plus double garaged.

The one thing that other house has that you don't is a better picture of the back garden and yours is half in shade. Maybe that is something you can address? Get one taken in full sun and from different angles.

Also is the floor plan right? The landing on the first floor looks huge compared to the bedrooms.

Summer is a better time to sell so if you can hang on do.

I agree that maybe people who want a newly built house are looking for a brand new one rather than a four year old one. Also try not to come over as desperate when you get a buyer. We were there with our first house and it makes things even worse. Also avoid any photos that make it look as if it's been on the market a while. Like snowy garden in June! Just be patient and a buyer will come along.

And I think offers around is better than offers in excess of. But it's only a small point. good luck with selling.