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Original poster

Few viewings and no offers - it's the time of year, right?

283 replies

Amethyst24 · 08/12/2014 14:47

DP's flat has been on the market for a few weeks now with barely a sniff. It's a 1-bed in zone 3, in pretty good condition although it's been tenanted for a few years (tenants have now moved out). Was originally priced at offers over £250K but dropped now to £249.950. Seems on a par with others on the market in the area - competitive if anything.

So am I right in thinking that the market is just really slow at this time of year? We're considering giving the agents a week's notice in the hope that they'll make a massive effort in that time, then taking it off the market until the new year and getting valuations from other agents now we're not facing the issue of the stamp duty threshold.

Also wondered whether putting in a new kitchen might help (it's the only thing in the flat that is really dated). But then people would potentially be viewing it when there's work being done and it's a mess, and if the new kitchen wasn't to their taste it might put them off...

Any words of wisdom?

OP posts:
Original poster
Amethyst24 · 09/12/2014 16:22

Ouch Bramshott - my eyes!

I will pass all this feedback on to him. TBH we were so abjectly grateful the tenants left the place tidy for the photos we weren't going to be picky about details!

I'm sure if we take it off the market over Christmas and give it a bit of TLC and get some new pics done we'll have better luck in the spring. The mortgage repayments are small so from a financial point of view it will need to be on the market longer than a couple of months before we start scrabbling to drop the price.

OP posts:
Original poster
Amethyst24 · 09/12/2014 16:27

Actually the laminate's not nearly as orange as the photos make it look - it's quite a neutral sort of blonde colour IIRC.

OP posts:
BauerTime · 09/12/2014 16:37

then you definitely need more/new photos. Based on the present ones many people would probably skip over that property but TBH its not a bad flat just poorly presented at the moment.

Not everyone can see past lack of decoration or worn/dated furnishings and need to be inspired by the pictures. It doesn't matter what colour the flooring really is if its going to be discounted from someone's search on the basis of the photo.

We recently 'dressed' our house for sale and found it useful to take pics from various angles ourselves and look at the pics rather than the room to spot issues IYSWIM. Viewing it through the eye of those viewing it on the internet rather than standing in the room and thinking 'this looks alright' was really useful. You definitely would have moved the wshing bin if you'd done that! Grin

wowfudge · 09/12/2014 17:06

The things I would do are: make sure it was really clean and anything that needs touching up or fixing is sorted out; clean windows inside and out (outside only if they can be reached safely obviously); make more of the balcony off the living room with a couple of decent-sized pot plants out there with the table and a couple of chairs; and dress the rest of it for new photos to improve the look of it. Make sure the EA takes decent photos showing the place in its best light.

Original poster
Amethyst24 · 09/12/2014 17:41

Actually I have no idea why the agents have used the exterior shot as the first one - that's going to put some people off before they even click on it.

OP posts:
wowfudge · 09/12/2014 19:18

I recently sold a house which wasn't too prepossessing from outside: the agent didn't even use a photo of the front in the details and went straight for a great shot of the living room.

The other thing I noticed in the details of the flat was no mention of parking arrangements - Streetview shows on street parking in marked bays, but if someone looking did have a car they would want to know what the arrangements are and if there is parking for residents around the block of flats.

BauerTime · 09/12/2014 19:34

Our EA used a front shot of our house too even though it's the worst representation of our home. Luckily all of the other photos were great and it didn't stop us finding a buyer in 7 days flat.

I think living and bedroom areas need to look cosy and kitchens and bathrooms need to look fresh and clean and like they don't need any improvements as let's ace it, if they need upgrading that's where you know you will have to spend ££ if they are a bit crap.

roneik · 10/12/2014 13:05

5 sales in that block all in December, so it's nothing to do with the time of year
The last sale was for 158k 2010

I would say having lived in a tower block many moons ago , that taking into account the current state of the market you will never sell at anywhere near the asking
Sorry but 140 would probably be the value IMO

People are having a giraffe on here leading you on

If you paid even what I give as a value you were mad to have paid it

I lived in Tooting years ago , I hated every minute in the tower block living amongst people that pissed on the stairways. Drug crap everywhere. I had to become janitor every time for the viewings.
Live in it or wait for the market to fall to what the value of a Tower flat would be about 90k

wowfudge · 10/12/2014 13:34

Hmm - I don't agree with that appraisal.

The relevant sold prices to look at are the 2 at Walmsley House this year. A 2 bed flat there went for 250k in August. A one bed flat in that same block with the same layout as your DP's place went for 195K in January of this year.

It does look to be overpriced by quite some way OP.

BauerTime · 10/12/2014 13:37

roneik I think you are having a giraffe saying that a flat valued at £158k 4 years ago would now be worth £140k. that's not reflective of the market at all.

FWIW ive just accepted an offer in NE London on my house that is 44% more than what I paid for it 4 years ago, also in December. Using that logic the OP's flat is worth about £225k so maybe its a tad over-priced but not by that much.

roneik · 10/12/2014 13:42

sold value of properties in that block has decreased by over 34% from peak

Many lenders are not keen on this type of property in a downturn

Wake up and smell the coffee before it's to late to sell at 1990s price.
I can tell you this as I have lived longer than you and seen this all before, we are in the beginnings of a property crash. This one IS DIFFERENT because the economy is f@@cked
You want someone to pay 2007 price for a tower block one bed
Get real

roneik · 10/12/2014 13:44

Oh and remember the liar loans aint there now, as is the foreign money

Riverland · 10/12/2014 13:49

How would you price it, wowfudge?

roneik you are habitually astonished by property prices in London. I know they are Shock but at some point you have to acclimatise to the bubble of the metropolis living by its own rules, as it were. Giraffes or not.

roneik · 10/12/2014 13:51

Look I have my opinion you have yours.
Very soon we will have the election, afterwards we will have the cuts. This will dampen the employment prospects of many. Reality is the tax increases
that are to come along with the cuts will slaughter a already wounded ponzi scheme.

The trouble with tower blocks is the service charges and very often you get extra charges added or increases .

No I stick with what I have stated, the times of someone willing to pay that sort of money for that flat are over dead zilch

Riverland · 10/12/2014 13:58

I don't disagree with you at all about blocks, or tooting, or it being over priced, roneik.

I just doubt the realistic rate for it is as low as you say.

Original poster
Amethyst24 · 10/12/2014 13:58

Roneik, you obviously have an axe to grind. As it happens I sold my ex-LA flat in a "tower block" (5 floors - quelle horreur!) earlier in the year for 40% over the 2007 ceiling price. So I don't think your analysis is correct.

OP posts:
roneik · 10/12/2014 14:00

Wowfudge, with respect the market has deteriorated quite some since that 195k sale in JANUARY
As has the ability of people to pay that price.

Everything was in full unadulterated ponzi scheme mode then.

My valuation was for quick sale , nobody wants to pay for others free ride anymore.

Get with the program

roneik · 10/12/2014 14:02

No axes please we are gentle folk and have both feet on the ground.
At no point did I say that (earlier in the year somebody would not achieve your sale)Amethyst24

BauerTime · 10/12/2014 14:04

unless tooting has its own property micro bubble then id disagree that the market (in London) has deteriorated since January. In our own perusal of the market over the last year we have found that more recently properties that come on to the market are sold before you even see them on rightmove etc, and that certainly wasn't happening in January.

And there is a quick sale and there is an absolute joke price. £140k would be a joke.

roneik · 10/12/2014 14:05

I also lived up the road in Mitcham, I was a young good looking bloke that the girls chased
Oh what time does? Hey I am an old git in a mini cooper s now, but still have an eye for the old biddiesGrin

roneik · 10/12/2014 14:08

BauerTime, well tell that to the valuation clerk at the bank then and see who's right when the survey and valuation is complete
No way will that be valued at what is being asked IMO

Original poster
Amethyst24 · 10/12/2014 14:11

The market in London has certainly softened since it hit peak mental in April/May. But as far as I can tell it's still comfortably above where it was this time last year.

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BauerTime · 10/12/2014 14:16

I'm not sure ill be getting a survey done on it roneik seeing as im not buying it but i'm fairly sure they wouldn't value it at £140k.

Riverland · 10/12/2014 14:19

Intrigued now as to what price it's going to actually go for!

roneik · 10/12/2014 14:19

Well good luck to you, I reckon my lottery ticket for tonight's lotto has a better chance of achieving a win .

I was called the seer on another site back in 2005/6 I reckon my observation skills are sharper now. Time will tell