Why is our flat not getting viewings?

[TulipsinSpring444]

We have a one bed flat in London, it was on at 350K to begin with as advised by agents - I thought this was a bit overpriced, probably 330K was more realistic. We dropped to 325K after two weeks as didn't get one phone call, we then got about five viewings in one weekend but no offers then no interest for a further few weeks, finally after two months we got an offer at 310K and we accepted as we had found a house we liked.

Our buyers (who were investors and cash buyers) pulled out a day before exchange because they found 'something more suited' (complete wankers). Anyway we put it back on and dropped price to 305K OIEO, as we thought we were bound to get immediate attention. That was on Saturday and we haven't had any viewings. WTAF? I don't understand, we are 5K below what we accepted from a cash buyer investor (which was surely a bit low as they do their numbers).

Surely we should have had some interest by now or am I being impatient? We had on it 'REDUCED PRICE FOR A QUICK SALE' and 'VIEWINGS ADVISED' but I told them to remove it because it might put people off because it looks desperate?

I'm clutching at straws, I have no idea why people wouldn't want to even see the bloody thing, I feel like auctioning it and just giving it to the first bidder, I'm so fed up.

I called our agent today and said has he called anyone on their database and he said 'I'll be honest, I've been inundated with calls today' (well not for our property!!!!) and 'things have been manic' and I'll have a look at it tomorrow. If we enlist another agent, do we have to pay double commission? I'm not quite sure how it works? Do you think it's the agents being crap that has resulted in no viewings or not enough time?

We are desperate to keep the house we've found, they don't know our sale has fallen through yet, which is why I'm so impatient to find a buyer asap.

We are in a fine mess! Any advice appreciated.

Thanks Bunny I would actually really like to move out but learning to drive is still on my list of things to do, been a bit lazy having grown up in London, we might move out one day and get a mansion in the fields! Good luck with your house sale, your house sounds lovely and a great price

Bring We spoke to the other agent and it was quite interesting, he said there are very few buyers so offers really vary, he said you could get someone offering at asking price or above because they've lost a property before and are really keen to buy, likewise you could someone at the other end of the spectrum who feels like they have nothing to lose and will offer way below asking, he said there is a lot of luck in the market now whereas two years ago he said buyers were almost like candidates. I asked if the market was crashing, he said no, but he things it's stagnant and he said the return to traditional marketing is important because they are not getting calls from people looking on Rightmove, he said the only way they are getting viewings is to call and email constantly which I can believe because we made an offer on the house we love after being hounded, we weren't even going to go and see it because it was so extortionately priced...He said he thinks our flat is worth between 300-310K, he said he has another flat on at 299K but that's getting offers of 275K, so it's making me nervous at the idea of dropping it and taking the OIEO off. Houses round here have still gone up by 10% in the last two years so that's 70K, if we get the same amount for our flat as we got two years ago we will just be taking a 70K hit. I know a pp said that wages haven't gone up at the rate we have put our flat up, well neither have ours! If the whole market crashed we would be better off but right now houses seem to be holding up :( So we've decided to stay on at 305K OIEO. After I gave our 28 day notice our agent seems to have suddenly got a spurt of energy as well - we have four viewings lined up! None of them might come to fruition but I'm so hoping they do. After the experience of our first buyer though, I'm going to expect the unexpected - i.e not one lead out of that...if I get my hopes up too much I'll be bitterly disappointed again. My Dad says 'expect nothing' lol

300k feels punchy for a one bedroom flat in zone 5. Hard to gauge without a link.

If houses have gone up by 10%, then I imagine that flats must have moved more on less in line (more demand at this price point).

How long have you been in your property? Has the area changed etc?

if we get the same amount for our flat as we got two years ago we will just be taking a 70K hit.

This is not the case. A property is worth what it changes hands for. If your property sells for what you paid for it that means that that is what it is worth at the moment.

Are your vendors okay with waiting for a bit, or are they pushing you to exchange contracts?

I've just sold a two bed flat on the borders of zones 2-3 for just over 10% less than a neighbour's went for two years ago. I was in a hurry so went low (sold in less than a week, lost the buyer, sold in less than a week again), but people who have priced at the 2 years ago rate are reducing and reducing and not getting anywhere. They now all say they would take what we took, but they've burned through their early interest and nobody wants to view now. I know ex council is even harder to shift.
I'd say your flat is prob worth about 250, and then you would be well placed to go for another, bigger, ex council place at a great price.

One more thing, RM states: that it was sold on 25 Apr 2014 £163,000

40k+ is a huge increase for 3 years, surely?

sorry, I get my tabs mixed up!