What price should I drop to?

[Southerner88]

I did a post recently to critique my listing, link below

<a class="break-all" href="http://go.mumsnet.com/?xs=1&id=470X1554755&url=www.rightmove.co.uk/property-for-sale/property-78631424.html" target="_blank">https://www.rightmove.co.uk/property-for-sale/property-78631424.html

Thank you everyone for your feedback & advice it's been invaluable and really appreciate you all taking the time to provide it.

The general consensus was it being overpriced, it's currently on at 325k, we purchased the house 3 years ago for 291k we have modernised it throughout, put new garden fencing in and put a new bathroom in.

We are motivated to sell having found a property but equally don't want to give it away, it's been on for 2.5 weeks with no viewings or interest thus far, how much should I reduce the asking price too in the first instance?

Thanks

Sorry link to property here

www.rightmove.co.uk/property-for-sale/property-78631424.html

Have you taken a look at sold prices for similar properties locally?
and what do you need to achieve to be able to afford as your next step?
I would have thought the next price point would be £319,999 and I guess with that price offers may be put in at about £315?

The house few doors down from you is selling for 315k. So probably in that region.

Well your nearest competitor is on at £315k so that’s a starting point. Do you know them? You could ask if they’ve had any viewings at that price.

If I were you I’d be tempted to go lower though. It looks like all you’ve done is redecorate, the flooring is the same. It’s obvious from the photos that you have painted the kitchen and tiles, which generally is a sign the kitchen needs immediately replacing. That will probably outweigh the new bathroom, so you haven’t really added any value. Has the market risen that much locally? If not, you need to be looking more towards what you paid.

I just posted on your other thread. For various reasons I suggested £299,000. Depends how desperate you are though. Even if neighbouring property is £315,000, they Have Not Sold. That could be over priced too! Reducing by 10% isn’t unusual. This might open it up to investors. So a bigger market. Having said that, the market is static at best and you have to be realistic. If really depends if you can afford to be and what reduction you might get on your next property. If this costs more, a bigger financial reduction might come your way so it could be worth taking a hit on this house.

@BubblesBuddy
@ChariotsofFish
@OftenHangry

The house on the same street
Is on at 315 correct but it does not have the downstairs rear extension that we have

Thanks

I think if you get over 298 you will be doing well. Progress and attainment is below average at the local primary so that is likely to put young families off. The estate agent's write up needs sorting out, it's a load of guff. I'm tempted to rewrite it as an act of charity! People will note the house does not look lived in and you are off after just over two years.

When you say modernise it throughout, what did you do? Electric? Pipes etc? Or do you mean painted and wallpapered?
Great job on a bathroom and the garden.

But it’s a flat roof extension and not amazing. You can price a house at whatever level you want but if you want a chance of viewings you have to assess what’s wrong. In your case it’s kitchen and therefore price. The one down the road hasn’t sold so you need to be better value. They might not be bothered about selling so have overpriced too. If you advertise at an attractive price you might even get two buyers interested! Better than no one even viewing!

What’s this?

The first picture of the house that you see is fairly charmless. The kitchen picture and the first one of the garden are a bit meh. The new bathroom is okay, but little else about the house is particularly 'wow'.

So what is your estate agents advice, they should know the market and they should have a client list to remarket you to?

@BubblesBuddy it looks like all the houses on the estate are for sale either as a whole or part ownership?

Good luck with the open house today.
Confused about bubbles picture trough as it does look like your house OP but vastly cheaper

It was listed on 16 Jan so what is going on? This must be confusing everyone!

Isn't it also listed a lifetime lease property at a discounted price?
Seems a perfectly pleasant house, but to describe it as a 'rare gem' in a row of identical houses is a bit strange.

How did there he open day go? Have you asked for feedback?

Did you put the extension on or was it already there?
How much do you have to get in order to move?

The extension was already there when you bought it though. Given that you’ve effectively done nothing to increase value, has the local market risen by over 10% in two years? How much has it risen by? That’s the two years post referendum, so it would be an unusual area for that price increase to be anything like achievable. And remember everyone looking at the current listing will look at the old listing and know how much you paid and what you’ve done to the house.

I’d go and knock on your neighbours door and ask them if they’ve had many viewers at that price. If they also haven’t had any, reduce your price to under theirs.

I wrote on the previous thread that house prices have gone up 3% in your area since your purchase but have been dropping in the last year.

The house before you bought it wasn’t a doer upper.
You’ve painted the kitchen units and tiles - this adds no money in my opinion
You’ve painted the house - personal taste it wasn’t falling apart before, no price increase.
You’ve changed the bathroom - can’t see an old bathroom pic but I guess it was just tired rather than horrible with the age of the house. I’d think this may add 3k?

In your local area tons of shared ownership schemes or houses which have been on for months this indicates a slowing market as with the rest of the country.

The housing market is currently dropping in your area so if you showed me your house with the knowledge of your work. I’d say it was worth £300k

If Brexit continues to stall or we get no deal you’ll most likely get below your orginal purchase price. The closer we get to Brexit deadline the more potential purchasers will wait.

But that just means the house you’re hoping to buy will be cheaper unless it’s in Wales,north and a few select southern areas which continue to go up.

In my area prices have gone up 20% since Brexit but have stalled in recent months. Estate agents have 90% sold properties in the window from beginning of last year. No one wants to buy or sell right now unless they have to.

I think we’re on a knife edge of a crash or stagnation...

So my answer is £299,950

Why are you moving?