House selling: think I took wrong approach

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I have viewed a house that I have fallen in love with. Mine was not on the market and they will only accept an offer from a proceedable person (fair enough). I was made aware that two others are interested, their houses are on the market but not under offer. I admit: I panicked.

I arranged for an estate agent to value my house the next morning. I had in mind 200-205k based on what the identical next door house sold for last year (similar state of repair went for 205k). I consider it a 3 bed + study, but Estate Agent was adamant that it is a 4 bed. Estate agent said they could easily get 215-220k and said it could well go to a bidding war. He seemed to have reasonable argument for this (bigger garden than next door, less over looked – and to be fair next door sold as a 4 bed etc). I have no idea what the market is doing here (North East).

Despite a friend telling me I was a dick for not getting other valuations, and that I was a double dick for just signing up and not negotiating on the t&c’s, I signed up and it went on the market. I went with the Estate Agent advice and it is on at offers over 212k. I didn’t speak to any other estate agents as I was panicking about just getting it marketed and I trusted him. Yes. I am an idiot.

It has been on the market for 10 days (covering 2 weekends) and there have been two viewings: feedback has been that bedrooms are too small, and that layout was too small.

I feel that is not a lot of interest (I assume it peaks at the point it is put on) and that the feedback is in line with my feeling that this is not a 4 bed house. I wish I’d gone with 3 bed at 205k.

Is it possible to change the description and reduce the price, or does that look bad and reek of desperation? I bought in 2008 for 212k, have redone the bathrooms, put in fitted wardrobes and decoration is plain and in good condition. I don’t want to be greedy but on the other hand ultimately I do not have to move so I don’t want to sell at any cost.

I know nobody can really comment on pricing without a link – but I have history with an ex outing me on here so do not want to do that. But what are your thoughts on possible next steps. Am I panicking too early? I have never sold a house so am new to this and probably complete naive.

Where abouts in the NE are you? I'm NE and house price have risen near me in most areas (apart from new builds) over the last decade. Is this new house worth losing money on your current house?

I think it's also the time of year, summer holidays are just starting, people going away. Also anyone with children will probably have been looking earlier in the year as they would have been taking schooling into consideration.

Hello UpToonGirl (love the name)! I am North Tyneside. Mine was a new build in 2008 and I bought at top of the market (in desperation to get away from ex). So I thought I need to be realistic and don’t expect to make a massive profit.

I suppose part of it is going to depend on what you need to get from it to move, if you had marketed it as 3 bed at £205 you possibly would have had people offering 195/200ish. Do you know what is the least you could accept?

If it's only been on a short time do you have a get out clause with the agent - can you get a few more in the value and advise? On both the price and bedroom marketing. I don't think it would look desperate to reduce but may leave you open to more cheeky offers as it will probably look like you want to move quickly (which you do!).

It's a difficult situation - I remember the feeling that my current house would slip through my fingers before we could sell out last one and it makes you go with decisions that sometimes need a little more deliberation.

Ours is worth pretty much what we paid in 2007 too.
Can you get the details changed to just 212 (remove offers over - is this a price change???) and put it as a 3/4 bed?

I would keep it as a 4 bed. Most people buying a 4 bed in that price range are probably going to expect 3 bedrooms and a box room. Changing to a 3 bed listing would rule out a large proportion of potential buyers.

I think room size is potentially an issue, especially if they've gone beyond the usual 'pick the most flattering angle' to using lenses to actively distort room size. That might leave potential buyers disappointed when they come to view.

It's still early days and few people move in the summer holidays, but I would consider getting some other opinions.

I think you need to go down to OO 209,995. The limit on Rightmove is 210 then 220.

You want to be seen by everyone who sets 210 as their limit. At the moment you are not seen at all by them.

Ask the estate agent what is going on if he was so confident why has he not had more viewings? What’s he doing to market it? Look at how long the exclusivity is.

Thanks that is helpful. Minimum I could accept to make it work is 200k, so if someone in a fabulous position offered that I would likely take it. 205k feels more comfortable. I hadn’t remembered that obviously people would offer under. I guess the fact that it is on at offers over 212 is another thing - I would accept below that and would be happy with 210 so I hope that doesn’t put people off.

Am locked in with this agent for 20 weeks as far as I can see. I guess not worth bothering other agents until nearer the end of that.

I agree I need to try and think rationally. I had no idea it would be this stressful!

Thanks for your thoughts.

Sorry hadn’t seen other replies, going through them now!

RainOrSun: yes I think just a straight 212 might be better and clear that I would look at offers. That is a simple question for the estate agent so will do that. And also Bernadette’s point that I’m not being seen by people limiting it at 210 in rightmove.

LolaSmiles: I think the photos are deceiving in some ways - eg bathroom isn’t dark but photos make it look like it is flooded with light, which it isn’t. There is only a photo of the main bedroom (which to be fair is a reasonable size) but the lounge looks bigger in the photo than I think it feels in real life so I can believe people might be expecting bigger.

Bernadette: absolutely! I definitely need to discuss this.

Pipandmum: thanks. I don’t seem to have a named person now at the Estate Agent and have no idea what the plan or strategy is (did I mention I’m an idiot). Exclusivity is 20 weeks. So is it reasonable to call now or will they just give me the line that it has been 10 days and I should calm down.

What I don’t understand is why they would price it too high. A few thousand doesn’t make too much difference to them does it, surely it is best for them to get it sold and not sitting around? Is it a genuine mistake?

Thanks everyone.

20 weeks !!!! Jesus. I went on the market last month & have 4 weeks.

Anyway. What's done is done. Your main problem is the price bracket. As a pp said, it should have been put on at £210k due to the rightmove bandings, although you should get people who are looking up to £220k interested.

I wouldnt remarket it atm or do anything else. Just have to sit & wait I'm afraid. I've been on since early June & only had 5 viewings (South East) .....and no offers at all.

Hadthesnip - yep can you imagine what my friend who told me to negotiate that down is now saying .

My rough thinking was that realistically if it doesn’t sell in 6 weeks one of the other two who are interested in the house will probably have come through (or a totally new buyer) and. I’ll be out of the race anyway. I figured I was unlikely to switch before then and if I lose the house I’m not sure I’ll keep going with selling this one so would probably come off the market completely. So I decided it didn’t matter. I’m seeing things differently now!

Twenty weeks is a long time - but if you are within 14 days of signing are you not able to get out of the agreement as that's the usual filling off period? I did this a few months ago as had listed with the agent I was letting my property through thinking it would be easier, but a combination of bad advice (listing as a 3 bed instead of a 2 bed/2 reception) and one bodged weekend of "open house" viewings (where they booked 8 people in overlapping each other within one hour...) and I pulled out. I was completely within my rights to do so and it was definitely the right move as I'm going to do some work on the flat before selling it with a different agent.
Worth looking into though if you think the agents are not the best fit for you?

I bet you’re on with Signature. They’re absolutely notorious for doing this to get people to sign up with them and then reducing later. I’d reduce now, to save time.

Toomanyflatwhites - I signed 14 days ago today so assume that is the date it goes from (not listing date)? I should have posted yesterday!

BitOfTheSea, no not with Signature, but the house I really want is on with them so that is interesting. They haven’t reduced, but I wonder if they will if that is a tactic. That would then presumably mean more people will be interested and I have even less chance. On the other hand how much do they reduce by as I guess I would need less if they go down?