Reduce price, change agent or do nothing until November?

[ThePug]

Our 2 bed flat went on the market at end of March for £375k. Steady stream of viewings, accepted an offer of £355k mid-May from chain-free couple as we were keen to move by August when I finished maternity leave. They pulled out mid-June as had “miscalculated stamp duty” so could no longer afford it (one owned another property they rent out). Since it’s been back on the market we’ve only had 3 viewings. Two are FTBs and apparently like it but one set can’t get a mortgage until they sign a job contract in October and the others had just started looking so are still viewing lots of others too.

I’m not sure whether it’s worth reducing the price now, or changing agents, or that that’ll be wasted effort/opportunity to get back to top of Rightmove given our likely market is FTBs or investors and both these markets are likely to be waiting to see what on earth becomes of Brexit/stamp duty/general economy.

We’re in an expensive city, prices have been dropping but we’re still comparably priced with others. There are a load of newbuild flats that have gone up right by us though which I’m concerned we’re now competing with, although ours is a Listed townhouse maisonette and has a private garden so is a very different type of property.

I’m desperate to move as baby who’s just turned one is still in our bedroom. And his big brother starts school next September so we have to apply by January and ideally know which part of the city we’ll be in. And I’m now working from home on the kitchen table surrounded by kids stuff which was never meant to be the case

WWYD?

Sadly just at the moment doesn’t inspire confidence for FTBs. I think they are waiting and watching to see what happens. I got out from SW London last year but it was hard then. I still look at the market both that I left and the one I moved to. Massive price reduction now and far less to look at. It might be hard but less stressful if you take it off the market and accept the circumstance and cope with your living arrangements for a while longer. Then come back on once things are more known. Though we are going into Winter and that could mean early next year or Spring. Could you cope with that. I realise not ideal but it’s a terrible market out there atm.

Similarish story for me and wondering the same. Selling place I listed in May, had two buyers drop out. Had several other people interested in buying but need to sell their own places first. Both buyers offered full asking price, so don't feel it's massively overpriced and I'm sensible about offers.

Viewings had really just ground to a halt recently, and similar properties nearby just aren't selling as quick as I've seen in previous years.

Everyone seems to be playing wait and see at the moment, and can't say I blame them. My list of properties I'm keeping an eye on RIghtmove are having reductions and also sitting around.

My view is I'm leaving it on until end of October then I'll remove it if unsold and relist in the Spring as, hopefully, by then there will be a bit more political certainty.

If you're happy with the price / agent then you may have to just accept there isn't much else you can do at the moment.

Another one here struggling to sell, slightly coming to terms now that the market is falling but it’s going to push us into negative equity.

Have you seen this thread? www.mumsnet.com/Talk/property/3683692-House-sale-right-now-hold-off-or-reduce-price

Sounds like you have a great property so that will always hold. If you are getting viewings then the price isn’t wrong - if you see other similar properties drop their price then consider it.

We could be in paralysis for a year if we get A50 extended, then an election, then a new government negotiating a new deal and then another ref.

Have you a plan B? Could you rent it out and rent in new school catchment for a year?

Sorry totally forgot I posted this! Thanks for replies and sorry for those in similar situations. I wish we’d listed it 6 months previously but I was stupidly waiting to find something I liked and thought ours would sell quickly as it did when we bought it (9 years ago) .

Plan B is hope we can convince a newbuild developer to part-ex it. We had reserved one when we had a buyer and they initially said they’d PX when we lost them then changed their minds because of the Listing there are two developers on the site though and we actually prefer the other one’s houses so hoping they can see past the non-issue of it being Listed. They won’t consider it until the roof is on the plot we’re interested in though and it’s only just past foundation stage. Going for a nosey round later this week though when we go to the primary school open day on the site.

I was viewing houses when I was pregnant, baby has just turned one and the thought of still being here at Christmas (which is more or less certain now) or even next Easter is just so depressing!

I may get MNHQ to remove this later but any feedback on whether there’s anything we can do to improve the listing would be welcome

www.rightmove.co.uk/property-for-sale/property-70753342.html

I think it is stunning ! Only pic I would remove is that last one with the front door showing the traffic lights.......

I think it's fine to have a line about leasehold/management co fees but only if you clarify the amount. A warning about that with no concept of scale/cost would make me wary as a buyer. I also don't understand what these vaults are. It's in a lovely area, and the garden is a huge plus, but it doesn't say anything about parking? The inside has been done up lovely though.

ThePug Have you looked under the Market Info part of your listing? Under Similar Properties for Sale it seems to list yours but at £247.500 guide price. It shows your kitchen. I'm assuming this is a glaring error?You might want to get this taken down as it might be confusing potential buyers.

Brilliant, thanks for the constructive feedback and those are things I can get the agent to address on the listing (it’s share of freehold with a self run management co so very minimal fees, the vaults are under the pavement so not internal as such but useful for storing lawnmower and garden bits, parking is on street resident permits - absolutely no problem when we were 20something professionals who walked into work etc, and was the one compromise we had to make when buying, but now we have two children I long for a driveway - it’s not being pitched at families really so hopefully won’t be too much of an issue). The market info other listing will be the listing by an over 60s shard ownership type agent - our agents said it was worth listing with them too but maybe it confuses things.

Thanks again, and good to know nothing glaringly awful!

It's lovely inside (maybe soften the look of the lounge with a rug and/or coffee table)? The last picture is a bit off putting - traffic light, a bit bare and scruffy. How about a row of potted Lavender or a sculptural plant?

I agree with PP that some colourful pots for the front door shot would be a real boost (don’t have to leave them out).

I do think that a lovely shot of the whole house is critical - and would lead with this photo - (would get loads of clicks) but could they do it from any angle that lost the traffic lights?

To have a classic Georgian property in Bath is v aspirational - so I would lead with a sunny shot of the whole property. This is your USP.

Leading with the kitchen misses a trick - as this kitchen could be in any old ugly maisonette.

Also agree about being up front about parking ie ease of - otherwise people will look at the map and assume the worst. Also as the annual fees are so low would also flag that - some new builds around my way are £6K year.

Looks like a great FTB or downsizer property. I am sure you will sell soon.

Gorgeous house. Unless everyone else is dropping their price I don't see why you should. I think the over 60s suggestion is a good one - it's a perfect downsizing house

I agree with redwine and friendlycat.
If it hasn't sold by end October take it off the market and wait until early next year. Meanwhile if your baby has turned one can't he share with your other DC? I appreciate the problem about your LO's school but if you haven't sold you'll have to take a chance for now and register him with those you like.

Good luck!

All good suggestions, thanks so much! We originally led with the picture of the garden but switched it to the kitchen. As Bath terraces go it’s not the prettiest on the outside and is on a main road so difficult to get a better shot but I’ll experiment with angles and get some pots then get the agent back on a sunny day. Pots would definitely get nicked or broken (or more likely filled with litter) if left out though - even in Bath