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Original poster

house on the market for 1year +

32 replies

Panda368 · 31/07/2020 09:06

So this is a curiosity post - mostly we aren't planning on moving for a bit but equally I'm not expecting this house to go for a bit either.

If a house had been on the market for over 1 year with no sign of ever coming off to being under offer. would you assume that it was wildly over priced?

I have a minor obsession with a property near us that has been on the market for ages - its listed for OIE 240k (reduced from 250 august 2019)

4 beds (3 double)
Garage
Garden storage
BIG garden
BIG southwest ish view over woods and fields
Off street parking

Work would need to be done to make it really good as downstairs layout is a bit weird (you would knock through the kitchen into a "workroom" probably requiring an RSI but its very livable initially)
According to estate agent it's basically not enough work to make it worth it for developers and too much work for young families.

In my head because it's been on for a year and needs work I'd offer 20% less than asking so around 275 which would be in our budget and be able to go up to about 300.
If you had been trying to sell for 1+ years would you accept it?

this is all hypothetical but we live in a part of manchester where property moves fast so a house being on the market for so long is a bit weird.

OP posts:
Original poster
Panda368 · 31/07/2020 09:09

Floorplan and garden view

house on the market for 1year +
house on the market for 1year +
OP posts:
ComtesseDeSpair · 31/07/2020 09:12

I’d think that the vendors weren’t entertaining any offers at all, and OIEO (outside of Scotland) always makes me think sellers are going to be difficult. I might also think sellers perhaps were a separating couple where one was frustrating the sale.

Don’t understand your figures though, are they typos?

Reearry · 31/07/2020 09:14

Have you viewed the property in person? If you have viewed it and got a quote on the costs of refurb, made sure you can do them without additional permissions etc then go for it. Nothing to lose

thebear1 · 31/07/2020 09:17

If it's on at 240 why are you thinking of offering 275? Are you in Scotland?

Atalune · 31/07/2020 09:18

Usually it’s a sale from an estate of the deceased where the family are holding out for the max price. Or maybe a divorce. I would view and offer what I could afford and take a builder with me to gauge what work needs doing and cost it out.

Usually these sales are weird about viewings and only allow one!

Original poster
Panda368 · 31/07/2020 09:18

oh so - its a typo in the main price - its on for 340.

OP posts:
Mooserp · 31/07/2020 09:24

Have the agents given details about the owners situation?

ComtesseDeSpair · 31/07/2020 09:24

OIE means “offers in excess” - that’s probably why it’s been on the market so long, they aren’t accepting offers and wouldn’t accept your 20% less than what they want more than.

PicklePig31 · 31/07/2020 09:26

Very overpriced considering there is only a bathroom and WC upstairs.

Wouldn’t view it based on that.

TheEmojiFormerlyKnownAsPrince · 31/07/2020 09:29

Overpriced considering there is only a bathroom and toilet upstairs!!!!

Are you kidding??? I live in an area where house prices are insane. Most only have one bathroom, but they are still crazy prices.

Original poster
Panda368 · 31/07/2020 09:31

OIEO is pretty common around here although I hate it. Usually its on houses that are expected to go fast though - like FTB 2/3 bed terraces which used to go in about 2 days flat.

In my head we would live with it for a few years and then knock through the kitchen into the workroom once we had saved enough to make it a big kitchen diner. But would probs be a good idea to take someone who could give a rough outline of costs and actual work needed.

I don't think you generally need permission to knock through internally into a garage but I'll bare that in mind.

Fair points about deceased property or divorce - I hadn't considered that.

OP posts:
iano · 31/07/2020 09:34

Have you spoken to the agent? Give them a ring and ask about the circumstances.
There was a house near us that was on the market for a year. Nothing at all wrong with it. The couple were elderly and put it on too high initially having seen (better) houses sell for more on their street. It lingered on the market for 6 months and they then reduced it. By then people were wondering what was wrong with it. They eventually sold after a year. They were really nice but it took them a while to fully grasp that their house needed modernising.

BarkingHat · 31/07/2020 09:42

We viewed a house like that. Owners had divorced, several offers been put in but owner still living there had frustrated all the sales. When you looked at it it was obvious there was a damp problem from the stack and possibly roof that hadn’t been addressed.

But owner was really difficult about allowing access for a survey. It was maddening for the estate agents. We walked away as it was all too difficult.

CrotchetyQuaver · 31/07/2020 09:48

there's a property down the road from us has been on the market for years, no change in price. Horrible decor, bad layout, room sizes not great.

they absolutely will not budge on their price. some people are deluded, it's a borderline knockdown and rebuild project.

tanstaafl · 31/07/2020 09:57

Depends on the area I guess.
You could see a builder buying it, extending the kitchen into the workshop, ideally installing WC there too, or in the storeroom.
But would the new value after the work is done be too much for the neighbourhood?

Also what’s with the ‘cabin’ in the top left of the picture of the back garden. Looks like there’s no privacy in the gardens.

senua · 31/07/2020 10:01

I don't know why you are calling the downstairs layout "weird". It looks perfectly normal to me, there are loads of houses with that exact layout.

What's that kink in the kitchen wall - is it a chimney breast? That might make things more awkward / expensive.

Original poster
Panda368 · 31/07/2020 10:41

@senua the kink in the kitchen wall is actually a set of windows that look into the workroom with a breakfast bar built in - which is why its a bit weird?
I guess it could be an old chimney breast?

@tanstaafl - I think realistically you're right about value of work done exceeding the neighbourhood. It's the slightly shabbier side of our gradually improving suburb. There aren't many mid range 4 beds around in general here on the nicer streets you would be looking at about 400K+ for a big victorian detached.

From doing some digging I think they based the price off the last 3 bed sold in the street which was really well done up and went for about 300k so they have added on 50 for the extra bedroom and the fact it is technically detached.

OP posts:
Requinblanc · 31/07/2020 10:42

Sounds like a difficult seller expecting too much so don't waste your time on this one...

Catapultme · 31/07/2020 12:08

It looks like quite a lot of work. The bedroom over the garage is flat roofed and it looks like you'd need to demolish the workshop and start again if you were extending the kitchen.

BumbleNova · 31/07/2020 12:37

If it has been on that long there is something materially wrong with the house or the sellers. my money is on the sellers.

We had similar with the house we are buying. they refused to even countenance offers not at asking price. it took a month of negotiation but we eventually got there. its hopefully going to be worth it!

senua · 31/07/2020 12:40

the kink in the kitchen wall is actually a set of windows that look into the workroom with a breakfast bar built in - which is why its a bit weird?
Ah. OK. Don't you like the view of old tins of paint with your morning coffee?Smile

kittenpeak · 31/07/2020 21:27

Totally depends:

What have other properties on the road sold for recently?

How does the quality of your house compare to others that sold?

Have they had any other offers, and if so did the sale break down because of a fatal flaw making it unsellable?

Could be worth getting sellers situation as per PP comments. Probate / divorce could make people stubborn, but equally they should want to get on with it.

Where I am, I a Built up residential area and popular with families, I would be wary of a family home being up for sale for over a year. But all depends.

I would do some research on sales in surrounding roads. How long were they on the market for, and is that comparable to your house? Put an offer in based on that. Subject to survey of course!

hgaj · 31/07/2020 22:52

Just because it's been on for a year I wouldn't offer 20% under. The price changes doesn't sound like a motivated seller. I'd go in with an offer close to what you think it's worth. The type of people who advertise for a year at the same price may also be those who are insulted by a low offer. I don't think you'll be taken seriously if you offer 275 when they're hoping for 350.

Bumblebutts · 31/07/2020 22:56

I have looked at this house on rightmove and have wondered the same, no harm in having a cheeky offer in my view.

Sorryusernamealreadyexists · 01/08/2020 15:00

We viewed a house with a similar situation, they’ve reduced it by 10k but is still wildly overpriced