Property not selling, feeling discouraged

[WishMeLuck2020]

Hi, we have been trying to sell our property for just coming up to one year now, with no offers and barely any viewings. The house is definitely not overpriced, has a garden and garage, is neat and tidy (as are all the houses on the street!) does not need any work doing to it and is neutrally decorated. But the area itself is not the best, to put it mildly. The first estate agent essentially told us our best hope was to get a buyer who doesn’t know the area who would use it to commute (we live close to a big city).

We took the house off the market but have decided to give another estate agent a try. It’s gone live today, so everything crossed. Has anyone else been in this position, and if so what advice if any do you have? I am pleased for those who have managed to sell quickly, I just wish I could say the same for my house!

Our first house wasn't in a great area. We did what we could to make it look better. Put in a new bathroom suite. It was a reasonable sized house for the price. Try not to appear desperate or get discouraged if viewers cancel. Tidy up the garden.

Strange that he is keen to stay there - is it a super short commute for him? He must tak into account your well-being though! Definitely try lowering the price.

Defintely don't bother with a conservatory. You'd be better off taking the cost of one off of your selling price.

@CatAndHisKit yes, it’s a very short commute, combined with long hours and a stressful job - means that when he comes home he just wants to relax. I am starting to think it’ll just be much easier to suck it up and take the house off the market for now.

Would you buy a new build? Because some new build companies will buy your house off you if you're buying one of their homes. I know someone who did this and they got a price that wasn't much under the market price.

I would also look into whether you could part exchange. Not necessarily with one of the bigger builders either. I have seen some houses where I live that are being part exchanged offered themselves in part exchange IYSWIM.

You have nothing to lose and a bad area can have a detrimental effect on your health.

I know exactly how you feel OP, our house is also on the market. Only had a couple of viewings so far, I was feeling despondent, just had a call to book another viewing, it only takes one person to love it. Good luck

The part exchange idea isn’t a bad shout actually, there’s a couple of areas close by building new estates currently. That could be worth a try. We have another viewing tomorrow, hopefully this one will at least turn up!
@Roselilly36 good luck with your viewing, I hope all goes well.

@WishMeLuck2020 thank you for your good wishes, that was sweet of you. The viewers arrived, no feed back yet.

OP, well yes that's what I thought. He basically doesn't care what's around as he mostly lives in his office. I think you need to get across that you don't feel safe there.

that's encouraging! people do realise that the downsides of the area reflect in the price, and if they can't afford better areas and appreciate short commuting, that's you buyer.

How did today's viewing go OP?

We've not long had ours up, and despite being what I consider underpriced, we've hardly had any viewings, and no offers. I think we will be reluctant landlords.

I just came on to say though I have a similar situation with the husband, he doesn't care where he lives, and doesn't see how awful this area is, nor the house, primarily because that's just how he is, but also he like yours is not here as much as I am. I don't understand how he doesn't see it. I hate it in this house, and I hate the area. So I totally empathise with you. Good luck.

There are several properties on the street up for sale, all at similar prices. None are selling. That’s why I was asking if there is anything we could do to make it sellable.

Let me get this straight and please correct me if I am wrong.

You say the house is not overpriced. And your logic is that the price is similar to other houses, which are also not selling?

Really OP? Really?

It's difficult to say why they're not selling. It's not always price alone. What kind of house is it. First time buyers house or more expensive house?

People should read the whole thread. The OP has been pretty open in her views on why it isn't selling. The area isn't great and it mightn't shift at ANY price. It has also gone downhill since she bought it which adds to her troubles.

OP - did yesterday's viewer show up?

I think that while the overall market is lively, I'm seeing large price drops on the properties that are "near" somewhere nice, i.e. not great areas in themselves. The places in actual nice places are doing well.

People have been stuck at home for 6 months and are thinking about area more than ever.

Good luck OP.

The area isn't great and it mightn't shift at ANY price.

Are you suggesting it would not sell for £50? Of course it will sell.

If the area has gotten worse since then it might explain why the price may need to be less than previously purchased 20 years ago.

But ultimately if the price is reduced enough it will sell. Okay that might not be a price that is financially viable for OP but it is the fact of the matter. Unless of course the property is in downtown Chenobyl in which case possibly not.

It is so hard but I am convinced house prices will drop. This is ok if you plan to live there until it comes up again. But you may be better to reduce it now to sell as quickly as you can. A loss is hard but you will be happier somewhere else

[quote Ohjustboreoff]@WishMeLuck2020 so you bought your house 20 years ago which was nearly at the high of the property boom before it all went tits up. It's the price! Believe me.
I bought my house in 2004 and sold it just before lockdown, I took a £37,000 hit. Thank goodness I had a repayment mortgage on it. I made nothing. [/quote]
20 years ago prices were starting to tick up, the absolute peak for transactions was 2006, and transactions pre-Covid had fallen to about half that number with prices held up by zero rates and schemes to help developers like HTB. If you bought that long ago you will be able to drop the price enough to get a sale hopefully, being greedy at this stage will come back to bite you IMO.