House selling with lots of competition on the same road

[InescapableDeath]

Anyone been through this?

We sold our house a couple of months ago and finally found a house we wanted to buy, only for our buyer to pull out due to Covid. We are desperate to sell quickly to get back in our chain.

We've gone back on the market. Only problem is that our neighbour is for sale too, and two other houses up the road. We're all roughly the same price.

Ours probably needs the most work but is the only one with a garage and we have the biggest plot of land. Our neighbour is mid-terrace but have done their house up beautifully. We are end-terrace which I would think is a plus, but a close look tells you our kitchen and boiler need pulling out at minimum... However we have a bath and they only have a shower. All our rooms are slightly bigger.

Price reflects all of this I think, as we are all the same price. So you can get my slightly duff house with more space for the same price as a smaller one that's lovely.

It all depends on the buyer, I know! Do they want a house with the potential to add value (mine!) or one that is lovely but already at its max price (everyone else's)?

A viewer is coming to see three houses on our road today. I'm dreading it. We have kids and the neighbours don't, so the house is not impeccably clean, but then it's very visibly a family home!

I think you need to be priced less than your neighbour unless you've got a bigger kitchen. I had this and I had to drop the price significantly

Drop the price. In the situation you are in where you really want to sell I think you need to be more competitive. Also I will tell you from my experience that whatever you think needs doing the reality looking from the outside is probably worse.

You might consider posting a few pictures here.

Yours does sound better than the others.

I would buy the house with more space, bigger plot and room to extend into the garage or over it. That's your USP and someone else will feel the same.

I think it's personal choice what people want and you can't influence that.
Sometimes buyers prefer a specific spot. So for example like the one that is closest to the junction. Or the one nearest to the shop at the end of the road. I'm not sure if a garage adds that much value as lots of people don't use them.

How much more space and how effective it’s used is a big factor.

(As well as seriously considering how much it will cost a new owner to replace kitchen, boiler, etc, and the time and effort it takes to do these things.)

However if you need to sell quick then lowering the price will help.

End terrace with garage definitely worth a lot so even given the extra work yours is a bargain if it’s same price as smaller more finished ones. I wouldn’t drop the price op.

Perhaps I've been unfair to my own house above.

You can get mid-terraces on our road for about 265-285 usually (next door is priced high due to renovation), and end terraces for 300 to 325 as they are bigger (plus have one less neighbour etc).

We have the biggest plot in the whole road so plenty of space to the side (most of the end-terraces are only a couple of metres from the next house along). House layouts are different so can't compare kitchen sizes really - we have a big/long living/diner, and galley kitchen, they have a very small lounge and then a medium kitchen/diner. We have a hall, they don't.

We are on at 300 now which I think is quite fair - we can't go below that or we won't be able to go back into our chain at all (this price allows us a tiny wiggle room on offers). We were on at 315 previously and sold after two weekends.

Sorry that sounds very defensive but so many houses have sold on this road, I've seen a lot of pricing! I think it will sell, it's just a question of what the current set of buyers want, and whether we have to wait and risk the chain.

It might be worth spending a bit on a spruce up. A quick paint and some new carpets may make a big difference and close the gap between the better presented competition

Sell them the dream, admit its not perfect but with some work you could do this etc, the Garage and parking would be a big issue for us. The garage is so useful for storage / extra room. Have you thought of contacting planning so you have a letter to see if you can convert the garage etc?
Tell them you dont want to leave as you where going to do this that and the other to make the most of the space etc.

I’d suggest you drop the price slightly. Otherwise you’ll only be appealing to those buyers who are willing to do the work AND will have the money to do the work.

Dropping your price you then appeal to all because even those who may not have wanted to do the work may consider your home because it’s less money AND has more space, and a garage and....

The price is the key starting point.

I think many buyers look at houses and know the bathroom/kitchen/decor doesn't suit them and will replace it at some point. I think I'd prefer yours over the other properties for the size, and that I'd be able to add value to it. However, I'm sure some people would prefer a finished and don't mind it smaller, but I'm sure there'll be plenty too that prefer yours. I wouldn't drop the price.

Fingers crossed!

I would always pick space over decor, new boiler etc. Decoration and replacement of things can be done over time but you can't add space that isn't there.

Others will undoubtedly see it this way too but some will want a ready to go house and not need to extra space.

So it should sell but may take longer. If you need it sold quickly you will probably need to reduce price to access all potential buyers.

We went back on the market on Wednesday and will have had four viewings by tomorrow lunchtime, so I think the price is okay right now. Our EA says you can tell after a week if the price is right by the amount of viewings/interest you're getting, and feedback.

If we dropped further we couldn't take any offers. Right now we can take a small one, and I think people like to feel they are getting a bargain. As I say this isn't a case of being on for ages and not selling. We sold within two weeks when we were on at 315.

This is me being nervous because some other houses have popped out and we have a vendor we might lose. But perhaps I just need to chill and see what happens.

The kitchen isn't dreadful, we just haven't updated it in the whole time we've been here - so if I moved in new it would be on my list to re-do. Whereas next door got a new one recently. Like I say though, their price is at the absolute top-end for a terrace. If you want a Mrs Hinch-style home, theirs is absolutely the one to go for and we would never compete with that anyway!

As a buyer I would buy your place no questions asked.

1. It's only and extra 15k how many more m2 total would you get? You can change a kitchen but you can create more land.
2. The other house sounds like it's priced to reflect the fancy kitchen, but I would rather wait a year or 2 and pay for a kitchen that is my exact preference. I hate paying a premium for a kitchen I could stick I myself.
3. 1 fewer neighbour, a garage are brilliant selling points.

Obvs I don't know the market (I'm In London so wish I could buy anything for £300k!)

*can't great more land duh

Come and view if you like JanewaysBun :D

We had a viewer from London yesterday (reasonable journey from where I am!) who was apparently seeing just about every 300k house in town!

Anyway, thanks everyone. That's all food for thought. I think our price is okay but it all depends whether you want a house you will need to update sooner rather than later. I'm biased and would choose mine but can see lots of reasons to pick the others too.

I would always pick space over decor, new boiler etc. Decoration and replacement of things can be done over time but you can't add space that isn't there.

I'm the same but I think some people want to move to a ready done house. Maybe because they haven't the money or time to do it up.

OP, thishas happened on my road, 3 sales fallen through as more have gone on & some priced very keenly however the houses are virtually identical space wise & some of the "done ones" are very overpriced. I know my neighbours have completed for 800k, 60k under asking. There are other neighbours asking for 920k, as the prices start to filter through to rightmove I expect more pulling out.

All depends on the buyers’ scenario. Not everyone is keen to spend a year renovating but most people will realise that more land is something you can’t buy for the same price so do not fret! A bigger plot/garden definitely has the edge as is the garage. I go so far as to say that I’m confident that your house will be the more attractive option especially now that house size and garden space is a premium commodity.

I agree that garage and more space are worth more than an updated kitchen, but it all depends on the buyer. Some want everything done and some will see the potential yours offers. I would hold your price but let your agent know you consider offers if the buyers can move quickly, and you can rejoin your chain quite easily. You can also make sure buyers know you have already found somewhere as, right now, that’s worth knowing if you are buyer. Worst case scenario the others go first but then that just reduces the supply so anyone who missed out will then be looking at yours. It would be good to see some pics of yours and the others available so we can compare.

@wallyb

I would always pick space over decor, new boiler etc. Decoration and replacement of things can be done over time but you can't add space that isn't there.

I'm the same but I think some people want to move to a ready done house. Maybe because they haven't the money or time to do it up.

OP, thishas happened on my road, 3 sales fallen through as more have gone on & some priced very keenly however the houses are virtually identical space wise & some of the "done ones" are very overpriced. I know my neighbours have completed for 800k, 60k under asking. There are other neighbours asking for 920k, as the prices start to filter through to rightmove I expect more pulling out.

Well yes, that's what I said in my second paragraph

@BentBastard so?

Today's viewer came and said they wanted to buy somewhere they could expand. Only stayed for about ten mins but looked everywhere. Went next door and didn't go outside and stayed for about five mins.

They may well canvas other roads too but it at least gives me hope that some buyers will prefer what we have (space) to the what the neighbours have (freshly decorated rooms).

End of terrace, extra space, garage and room to extend are all completely acceptable reasons for additional cost. Anyone can change the decor, upgrade the kitchen and bathroom but they cannot change a mid terrace to end of terrace or magic up a garage.

I would be perfectly able to recognise this and so should other sensible people! Your EA can also justify the pricing difference as well to potential buyers.