If my house isn’t selling now how is it ever going to sell in the future?

[RockStarMartini]

Went on the market end of August, fair amount of viewings but no offers. I posted a link on here and got some really good advice based on which I redecorated, decluttered etc then went with a different agent and had new pics done. We’re still getting viewings but it’s still not shifting and I’m so sick of the whole thing - constantly trying to keep it tidy for viewings and then the continual letdowns when nobody wants it.

Im resigned to taking it off the market and staying but I’m really worried why it’s not selling and how I’ll ever shift it in the future. I’m divorced but still own it with my ex and we really need to sell in the next year or two to release the funds. There’s a possibility I could buy him out but am I then taking on an unsellable house all on my own?!

I’ll have to discuss with the agent the reason it’s not selling - probably price I guess. But I’m just worried about what the future holds, I can’t afford to drop it by loads or I’ll never get anything decent to move on to.

What the hell to do?

It’s not selling because there’s less people wanting to move due to the uncertainty of the pandemic.
I would take it off the market and give it until next spring/summer when, hopefully, life will be more positive.

@FippertyGibbett

It’s not selling because there’s less people wanting to move due to the uncertainty of the pandemic. I would take it off the market and give it until next spring/summer when, hopefully, life will be more positive.

Actually that’s incorrect. The stamp duty holiday boosted the market.

However Christmas isn’t the best time, and we are coming into that period

Can you post another link? I suspect it’s the price op. When a house doesn’t sell it’s always the price.

So assuming you’ve over priced it, then it can still sell, you just need to wait for the market to catch up with you. For its value to escalate till it’s at the right price.

Or you drop the price.

What feedback have those viewing given? And what does the agent think is the reason? Did they value it at the price it’s on for or did you suggest the price? I didn’t see your other thread so apologies if this was all covered there!

Given the stamp duty holiday is on until March I would leave it up a bit longer and perhaps state in the listing there’s no chain (if you could go in to rented?) as that may mean that even in January a sale could proceed before the end of March.

It will sell eventually. Could you drop the price? It isnt a great time of year to sell and in our area house prices are dropping. I understand how awful it is to not see it sell.

Push your agent for feedback - they should be finding out what viewers thought, and telling you. It might be worth getting another valuation or two to see if the price is right - or even changing agent if they don't seem proactive?

My neighbour was in a similar quandary and had their house on the market for over two years because the price they wanted was everything to do with what they wanted to buy next (rather nice house in committing distance of London) and nothing to do with what the house was worth (handsome ancient large house in the lakes needing total refurbishment) in the local market.
In the end they had to take a lower offer than they wanted after refusing to see the problem and blaming everything except the price point.
What finally happened was a foregone conclusion but they lost over two years of their life just being on hold and lots of angst.
Not saying this is you, but you might be leaning a little in this direction so beware, don't miss the writing on the wall and choose blind optimism if it means you can't get going.

Round us the family house market is very strong.
What is the feedback from the viewings you are getting?

I was under the impression it would fly because of the stamp duty holiday but I think it's quite a first time buyer property and I know it can be difficult to get finance at the moment.

We've had some positive feedback, second viewings but people always seem to pick something else or cant proceed because their own property hasn't sold. I'd rather not post a link - the feedback I had last time was a bit brutal although I know I need to take it on the chin to find out what the problem is. I need to talk to the agent I think.

I think I may have to take it off and try again next year but in the meantime I've got to decide whether to buy out my ex and I'm not sure what to do for the best. I hate living in limbo like this - it's bad enough as things are at the moment!

Have you had lower offers or no offers? I would think that if it’s overpriced but fine otherwise, at least someone would offer something.

If you took the feedback given then I’m sorry but it’s over priced op. Were you not also told that on the last thread?

A lot of property here has been put on at inflated prices due to the stamp duty holiday and agents trying to get the business. Loads are being reduced after three months.

I know you don't want brutal comments so how about this, look at the pictures yourself and think what are the worst things MN could say about this room?

Talk to your agent about viewers' feedback too.

One low offer and the buyer then disappeared, all a bit weird!

The feedback I had previously was on my decor which I've taken on board - I'm not sure that this would put people off anyway, for a start it's very neutral but anyway it can easily be changed.

Most things which may be an issue I can't change - we've got a conservatory which not everyone likes, the kitchen and bathroom have seen better days (but look OK and every agent has said don't change them to sell as you won't get your money back). I honestly don't know what's so wrong with it.

If I buy my ex out what figure do I base it on? I've been working to the sale price but it's obviously not selling for that so how do we agree what's fair?

I think you’re answering your own question a bit. If yours is a typical FTB property and is priced quite high, FTBers are going to struggle to mortgage it right now. The decor and kitchen and bathroom might “look okay” but every viewer will be viewing them and thinking “hmm, they look okay for now but I’ll want to replace them as soon as I can” and mentally tallying up what that will cost and the disruption of having it done. That’s why the answer is generally always price: yours needs to be attractive enough that people will consider taking on the work.

What you offer your ex would depend on how reasonable he is. Have you looked up recent sold prices for very similar properties in the area? That would give you an idea of what to either suggest to your ex or to lower the price to to get a sale otherwise.

How would you feel about that low offer? Maybe that’s a more realistic number and you could market the property around that figure.

It also sounds like your house is dated. You might think it’s ‘fine’ but any buyers will go for an updated house unless your is significantly cheaper (which it isn’t, it seems).

Pay for a valuation - that way he can't really argue with the price a surveyor quotes.

I remember your house! I loved it. Shame we are hundreds miles away.

It’ll all come down to price if I’m honest. There’s a lot of FTB and there’s been redundancies and subsequent pay cuts.

E.g we’re looking to buy - but thanks to Covid we’re only on one full income and DH has had to take reduced hours so our budget has lessened.

Also mortgages are asking for higher deposits from FTB!

We went on market mid September and sold after 5 weeks and a price cut. I would say it was the price cut that led to the offer as it came a week later.

We found September loads of viewers then the market really slowed though those still looking were very serious. We are probably in the market for second time buyers rather than first and our market was strong but garden size played a much bigger factor than normal. Things with a mid to big garden done up were flying off the books, smaller garden and many took 3 months to sell and a price cut. I actually cut ours faster than EA recommended but it worked albeit we may not have got the maximum price and not yet completed.

The market for flats by us is very tough and very little selling - its as people want gardens, lots of space, first time buyer mortgages are difficult to get. In time that should alter but it maybe a few years time. I would imagine ones needing work are the hardest to shift after no garden as it requires extra savings again.

It maybe worth staying on and reducing the price and seeing what impact that has if that's an option. Look at your competitors and see how they are priced - I noticed early on that there was often one house underpriced which was getting snapped up. If you were in the done up large garden category you had nothing to worry about but in the rest there were price cuts.

We put ours on the market in August, sold in a few days with asking price offer. Buyers pulled out and we put it back in start of October. Market had changed a lot since August so we reduced by 25k and got another buyer in a few days. Hoping to complete in the next few weeks.
I think it's likely to be price that's preventing the sale.

Problem is that now I also «limbo» land for the buyers. Whoever willing to buy a house did so over the summer with strong will thanks to gov prop and lockdown fatigue. Theses chains have mostly completed or in the process of doing so. So now you are left with second thought buyers in a market naturally slower this time of the year, a looming potentially hard Brexit and a economic recession about to be felt by millions of us. You can either hedge your bet, cut the price to complete and avoid next year uncertainty, or aim for maximising your return on the sale with the potential risk of being trapped in a rapidly deflating markets and a divorce to settle.

What was the difference between the low ball offer and the asking price?

I would think if you're still getting viewings there's something putting people off when they view. Are the pics making it look in better condition than it is upon closer inspection? Do the rooms appear more generous in the pics due to angle they've been taken? Is there anything in the street that might be offputting - rubbish in gardens, parking issues, outside bar in nextdoors garden? Sorry if any of this has been covered, I don't remember the other thread.

This was us, loads of viewings, no offers. I think the reality was the house was more tired than showed up in the pictures. We dropped the price, only by £10k, and the interest shot up and we had several offers within a week. The agent pointed out that as we’d had plenty of viewings the price had been properly tested - I suspect the same is true with yours.

can’t afford to drop it by loads or I’ll never get anything decent to move on to
There. It's not buyers problem if you can't afford where you want to buy next, the house is worth what it is worth not what you need to buy somewhere 'decent'. You have to drop the price.