House not selling

[mermaid1204]

Hi everyone. I live in a small town in Ireland and so the market isn’t as competitive as some near london etc. My house has been up for sale for 4 months now, had two offers which were too low for us to accept and probably have had about 10 viewings including one second viewing.
Our development is relatively new, ours built 5 years ago but there are new houses of the same spec being built within the next year and are in high demand.
The price is about right as it is 5k under the price for new build and we have done £5,000 worth of work to the garden. The area is popular but there are other new developments going up in nearby towns and I wonder is the market too open.
A house approx 3 years old round the corner from us of the same spec went for around our price too. So we know the price is prob ok but feedback has been generally that it’s a bit small.
Is it normal to feel constantly on edge and anxious while trying to sell?? Is 4 months a really long time that we should drop the price again??

If it isn’t selling then the price isn’t right. £5k to landscape the garden is a very personal choice and you can’t expect others to think it adds significantly to the value, and if equivalent brand new builds are only priced £5k more than yours, they are the better choice as will come with warranties, choice of finishes, perks thrown in by the developer and so on.

If the feedback is that it seems small, having a really ruthless declutter and rearranging furniture could make all the difference to making rooms feel more spacious.

Can you link so we can give specific tips?

I always think off-plan newbuilds are crazy expensive and have a drop on value for a few years. And 5k less than brand new isn't much given that when it's brand new a lot of the building and its internals will be under a guarantee for a number of months/years. Plus you can negotiate extras buying off plan so they may get the kitchen they want included rather than one which "will do".

Do you definetly need to move? Riding things out for a few more years would likely help especially if you can hang on til all properties on the development are bought and occupied.

Would you still think the price isn’t right even if we have had offers? The guy who offered last ended up going for the same house round the corner I think. Should I immediately drop the price or wait another while? I had maybe thought lockdown and Christmas etc might’ve delayed things for a while but maybe you’re right.
That’s a good point about furniture!

I’m afraid that saying ‘it’s not the price’ simply isn’t right. Barring any major issues with the house that you’ve not mentioned here, the reason it’s not selling is that it’s too expensive. Spending £5k on a garden doesn’t add £5k to the value

So we are already accepted on another house but my parents are going to lend us the money to pay off our current mortgage on our house (my brother is moving in with us so this new house is perfect and is in everyone’s interest). So once we move our house will be empty and I’m worried it will be harder to sell then. But I know what you mean, market is slow here at the min and might be more competitive in a couple of years if all new builds are gone.

I am in Ireland. Do you want to put up the link? Or even a general area link or photos. People will be better able to help.
It should be busy enough now with it being January. Are you commutable to Dublin?

But you said the offers you have had were too low. I would assume that those people offered what they thought it was worth, minus a bit so they felt they had a good deal.

When you rejected the offers did they come back with anything higher? If so, the higher offer is probably more indicative of what they thought your house to be worth, which is why they weren't prepared to go higher. This could be especially true if all your offers have been in the same ball park.

And tbh I wouldn't buy a nearly new house for £5k less than I could buy a new one. £5k over 25 years is £16 per month without interest. I'd pay the extra £16pcm and pick the kitchen I wanted!

I understand. I didn’t think it was the price since the house same as ours round the corner sold for a similar price? But fair enough

If I’m on Rightmove and I see your five-year-old house on for £220k but on the same page directly below yours I can see that I could have a brand newly built practically identical house for £225k with the option to negotiate finishes, extras, add-ons and the like with the developer, then I’d either want to buy the new build, or I’d be offering you much less than £220k. Your price needs to reflect that many potential buyers are going to have that choice in their minds.

@mermaid1204

So we are already accepted on another house but my parents are going to lend us the money to pay off our current mortgage on our house (my brother is moving in with us so this new house is perfect and is in everyone’s interest). So once we move our house will be empty and I’m worried it will be harder to sell then. But I know what you mean, market is slow here at the min and might be more competitive in a couple of years if all new builds are gone.

I don't think market is too slow?? My mates all buying and changing houses found it really hard to find a house - lots outbid quickly.

Would you still think the price isn’t right even if we have had offers?

The fact that you've had "too low" offers rather proves that the price isn't right! There's not something fundamentally wrong with the house - people are willing to buy it. Just not for what you think its worth. A house is worth what someone is willing to pay for it.

Houses don't generally sell very well in the winter.
The money spent on the garden will make it more appealing but won't add to the value of the house.

If the viewers are saying it's a bit small, chances are you need to be a bit less cluttered while trying to sell it.

Thanks guys for feedback. It’s giving me a lot of anxiety and stress waiting for it to sell so mayb worth reducing it a bit going by what you’re all saying.

If your folks are paying off the remainder of the mortgage then can I assume you dont need a deposit from this house? If so, why not just sell it for the best you can get (I.e one of the initial first low offers)?

We don’t need deposit but we do need some equity from it for the new house. But maybe need to adjust our expectations anyway!

How much did you pay for it, when, and how much are you asking for it now?

@StephenBelafonte I was going to ask the same questions. We bought our new build less than 5 years ago and we've put it on for less than we paid. There aren't any new new builds in the area as competitors either.

New builds do tend to drop in value unfortunately. People who like new builds tend to want an absolutely brand spanking new one, and people that don’t like them will need to be getting a bargain to consider one. The market for them when they are under 10 years old but not fresh from the developer is really limited