Anyone have experience of 'low key' sales for potentially 'stale' properties?

[Trunkyate]

Our property has been on the market for 12 weeks. Been significantly reduced once. No serious viewings - just a couple who'd not yet sold and a cash buyer who apparently views everything that's for sale. No offers. EA says house now well priced; another reduction unlikely to help unless it's massive.

It's a 700k property, naice area, good schools. In better times it would have sold instantly. But not in this present climate. And we're concerned property will go stale and be one that hangs around forever until we raffle it off at the church fete.

Considering taking house off the market as it just seems the wrong time - serious lack of buyers, bu EA suggested a low key sale.

She says we can:

1. Just lose the board
2. Lose the board and not be on Rightmove. Agents would then mention the property to anyone they thought might be interested.

Or is there another way to keep marketing without it becoming stale?

We are in a "hot" area sales have stopped and prices are being reduced. Lower interest rates are on the way in the next 12 months and houses will move then

I saw a piece today (can't remember where - sorry) that on average houses will probably take 40 weeks to sell in the current climate. Rise in mortgage rates and cost of living cited as the main reasons - buyers are more cautious as they have a fixed amount to spend on their mortgage.....

mauveiscurious

I do hope so

When buying i came across a house that was on Rightmove, we wanted to see it but the agent said the vendors weren't allowing any viewings. That certainly seemed like low-key selling (no we didn't offer).

What about checking your T&C with the agent and signing up with multiple agencies? How keen are you to sell?

PermanentTemporary
Not keen on signing up with multiple agencies as dont think it would attract more buyers. It's on Rightmove; current EA seems proficient. Want to sell rather than need to sell, ideally sooner rather than later.

we were in this situation in 2021, after six months of viewings, one offer that was retracted, price reductions, time wasters etc, we took the house off the market for three months. then we did some painting, small repair work, etc and made the house more presentable and went with another agent in jan 2022, and sold within one month albeit with reduced price , but just wanted to move on and took a reduced price than hanging about again...make sure you email rightmove , zoopla etc to remove your property history so it comes up as a new listing again

That suggestion is beyond pointless. If you can’t sell it like this, you habe literally no chance of selling it in the proposed manner, plus they will forget.

either drop the price again and keep it on or take it off totally

Totally your choice, but I'd ride this turbulent time out and when interest rates drop time hitting the market right. Do what you can in the meantime to make the house as desirable as possible to buyers.

I agree that low key sales can work, it gives the impression you are not desperate to sell. Look at it from the buyer's point of view. They all trawl rightmove and won't have seen it on there. They have a look at a couple of places with an agent and ask if they have anything coming up and the agent says actually I do have something I can show you, and takes them round your place. A lot of sales are done this way round by me.

We had this. We decided to take off the market for 3 months and then when we put it back on it went for higher than original asking price within the week.

GL

I can't see any downside to this, beyond the fact that it's not the quickest way to sell. If you're happy to hang on and maybe market actively again if necessary when the market picks up, then why not? Only issue for you is that it does leave you in an odd sort of limbo- sort of on the market and sort of not- but if you're ok with that then go for it.

Please do not present a guess as a fact. Market expectation is currently not anticipating a drop in interest rate and even so, it will take months to trickle down to the housing market in the same way interest rise from earlier are not yet fully reflected in current market. Also factoring in potential recession and cold feet banks who are increasingly reluctant to lend. If OP wants to sell, she/he will need to drop price substantially which will attract competitive bid.

Do people not view houses just because they've been on Rightmove a long time?

I don't think it's that long to be on the market anyway?

Why not give it 6 months and then change the tactics?

I mean take the board down if you want as I don't think they really serve any purpose in the internet age?

I don't think 12 weeks is that long to be honest but then again I once sold a house after being on the market for 3 years! I think you should either take it off the market or leave it as it is. A further price reduction at this stage makes you look desperate to sell. I also wouldn't count on interest rates coming down anytime soon, they are still low now when you look at where they have been historically.

This. People shouldn't suggest that their wishful thinking is fact.
So far, there is nothing to suggest that interest rates will be lower within 12 months. They are currently 6% negative! If they do reduce significantly, it will because of a massive recession and massive defaults which won't be positive for the housing market (putting it mildly).

Re @Trunkyate question, I don't think that 12 weeks is stale yet. Whether you try the low key selling depends on how much you trust your EA and whether they are having lots of enquiries from potential buyers.
If you need to sell soon/ in the next few years, you would be better reducing it now and getting on with it imo.

Our mortgage advisor has said he expects interest rates to drop by the end of the year. Not to the level they were this last time year but a little bit lower. He recommended us using a tracker whilst our house sale goes through and then a fixed.

It’s quite a mixed bag at the minute. What type of house is it? Near us, first time buyer houses (2/3 bed homes) and generic 3/4/5 bed houses on estates generally seem to be going. However, flats/maisonettes, older 4 bed house that need some work, the “executive” 4/5 bed houses, the barn conversions and listed buildings don’t seem to be selling that quickly. Basically everything in the middle is moving - people who need to upsize (which is our house move) and people who don’t want to wait any longer to get on the housing ladder but would prefer something that might work for them a bit longer. If your property is a the lower end of the ladder (flat) then I think take it off the market, do some little jobs and try again later in the year. If you’re at the top end of the market, I think the low-key listing could work because it adds a bit of exclusivity to it but I think it might still be a long process.

Why will interest rates drop?

Either go with the agents subtle suggestion of a chunky reduction or shelve the idea for a couple of years. I dont think a clandestine marketing strategy will help at the moment but i do see how that can work in a hot market like we just came out of. Interest rates likley to stay higher for longer is the current feeling I have, but who knows.

Please tell me what market analysis you’ve read 🤣 the widely held view in the market it that interest rates will start to gradually reduce sometime between September this year and early 2024. There’s no indication they’re forecast to drop anywhere near previous levels but the general view at the moment (which is ever changing) is that they will stabilise around 3%. And no it doesn’t need to be due to a “massive recession” or “massive defaults”, if they floored them then maybe but not for a gradual reduction.

Stop digging at another poster when you have no idea what you’re talking about!

I do think properties go stale after 12 weeks. I would take EA's advice.

‘Low key’ sales are usually used when a Vendor doesn’t want the property to be visibly marketed for their own reasons (don’t want neighbours/family to know, celebrity status etc). It’s odd to suggest it after your house has already been on Rightmove.

in your situation I’d take it off the market if there’s still no movement in a few weeks. It’s not stale just yet, I’ve seen properties get little interest and then all of a sudden a number of offers come in, so I wouldn’t give up hope. It’s also the best time of the year to sell.

I wouldn’t take up the EA’s suggestion, it’s either fully marketed or not at all.

I don’t think 12 weeks is very long for a 700k property. There are just fewer buyers at this price point. I would give it another 12 unless you are desperate to sell in which case drop the price again.

12 weeks might be stale for a FTB property, but not stale for a £700k+ house.
Fine and country produce glossy brochures featuring multiple properties covering the whole of the country, are we saying these properties are stale?
Midlands area and small terrace properties at £200k £250k are still
Flying out in 2-6 weeks unless there is a particular problem. More expensive houses with likely with chains are taking longer.

I agree about house types. Without knowing the area it’s hard to know whether £700k is average or high. If it’s a 3 bed semi for example then 12 weeks might be a long time on the market but if it’s a 5 bed executive house/forever home/sprawling period property towards the top end of the market then these tend to take longer to sell. It wouldn’t be unusual for a top end property around here, if priced sensibly, to take up to 6 months to sell. The only top end houses that sell quickly here are houses with land or impressive renovations in great areas that are well priced.