What is the property market like where you live? It's dead here

[OnedayIlflyaway]

Haven't had any viewings for a month. Joint agents, very competitively priced. Have a potential buyer, but they need to sell their own house in North London; they've been on the market for 6 weeks. Agents tell me the market is very strange at the moment, mortgage increases are making potential buyers very nervous. I'm in south Hertfordshire.

It’s normal that a property attracts a flurry of interest when it first comes to market, then it tapers off if not sold.

For people on here saying that the have had no viewings at all in the first 3/4 weeks, I’m afraid your agent has overpriced your property. It’s absolutely shit for you that they have done so as you only get one chance to come fresh to the market and it has been wasted.

If I got to 4 weeks with no viewings and I was a motivated seller, I would be reducing the price.

Sorry but your agent is talking nonsense and letting you down. They don't seem to be keeping abreast of what is going on in the market. Can you change agents?
If you have had no viewings in 3 weeks (or even only 2 or 3 with no offers) you are over priced, probably quite a lot. If the house was somewhat over priced you would be having viewings but possibly no or low offers. If you really want to sell, you need to understand that the market has changed a lot for obvious reasons and that a lower asking price is the best selling technique, no listing far too high and chasing the market down.
Have a look at movinghomewithcharlie. He seems to trigger some people and is rather waffly but he does offer some very useful advice to buyers and sellers.

I mean I’ve spent the past few days asking other agents what price my house should be and they have all agreed that it is on at the right price… the only thing I can think is the marketing/images are letting it down perhaps.

It is possible but far, far more likely that it is over priced if you have not had a single viewing. Are other houses selling quickly in your area or has the market slowed in general?
Would you be brave enough to post a link for comments?

I’m sorry but I can’t believe it’s purely poor marketing/photos.

As long as they are advertising on Rightmove, people will be seeing it. There is even a way to see how many views your property is getting. I can’t remember how but your EA will be able to tell you.

If I was looking at houses in a particular area and one came up at the right price I would view it, even if the photos were poor quality. There is something about your property that is making people hesitant, and it is honestly most likely to be the price, unless you have done a dodgy extension or something.

A couple across the road from us marketed their house at almost thirty grand over the agent's valuation because they've got their eye on a bungalow in a much more expensive part of town.
They've just taken it off the market after six months without a single viewing.

I'm surprised the agent agreed to market it. What a pair of time wasters!

It's their second attempt at selling,it was on the market for twelve months without a viewing last time.

Totally deluded! Like I said, time wasters. I'm no fan of estate agents but I actually feel sorry for them having to deal with people like this.

It's quite likely that they're telling you what they think you want to hear.

If they came to visit and said along the lines off: "your house is completely overpriced, no wonder you've not had a viewing, price needs to come down £50k."

How likely are you to instruct them...?

Yeah I mean even if it is over it would only be by about £10k… so I can’t see how that would make a great deal of difference… it’s a 3 bed detached, on for £350k guide price, we bought it for £310k but have spent £30k on it renovating, the one on the same road that sold a couple of month ago went for £370k, same size etc but their conservatory was newer.

It depends when you bought it for 330k whether you can reasonably expect to get back the amount you paid plus the cost of conservatory.
Conservatories can be a bit marmite to buyers anyway as often too hot in summer & expensive to heat in winter, especially now.
What reason would you guess is most likely to explain the lack of viewings over the last 3 weeks?

The absolute lack of viewings in the first three weeks of marketing (which is normally the busiest time for enquiries) suggests it might be more than £10k over.

£30k spent on renovations doesn't necessarily mean £30k gets added to the price.

If you're brave enough to put a link up you might get some constructive comments.

Don't be soft. You know that she'll get absolutely mullered as we all fancy ourselves as Estate Agents!

I know! But it is fun... 😎

We've just reduced the flat we're trying to sell for a second time, 18% reduction in all since the beginning of May. Reading this thread I feel like we might be on the right track. It's an inherited property and we have to sell. Fingers crossed.

I mean this kindly but you don't seem to understand what is happening to the housing market. People's buying power has been hammered and now sentiment has changed too.
Presumably you bought the property quite recently. Unfortunately, just because you spend money on a property, it doesn't guarantee a return. Do you actually mean that your neighbour's sale completed or that it is under offer? If completed, the price would have been agreed 6months+ ago. If under offer, do you know that amount? There's also no guarantee that the sale will even complete as lots falling through.
Do you actually need to sell and move elsewhere?

Meant to add, if you need to sell, reduce significantly to a price that the current market can afford.

Well, the house I saved on Rightmove on Monday has sold. Which is a bit of a bummer cause I’m currently covered in paint thinking I might of put mine on the market next spring and was hoping that that one would still be on the market at 25% less. Damn ☹️

@Dmblover
my sons just buying in the southwest
big city lots of students
he was looking in the 325 range
he made an offer on one at 310 and then 315
the owners wanted 320
in the meantime he saw a much better house totally refurbished no chain in top condition absolutely perfect .

up for 325 he offered 315 and the owners took the offer there and then and the sale is progressing nicely
He was the first one to view it as well and they cancelled all the other viewings

difference is the one he is buying the owners are developers and they developed 6 house they have sold 4 over the years. finishing of one and selling the one to my son the one they live in
they said if they haven’t found anything they will just move in next door to break any chain

as developers I think they don’t have that attachment to the house and are realistic about what’s happening

the other house my son offered on came back and said they would accept 315 but it was to late

my son has a big deposit 90 -100k
had the money for fees seperate
so is in a good position for a buyer

I think a lot of sellers still pricing houses to high and don’t want to drop or negotiate much

That was never very likely was it? Assuming the house had some desirable qualities or you wouldn’t have saved the details.

You’re being pragmatic which we all have to be if we want a relatively quick sale. I also sold an inherited property last year and had to reduce the price twice. Obviously it’s disappointing but in the end I felt grateful to get the price we did because values have only fallen further in that area since (central London).

Hopefully you will get a sale for it now.

Apologies, I was being highly sarcastic that obviously didn’t translate.

Any house, that’s half decent is not gonna fall in that mind of value. The froth will be Creamed off definitely and I think the current levels are probably where they’re gonna be for awhile in terms of pricing. But drops no.

There are two houses for sale near me, commuter belt and 5 mins walk to station, that
would usually be snapped up. They both need updating and I think that’s one of the reasons why they have both have been in the market for a few
weeks and have also been reduced. The cost of trades is very expensive at the moment.

Oh sorry, yes sarcasm is harder to pick up when you can’t see a person’s visual clues/tone etc.
I think we agree on most property related things.