6 weeks on market - what to do?

[LaryLardy]

Hi, I know there is a sellers thread but wanted to gauge opinion on here. Currently got our house on the market and it’s in immaculate condition inside. We’ve done a lot of work to it. Different EAs valued it between 625k - 700k so we put it on for £625k. We have had lots of viewings but only one proceedable offer so far of £550k around 4 weeks ago which we rejected. We did get an offer of £600k but they needed to sell. We are on a busy road and do back on to a large HMO which is a bit tatty. We are moving area. Too scared to post a link!

Depends on lots of factors. Could be the market in your area. Could be overpriced. Could be no one likes the decor or layout inside. Could be the HMO behind you. Could be your photos. Post a link for better suggestions!

I don't blame you for not posting a link, I wouldn't either!

It's good that you have received an offer at 600k, that is something positive the EA can say to potential buyers, that the house has received an offer close to the asking price but from people not in a position yet to proceed. It's also positive that you have had lots of viewings.

As it has been 6 weeks, I would consider reducing the price to 600k, that will reach more people on Rightmove as 600k max is one of their filters.

The people who offered 550k might reach out to your EA again to ask if you would now consider their offer but I think it sounds too low. I would relist it at 600k but say to the EA that you are only interested in selling it if you can get the asking price or very close to it.

It sounds as if your marketing and pricing are OK if you’re getting viewings. It’s the selling that’s not quite working.

You need to find out from your EA what is stopping people from offering. If no one’s giving them feedback they should still have a sense of what is not being greeted with enthusiasm.

If they can’t help with this, it might be a good idea to change agents. But really grill potential new agents about how they propose to sell the property. You might find a small agency or an individual will be the ones to get you over the hump.

I also agree with @Twiglets1 about potentially reducing the asking price to £600k.

Haha and I agree with @NewFriendlyLadybird about asking the EA what is stopping people from offering/what sense are they getting from peoples' reactions during viewings.

If you want to generate more interest and sell faster lower the price.

Thanks for the advice so far. Main feedback has been that they like the house but the busy road and it’s north facing, and then others would like to offer but can’t because they haven’t sold. So think the market is playing a big part. Although a similar house completely unrenovated (probate) has sold in a neighbouring road (much quieter than ours) for £575k and sold in a week. I would have thought ours at £600k would have been much better value given it needs no work. I guess people do really value quieter roads though!

Why are you too scared to post the link?

We will be gentle with our comments.....

You're on a busy road and it backs on to something tatty. Remember that many people really care what the surroundings to their house look like.

How much did you pay for it and when? Buyers are looking at this and taking it seriously these days. I saw an ad for one yesterday listed for circa 550k in a pretty naff area. They'd bought it in 2018 for 350k and done some pretty serious refurb work (but I'd still only describe it as 'alright.'). I nearly fell off my bleedin' chair. That was NOT a 550k house area.

People mistake 'we've done a lot of work to it' to mean 'we've spent 100k on it so should absolutely recoup that.'

That might be the case in a rising market, but in a falling market, people are more likely to offer what it's worth per square foot and disregard cosmetic improvements, unless they're really serious improvements such as extensions, good quality loft conversions adding another bedroom and knocking down walls to create a beautiful kitchen/diner/lounge.

The cost of home improvements has gone through the roof and this does have to be a consideration, because people have very personal taste when it comes to decor.

Personally, I'm a royal pain in the arse when it comes to kitchens and bathrooms, and of the hundreds upon hundreds of adverts I've looked at over this year, I see perhaps 1 in 100 where I wouldn't want to rip out those very expensive things and replace them with something more classic.

So, whilst I wouldn't factor in 40k in kitchens and bathrooms OFF my offer, your 40k spent on kitchens and bathrooms that are quite unlikely to be to my taste wouldn't make me more likely to offer on your house than one down the road listed at quite a lower price because I probably won't like either, so why not buy the cheaper one?

I hope that makes sense in a roundabout sort of way.

People WILL buy on a busy road if the price is right (for what people can currently afford to pay).

Don’t post a link if you don’t feel comfortable with it OP. Can you reduce the price, to attract interest? I think it is just the market right now, lots of people just waiting and watching. Good luck I hope you get a good buyer soon.

It’s nearly always price sorry.

People are not prepared to pay for other people’s tastes and hard work at the moment.

When you reduce the price you are then offering someone their perceived dream home despite the road/ HMO whatever.

Depends how desperate you are to sell at the end of the day. Sold two buy to let’s this year, reduced them considerably as just wanted them gone. Both sold in a week or so. A house is only worth what someone is prepared to pay.

Good luck with the sale x

Have to admit that I am someone who MUCH prefers a quieter road. I do think a quiet road can add a lot of £££ onto the price a house can sell for. Not everyone thinks like me but obviously enough do to make your house a harder sell than it would otherwise be. And that means your price has to be very competitive.

It will be obvious from the map/street view that you are on a busy road so there's an element of time wasting from these people (you always get that though, people negatively commenting on things that were obvious from the details). At least it does give you an explanation that it's to do with things you can't help rather than things you potentially could.

I still think you should reduce to 600k and take it from there. Hopefully that will generate some new interest.

The EA has said that buyers are really out for a bargain at the moment. So he thinks reducing will just bring in lower offers as that’s what potential buyers are doing.

Attracting interest doesn’t seem to be your problem. Turning interest into offers is.

This is where your EA has to do their job. They could be suggesting mitigation activities, pointing out that, as your house is immaculate, they would have more money to plant a hedge to screen off the HMO, and finding out the price at which the busy road turns out to be not such a problem after all.

And when they’ve found out that price you’ll have a much better idea of what you can do next.