How can I sell my house?

[genny87]

Hello. My house has been on the market for nearly two years. It’s an old property that needs some money spending on it, but it’s well presented etc.

What am I missing? I’m motivated to sell, are there any avenues beyond the traditional route of sale that I should be looking at that could speed up the sale? I’m moving location hence why I’m so keen!

If it's been in the market for 2 years it sounds like the price is too high. Look at what levels sales in the last few months have been at, and compare to yours.

If you post a link here, the MN collective will be able to break down the issues for you 😊😊😊

You have dropped it around 13% overall then but you must have put it on too high and then been chasing the market down. Perhaps you might have got £550 initially but not the market will only pay £475 (just guesses, obviously) because prices have fallen.

Have a look at (quietly because some people dislike him) Moving Home With Charlie on twitter/ YouTube. He has lots of helpful videos for sellers and well as buyers. You probably need to come off market, then re-list with a decent, realistic agent, with great photos and description and a price drop.

Agreed on the price being the issue here but in one breath you're advocating to drop it by 10% but then promptly say that you'd go and see a house you've got your eye on like a shot if the price dropped by just 5%!

That's because it is my.dream home and I would be prepared to 'overpay' for it,.even though it's in a location I don't particularly want to live in. 25k would put it in better financial reach and if they drop by 25 they may take 35ish off.

It's the only house in thousands I have looked at that makes me want to stretch our finances.

I couldn't give a stuff about most of the rest of them!

Post a link…constructive criticism may help?

How good are the photos? Professionally taken with proper lighting? Or drab ones the EA did themselves? Photos and price are what get people in the door.

I think unfortunately if it requires a lot of work it’s going to be the price. I’m on my fourth and biggest renovation in just over 10 years and so much has changed since covid. Mainly the price of materials and workmen. It’s also so much more hassle dealing with suppliers now (and yes I’m using some of the same ones).
People just can’t take on a project when they can’t estimate build costs.

Take it off the market. Do any minor repairs and decoration needed and stage it nicely in a new way. Get a new agent and new pictures and price it sensibly to sell

Hmmm It seems like you’ve tried with the price reductions but as a buyer it’s telling me that you priced incorrectly (way too high) first and you might be a difficult seller (guzumper before exchange?) I expect it to drop even further because there is work to do.

You have to see it from a buyers perspective: will they love it while paying over £2-3k+ per month in mortgage payments, council tax, insurance, needs work with costs for reno going through the roof?

It basically still isnt priced correctly for the market. I completely understand why you don’t want to link the house, but what is the area/town?

You've not given any information that allows anyone here to help you.

We need a link or atleast a full description of the property and location.

Agree with @KievLoverTwo - it’s about the house and whether it’s worth the price. Most houses in the current stock are… crap. I’m just being honest. Most buyers are not going to buy a house they don’t love with those monthly mortgage payments.

as mentioned above: You have to see it from a buyers perspective: will they love it while paying over £2-3k+ per month in mortgage payments, council tax, insurance, needs work with costs for reno going through the roof? I dont think so.

Without seeing the property ad then we can’t really advise?

If it has taken you that long to sell though then I’d take it off the market and wait a few years before selling again. An 80k reduction does seem like a massive drop though.

The price is too high. That's the only reason properties don't sell.

Take it off the market, have a rethink, then put it back on priced to sell.

Also, why on earth wouldn't you put a link??

Get a local builder to come round and give you a ballpark on how much it would cost to get it up to standard (nothing fancy, just modern and habitable). This is what potential buyers will be deducting from your asking price for a start off. Price it accordingly.

The advice from EA if a property isn’t shifting is to reduce by 5%.

If that doesn’t work reduce by another 5%.

Rinse & repeat I guess.

Definitely post a link. I love fixer uppers (have bought 2 and they are the only type of house we are viewing as we are looking to upsize).

I’m afraid it’s significantly over priced sorry op, everything sells for th4 right money. The new problem is everyone now thinks there is something wrong with it, two years is a long time, and something wrong can sadly include unrealistic sellers.

Because they don’t want to be torn to shreds by people on the internet.

@genny87 You haven’t said whether the problem is that you’re not getting any viewings, or if you’re getting viewings and they’re not being converted.
Either way my advice is the same. Ditch the EA. Get a local, independent agent, even a one-person band. They will be as motivated as you to sell, because they have a much more direct interest in doing so. As a result they will not only work harder for you but will be honest with you about price, if price is the issue.

Agreed, it’s a brave person who posts a link to their property on Mumsnet!