No viewings/offers since failed open day - What would you do?

[rosemarycait96]

https://www.rightmove.co.uk/properties/144690626#/?channel=RES_BUY

Here's our listing ^^

A fairly normal house for our village which has a lot of cottages of a similar size or bigger. The ones that are on the market all are priced £385-£450k ish.

We started on £425k with an open day as per recommendation by our EA. 3 viewings. 2 of the parties were extremely interested and gave good feedback saying it was well presented and lovely etc. But no offers.

Thought the price may be the issue, so we reduced to £415k. No offers and not even a single viewing since then.

Other houses in our village seem to sit on the market for weeks too, and our house had been on the market for a month when we bought it in early 2022 when homes were flying off the shelves in days! So I wasn't expecting a miracle. I was, however, expecting at least some viewings.

Anything we can do to help speed things along? I'm getting a little impatient now - we're viewing a lovely house tomorrow that, if we had sold already, I'd be very confident putting an offer in on. I'm thinking we could reduce to 399k to open up a new band of buyers on rightmove, but it would feel so demoralising as we'd barely make any profit then!

Yes I am surprised the staircase is a dealbreaker for so many people when it would be so easy and relatively inexpensive to sort.

I think the cottage is beautiful. The lack of banister shouldn't be an issue as it is easily and cheaply remedied.

Houses aren't selling quickly now. Just be patient.

Good luck!

Estate agents have no problems in telling lies. My neighbours 4 bed detached has been on the market since September last year. The agent told them the market is buoyant and valued it at 500k. In the heady days it would have sold, but the market has changed. Our neighbours have dropped it by 50k and still no viewings. I believe the agents are over valuing and need to be realistic with the changes in the market.

Some people would rather spend 25k more on a house with a banister than spend 1K on one without and get it fixed.

it’s way overpriced as pointed out already

so add in fact that work needs doing (plus stone i. lounge isn’t cosy for a cottage, and astro turf seems an odd choice for a rural cottage)

and no underfloor heating on those stone floors throughout the entire ground floor 🥶

I wouldn't look at a house with that staircase. I'd straight off say no and move on.

People will disagree but that's my point of view.

@Petrine thank you! it's just frustrating me since we've only ever been active in a crazy market (we first bought in 2020, then 2022). 1 month feels like an eternity when we last sold in days.

@Snippit Yes, I'm starting to understand that now... A new build up the road from us was put up for £650k months ago, it's since been reduced all the way to £563k and still no sale. Tbf I've seen the listing, it was ridiculously overpriced and will probably fetch £500k or less. The other cottages in our village aren't selling either. The EA might have been viewing our house through a 2022 lense and not a 2024 one.

No idea if it’s priced right or not. But one thing that put me off completely was how low the ceilings downstairs looked - I don’t know if it’s bad photography or they are really low?

Been there, absolute nightmare being in negative equity. After 5 years and needing to move we bit the bullet and lost 5k, which was nothing compared to some. Some people automatically expect the values to go up, but we’re in a dip and who knows when it will pick up. There a 3 bed detached close by for sale for 450k, it was bought for 270k in 2021. It’s not extended, nice kitchen and bathroom, not high end but decent. There is no way they’ve added 180k’s worth of value, cloud cuckoo land. The estate agent they’ve listed with has a habit of over valuing, then the vendors keep having to drop the price, it’s criminal.

I'm afraid I would probably be a bit suspicious (noisy neighbours?) given that you've been there less than 18 months.

It surprises me it is EPC C.

The radiators look funny. There is one in the boot room but it seems tiny.

No others I can see on the ground floor. Upstairs ones also look small.

The ground floor is generally pretty open with that large gap between the boot room and front door and no door between the lounge/dining room kitchen so it is effectively open plan.

My guess is it is a pretty cold place to live in but could be improved.

and substantial expense

The lack of bannister would put me off. It might be worth seeing how much to have it replaced. It shouldn't block off too much light and people would feel much safer straight away.
As would the Astro turf. I'd want it to be real grass.
It is usually the price which puts people off.

We literally cannot afford to reduce below what we paid for it as we need the sale to finance our moving costs.

Unfortunately OP you've fallen into that trap of almost thinking the house owes you that money back for your next purchase. It doesn't. Your next purchase is dependent on what you can afford and at the moment you can't afford it without the sale. I'm very sorry as it's a tough position to be in. Also the handrail, I'm sorry but the minute I saw it I thought not a chance.

The junk I can see under the bed would immediately indicate storage issues to me.

The open banister needs to be fixed if you are hoping to appeal to families.

plastic grass is a no no in a period house

Otherwise a lovely cosy cottage

Ha, yes they really are that low. It's a very very old house. Not suitable for those over 6ft.

@MiniCooperLover thanks, yes, it's a rotten time to be selling! I'd really, really hoped we would make some money on it especially as all 3 valuations we got indicated a small profit, but maybe it wasn't to be? The house we're looking at tomorrow is well below our max budget, luckily we can find what we need for not a lot of money, but it really stings when I think about what we could get if it was a better market here.

The lack of a bannister is a big issue for me. I wouldn’t even want to go up the stairs (I get vertigo when faced with drops).

rip up the astroturf and put down proper turf.

get an aerial photo as I can’t work out what is where. Also make the changes to the plan suggested above - I also never read the description.

How do you expect to make any profit after 18 months having not done anything to add value to the house? I am a bit confused about that.

It’s very nice inside though.

you may find people also don’t like the gravel path (hard for the less sure footed) but it’s not like you could sort that.

But if the market was better the chances are the house you want to buy would be dearer too. I think your expectations are totally unrealistic since you've only been in the house for two years.

Too much open plan and stone in a cost of living crisis will put people off, energy bills busy be extortionate!

@rosemarycait96 well I love your house. I think it's a good price. It's just a shit time to sell. Let me know if you want any guidance on parts of Fishponds, it's very different from area to area. Our house is £325K, just saying we could cut out EA

It’ll be the price. Buying in 2022 and selling now you’re not going to make any money as the market has dropped. Unless it was a complete doer upper.

We bought our house £500k in 2022 and already want to move. We’ll probs get £480k for it now which is fine as it’s all relative as the new houses we are looking at were £600k and are now £550k.