Is my house overpriced?

[Amberellaella]

70s estate house. Bought for £333k in 2020, Spent about £30k modernising - new radiators, boarded the loft, solid wood floors and the like.

One almost exactly the same as ours sold for £400k very recently. They have a shower in their downstairs loo and have knocked through their kitchen and dining room. We have a South facing garden and a better position on the estate - on the edge adjacent to nearby posh area with big expensive period houses.

We’re on the market for £435k on the EAs advice. Have had four viewings in three weeks with one sort-of asking price offer (potential buyer not proceed-able so EA wouldn’t let them put the offer in).

Had a second viewing booked this week but the potential buyer cancelled as they decided we are overpriced. Are they right?

Although lots of people love a south facing garden, to mean I don’t as it means the front of the house is north and therefore gets no sun. I want a west/east or east/west facing garden so both the front and back of the house gets sunshine at some time and the garden gets some shade for when it’s very hot.

I also think a better position on an estate doesn’t always command a higher price, just means that you may sell more quickly especially if you have a few houses up for sale at the same time.

The other house would be far more attractive to me as it would save me the cost and mess of knocking through the kitchen and dining room. Plus a downstairs shower would appeal. Knowing what this house sold for would make me feel I'm overpaying for your house even if the position is slightly better. If the other house was very near a busy road, then that may alter my view.

I agree with this.

I'm afraid the comparable house sounds far more desirable to a family buyer (presumably that's your target market) who will likely be looking for value for money over a high end finish Yours therefore seems overpriced in comparison.

An extra shower room and messy knock through already completed are appealing to many families and something I would expect some would pay more for upfront via the house price. The modernisation you mention to your own home of floors and radiators sound cosmetic so I don't think you can expect much back on those improvements.

Feeling it's in the more 'prestigious' part of the estate are unlikely to impact the price significantly, unless the other side has tangible negative factors such as anti social behaviour, near a noisy main road, adjacent to social housing etc.

I imagine there will be far fewer buyers willing to pay a premium for the qualities your house offers Even if you sell for £400k you will make a healthy profit from 4 years of ownership.

As we all do, you've spent money on improvements. The problem is they might not be that important to others, radiators is a positive if they were clearly in bad condition before, a loft is easy to board (even my DH who's not very handy in the diy dept has done) and not everyone like wood floors. Again, try not to overthink what the other property had to offer, we prefer a separate kitchen and dining room.

How do you feel your home compares to others on the market around the same price?

Rather than reduce right now, you could have a word with the agent and say if it anyone asks about your position, you're willing to consider reasonable offers.