Why is my house not selling?!

[ThePandoricaOpens]

We've had our house on the market since September and have only had one offer - 40k under asking price! We're thinking we may have to drop the price in the new year, but houses are so expensive around here that we may not be able to afford what we want if we do. We're looking to 'upgrade' to a 4 bed with a bigger garden and will have to add a further 160-200k to our sale price! Feedback so far has been - garden is too small and bedrooms are too small (wich is why we want to move). We want a new build (?!) We feel like people are just wasting our time! https://www.rightmove.co.uk/properties/152025230?utm_campaign=property-details&utm_content=buying&utm_medium=sharing&utm_source=copytoclipboard#/&channel=RES_BUY

I hadn't realised quite how close to me you were 😂

I do think it's price, but also timing. You can probably hold out for the price, but the market here dies until March or so - and to be honest, you'd probably want to take it off the market this month, so it didn't look like it'd sat unwanted for months before then when you relisted.

Character houses do sell for more around here, and the racecourse is a great area, it's super close to town. Chase Meadow is a proper "estate" and a walk to town, but families love it, for the pub/parks/proximity to Warwick Parkway. My first flat was there, a one-bed for £1k per month.

If the cute cottage is the Guys Cliffe one, it's the A46 and the constant roadworks that's affected the price of that...

But I don't think it's necessarily that your price is awful. You just need someone to love the house, and not many people are looking right now, especially with all the local roadworks. It probably isn't helping that Rightmove's "nearby houses that have sold" are all on your street, but have sold for £210k, £307k, £298k, £295k, £220k; and then within 0.1 of a mile, £210k, £260k, £200k... Even if people can see that yours is worth more, it is going to make them think that yours is at the top end of what your street can sell for, which means there isn't much possibility for house values to go up... and as you've said, there's also not much potential to extend yours, so there's no way to "add value", and Leamington and Warwick are mad about that in the same way that Stratford is mad about making everything look like it was designed by Shakespeare himself.

I'd take it down for a few months, if it was me. Our EA told us to list our home in Warwick over Christmas in 2020, as "Rightmove traffic goes right up". It does, but it's nosy people at home with families, not serious buyers. We took it down, relisted on the 1st April and sold 10 days later. Three doors down kept theirs on, but ended up getting £60k less than us because buyers wanted a bargain for a house that "wouldn't sell", and they got no full price offers.

I'm curious has the agent not suggested you do the reduction ready for Boxing Day? Boxing Day historically is the busiest day for viewings and we have been encouraged to do a reduction. The market will also get loads of new properties on the market on Boxing Day as well: we have had this advice from a couple of different agents.

Having run estate agents offices for longer than I care to remember....

Total number of genuine, serious enquiries that we have received on Boxing Day: 0

I have to say this absolutely astonished me, the idea that people go for viewings on Boxing Day

I'm absolutely convinced that it's completely made up by Rightmove as a PR flex.

No way are record number of people logging on to Rightmove on Boxing Day!

I don't think people are getting narky with you.

They are just trying to give you unfiltered opinions. Which is the great benefit of being on here and asking for an opinion. Of course people are going to argue their point.

If everyone posted "it's lovely, cannot understand why it is not selling poor you hun" that would be no use to you at all. There would be nothing you could action or choose to act upon.

From what I can tell of the respondents, a significant proportion have identified they believe it is overpriced. A significant proportion have identified other issues (which to me are of varying importance and would be of varying cost to rectify).

Ultimately no-one though IMO has come up with some sort of absolute killer reason why it isn't selling. Like it's got a nuclear waste pit next door or something. Or indeed any killer modification that you could do that would cost a few grand but would suddenly make it fly off your hands at the price you want.
Maybe something to be glad about.

Sorry I didn't mean people were actually viewing houses in person on Boxing Day but I've been told by 3 different agents that Boxing Day is one of right moves busiest days.

@YouveGotAFastCar I must admit I did worry a bit posting on here, thinking that someone might recognise it, but tbh all the local people have been very kind! I don't think people are listening to me saying I'm going to reduce the price! My only worry about taking it off the market for a couple of months is that stamp duty is going up in April (I think), but I guess if we did a bit of decluttering over christmas/january, then fe might be a good month to get it back on

They aren't saying anything about the number of viewings of houses.

They are basically saying how many people log onto and look at the site.

Probably because they have time off and because they are probably thinking of how awful Christmas was in their current place and in the new year they want to make a move.

Oh I see. That makes more sense

ThePandoricaOpens: And, in the meantime, you can look for your next house. Do a lot of homework, research planning applications nearby, etc, etc. Once you have come "proceedable" (EA's favourite word), ie you have an offer on your house, then you can present yourself as a serious buyer. I'm getting quotes from removal companies (but no idea when we will exchange contracts!) and I have asked every removal company if they think they will be busy in March, they all seem to think the stamp duty increase (1st April onwards) will not have much effect on their business.

It’s a pretty uninspiring house (sorry) so it’s not going to be a passion purchase; it looks small and cluttered. Could you get rid of all the clutter and over sized furniture?

It will sell for what it’s worth, an offer for 40k under seems pretty good for that house and area. I’d bite their hands off!

People are listening to you saying you are going to reduce your price by £15k. The point is you need to reduce it by more like £50k or £60k.

i think you’re going to regret turning down that £360k offer.

No keen appeal and i would get rid of the coloured walls especially the navy and have a neutral cream so that people can envisage their own colours.

^^ This.

The tiny kitchen may be an advantage, For me that massive kitchen/diner is really off-putting. For the price, I would want a separate kitchen. Plus the downstairs loo coming off what looks like a walk-in cupboard and so far from the garden door isn't an attraction either.

The likelihood of someone completing on your property before the end-March is slim now. I think for those not chain complete and already deep into the conveyancing, beating the stamp duty rise will be a stretch.

I agree with this. I think the 360k was a very good offer for you.

The other properties you are comparing yours with are not supporting your case. The Campriano Drive one is slightly larger on the floor plan, has much greater kerb appeal and the road/ area is so much more attractive. However, it is probably over priced too and has recently been reduced and still not sold.
The 'tiny cottage' is incomparable to yours. Unless you actually know the sellers and know what the offer was, it's very unlikely to be SSTC for asking price as it has also been reduced several months ago. Quite a lot of reductions and aspirational pricing all in all!
I don't think people are getting narky with you, just pointing out things that you don't want to hear, including that a 15k reduction is unlikely to be successful and that 350-375k would be more realistic.

I agree with this too. Unless you have a complete chain now, the chances of beating the SDLT rush is very low. To be honest, people agreeing sales now are more likely to end up with last minute negotiations to reduce the price or sales falling through.

Suggestion.

Add the area360.uk/ RM extension. View RM in Chrome browser with extension enabled.

Enter post code and look for homes within 0.25 miles. Include homes Under Offer/SSTC. Compare homes sold and those that have not. Draw your own conclusions. Perhaps look at price per square foot?

Another person who thinks you should take the £360k offer.

Have a look at this website: https://housemetric.co.uk/17239273/CV34-5TS/fromMap

We sold a house recently - marketed it initially for £550k and accepted £510k even though it was immaculate and one set of estate agents estimated £570k!😂

The website above called the price perfectly.

It suggests that the top end price for yours is £355,200

I haven't read the full thread, so apologies if someone has already mentioned this, but having found the house on Google maps a couple of other things may not be helping you:

• your neighbour's house to the right looks quite run down in Google photos from 2023 (lots of weeds in driveway/tatty garage door etc) Is this still the case? Might be putting people off.
• Your house seems to be in a small group of 4 at a cul-de-sac end of the road. There's an area of untidy/ overgrown grass and a footpath which runs alongside and at the end of the road. I'd be conscious of who was using that area/ accessing that footpath, especially at night.

The map and information is incorrect for some of the houses listed - ive just checked a couple of houses in the area and there is muddled information. The sizes of the houses incorrect and even the map and numbers of houses incorrect - for example number 20 is next door to number 10 - when I know that the house next to number 20 is 22

It will only be updated with house sizes when sales are completed as it likely draws it from online data.
However I've found the ranges for £ per square metre to be extremely accurate across a wide range of houses in our local area.

Well looking again at brese ave

number 14 sold at £5,250 sqm in 2024

so that would suggest £420k as an asking price, putting the property £20k under valued