Anyone struggling to sell their property?

[Tblock1800]

Just wondering if anyone else is having trouble selling their property and for how long you have been on the market. We have been on the market a good 4 months now and whilst have had viewings and in general pretty decent feedback, so far we have had zero offers on our place. Before anyone mentions the price, we dropped the price of the property by 10k last month and our current price definitely reflects the market value for what other properties of similar nature in our area and due to budget, no chance we can go any lower than this.

I honestly think for us at the moment, apartments are harder to sell. There isn’t a huge demand for them like houses, so we’re in a bit of a predicament where we have a lovely place but just can’t seem to shift it.

The advertisement pictures and advert in general are very good. It’s a decent sized 2 bedroom former new build apartment, lovely balcony common views, 2 double bedrooms, allocated parking and close to all amenities etc. We are looking to upgrade to a 3 bedroom house in the same area

Just incredibly frustrating as we want to upgrade and get a bigger home, have a mortgage in principle ready to port our mortgage with current lender but because we’re currently not under offer, have no real power to be offering for houses we like as nobody takes you serious until your proceedable. Anyone else in the same position? If not, was you in this position where it took you ages to sell?

Original price 325,000. We reduced to 315,000 last month. Flats in our area that are similar are anything between 315,000-325,000

Unfortunately, 10k on a 325k property is only a very small reduction and very unlikely to make a difference. I think a reduction would need to be at least 5% in general.

There is a very real danger of chasing the market down in this environment.

That's when the seller lowers the price, but always being that little bit above the price needed to actually sell. As they wait, the market moves lower beneath them, meaning they are still above the price the market wants in order to sell. Rinse and repeat, to ultimately lose more money than they would have done by setting an aggressive low price in the first place.

Other properties on the market that are not selling are not giving price discovery and telling a seller that a property must be worth what they are asking.
Pricing a property at that value isn't where the market is - to sell a seller needs to stand out by offering better value than the throng.

Another way to get price discovery is to go for offers over and put the asking price much lower than comparable properties. Important though to make sure that this does not commit to a sale with an agent if an unacceptable price comes in though. This is little more than an auction with a high reserve.

At the end of the day if a seller can't afford to sell for less than price x, then they can't afford to sell and they are not going anywhere.

That's not really a reduction, that won't even move you bands.

A standard reduction on a £325,000 house would be to £299,999 minimum. to reach the extended band of new customers (so 7%, you only knocked off 3% which is laughably low).

You usually reduce around 5-6 weeks after listing if not sold or offered on, round here people are reducing 1-2 weeks after listing. By 3-4 months you have wildly missed your window for refreshing your listing and attracting interest.

Leaving it on the market now is not helping you, no one is suddenly going to offer out of the blue and you are making people think your house is a lemon with something wrong with it.

I don't mean to be rude but you really don't sound like you understand anything about how the housing market works.

Also sale price from 8 months ago are utterly worthless with the huge shift like stamp duty, its not remotely a comparable and you have now long missed that window to beat the shift.

Well you are rude, so i’m not sure how your post is relevant or helpful so if you have nothing constructive to say, then don’t say anything. Just sounds like a pointless dig. If it doesn’t sell, i will evaluate like I said and see about taking it off. I don’t need you to tell me “really don't sound like you understand anything about how the housing market works.” Idiot.

For all the constructive replies thank you. Will leave it at that now. I asked a simple question as to if others are finding it hard to sell and happy to take in some of the feedback, but I’m not having someone insult my intelligence with rudeness. Anyway, cheers guys.

"I don't mean to be rude but you really don't sound like you understand anything about how the housing market works."

How many laypeople actually do understand how markets work ?

This is part of the issue with housing. It's the biggest transaction many people will make in their lives, but many of us are unequipped to deal with it.

Housing markets seem to go through long periods of increases followed by fairly rapid corrections. It's almost 20 years since we had a falling market.

It's not surprising that sellers do not really learn how to deal with falling markets.

It literally could not be more relevant, that is EXACTLY how the market works. What could possibly not be relevant about the standard and accepted price bands, percentages and time frames. You just don't want to listen to common sense or reality.

Just because you don't want to hear it doesn't mean its wrong... the fact you cannot sell is the proof.

And I was wrong it not that you don't understand its that your stubborn and self sabotaging. At the end of the day it makes zero difference to me if you sell, you are the one that needed advice/help and refused to take it from anyone and constantly argue back that you know better (when if you where right you clearly wouldn't be here asking).

Do whatever you want you have made several mistakes and everyone has said the same thing about it not being a reduction, being overprice, the market down turning and that its been listed too long etc... but you have made it clear you will continue to dig your own hole.

Actually had an offer now, but thanks for your sound advice:) you weren’t helpful whatsoever. You’re just an arrogant tosspot, but end of the day i went with my gut and we sold. Everyone else, thank you for the replies and suggestions.

Seen you’ve sold - great!

Precisely

Thank you. Very kind of you. Good to see decent people on here

Congratulations on selling OP! Did you get asking?

I am struggling to sell too, genuinely don’t think it is the price because for weeks nothing above £200k has gone SOLD STC in my area except 1 property. There are just no buyers, however you price your property. I’m really pleased one of the few out there went with you! Best of luck with the onward purchase.

Yes we did thank you. It’s a tough market i feel for you. Rise of stamp duty etc doesn’t help, but hopefully it improves for you over next few months. I wish you all the best and hope you get a quick sale soon. Didn’t think we would ever sell

Congratulations @Tblock1800 ✊🏻🥳

Hi hope you are well ! Has your property been able to sell yet ?

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