Struggling To Sell Inherited Property

[AgitatedGoose]

I'm trying to see my late parents' property. It's well maintained and after my Dad died I had it professionally decorated in neutral colours throughout and bought new carpets. I've cleared the house of all the furniture as most of it was in a poor state or very dated. The estate agents (a well known chain) have been a nightmare. I had to re-write the entire property description because there were so many inaccuracies and glaring grammatical errors. The photographs are mediocre which I've complained about with no response. I've had four viewings in just over two weeks. I don't think the price is too high as it's well below comparable properties in the area. I live over 100 miles away so can't afford to keep travelling to check the property and maintain the garden. Most of the money from the estate is tied up in the property so I'll probably end up having to maintain it out of my own funds if this drags on. Should I cut my losses and sell at auction or am I being too impatient. Where I live property doesn't stay on the market long and there's far more interest. A friend recently had an offer in 18 days.

I’d email the agent today and ask for new images to be taken today and with a wide angle and get them to duck down!! All agent photos are taken at a height of 6ft, these agents need to learn how to take photos from different angles if they are asking for commission. Just demand it, you are paying them to sell the house.

the market is awful at the moment though, everyone is a bit wobbly.

that comment just shows you have no understanding of what being an EA means and their actual margins.

How many times per day do you meet people in the sure knowledge it will cost you time and money to show up but you will not get any income from it?

How many times per week do you spend time and money on talking photos and preparing sale literature only for the seller to walk away after x weeks and not pay you even one penny for all outlay.

I have two friends who have both had their houses on the market in the last year. One sold within a week and the other has taken a year. The difference is the location. One is on a very desirable road where houses do not come up for sale that often and the other is on a nice estate but houses come up there all the time so there is a lot more competition.

@M777 would you mind me asking how much a typical 3 bed semi and a 4 bed detached would cost purely because I am incredibly interested and have zero idea.

Ah, bungalow!!

I live in a bungalow (45) in a road of them, few years ago as soon as they went up for sale they went, often at a premium. Now we have 3 for sale and they are not budging.

Reason is the huge number of McCarthy Stone / Churchill etc retirement living complexes being built round us, some for over 55's - they seem more attractive to the kind of buyer who wanted bungalows.

There are a few younger folks along here, but I'd say 70% are retired / elderly and they don't seem to be in the market any more.

As an example, mine was worth £425K based on sales last year, one, exactly the same came on market at £420, has reduced and reduced to £375K, still no offers.

You are getting viewings so maybe a little early to be worried. The main market for bungalows is older people so you need to consider if the property looks ready to move into or in need of work. Ideally people want everything flat, no sloping garden or steps to the door. Windows need to be cleaned and I'd pay a gardener to keep the garden neat and tidy.

A floor plan is essential.

I've seen quite obviously photoshopped pictures on EAs websites - so photos are staged but the property itself is not. Floor plans can also have shapes to indicate where a bed/table would go.

Put up a link if you want real help.

Does the bungalow have steps? Either inside or up to the house?
Is it on a hill?
No bus routes close at hand?

Does it have a big garden? Big hedges? Lots of outdoor maintenance?

These things really put off the main target market for bungalows.

I'm looking for a bungalow - a big garden does not put me off if a gardener could maintain it easily. If it's largely grass with maybe small shrubs and even small trees it doesnt take much work. If if has large conifers or bamboo then it's a no. Couple of shallow steps and a handrail would not put me off as much as a steep slope.

Bus/ train routes and proximity to gp/ hospital are part of the consideration.

It's definitely my experience! These days plenty of EAs charge for photos, different levels of service, etc.

All sales roles involve input that doesn't directly generate income. There will be benefits to meeting viewers, to listing a property even if you don't sell it in terms of marketing, market presence, etc.

Ask why sellers are walking away.

@AgitatedGoose but I think the point is - is it a bit like a corridor ? as anyone viewing it will see that when they visit so having a wide angled lens doesn’t always help- means you get viewings of people who are inevitably disappointed - my FIL bought a 3 bed detached bungalow early this year - lovely condition but had been on market for 6 weeks purely because agent told me it had quite a small garden - but a nice frontage- I think it’s a niche market but bungalows usually are in demand - slight difference was his had been ‘staged’ - not much furniture but enough to make it look ‘lived in’ and see how you could lay it out. It only takes 1 buyer OP but tends to be a more limited market so I think may well take 4 or 5 months.

Reason is the huge number of McCarthy Stone / Churchill etc retirement living complexes being built round us, some for over 55's - they seem more attractive to the kind of buyer who wanted bungalows
@HonestOpalHelper
But but but !
I thought those Mcarthy stone /Churchill etc places were a terrible rip-off?!

I don't know what's happening with the property market, we've been trying to sell a house we inherited for nearly a year. We are hardly getting any viewings, and most people who have seen it love the house but find the location (small village) too remote. There are two other properties in the village for sale too - one smaller house which has been on the market for nearly 2 years, and one mill conversion with land, so all different types - and the vendors say they aren't getting much interest either.

You do need to ask the EA for any comments from the viewings to see if there is anything's specific you can do to boost interest.

@Mrsbloggz I think the issue is that a lot of people buying are in their 70s and when you actually start looking at bungalows so many look incredibly dated and in need of modernising for today’s ‘70’ year olds - even if very well maintained. Whereas a lot of these flats look funky and modern and fresh ( when new)

This. We hired someone to stage our house and it sold immediately. Was worth every penny. There were other houses like ours that still haven't sold.

Good point and that does seem like the most likely explanation!
Even so I'd be concerned that there's something in the small print such that if your health / behaviour / cognitive ability declines beyond a certain point they will be able to eject you and you'll be left with nowhere to go 😬.

@anyolddinosaur and that’s what sold it to my FIL at 85 - he bought in Frome, so ‘enough’ on hand but not a huge place but lots of life. Very modern Medical centre plus an urgent care centre and cottage hospital 3 minutes walk , bus stop 2 minutes walk , 2 general stores and a post office within 2 minutes walk , town 15 minutes walk ( nice walk) - cafes and pubs and bookshops abound.

bungalow on the flat, good drive, no steps internally or externally, , all newly decorated, new flooring, new windows, new curtains, new blinds. Bathroom a bit yuk for me but he’s ok with it , kitchen again a bit basic but ok , nice utility adjoining for storing stuff with pull out drying lines- small but nicely planted garden and a garage as he lines pottering mending stuff.

a lot of older people wanting bungalows want quite a lot of ‘specifics’ in terms of location and facilities and layout - my FIL was very particular , even though 85

@Mrsbloggz yes there are a lot of downsides-mainly financial - but there are upsides too in terms of facilities and company -

I think that is right, they still seem to sell well though!!

Perhaps the people who opt to live in them are confident that any problems will have to be dealt with by their children and so they will be no direct negative consequences for themselves?

And I think lots of people don’t know the issues that come when trying to sell either

I think you have hit the nail on the head here.
Many, probably most older people looking for a bungalow don't want the massive hassle of a renovation job type home.
Younger people, who might be prepared to do some work and improve their home gradually, obviously can't afford the current prices because they are so out of kilter with incomes.

They sell well when they’re new, you can’t give them away once they’re a few years old!

@rainingsnoring exactly - hence my post about my FIL who bought a bungalow that had ‘all new ‘ of lots of aspects - he’s still though going to have the outside rendering painted and put in a new combi boiler , possibly a new bathroom ( he’s undecided on that) - but a lot of the basics had already been done- anything he’s doing now is just choice, not necessity . He certainly wasn’t prepared to spend time , cash and effort on considerable Reno jobs at 85 and on a £400k purchase- and a few we looked at definitely needed £60 to £80k on them to bring them up to scratch , even at a plain level, nothing fancy - new windows, decorating, flooring, doors, roofs, electrics , kitchens etc - it’s a problem as the market for them is mainly very late middle aged or elderly who just don’t want that faff or it’s younger people who can’t necessarily pay the prices often asked AND renovate/extend on top and don’t want to live in it as it is for years on end. A lot of family members can also be unrealistic about the appeal and value, if somewhere is very dated - not saying this is the situation in OPs case as it may be mint and not that dated.

I’m getting really tired of people implying my late parents property is outdated. If you read my original post it clearly states that the bungalow is professionally decorated in neutral colours and has brand new carpets throughout. New windows were installed in 2020 and both the kitchen and bathroom are modern. Both were professionally installed. I accept that it might need staging with some furniture so thank you for the suggestion. As someone has already suggested the problem is it’s a bungalow which generally only appeals to a certain demographic and there’s no shortage of bungalows in the area.
I’m probably impatient but I can’t afford to have the property languishing on the market. It’s been really stressful losing both parents within a year and having to deal with everything completely on my own with minimal support and manage two jobs.

@AgitatedGoose - yep I get that which is why I was responding about bungalows in general - as my last post said the one you are selling may well be minty fresh - the main issue is to be honest a lot of houses and bungalows are struggling to sell generally due to a very sluggish market generally , unless in an area of very high constant demand - and yes I think staging does help - I do totally understand it’s frustrating if you don’t live nearby - could you get the agent to pay a bit and arrange for someone to go and make sure grass is kept cut, and house is given an air once a week? Probably cheaper than keep going up yourself. ??

I'm really sorry that you have lost both your parents so recently and have the estate to deal with alone and from a distance.
I don't agree that bungalows only appear to a certain demographic though and are generally slow to sell. They tend, in general, to be very popular, not just with the elderly but with families too, if correctly priced. They tend to be on decent sized plots and more individual compared to modern homes so appeal to a good range of buyers.
You have had some interest in a short amount of time and will hopefully get more soon. If you are desperate to sell quickly, I would reduce the price rather than going to auction.