Our house isn't selling - should we rent it out?

[jacksonlamb]

Despite reducing our price (significant reduction), our house isn't selling. We are thinking about renting it out and renting a smaller house at our chosen location. Has anyone done this? What are the pitfalls? Our main concern is that while it's rented we would have to take it off the market so we are wondering about offering it for monthly airbnb instead - that would enable us to allow viewings between rentals. We really do want to sell! We are aware that we'd have to pay tax on the rental income but would be willing to take a bit of a financial hit.

so 2 houses have sold on your road, you have feedback on why the first was preferred over yours, but what about this latest one given it apparently sold for more than your asking price?
Did they view yours?
Different agent?

The buyers did view ours and preferred the other one as it has a slightly different layout inside.

You could try that company flyp who style your home and rent it out while it’s on the market to pay for the staging

Very few people will rent a place that is up for sale, if they are highly paid highly mobile types who just need three months in a country/location for whatever reason then there will be a nice charge for "sourcing" them? Of course the house would also need to be up to a high standard. At the other end is local council doing emergency short term housing, neither option is worth the hassle really, just price it to sell.

No reason why you would get a higher price by waiting it out, if anything the trend is negative. An empty house also accrues opportunity cost of 5-6% a year on its value.

ok so wait until the actual price paid shows up on the L:anmd Registry . Rightmove and then decide was that price worth the "slightly different layout" whilst revisiting your own asking price (bearing in mind prices likely to dip once the tax rises are revealed in the budget)

It is easier and quicker to just track what other sellers are doing right now, and act accordingly to attract buyers to your property.

https://www.propertylog.net/

The trend is very negative isn"t it? I have a bad feeling things will go very negative after the budget, bond market crisis or something else bad.

asking prices are just that
pure speculation from over inflated egos

I’d probably take it off the market now, then relaunch it 2nd week December. Budget done and loads of people look at houses online over Xmas and new year holidays.

This has always been a quiet time for the housing market. It will pick up in the new year.

Fair enough, but the size and pattern of asking price drops in an area can give a good indication of sentiment and demand, that is why the apps are really useful?

It might pick up of it might be even worse in the New Year as the economy is only going to worsen. The OP's house has been on since at least last Spring so has already been marketed in the supposedly buoyant part of the year but not sold.

Boxing Day is supposedly the biggest day of the year for online views, but that is just window shoppers not serious buyers?

The problem with the budget is that it could be very negative for property, the time to sell might have been 10 months ago?

Really don’t let it out! I sold my last rental property as soon as this government came in, and will only get worse nct year with the ‘renters bill’.
There is an awful thread on here at the moment (which may be bogus) with a tenant digging her heels in and being encouraged by other posters not to co operate with viewings/resist eviction etc
Just reduce the price till you get a buyer. And reduce a lot if they are genuinely cash.

The economy is obviously going to keep tanking until this government are out -so really just sell while you can.

Do you have a link to the thread?

Sounds about right.

We’ve sold 2 properties over Xmas - With offers in Jan. obviously just my experience but the EA said it’s a great time to sell and it was.

But yes. No renting out for sure.