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No viewings... Overpriced?

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  • No viewings... Overpriced?

    Hi,

    I am new to this so apologies in advance...

    We have had our flat on the market for 8-9 weeks and in that time we have only had 4 viewings - none of which were genuine. We spoke to our estate agent about why there was no interest and they immediately told us to drop the price from £150k to £145k.
    We are very reluctant to do this as we don't understand our estate agent's reasoning. We have had no feedback that it's overpriced and surely people would at least view to decide for themselves if it is? It jst seemed like a generic response that would benefit them rather than offering other alternatives. Also, if we drop the price we assume a buyer would offer even less and I'd that's the case we'd actually make a loss which we can't afford.

    It really is a lovely, brand new flat in a nice area of York. It would be perfect for an investor, but we just don't know how to get people through the door?
    Does anyone have any suggestions? This is the first time we've sold a property and are probably very naive, but also very stressed by the whole thing!

    Do we just accept we need to drop the price? Would it make a genuine difference?
    Please help!!!

    This is the flat:
    http://www.rightmove.co.uk/property-...?premiumA=true
    Last edited by Sonia84; 14-09-2012, 12:56 AM.

  • #2
    Re: No viewings... Overpriced?

    The flat looks lovely. Personally I'm not a fan of open plan kitchens but I think they can work in flats.
    I don't know if it is overpriced as I don't know the area. What you should do is ask your agent of evidence of why they think the price should be reduced. Are there other comparable properties on the market or, more importantly, recent selling prices they can point to.
    Again, I don't know about your area but where I am investors are thin on the ground. Any there are definitely won't pay full price - they need a bargain to make it work.

    Comment


    • #3
      Re: No viewings... Overpriced?

      I agree with drhouse - get your agent to do the work and explain their reasoning for the price reduction.
      I was really surprised when I saw your photos - was not expecting something so nice for £150k.
      Unfortunately I think it is the market that is your problem. With the banks being so tight to lend there are no 1st time buyers and being at £150k, these would be your target audience.
      I'm not sure what the solution is other than patience. The right person is out there, but probably can't get finance.
      Good luck

      Comment


      • #4
        Re: No viewings... Overpriced?

        It's worth remembering that the housing market is depressed, so many factors can work against you. Price reductions are one way to generate further attention from those who would otherwise look away.

        Comment


        • #5
          Re: No viewings... Overpriced?

          Hi, Its a lovely flat and I see you have already reduced it.

          The only thing that would put me off is the blue colour of your sons bedroom. That is a very bright blue that looks hard to cover (although having covered darker colours I know its possible), it is also a very personal colour and not one that all buyers would want - I wouldn't and I have 2 small boys.
          The only other thing is the view of the grounds with the big block obvious - is there anyway to get an outdoor shot with less building in it?

          Comment


          • #6
            Re: No viewings... Overpriced?

            Hi Sonia, I would agree with Brian. 8-9 weeks is not a long time on the open market. Most people I talk to have not had any viewings at all in that time. I guess its a case of sitting tight, a 5k reduction is not much if you are looking to catch attention. On that note, if it is overpriced and gets revalued at say perhaps 145k, and if you are prepared to reduce it by 5k as you are now, 140k does sound much better on a 150k valuation! Also, investors will always look for big discounts, basically because they have so much to choose from right now. So 1st time buyer prob your target market. Be prepared for rejected mortgage applications from any potential buyer. Thats the nature of the beast right now. But yeah great looking prop!
            Stewart Property Buyers

            www.stewartpropertybuyers.co.uk

            Comment


            • #7
              Re: No viewings... Overpriced?

              Its a very nice flat, it has certainly been finished to a higher than average standard and being on the ground floor can command a slight premium, however very few of the apartments on Birch Close have sold for over £140,000 in the last 12 months. Many of the 2 beds topped out in the 130's.

              Having said that, you have now dropped the price to £143 and I would personally keep it there and see what the interest is. So long as you are prepared to accept offers from where you are, I think you are on the right track.
              I am a dual qualified lawyer and surveyor but what I say here is not legal advice!
              http://www.thepowerlinegroup.co.uk Pylon Compensation

              Comment


              • #8
                Re: No viewings... Overpriced?

                Firstly your flat is amazing… and £150K seems good, but prices can vary with time and from place to place. And looking at the depressing conditions of the current market, I guess you certainly need a revaluation. And by the way, you can also consult some other estate agents for revaluation. Don’t stick to a single agent.
                Guaranteed Rent Scheme |Estate agents Canary Wharf

                Comment


                • #9
                  Re: No viewings... Overpriced?

                  Sine the flat is on Rightmove, your agent has access to a lot of stats from their website (a bit like Google analytics, if you're familiar with that). The Rightmove person can/should be telling the agent about the number of viewings and the number of people who've viewed details of the property. Based on those stats, RM can suggest if your flat is getting more/less online views than comparable ones. They can spot some patterns that indicate over pricing. Talk to your agent.

                  However, over the summer is always a "dry" patch. I expect things will have picked up by now. If not, it'll probably take more than a £5k drop to get some action.

                  Comment


                  • #10
                    Re: No viewings... Overpriced?

                    Try visum - they will list your property on all the major portals.

                    Also if you do drop your price make this clear in your Ad:
                    "Price reduced to £145,000 was £150,000 - will accept nearest offer"

                    The market is always very price sensitive.

                    Comment


                    • #11
                      Re: No viewings... Overpriced?

                      have you tried going joint agency and getting a second agents comments on the value? joint agency will cost the same as sole agency and you get both working to beat each other and get the fee. make sure it is on a winner takes all basis.

                      flat looks very nice and should sell with the right agent and correct price.

                      Comment


                      • #12
                        Re: No viewings... Overpriced?

                        hi, the pictures are great and an't really fault anything in your property. Hard to comment on the price as I don't know the area but it seems like a decent amount to me.

                        Comment


                        • #13
                          Re: No viewings... Overpriced?

                          It's all about price.

                          Try dropping the price by 5% per month over the next few months. You'll be amazed at how things start to happen once you reach the right price point.

                          If you need any more help or advice let me know.

                          Thank you,

                          Comment


                          • #14
                            Re: No viewings... Overpriced?

                            Hi, if your EA is suggesting dropping the price after only 9 weeks i would seriously question there original valuation, ( was it just to get your property registered with them ). and What else have they done to market your property, other than just putting it on rightmove.
                            Our house has been on for 3 weeks, and we had 2 viewings, both these were people the EA knew would be interested in our type of property. Since then nothing. The Agent has said that it is a quiet time of year, people won't be able to move before Xmas so will look in the new year. So i'd question why they'd even consider taking on a property without divulging this information.
                            We are able to see the number of people that have viewed our property on rightmove ant their own website, and it is over 400, yet no viewings.
                            If your in a rush to sell by all means lower the price, if you can afford too, otherwise hold tight, and hopefully once the silly season is over, things will pick up...

                            Comment


                            • #15
                              Re: No viewings... Overpriced?

                              Originally posted by MrStressed View Post
                              Our house has been on for 3 weeks, and we had 2 viewings, both these were people the EA knew would be interested in our type of property. Since then nothing. The Agent has said that it is a quiet time of year, people won't be able to move before Xmas so will look in the new year. So i'd question why they'd even consider taking on a property without divulging this information.
                              The reason is that ALL agencies live or die by their ability to hook sellers.
                              Let's face it: no agency has a magic formula that makes any one better or worse (though some have specialities, and some are lazy). They all just slap your property on Rightmove. They all accompany viewings with pointless comments like " ... and this is the kitchen". And that's pretty much all they do. So unless you get a dishonest or lazy agent I can't see there's any distinction between one or another.
                              Hence, for them, attracting sellers is the key to their business. Plus, every buyer THEY get is one less for the competition

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