Would a cheap house put you off?
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If you were looking to buy a house, would the fact that it is the cheapest in the area put you off?
The reason I am asking is because we put our house on the market a year ago, had no viewings at all.
We have put the price down twice and changed estate agents 9 weeks ago, still no viewings.
I cant compare sold prices of others in our street as none have been sold in the time we have lived here, although theres a few on our street up for sale now and ours is the cheapest.
Four houses have sold around the corner from us recently, not the same house as ours, but the same specs and size, they went for between 145-178k, ours is up for 115k.
Because we have had no viewings we dont have any feedback, so dont know what is putting people off viewing it.
We got a workmate who had never seen the house before to come look at it last week, and told him to be honest with us, it didnt really help as he said the house is lovely and for the price he would rip my hand off for it, if he was moving lol..
Estate agent told us last week it must be the price and we should lower it again, thats fine, we will do that if thats what the problem is, thing is, we are the cheapest house in our area.
Would a cheap house make you think there was something wrong with it?
ETA its the cheapest as we need a quick sale, Starting a new job and need to move closer to it. not working out as planned though
The reason I am asking is because we put our house on the market a year ago, had no viewings at all.
We have put the price down twice and changed estate agents 9 weeks ago, still no viewings.
I cant compare sold prices of others in our street as none have been sold in the time we have lived here, although theres a few on our street up for sale now and ours is the cheapest.
Four houses have sold around the corner from us recently, not the same house as ours, but the same specs and size, they went for between 145-178k, ours is up for 115k.
Because we have had no viewings we dont have any feedback, so dont know what is putting people off viewing it.
We got a workmate who had never seen the house before to come look at it last week, and told him to be honest with us, it didnt really help as he said the house is lovely and for the price he would rip my hand off for it, if he was moving lol..
Estate agent told us last week it must be the price and we should lower it again, thats fine, we will do that if thats what the problem is, thing is, we are the cheapest house in our area.
Would a cheap house make you think there was something wrong with it?
ETA its the cheapest as we need a quick sale, Starting a new job and need to move closer to it. not working out as planned though
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Comments
Maybe add £30,000 to the price and wait for someone to come in with an offer below the asking price
If you need a quick sale, have you investigated auctions?
Yes, my last thread was about flats we had seen, they were new build and we did ask them about a part ex, but they said because the flat was lower in price than what we are selling they couldnt do it, the place we get from them has to cost more.
Unless the houses round the corner had been sold by the same estate agents, I'd change the estate agent.
I don't think you really need to go to great lengths though. I'd certainly want to see some different houses and it'd be natural to wonder why there's a big difference in price between places that look more or less the same size and in the same area.
Firstly, stop reducing it in price as someone will only offer you below the asking price anyway. Then use the agent that has sold most houses in your immediate area, of this type and style. They are likely to have people on their books that are looking in your area.
Get another third party to look at your house from the outside objectively, if you aren't getting the viewers in the door, at that price then there is something wrong with the outside. Is it clean and tidy? Is your garden neat? Move the bins away from the door if there are any there. Maybe get some hanging baskets to put by the door or pots with nice plants in. Make the outside welcoming so people want to walk inside .
I don't feel you are getting the best from this agent either, as lowering the price is not the only answer to a house that is not getting viewers in. A paint job can be a good investment. I struggled to sell my house and ended up with 4 different agents and I am an experienced house seller, it was also the start of the recession. I finally went with the agent that had sold on my street recently and they sold it within 2 months after a lot of messing with other agents. Unfortunately I lived overseas so couldn't kick them as much. Don't feel bad for moving agents, it's not like they have done much work to try and sell your house.
Most people will be shopping around for a particular size of house in a particular area, or at a particular price level - so something which either seems remarkably cheap for the size of property, or offers more space etc than you'd expect for that price, will stick out.
The new EA advertise on rightmove and lots of other sites, dont get me wrong I am happy enough with them so far, they put the house in the paper again for us last week, he also did us one of those 3D floor plans and said he would come back out next week and take new pictures if we think it will help.
As for the garden, its tidy, got a new fence up out back, grass is mowed, and inside of the house was painted a few months ago.
Before putting it on the market we thought as we need a quick sale we would price it cheap, we cant put the price back up now or so we were told, so our brilliant plan to sell quick has backfired
The estate agent mentioned one of those last week, said to give it a few more weeks then he would sort it out for us, the thing with that is, if they are not coming viewing it now Im afraid that they wont turn up for an open day/weekend either.
Good luck.
And to quote an actual example the property opposite me was put on the market after it was inherited by two brothers who had no need for it. They put it on at well below market value price and despite the recession and difficulties in obtaining mortgages etc, it was sold after just eight weeks.
The properties that have sold around the corner, what did they have that yours don't?
What condition is your house in? How does that street compare to yours?
Some people will pay a high premium, depending on what type of work you have had done? i.e. New good standard kitchen and bathroom (tiled, etc) and neutral colours all around the property.
Is your property extended? Those that sold are they? Drive way?
Where I am from, none of this matters, as properties just sell like there is a sale on..prices have gone up by 15% in the past 6 months...
I am hoping that interest rates will rise quick and fast which should have an affect on the prices....but people tell me that nothing will happen around london.
Use the same agents who marketed those properties around the corner...put it on the same price as the ones that sold.
Sometimes, putting "offers over" puts people off, as it shows you are a greedy so and so....I know in some countries its the norm...
where do you live? 100k seems cheap...lol...I might be interested if its a good house...:D
OP unless all the other properties in the road are overpriced, or yours has a particular reason for being cheaper (fewer rooms/pylon in the garden) I am not sure why there is such a price differential? Is it just because it was originally priced for a quick sale? If that is the case, taking it off the market for a short while then putting it on with another agent at a higher price would be an option.
But a cheap price would not put me off. I would at least call the EA and ask why it was cheaper, and if the answer was satisfactory I'd include it in my viewings. You should definitely take up the EA's offer of doing some new pics.
Mine was deffo the cheapest lol.
I assume you've got it listed online with estate agents. If you want OP send me a link by PM to the website and I'll give you my honest opinion.
I can def tell you what I was looking for.
The 2 bed bungalow which sold opposite me for £135k backs on to open pasture land with stunning country views as far as the eye can see. How much would you have to pay for that privilege in London, assuming you could find it?
The only disadvantage being it's not in London? Believe it or not, some people enjoy living in London and can afford to do so, why try and turn this into an anti London thread? The comment you were replying to was only light hearted.
When we were selling my husbands' house we painted it throughout and packed away all his personal effects, basically just staging it for viewing. We dealt with all of the outstanding maintenance items and made sure the garden was tidy.
The house sold before the contract was even signed by an agent, to the first people that viewed it.