Help! New to this and no viewings

[Flower]

HI,
We have lived in our house for 20 years and have decided its time to move, very positive feedback from all the estate agents who came to value the house etc. It is very well presented, improved and spotlessly clean.
House is now on the market with reputable estate agent at 129k, valuations varied between 125k and 140k. Has been on market for 3 weeks and...nothing...
Should we have had any interest or people viewing by now? or am I just being too impatient?

Is there anything I can do to get viewers?

any help or advice appreciated,
thanks

[googler]

Who's likely to move to your house? First-time buyers (as the price suggests), or people moving up to your house from other accommodations?

If you're likely to be looked at by FTBs, brace yourself for a quiet time. They're the ones who are having trouble getting mortgage finance, and hence finding it difficult to buy.

[GeorgeFWhite]

It's a tough market and at this price level you are looking at first time buyers, divorces and investors.

For the first time buyer the mortgage situation isn't brilliant so don't expect a mad rush. Divorces/separations probably isn't a massive market and certainly not one you can target. Investors are sitting on their hands waiting to jump back in the marketplace just as it starts to improve.

Having personally just sold my own property for similar price level I had to wait two months for the first viewing, the second viewing produced a buyer who aborted days before exchange (no fault of mine) and then secured third viewing who eventually bought the property. Total time on market was seven months and only three viewings.

Patience is the name of the game for sellers and the must is to realistically price your property. Buyers will and are taking their time in looking round and unless you absolutely have to I would not recommend any knee-jerk steps to attract quick buyers.

[scarlett423]

I'm in a similar position to you Flower, my property has been up for two weeks, It was valued at between £145k and £135k, though a neighbour with a virtually identical house is asking £159k !
I am worried that I've had no interest at all yet. I was also worried that I didn't think the agent made much effort with photo's or the description. Mine too is well presented and I have toned down decor to neutralise, improved the garden etc.
We're asking £139k as we hope for a quick sale. We've seen a property we want and are stuck here !
I suppose my property will appeal to professionals due to it's close proximity to town and city and transport, also young families and couples. (We are a family with two kids (7 and 11) and want somewhere a little bigger with a better garden. We only had one baby when we moved here.

I too am wondering if it is just me being impatient or is there something I can do !?

[capt26]

why not try online buyers,you won't get the asking price but you should get a quick sale.Let me know if you need any help with this.

[mgrds]

In a tough market where hardly anyone is selling and potential buyers aren't visiting estate agent if you just do the same as everyoe else you won't succeed. you need to be different.

You can get the edge in one of two way
1) drop your price
2) market in a diffeernt way than most estate agents !

[scarlett423]

No way I'll drop my price, as I said, we started at a very reasonable price for a quick sale.
What do you mean by market in a different way ? I'm not very happy with my EA. I'd love to go it alone actually.

[drhouse]

Originally Posted by scarlett423

No way I'll drop my price, as I said, we started at a very reasonable price for a quick sale.
What do you mean by market in a different way ? I'm not very happy with my EA. I'd love to go it alone actually.

You said in a previous post that there was a similar property on at 159K. Has that sold ? Are there any others in your area on the market and have any been sold ? My experience at the moment is that there are some areas doing ok but most others are stagnant. Lots of people are trying to talk the market up but the reality is that if there is a possibility you might lose your job are you really going to take on added financial burdens ? Add to that lenders who are the most tight fisted I have ever seen and it is not a good mix.

At the height of the market I was selling an average of 25-35 properties a month. Now it is more like 4 or 5. I am afraid that is the reality. Your option is going it alone but it won't go on the important websites that are seen most often. The sites for selling on your own do not have anything like the traffic of the big websites.

[scarlett423]

The house for 159k hasn't sold, it's been up for sale for almost 2 years now. They've just dropped the price by 5k.
The house next door to me sold in 1 month.
I'm still getting a reasonable stream of viewers, so will just sit tight for now.

[faircloughspeed]

Yes my friends I must say that no matter what classification of purchaser who may be looking to buy the markets are very tough, yet not impossible. It would be an idea to sit with you Agents and look at all prospective client bases, tailor incentives to meet the needs of the buyer. Remember the Agent work for "YOU" and should be providing you all with regular weekly updates, feed back and support. To many times we see some simply list a property within the Agency, Pop it on Rightmove or the press and hope for the best. Buyers need so much more support and understanding. When I was working on site for a large uk developer I would look at "ALL" option yet on a holistic view. I would understand the people looking to buy and ensure they are qualified so I have a clear understanding on what is needed to be done to close a sale.

Its also about the Effort of the staff with in the Agency. One point could be the sheer volume the Agent has on their books and to run a "spot light" on your property may take time in getting around to yours.

Work with your agent, try and understand WHY people are not buying. Dont just look at the current financial climate and this "well its because FTB or any clients" may be having problems accessing funds, look at the WHOLE picture.

If a property is on the market for 2years with the same agent, then I feel that that agent really must review its position in relation to ADVICE to the client and really push home the actual value of the property.

You have so many options to choose from, just like we do (national developer) we look at how we may support the client needs and not just reduce the price. Think of Deposit Paid or a % towards, £250 towards legal's, speak to a local carpet company and get some quotes for cheap but nice carpet or flooring, you could offer to provide this following Legal Completion or on Exchange of Contracts, really guys incentives really do work and can be most things (within reason). Remember keep strong and YES I agree within this climate it may take longer to sell, yet it is not impossible.

Be strong
FaircloughSpeed Property Consultant