I can't sell my flat due to bad reputation

[melmelly]

Hi, I am stuck in a property market and would like advice.

My flat is on the market for about 5monts. I have been doing everything I can to sell the property and think the pricing is realistic. There have been constant viewers especially since changing estate agents and lowering price, but no offer.


Unfortunately, my flat is in one of those ‘to avoid’ area. I live in a posh town in South Bucks and property here is very expensive and the estate I live in has a stigma as ‘rough’ but it's nothing like some of real rough estates in big cities. I lived here for six years and have no bed experiences whatsoever, property are kept tidy and mature trees all around, neighbour in my block are all nice. But there are some ‘rough’ people at the front of the estate and cause some problems time to time. (My flat is at the back of the estate)

Estate agent just told me that these men made rude hand gesture to one of the viewer when they were outside the building. I feel very frustrated that all the effort I made (as well as the estate agents) had been wasted by these people and feel hopeless in ever selling this property. Viewers say the flat is lovely and lease is long, service charges are very reasonable, but say ‘not for them’ – I think they gather information about this area and find out about the stigma. The problem is beyond my control.

I wonder if I just think this incident as one-off unlucky and carry on with selling through local estate agents or look for different strategy if there is any. I am wondering auction would be better, and appreciate any comments/ideas!

Thanks in advance.

[Trades MASTER]

Your problem is not unique, dropping the price wont really help if the byers are getting a bad impression before ther even get to your property then they are not going to offer, consider renting it out if it is a option rental values are quite high at the moment, also voice your concerns to the estate agent tell him to be honest with his view.
Good luck.

[New Homes Expert]

Every property has a price it will sell. At the end of the day a bargain would attract a buy-to-let "investor who couldnt care about neighbours as he isnt going to live there himself.

My advice: change agents, price it to sell and keep trying.

[melmelly]

Hi Trades MASTER and NEW HOMES EXPERT,
Thank you for your replies.

It sounds like renting as well as targeting buy-to-let investor seems more straightforward idea.

My questions are A) would anybody like to rent a flat with such reputation? B) would buy-to-let investor attracted to but a flat which might struggle to rent out because of the stigma attached to it?

Again, I appreciate any comments, thanks!

[Trades MASTER]

Yes, as NEW HOMES EXPERT says an investor wont really care where it is or what the reputation is, There are a lot of people looking to rent over to buy

[New Homes Expert]

Renting is short term and there is also currently a shortage of property for rent.

I would advise you to sell rather than rent it out much less hassle IMO