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Hi reformed a beautiful flat, but it ain't selling. Im gobsmacked i thought it would go first viewer!
Yes i can drop the price but thats last resort as we have put alot of work into this one.
Is there any creative investors out there, with some creative packages i can offer to a FTB to buy this place??
Thanks in advance
Are you getting lots of viewings, if yes, it's the flat,
Are you getting no, or little interest?
If so, it could be the marketing. If the marketing is good or very good, it's the price that needs adjusting.
The market is on it's bum. If you drop the price, you will get interest. If you are prepared to wait, you could find a rent to buy tenant.
This is not the time to be selling property in most areas.You should expect that it will be tough even if the property is great.
There are some areas where property is so sought after that it still flys out eg Clifton and Southville in Bristol.
Generally though I think now is the time to buy nice properties with high rental yields at low prices.
Hi Glenn really appreciate your time in responding
whats the rent to buy model?? i was wondering if i could set up some sort of vendors gift deposit??
I know of a FTB scheme coming on-stream but I am not sure it is available yet. If you care to friend me on here, I will send you details of it when it arrives, but it will be quite expensive to set up. Gifted deposits can lead to problems with lenders sometimes.
I concur with Glenn. Are you getting viewings? Then price is not far out. What are they saying? Get feedback from your agent.
No viewings => sorry, but it's the price.
Are the partics and the description spot on (i.e accurate) or does the flat perhaps disappoint when they get there?
Estate agents are all taught the only thing that is true about property. "There's only ever one thing wrong with a property, and that's the price".
In my experience, there are several potential problems with flats - high service charges, lease too short, one of the bedrooms is more like a cupboard, poorly maintained common areas (you've lost your viewers before they see the flat, first impressions being SO important), too many stairs (Mum can't get up there to babysit), insufficient parking (they have had to park miles away, so again you've lost them before they get in the flat), noisy neighbours / pushchairs all over the hall, smells of curry on the stairs, TVs blaring etc etc.....
Ground floor flats are difficult to sell, unless you are aiming it at the retired market. Young peeps get worried about breakins.
Have you aimed the flat at your target market? Who ARE your target market?
Get some friends to pose as viewers to let you know how it REALLY goes. Get them to enquire from your agent, ask about how long lease is / how much service charges are, then book a viewing and go, letting agent show it......
The market does not care what you have invested in time or money. That is a sunk cost and there is nothing you can do about it.
Glenn plus others have highlighted the variable that matter and what the traffic is telling you about the property.
A RTB deal structure can work. It is not a magic solution that will fix a fundamental flaw. If the property is over priced it will be a challenge selling it even on a RTB deal structure. If you try you may end up with nothing more than normal rental in terms of what happens in the end.
John CoreyFollow me on Twitter-> https://www.twitter.com/john_coreyhttps://www.ChelseaPrivateEquity.com/blogLondon RE meeting, 2nd Tuesday of the month -> meetup.com/real-estate-advice
I host the London Real Estate Meet on the 2nd Tuesday of every month since 2005. If you have never been before, email me for the 'new visitor' link.
Also happy to chat on the phone. Pay It Forward; my way of giving back through sharing. Click on the link: PropertyFortress.com/Ask-John to book a time. I will call you at the time you selected. Nothing to buy. Just be prepared with your questions so we can use the 20 minutes wisely.
Thank you everyone for your kind help....
Sue made some great points, funnily all the negatives do not apply to our flat, 99 lease, no management fees, parking, no communal entrance, no smells, no noisy neighbours, it really is a nice flat. I have checked out rightmove house sold prices and we are def not over priced, other flats have sold in the last 12 months not as good as ours for the same price. We have had over 13 viewings so far
i think it boils down to the current climate - there is a lot of fear out there and i think viewers are taking thier time to commit
i am hoping September will pick up as August is not the time. If not sold by Sept then we are going to have to rent, which i dont want to do as all appliances are brand new
If you've had 13 viewings and no offers then i think theres something more fundamentally wrong than saying "i think it boils down to the current climate". Ive just sold a few flats in Manchester and got 1 offer for every 2 viewings (which was remarkably good and quite surprised me). Doing a rightmove search for sold prices is a good start but not the end when working out prices. Is it with an agent? What do they say? If its not with an agent then may be an idea to get one or two round to give you some professional feedback on price and reasons its not sold to date.
If you decide to rent but really prefer to sell given it is 'new', you are definitely a candidate for a RTB deal. You are more likely to find a renter who will value the new appliances and try to take care of them. Just understand that a RTB deal is not a guarantee in terms of the final exit being a sale.
John CoreyFollow me on Twitter-> https://www.twitter.com/john_coreyhttps://www.ChelseaPrivateEquity.com/blogLondon RE meeting, 2nd Tuesday of the month -> meetup.com/real-estate-advice Andy said: