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  • Buy-to-Let

    Struggling to sell a flat in Manchester

    I have viewed 150 properties in the last year, and a number through purple bricks, with respect to them you need a traditional agent. There is much more than a listing on rightmove to sell a house, go cheap and pay twice. I ended up not buying a single property through any online agents because their negotiation skills are very poor, whereas we bought a few through old style agents. An experienced agent will give better feedback to you, and more importantly they are good at speaking to buyers.  Getting an offer agreed is the easy bit, the harder part is getting from that point to completion, which is where I see agents really making their money.

    Also remember there are currently shed loads of new build flats being put up in Manchester, and help to buy (or help to sell as it should be known!) puts you at a disadvantage in relation to the other sellers.

    I would try changing agent, you need someone proactive if you're selling and want maximum price. Best of luck.

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    > but he will only pay 85% of the market value

    Without seeing the OP property, I suspect the 'Market Value' will be a lot less than is currently being advertised on Purple Bricks


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    This is a buyers market and in order to sell you need to be prepared to drop the price within reason.

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    Help to buy has distorted the market considerably, if you’re in an area where there similar properties available under HTB you’ll struggle. You’re competing against properties which are brand new and need a much smaller deposit to be saved by the purchaser, plus the developers are good at targetting these buyers in terms of decor and little sweeteners.

    i know a couple of people in exactly the same position, they get offers but these are well below what appears to be asensible asking price. Unfortunately its not likely this will change in the near future. Where help to buy is attracting first time buyers its slowing whole chains as there are few entering at the bottom of the “used home” level of the proprty ladder.

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    The property market is very slow everywhere at the moment. Completely stalled in some areas, the slow down has been predicted for about five years so it comes as no surprise but people are surprised none the less.

    It has nothing to do with Brexit as far as I can see, it started long before the referendum, its more to do with pundits saying interest rates are expected to rise and uncertainty in the banking world restricting lending

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    Going back to basics, but few queries:

    • How long has it actually been on the market for?
    • As it's via Purplebricks, assuming it's on the main portals (e.g. Rightmove, Zoopla). What are the photos like? Is it styled, empty? If it's mainly 1st time buyers viewing, can you style it to make it more neutral / homely so they can picture themselves living there?
    • What are the comparables? You're comfortable with the price point, but is it comparable to what's available within a 1/2mi?
    • What's been sold recently in the area? What price did they go for?

    Good luck!


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    Go and view your competition.  Pose as a buyer and go see what else is on offer in your area and price range.

    If you're getting viewings but not offers (as your post suggests) then something is putting them off or not attractive enough.  This could be the price but may be something else.  So it's important to get feedback from the viewings. But also very important is to view your competition to compare your flat with what else is on offer at the same price.  Ask yourself, "which one would I buy?"


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    There are an abundance of apartments for sale in Manchester with many more coming to the market on a regular basis. You need to be priced to sell. I again wouldn't suggest purple bricks or Northwoods to sell your property. I would be looking for an independent based in the city center. Here's a link to what is happening in the city center for a better insight.

    https://www.manchestereveningnews.co.uk/...3896 

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    [Image: New-logo2.png] Manchester based investor. I buy, sell, renovate and rent investment property in East/North Manchester Wink email: mike@brentwoodinvestments.co.uk Call: 0161 681 3724

    Hi Michael,

    The link you posted isn't working, any chance or reposting it?


    Thanks

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    [Image: New-logo2.png] Manchester based investor. I buy, sell, renovate and rent investment property in East/North Manchester Wink email: mike@brentwoodinvestments.co.uk Call: 0161 681 3724