no viewings in nearly 3 months

J

johnnyg

Registered User
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Hi,

My sister is selling her property at the moment and has had no viewings in 3 months, her house is in the 500-600K bracket and as house go is very well spec'd and is cheaper compared to similar 2000 sq foot houses in the area. The area is carrigaline in a very new estate and there is nothing wrong with the area where she lives. Her house is on the market since february and has had only 4 viewings. When i sold my house last year, which is similar, it was sold in 2 months..

I'm just wondering if she should get a new auctioneer or is the market really collapsed in this price range..i can't beleive that she has had no viewings and she doesn't seem phased by this...i would be quite worried if it was me..
 
I'd get on to the agent to step up their marketing of it but then again it is your sisters house and if she isnt bothered then I wouldnt worry!
 
There are several reasons for the lack of interest in property:

1) Prices are still too high
2) Big increase in supply; see the following graph for county Cork:
http://daftwatch.atspace.com/daftcounty_15.html

3) People not buying because the prices are falling…..why buy now when you may be able to buy it 15 – 20 % cheaper in 6 months time? Some commentators have indicated that prices may fall much further.
4) No 3 above has led to a lack of confidence in the property market …..it is no longer a sure bet!
5) The banks are more careful at giving out mortgages so no more 100% loans at high multiples of salaries
6) Interest rates have risen so people can no longer afford big mortgages
7) Many immigrants have gone back home so it makes it more difficult for buy to let investors to rent out properties. This means that many buy to let investors will have stopped buying

The key thing to all of this is price. If the price is too high she will not get a buyer. If she drops the price she may get someone interested.
 
johnnyg said:
My sister is selling her property at the moment and has had no viewings in 3 months, her house is in the 500-600K bracket and as house go is very well spec'd and is cheaper compared to similar 2000 sq foot houses in the area.
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Cheaper than the other ones that aren't selling either. :rolleyes:

If you can't sell a house, it's too expensive - end of story. I think your sister does need a new agent, one who is capable of putting a realistic price on the house.
 
cromulent said:
I think your sister does need a new agent, one who is capable of putting a realistic price on the house.
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EAs only suggest a price (usually on the high side as they want your business), owners decide. Getting a new EA may be pointless if current one already does his/her best to sale the property.
 
bacchus said:
EAs only suggest a price (usually on the high side as they want your business), owners decide. Getting a new EA may be pointless if current one already does his/her best to sale the property.
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Any EA marketing a property way above the market is only wasting everybody's time (the vendor's, prospective purchaser's and most importantly their own). After the last 2 years they should all know that.
 
Just to compare......you could get a new 4 bed detached 1950 sq ft in Forest Hill Carrigaline for less than 500 with no stamp duty....but that's still too much. I am in the market for same in Carrigaline having just sold but there is no way I will pay over 400. May have to rent a little while but fairly confident.

10 minutes browsing on the www.thepropertypin.comwill answer your main question.
 
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Has she tried the ststue of joeseph home sellers kit.i know you'll think im mad but it helped my sister.Faith.
her house was on the market for 13 months.she actually got a buyer but they pulled out half way tru,then no viewers for months,then she got another buyer and they pulled out cause of money problems. so in the end she got the statue,buried it upside down,said the prayer and 9 days later they got a viewer and they bought the house.(at a reduced rate.down 3k)
 
cleverclogs7 said:
Has she tried the ststue of joeseph home sellers kit.i know you'll think im mad but it helped my sister.Faith.
her house was on the market for 13 months.she actually got a buyer but they pulled out half way tru,then no viewers for months,then she got another buyer and they pulled out cause of money problems. so in the end she got the statue,buried it upside down,said the prayer and 9 days later they got a viewer and they bought the house.(at a reduced rate.down 3k)
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I think a prayer to St Jude (patron saint of hopeless cases) would be more appropriate here!
 
The reason she can't see is because rationality has entered the market, a house in commuter town, with terrible transport links to a small regional city in a small country should never ever demand a price like that for 2000 sq ft. It makes no sense.

Besides that there's a huge supply of housing in Carrigaline and more importantly properties in Cork City suburbs are getting cheaper all the time meaning people don't have to resort to living in Carrigaline anymore.
 
My neighbours in Carrigaline have had their house on the market for a year and a half now. Since the house was put on the market, it's come down from E300k, to E280k and is now at E270k. That's a 10% reduction but yet there's still no interest. In today's market, I think the price would have to go down to E250k before it would sell, even then, I wouldn't guarantee that.
 
cleverclogs7 said:
in the end she got the statue,buried it upside down,said the prayer and 9 days later they got a viewer and they bought the house.(at a reduced rate.down 3k)
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i hope theres room in the OP's sister's back garden for 75 - 100 of those upside down statues.
 
How much is she looking for and do you think it is to much
 
Raskolnikov said:
My neighbours in Carrigaline have had their house on the market for a year and a half now. Since the house was put on the market, it's come down from E300k, to E280k and is now at E270k. That's a 10% reduction but yet there's still no interest. In today's market, I think the price would have to go down to E250k before it would sell, even then, I wouldn't guarantee that.
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I think giving it away free with a bag of Cornflakes is more likely.. its just as bad everywhere.

We're over in the Sunny South East (lol yeah right) and we've not seen anyone since our buyers pulled out last November (they in turn had lost their buyers, etc I'm sure you all know how that song goes).

We had our property on the market before the sudden boom begining of last year, so our property was still priced well under the average of the county. Since Christmas we've reduced it by another €25K and still no joy.

You feel like knocking your head on a brick wall, except it would probably reduce the price again due to damage. :rolleyes:
 
nixie78 said:
I think giving it away free with a bag of Cornflakes is more likely.. its just as bad everywhere.

We're over in the Sunny South East (lol yeah right) and we've not seen anyone since our buyers pulled out last November (they in turn had lost their buyers, etc I'm sure you all know how that song goes).

We had our property on the market before the sudden boom begining of last year, so our property was still priced well under the average of the county. Since Christmas we've reduced it by another €25K and still no joy.

You feel like knocking your head on a brick wall, except it would probably reduce the price again due to damage. :rolleyes:
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how badly do you want\need to sell?

obviously not very badly, or you would have reduced your price to a realistic level (i.e. one where you started seeing some interest). You say you've knocked 25k off, why not knock another 50k off and see if you get any interest then?

the market has changed character fundamentally, sellers need to get this into their heads. you will not see the price levels of recent years for decades.
 
she's asking approx 550K, anything below that and she will be in negative equity as the house is very high spec'd (and these items are staying) so she'll be holding on to it..
i would think its value for money based on the high finish compared to other houses like it, they spent money on quality items as they had planned to stay there for life plus its in a great location, away from the traffic chaos of carrigaline
 
She has no viewings during the summer months which are typically a bad time sales wise anyway, September should see a change otherwise it is priced too high. Make sure the EA is advertising in the right areas, has it looking well online, has good signage. Simply saying drop it by a nominal sum isn't necessarily the best thing to do until every avenue is exhausted.

the market has changed character fundamentally, sellers need to get this into their heads. you will not see the price levels of recent years for decades.
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I think you should also note that buyers need realise that just because some people post that prices are going to half etc doesn't actually make it true in the real world. Sales are still being made and prices have come back (not everywhere) and every area is different.
 
johnnyg said:
she's asking approx 550K, anything below that and she will be in negative equity as the house is very high spec'd (and these items are staying) so she'll be holding on to it..
i would think its value for money based on the high finish compared to other houses like it, they spent money on quality items as they had planned to stay there for life plus its in a great location, away from the traffic chaos of carrigaline
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You don't generally get back more for having a high spec as it might not suit all tastes and it tends to just make the house more saleable than similarly priced ones.
 
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