House have been up for sale for past 6 months

woolyhat

My house have been up for sale for the past 6 months with onely a few who came to view it but made no offers or got back to me. It is selling at a realy reasonable price a simi 3 b/roomed close to town. But suppose there are several empty estates around here and no employment. with no takers and prices realy low.
Help I want to move soon any ideas (Genuine Ideas please):(

connundrum

Have you a link to your daft.ie or myhome.ie ad?

It'd make it easier to give ideas etc.

woolyhat

Hi Thanks for your reply.Yes I am constantely searching these sites and it is actualy in my home .ie The advert is quite good but no luck with selling

Head The Wall

He means can you post the link to your house here so we can see is it at what the market deems a reasonable price and can there be any improvements made to it etc

Treehouse72

woolyhat wrote: »

My house have been up for sale for the past 6 months with onely a few who came to view it but made no offers or got back to me. It is selling at a realy reasonable price a simi 3 b/roomed close to town. But suppose there are several empty estates around here and no employment. with no takers and prices realy low.
Help I want to move soon any ideas (Genuine Ideas please):(

No it's not. It's too expensive.

You can seek advice and opinions till you're blue in the face, you can stage the house beautifully, you can throw in a free washing machine, you could have 1000 people a week viewing it...and none of it would matter a jot because the house is simply too expensive. If it weren't it would have sold by now. If you are in any doubt about this, just ask yourself what would happen if it cost €1. It would sell in 2 minutes, right? This shows the house will sell, if the price is right. Since it isn't selling, we can conclude that the price is not right.

If you disagree with any of this, it means you are in denial about the value of your house. While that's perfectly understandable, if you really want to sell this is something you need to internalise and deal with.

woolyhat

Hi Treehouse72 What you are saying is right but would'nt you think someone would say I will make you X of an offer and get back to me to consider it. Of course I started with a price within reason and would be willing to come down. If my price is too high would it now look like I was desprate to sell if I dropped a bit more? or should I take it off the market for a bit before I change the price?

Head The Wall

People looking in a certain area will be aware of what prices are and will probably be aware of the price your house was at. There are also plug ins for daft that show all price changes on property's etc.

Your idea of whats a reasonable price is biased so is not valid really, What are you basing this reasonable value on? Post the link so you can get an unbiased opinion from someone here as we can only speculate that you are pricing it too high based on what we know

BostonB

No offers means its too expensive.

Duckjob

woolyhat wrote: »

Hi Treehouse72 What you are saying is right but would'nt you think someone would say I will make you X of an offer and get back to me to consider it. Of course I started with a price within reason and would be willing to come down. If my price is too high would it now look like I was desprate to sell if I dropped a bit more? or should I take it off the market for a bit before I change the price?

Not necessarily - people wont bother trying to negotiate with you if you are starting from a deluded position. It's too much trouble for them and there's so many other houses for sale.

Very hard to know without daft.ie or myhome.ie link how reasonable or not your asking price is.

A personal bugbear of mine is people saying their property "won't sell". What they really mean is it won't sell at the price they believe it should sell for.

Any property on the market could be sold tomorrow. It's a question of a) finding the price at which it will sell and most importantly b) the seller accepting that that is it's worth.

You don't have to worry about how it looks if you drop your price. You'll get a buyer once your price is right. It really is as simple as that.

Noffles

OUrs has been for sale for over 2 years and will never sell for a number of reasons... price slightly higher than it would be due to our mortgage, location is fairly poor in a small under developed area that has nothing to offer and the county in general is piss poor.

ellejay

woolyhat wrote: »

My house have been up for sale for the past 6 months with onely a few who came to view it but made no offers or got back to me. It is selling at a realy reasonable price a simi 3 b/roomed close to town. But suppose there are several empty estates around here and no employment. with no takers and prices realy low.
Help I want to move soon any ideas (Genuine Ideas please):(

How much are the same size houses in the empty estates going for?
-you'll have to price your house cheaper than them for a start.

As previous posters have advised, it all comes down to price.
It will sell if priced to sell.

If you can't afford to sell the house, maybe you can rent it out?

LeahK

Not necessarily - people wont bother trying to negotiate with you if you are starting from a deluded position. It's too much trouble for them and there's so many other houses for sale.

I have to agree with this entirely. I am a first time buyer and currently looking for a house. When I search on Daft/MyHome I only search within 30% of my price range. (I am reckoning that I will offer 30% less than what the asking price is) any higher than that I wouldnt bother looking at to be honest!
Theres no point. I also dont know which sellers are willing to come down or not... For example if I know I could afford 200k, I would look at houses between 200k and 250k...Not houses priced at 300k.

PS my maths is crap so dont hang me on the 30%

CuppaCocoa

My partner sold her house within 4 weeks! Why? It was priced to sell. It was the cheapest one on offer in her estate. She had to accept that she wouldn't get as much as we thought it was worth. It went for 7k less that the Estate Agent's predicted sale value. Not bad for a quick sale!

gazzer

When I sold my house back in late 2008 I went onto Daft.ie and myhome.ie and looked at similar houses in the estate to see what they were being priced at.

I then knocked around a few of these houses and asked the owners if they would recomend any of the estate agents they were using. From that I got some very useful information. I then went to one of the recomended estate agents and got my house on the market at a price that was €10,000 cheaper than the current cheapest house in the estate. Went Sale Agreed in a month.

quozl

Duckjob wrote: »

Not necessarily - people wont bother trying to negotiate with you if you are starting from a deluded position. It's too much trouble for them and there's so many other houses for sale.

Absolutely agree with this. Even when renting I won't go near someone asking significantly more than I consider the place to be worth as you can negotiate 20% off, but if something is over-priced by 50% it's not worth wasting your time on it.

I sold my apartment in December 2008 using the approach suggested above - price it noticably below comparable properties. Then yours is the property that will get viewings, and without viewings you won't get offers and can't even negotiate with a potential buyer.

I also understand that there may be a price you feel you can't go below due to being unable to fully clear the out-standing mortgage. I used my savings and some borrowings to bridge that gap myself as the sale price did not clear my mortgage. I'm very glad that I did, and consider myself lucky that I was in a position to be able to do that. A work college of mine is currently negotiating a bank-loan to do similar, as his house sale with an ex won't clear the mortgage either.

If you want to sell, then price is what matters. Hope things work out for you.

bugler

The people doing the best in this market are those prepared to accept reality. If you aren't getting viewings and offers then your asking price is too high. No other way of phrasing it. It is important to make the most of the house, have it tidy, even freshly painted etc but ultimately it will come down to maths.

Buyers are not scrambling around for a scarce resource anymore, they can pick and choose and in many cases are happy to take a relaxed approach to the process, as it is no longer a race against time to get on the ladder. It now pays to be cautious.

I see a lot of sellers out there and I don't know what they think they are doing. They are not selling a house. They are not even on the market. If you're way over-priced then you may as well withdraw the house and wait for the market to pick up in x years time.

If you are serious about selling, and you realise that the price you can achieve is set by the market and not by the size of your mortgage or some wishful thinking of yours, then drop the price. Drop it 20k, give it a fortnight. If nothing happens, then drop another 20k. Repeat until you start to get some interest.

If you're not willing to drop the price, then you must accept you will not sell your house. In that case take it off the market and save yourself the stress.

The people who bite the bullet and sell at the market rate will look back at it as a good decision.

bugler

On the whole issue of knowingly over-pricing and then being willing to drop by 20% - this will not fool anyone. If you can and would sell for €300,000, then list that or very close to it as the price. Don't think you'll magic up a better deal by lsiting it at €350,000.

If there is genuine demand for your house then you will get offers - and who knows, depending on how you price it you may get multiple parties interested who will bid with each other.

Supercell

woolyhat wrote: »

Hi Treehouse72 What you are saying is right but would'nt you think someone would say I will make you X of an offer and get back to me to consider it. Of course I started with a price within reason and would be willing to come down. If my price is too high would it now look like I was desprate to sell if I dropped a bit more? or should I take it off the market for a bit before I change the price?

woolyhat to be honest I think most buyers like myself would think that the seller coped on and is likely to be realistic and will do a deal.
There is nothing more frustrating than seeing a lovely house that you would buy at the current market value if the owner copped on. But if its at 2008 prices i wouldn't bother, there is no shortages of homes on sale to bother with time wasters with their head in the clouds.

woolyhat

Thanks for all replies. The house is in a small terrace of 2 story houses 15 houses built in the 1930s there is another one for sale also a bit up from mine they are looking for 270.000.00 and its all overgrown with weeds and in bad condition. My house have a lovely well kept garden, freshely painted and insulated with a ber cert. decking and patio with barbique built at the back and my price is230,000.00

MagicMarker

woolyhat wrote: »

Thanks for all replies. The house is in a small terrace of 2 story houses 15 houses built in the 1930s there is another one for sale also a bit up from mine they are looking for 270.000.00 and its all overgrown with weeds and in bad condition. My house have a lovely well kept garden, freshely painted and insulated with a ber cert. decking and patio with barbique built at the back and my price is230,000.00

Unless the house up the street is SOLD it doesn't really make a difference.

danbohan

woolyhat wrote: »

My house have been up for sale for the past 6 months with onely a few who came to view it but made no offers or got back to me. It is selling at a realy reasonable price a simi 3 b/roomed close to town. But suppose there are several empty estates around here and no employment. with no takers and prices realy low.
Help I want to move soon any ideas (Genuine Ideas please):(

my experiance of auctioneers at the moment is that they are all suffering cold turkey , in short they are only used to selling in a boom and cant cope with the new reality , like this bank holiday weekend we have 4 auctioneers in this town are any of them open saturday and monday , no ,how stupid is that . so look closely at your price , can you handle a 20% -30% discount on it ? , yes , good discount now , no , you may very well have to prices are long way from bottom . good luck

woolyhat

danbohan wrote: »

my experiance of auctioneers at the moment is that they are all suffering cold turkey , in short they are only used to selling in a boom and cant cope with the new reality , like this bank holiday weekend we have 4 auctioneers in this town are any of them open saturday and monday , no ,how stupid is that . so look closely at your price , can you handle a 20% -30% discount on it ? , yes , good discount now , no , you may very well have to prices are long way from bottom . good luck

Would you think prices will fall even further? I feel my price is a bit less than half the value it was in boom time.
Yes it certainely is stupid for auctioneers to be closed this weekend. This is a good time when people are off work and could look at proparties.

Xiney

woolyhat wrote: »

Would you think prices will fall even further?

YES

munstergirl

Its a terraced house op, not a lot of people want to live in a terraced house, maybe drop the price to €200,000, how many houses are for sale in your town/city?

In limerick there are 1,100 for sale at the moment on daft. One area had houses in the peak
€495,000 semi d, now they are NOT selling for €200,000.
The houses were never worth €495,000 in the first place, also people are having hard time keeping job never mind getting mortage.

Best of luck!

danbohan

woolyhat wrote: »

Would you think prices will fall even further? I feel my price is a bit less than half the value it was in boom time.
Yes it certainely is stupid for auctioneers to be closed this weekend. This is a good time when people are off work and could look at proparties.

maybe not by huge amount in good locations in big citys , but outside of that for sure they will fall a lot further , their has been very few firesales yet , we are entering a period{10 years+} of high unemployment and decreasing income house prices can only go one way in my opinion .

woolyhat

munstergirl wrote: »

Its a terraced house op, not a lot of people want to live in a terraced house, maybe drop the price to €200,000, how many houses are for sale in your town/city?

In limerick there are 1,100 for sale at the moment on daft. One area had houses in the peak
€495,000 semi d, now they are NOT selling for €200,000.
The houses were never worth €495,000 in the first place, also people are having hard time keeping job never mind getting mortage.

Best of luck!

Hi Munstergirl I agree house prices were totaly out of proportion in the boom time. I still think my price is quite a bargain it looks small from the front view but I built on a big extention at the back,in fact the back of the house looks better than the front.
There are 250 houses for sale in my home town

Treehouse72

woolyhat wrote: »

I feel my price is a bit less than half the value it was in boom time.

woolyhat, the price of the house during the bubble is of no consequence whatsoever. And I mean none. The price during the bubble is not a reasonable basis to make a valuation for Autumn 2010. You need to start over in your valuation and try to get the bubble out of your mind. Forget about it.

A well respected valuation method is based on Yield, which is the return an investor would get on the property (or an equivalent property) by renting it out. Yield is calculated by: Annual Rent/Value of Property = Yield. A Yield of around 6% (gross) is a reasonable return for an investor who is renting a property out. Some people argue a 5% yield is ok nowadays, others say 7% is. Whatever, you can work out a valuation based on all three yields to get a range of valuations and tweak depending on your specific property.

The easiest shorthand way to work this calculation out is simply to mulitply Annual Rent by 14, 16 and 18 (calculate Annual Rent over 11 months, not 12, to allow for 1 month void annually). If you want a rundown on where those 14, 16 and 18 numbers come from, I'll run through it. But basically they solve for Yields of 7%, 6% and 5% respectively. In all likelihood the true value of your property lies somewhere in that range.

This method works best when the property has equivalents for rent. That however covers a very, very large proportion of all dwellings in Ireland. If you live in a castle on Inis Boffin it mightn't work so well.

woolyhat

Treehouse72 wrote: »

The easiest shorthand way to work this calculation out is simply to mulitply Annual Rent by 14, 16 and 18 (calculate Annual Rent over 11 months, not 12, to allow for 1 month void annually). If you want a rundown on where those 14, 16 and 18 numbers come from, I'll run through it. But basically they solve for Yields of 7%, 6% and 5% respectively. In all likelihood the true value of your property lies somewhere in that range.

This method works best when the property has equivalents for rent. That however covers a very, very large proportion of all dwellings in Ireland. If you live in a castle on Inis Boffin it mightn't work so well.

The rent for property in this area is 400.00 and 500.00 per month.
What should be my asking price baised on this?

Blackjack

woolyhat wrote: »

The rent for property in this area is 400.00 and 500.00 per month.
What should be my asking price baised on this?

at most, 90,000.

That assumes 15 times Annual rental earnings at 500 pm, not taking into account any adjustments for maintenance or vacant periods, which would reduce the value from 90K to around 70K.

xoxyx

Treehouse72 wrote: »

No it's not. It's too expensive.

You can seek advice and opinions till you're blue in the face, you can stage the house beautifully, you can throw in a free washing machine, you could have 1000 people a week viewing it...and none of it would matter a jot because the house is simply too expensive. If it weren't it would have sold by now. If you are in any doubt about this, just ask yourself what would happen if it cost €1. It would sell in 2 minutes, right? This shows the house will sell, if the price is right. Since it isn't selling, we can conclude that the price is not right.

If you disagree with any of this, it means you are in denial about the value of your house. While that's perfectly understandable, if you really want to sell this is something you need to internalise and deal with.

What a pile of b0llocks. Do you not realise that the price which is right for the buyer may be completely wrong for the seller. That's very bad advice from you I reckon.

Of course, if sombody is looking to sell their house for an unreasonable amount, they need to drop their price. But rather than dropping the price below their budget simply to sell (as you suggest), they should stay put if at all possible. Prices fluctuate, circumstances change. No need to go for broke which is essentially what you're suggesting.

I appreciate that there may be extraneous issues which mean the OP has to move, in which case, by all means, go with your suggestion. But that only applies in desperate situations.

Head The Wall

The OP probably is aware of that, he came on here wondering what could he do as he has to move and needs to sell. he didn't come on asking should he stay put