Why is a property listed for so long in the market?

[arti]

I am looking to buy a new build property and in Havant and in that development, most of the houses were sold except two houses.
Those two properties are listed for more than 6months. Not sure why only those two houses are not sold in that development and not sure whether to go for it or not.
Any suggestions would be helpful.


Many thanks

 

[nmb]

There can be a number of reasons why a property remains listed for many months which include price, demand and type of property. Do the two remaining properties differ from the sold properties in asking price and style?

 

[arti]

Hi, nmb thanks for your reply.
No, all the properties are almost similar 3 bed properties with the price range 299,000 to 310,000.
Here is the link of the property : http://www.rightmove.co.uk/new-homes-for-sale/property-59394269.html

 

[lookinginvest]

This seems very strange, unless the local market maybe turned against these property investments due to the economy? What were the big political arguments at the time these properties were initially available? Have property prices in the region softened while the sale price of these two particular properties has not reflected any change? Were there discounts and incentives available for those who bought the other properties on the development?

 

[Praraz Kumar]

A common question that Buyers ask is how long a house is on the market. If it is too long, interest is lost quickly. It is a natural reaction to not be interested in something that no one else is interested in. The natural assumption is that there must be something majorly wrong with the home.

 

[Veronica]

Sometimes this could be an opportunity to make a cheeky offer. If the vendors are eager to sell they may come down in price by quite a lot if they are sure they have a serious buyer.

 

[diyhelp]

The more I read about property investment, the more I warm to the long-term potential. What would you call a cheeky offer?

 

[Veronica]

The more I read about property investment, the more I warm to the long-term potential. What would you call a cheeky offer?

I would go in with an offer of 275K and negotiate upwards from there. If the house has been for sale for longer than normal for the area and the vendor is eager to sell it is worth a try.
Looking at the link you provided though I am surprised it has not sold and it makes me wonder if there is a problem so look into that carefully.
Perhaps talk to some of the neighbours.

 

[nmb]

At the end of the day, if you don’t ask you will never get. What’s the worst they can say? No we are not interested at that price but it can sometimes open lines of communication.

 

[William Scott]

It will depend on a number of things. House, location and price.

Price - the condition of the house is always a key factor when looking to sell your house. Many sellers aren't property expects and so will always rely on the estate agent to give them a sensible valuation. This is where the first issues can sometimes come about as the estate agent my value your house high to win your business. It's always a good idea to see what houses in your area sell for, not what they go on the market for. You can do this by looking at http://www.rightmove.co.uk/house-prices.html and typing in your postcode. If your price is too high then could spend a long period of time on the market. So make sure it is priced to suit your market.

Location - as the old saying goes it is all about location, location, location and this is still true today. For many, the open market can be a viable place to sell your property. However, some areas of England/Wales have very slow markets. Areas such as Blackpool and parts of the North East are known for their low activity. So it might be worthwhile looking on http://www.home.co.uk/ to see the average time houses in your area spend on the market. If a short time me it might be worth trying a higher price. If a long average time then try to be competitive with your pricing. Again, if you are buying where the house has spent a while on the market then try a low offer.

House - Some houses spend a long time on the market due to their internal condition. Cluttered houses tend to not sell as quickly. This is a good article from http://www.thisismoney.co.uk/money/mortgageshome/article-2840815/Sarah-Beeny-s-tips-want-sell-home-carpets-good-photos-online.html

If you are stuck with a house that you can't sell then there are always a few tips to get rid of it quickly. Auctions are always a good option and most auction houses will give you a free valuation. One of the bigger ones is this one and http://www.auctionhouse.co.uk/ and if it sells at the auction then you will normally expect a completion within 28 days. You can also try cash buyers like www.homehousebuyers.co.uk who will offer you a sale in 2 weeks normally.

If you haven't had any offers on your houses within a the first month its time to address the price or the agent. Also try stay away from signing long contracts with your estate agent.

 

[Longterminvestor]

There must be potential for a cheeky low offer on this one?