# Selling Apartment New House ready in Feb



## psygnosis (2 Nov 2006)

I am currently selling my apartment and trading up to a 3 bed house.  The house will be ready in Feb.
The apt has been on the market for 2 weeks and I have got 6 viewings should I be overly worried that it will sell in time.
What is the average time scale to sell?  Bridging is going to be expensive if I need it.
Should I tell estate agent I want a quick sale?  Any advice would be greatly appreciated.


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## Vanilla (2 Nov 2006)

Hang on, let me get my crystal ball....

Joking aside, no one call tell you- you have to make a call yourself!


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## liteweight (2 Nov 2006)

Give it a chance. 6 viewings in two weeks isn't bad.


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## psygnosis (2 Nov 2006)

I guess I am just anxious this is my first time selling as you can tell Im nervous over it.  Have another viewing tommorow so fingers crossed.


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## LouthMan (2 Nov 2006)

Make sure the Agent checks that people who bid have Mortgage approval for the amount and he receives this in writing from the lender.

Contact your Legal guy and also make sure he has everything in line.

This may help with cutting down the time to get your hands on the cash.

Where are you selling and how much ?


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## psygnosis (2 Nov 2006)

Not sure if I should say but 2 bed apt north county dublin desirable area for around 315k


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## psygnosis (7 Nov 2006)

up


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## icecool (7 Nov 2006)

psygnosis said:


> I am currently selling my apartment and trading up to a 3 bed house. The house will be ready in Feb.
> The apt has been on the market for 2 weeks and I have got 6 viewings should I be overly worried that it will sell in time.
> What is the average time scale to sell? Bridging is going to be expensive if I need it.
> Should I tell estate agent I want a quick sale? Any advice would be greatly appreciated.


 


I'd suggest 6 viewings in 2 weeks is pretty good


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## psygnosis (9 Nov 2006)

Its 3 weeks now should I be getting worried?
Should I lower the price?


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## Lobby (9 Nov 2006)

A lot of people are concerned / expecting that stamp duty may be reduced in the budget and may be waiting to find out.


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## Billo (9 Nov 2006)

You had the viewings. Were there any offers ?.
The central bank say property is overvalued by 14%. 
If you get an offer I think you should take it saspo.

Rgds
Billo


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## bearishbull (10 Nov 2006)

psygnosis said:


> Its 3 weeks now should I be getting worried?
> Should I lower the price?


Are prices of similar properties in area lower??


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## whizzbang (10 Nov 2006)

psygnosis said:


> Its 3 weeks now should I be getting worried?
> Should I lower the price?



you might want to use the tool on the Daft Report web site to see what the average time to sell for the area is. Should give you an idea of what to expect! [broken link removed]


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## Dreamerb (10 Nov 2006)

Six viewings in two weeks really isn't that bad, and I suggest it's premature to drop the price. Discuss with the agent - ask them what else is on and what levels of interest they're attracting. If you've had no offers (which seems implied, but you haven't stated explicitly) and comparable properties are attracting offers, then ask the agent to be absolutely frank with you - is it presentation, condition, price? Dressing a property just a little can pay off (not to mention keeping it agonisingly clean and tidy!), but if it's overvalued in the first place probably won't really help. 

But some FTBs in particular are waiting for the Budget (where I think they'll probably be disappointed, but you never know), so there may well be a late surge of activity in early to mid December. 

Don't panic - and don't be too frightened of bridging, either. I got bridging at homeloan rates, with the arrangement fee waived, which is pretty good value.


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## whathome (10 Nov 2006)

Dreamerb said:


> But some FTBs in particular are waiting for the Budget (where I think they'll probably be disappointed, but you never know)


The budget is unlikely to be an issue considering the apartment is priced at €315,000 which is below the FTB stamp duty threshold.



Dreamerb said:


> so there may well be a late surge of activity in early to mid December.


I doubt it, interest rates are set to increase again on December 7th.


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## psygnosis (10 Nov 2006)

Hi again,
Thanks guys for all the responses.
I have had no offers to date and no viewings this week either.  My new house should be built by February so it is comming quite close.
I will give the estate agent a ring on Monday and as Dreamerb said Ill ask the estate agent to be frank about the property.  
I can PM people the myhome page I would just prefer not to have it up on AAM .
Thanks again


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## CelloPoint (10 Nov 2006)

psygnosis said:


> Hi again,
> Thanks guys for all the responses.
> I have had no offers to date and no viewings this week either.  My new house should be built by February so it is comming quite close.
> I will give the estate agent a ring on Monday and as Dreamerb said Ill ask the estate agent to be frank about the property.
> ...



Don't put it up on AAM! You never want a prospective buyer to know the seller is anxious - keep your cards close to your chest!


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## DonKing (11 Nov 2006)

CelloPoint said:


> Don't put it up on AAM! You never want a prospective buyer to know the seller is anxious - keep your cards close to your chest!



Absolutely.

A friend of mine a number of years ago heard someone was desparate to sell a house. He went in with a low offer(below what he was prepared to pay) and wouldn't budge because he knew the seller was desparate and got the property very cheap.


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## psygnosis (13 Nov 2006)

House prices in the same area are priced the same,


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## Maine (13 Nov 2006)

psygnosis said:


> House prices in the same area are priced the same,


 
For me in current market bridging finance is higher risk than cutting the price.  For example in the UK bridging finance is very rarely used as it is seen as high cost and high risk option.  It reduces your bargaining position in a slow market.

If you think a 1% or 2% cut would do the trick then do it now.  You do not have alot of time between now and February.  

Note there will almost definitely be another interest rate rise in December.


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## psygnosis (13 Nov 2006)

The way I see it at the mo is that nothing is going to happen till after crimbo.  I think  things will hopefully pick  up then I would be willing to take a 5% drop if needs be.


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## phoenix_n (13 Nov 2006)

Your best bet also is to try and prolong the closing on your other property. Feb is still early in the spring sales so any more room to close will be to your benefit.

Probably should factor in the cost of bridging finance/cancelling and losing your deposit into your overall strategy for selling your current property.


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## auto320 (13 Nov 2006)

Absolutely agree with Maine. I wouldn't even think of bridging in your situation in the current climate.

If you are not in a position to weather a possible storm with two properties on your hands for a few years, lay off some of your bet and drop your price for a quick sale.


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## psygnosis (13 Nov 2006)

Thanks for the help guys when would be a reasonable amount of time to drop the price if no bites say by the 20th of January or should I  hang on a while


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## auto320 (14 Nov 2006)

I would drop it now and get shut of it before Christmas ideally.

Worst case scenario, if stamp duty is reduced or altered in budget, and market doesn't respond, then the bubble has well and truly burst and a lot of people are in trouble. If you can't weather having 2 properties with maybe negative equity in both, better to take a smal hit now and get out.


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## phoenix_n (14 Nov 2006)

Whilst i can't comment on auto320's speculation on a property bust i would recommend pitching the price lower than what you would take in the hope to sustain some interest and maybe even a bidding war. What it will do is give you a very good indication of the market.

You may also like to check out the Sunday business post view on second hand apartments. They had an article on them at the weekend. Sorry cant provide a link.



auto320 said:


> I would drop it now and get shut of it before Christmas ideally.
> 
> Worst case scenario, if stamp duty is reduced or altered in budget, and market doesn't respond, then the bubble has well and truly burst and a lot of people are in trouble. If you can't weather having 2 properties with maybe negative equity in both, better to take a smal hit now and get out.


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## Maine (14 Nov 2006)

auto320 said:


> I would drop it now and get shut of it before Christmas ideally.quote]
> 
> We are short of some information - like is it a hard date in Feb.  What are the consequences - can you delay completion for a small fee etc.
> 
> ...


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## auto320 (14 Nov 2006)

psygnosis said:


> Not sure if I should say but 2 bed apt north county dublin desirable area for around 315k


 
In your shoes, given the very high risk in the current Irish market, I would go with 295k and get out. 295k will stand out as a good value property, attracting a lot of buyers and giving you an edge on the sellers who think that all will be well in January. The 20k will seem like small potatoes if the entire deal goes pear-shaped on you and you are left holding both properties.


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## makindye (14 Nov 2006)

psygnosis said:


> Thanks for the help guys when would be a reasonable amount of time to drop the price if no bites say by the 20th of January or should I hang on a while


 
Hi Psygnosis, without going into the arguments - the very fact that you are on the site asking for advice and not having any interest so far in your property is an indication that something has changed in the market. Most of (the very helpful comments) on these are advising you to move now on price - you seem to want to wait - me id run like the wind. Good


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## makindye (14 Nov 2006)

makindye said:


> Hi Psygnosis, without going into the arguments - the very fact that you are on the site asking for advice and not having any interest so far in your property is an indication that something has changed in the market. Most of (the very helpful comments) on these are advising you to move now on price - you seem to want to wait - me id run like the wind. Good


 
luck.


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