Put advert of my property for sale in letter boxes?

kellyr4 said:
I dont think its about greed, its about being able to afford to trade up to a house.

Other apartments in the development are for sale for between 360 and 380 k. So I am undercutting them all.

There is a new phase to the development currently being built which may turn people off my "old phase" property. The new 2 beds are going for 380+
Click to expand...

are they selling at this price?
 
Kelly4r - you have instructed the EA to sell your place and it sounds like you'll be wanting a bit more from them.

From what you say, they sound like they're giving you excuses when you want some really good advice and support for your sale.

Having had a broad range of experiences with EAs, I'm a great believer in leaning heavily on them (having dealt with six of them in the sale of my place). Its not like they're giving their service for nothing, so make them do a bit more work for you.

It depends just how badly you need to sell. If you want above all to sell, then sit down with them at least once every four weeks and ask them for a progress report on who's enquiring about your place, what sort of buyers they are (i.e. FTBs, investors, whatever) and what they have done to follow-up/encourage them to view etc.

Ask the EA for a summary of what promotion of your place they have carried out (advertising / newspaper writeups etc.) and what they think they'll be able to do in the coming month

Ask the EA as well to tell you frankly what you can do for them, i.e. paint a room, change a carpet, drop another €5k, get rid of the ugly lamp in the corner - whatever it is. Ask for feedback after every viewing - it can be very useful to make the place as attractive as possible.

Finally, if after (say) three more months of this, change your agent or take it off the market for a while. nothing worse than seeing the same place coming up again and again on Myhome - with the price gradually falling.

I have to agree with the opinion of many of the other posters here that if the price is too high, then you're not going to get any takers. Try and make sure you're not overpitching by asking the EA to be completely frank about your asking price and do some research in the general area on other people's asking price - I'm guessing it might cause you to reduce a bit more to undercut them and achieve the sale?

Do you absolutely have to sell right now? In my case I did - I was unable for v.practical reasons to stay in the house I had bought so I'd no choice but to sell and dropped by a substantial percentage to sell - are you in this position?
 
pc7 said:
if you bought it for 250 would you not put it up at 280 and try generate interest that way, you'd still walk away with 30 grand, maybe looking for 320 (making 70 grand) is not what its worth? What are other apartments going for around you?
Click to expand...

You're forgetting the fact that he has (I presume) had to service the debt on the property for the last two years. Even an interest-only mortgage will have cost the best part of 20k over two years, so buying at 250k and selling for 280k doesn't give you "profits" of 30k (and that's before you factor in the buying and selling costs).
 
well you could look like you've been saving 20k and getting an extra 10k, if they want to sell 30k in the pocket after two years is better than nothing.
 
Other appartments may be on sale for €380K to €360K but I bet none of them are selling at that price. In a falling market the only way to sell a property is to by a substantial price reduction, i.e, you may sell if you price it at something like €270 to €280K. If it still does not sell at this price you will have to either reuce it further.

In a falling market buyers are not willing to buy because they believe that they will be able to buy the property cheaper later. This type market psychology gathers its own momentum and drives prices futher downwards because nothing sells. If this continues you may be lucky to get your €250K back!
 
kellyr4 said:
IOther apartments in the development are for sale for between 360 and 380 k. So I am undercutting them all.
Click to expand...

That's the entire point: if you put it on the market for 320, yours will be the one that will sell, you'll still make a profit and you can take your time in trading up.

Are the neighbour's actually selling for what they're asking?

Alternatively, you can wait a few months, when chances you and your neighbours will all be trying to sell for 300....
 
kellyr4 said:
I dont think its about greed, its about being able to afford to trade up to a house.
Click to expand...

I think the reality is your apartment isn't worth anything near what you think it's worth, so you can't afford to trade up to the house you want.

I'm not trying to be harsh. I just don't think people who can't sell are getting it: your property is not worth the crazy money you think it is.
 
I would forget about the leaflets as well - far too much leg work. Another place that you might consider is advertising the property in the buy and sell.
 
I'm on the other end of this property spectrum.

I'm looking to purchase a house and I must say, I'd be skeptical about posting fliers in through letter boxes. On the plus side of course I would jump at a chance to negotiate a house purchase without having to deal with an estate agent but thats just a personal preference.

As a potential buyer I check through Daft and Myhome.ie almost every day. I know exactly what is on the market in my target area and I suspect most other people in my shoes do also. When a new property comes on the market, I check the price first and if this doesn't register on my value radar, I dont even look at the details.
There is no way I will purchase a house at the prices currently advertised. I am looking for at least 25% to 30% reduction, back down to levels that make sense relative to salary levels, interest rates and general affordability.

Contrary to all the EA spin, I am not waiting for the budget, I am not waiting for the new year, I am not waiting for any stamp duty news, I am not waiting for interest rates to drop - I am ready to purchase now with cash as soon as some sensible pricing returns to the market.

So yes I agree with all the other posters above. Its all down to price.
A token 5% or 10% will not be enough for me to purchase. This may take a number of years to play out but Im ready to wait.
 
kellyr4:

I live in the area, and if you drive down around Rathborne you'll see all you have to look forward to in the area is another 3/4/5 blocks of apartments being built. These certainly aren't going to help your cause.

Bite the bullet, lower the price until you get offers.
 
Are you really desperate to sell? If you are then I would put the property up for sale at 300k and if you get this wouldn't you be very lucky making 50k on the apartment in 2 years! To put things into perspective, alot of people cannot sell now as they face negative equity. For example, I bought an apartment start of 06 for 270, 2 months later second phase was up for sale, exact same apartments at 315 - 335 and these all sold out. Alot of first timers with 100% mortgages (I was chatting to some as they queued over night - how things have changed.....) Same apartments now selling at around 290, be thankful your not in that position. When I sold my apartment i was desperate to sell, was with EA and put flyers up in shops (don't think that made any difference though). Had a good few viewings but no offers. Dropped the price to way below anything else in the estate (while still making a profit) and went sale agreed within 2 weeks. At the time I felt a bit annoyed about having to drop the price so much to get a sale but when I look back now I think how lucky I was!
 
Folks

Please don't use Askaboutmoney to advertise property for sale.

I have deleted the references which identify the house.

Brendan
 
kellyr4 just wondering have any of the posts (eg deedee80) made you think of reducing the price significantly?
 
sorry meant are you going to undercut further your local competition eg 300k asking price to get interest? or sit tight and see if they bargain with you? Its an awful hard situation hope it works out for you.
 
pc7 said:
sorry meant are you going to undercut further your local competition eg 300k asking price to get interest? or sit tight and see if they bargain with you? Its an awful hard situation hope it works out for you.
Click to expand...

I think its unfair of you to put these questions to the OP given that their property has been already clearly identified.
 
didn't mean it in an unfair way (I thought property link had been deleted), it was more that I had to do the same last year when selling it was a hard decision and I'm glad I did it. OP was looking for advise and everyone said the same thing reduce the price so wanted to know if she was going too.
 
Kelly,
you say in one of your earlier posts that you'd accept 320K, I can't see the logic in not advertising at that price.
You also should remember that you have probably paid off a few euro of your mortgage, maybe 15 or 20K, so that it may only cost 230K odd to redeem your property when sold, that will be extra money to put towards your new house.

Alternatively, you may just have to bite the bullet and hold onto it, what's the worst that could happen?
 
You must log in or register to reply here.
Back
Top