How much should we reduce the price by?(22 Posts)
We are on the market for offers over £280k. We are in Scotland in a nice area and some houses have been selling...others not. We had our home report done as these are still required in Scotland and valuation was £290k.
We have a note of interest but nothing has come of it so we want to move on as we are relocating and don't have time on our side.
How much do you think we should reduce by to get some more interest? We have not had a viewing for 4 weeks so obviously price is a problem.
We have been on market since 6th Aug with a local high street estate agent.
We are also getting new photos done as they are not great.
Please let me know how much of a reduction you think would be required to stimulate some interest.
Thanks in advance.
How urgent is it that you sell? Are you relocating, or chasing a particular property you want to buy?
Personally, as a buyer, I hate 'Offers over', I much prefer an asking price with the assumption that I can offer under it (albeit that the seller might not accept). I think it puts people off making offers - if they think you won't accept lower than £280k they won't offer lower....so you end up not getting offers at all. But I'm not sure if 'offers over' is more common in Scotland so if you're just going with the norm then ignore me!
What do the agent say about the price? Have you spoken to any other agents (are you allowed to per your contract) - if you can do, I would get a 2nd opinion too.
Difficult to say without knowing your house/area. Maybe £275 "Reduced for a quick sale" /or/ "Early vacant possession".
Look at your house brochure witha critical eye - you need some good photos of the house's best features. Make sure your house looks spotless. De-clutter. Fresh flowers on view (at least for the photo session). Consider "kerb appeal" - can you improve the outside appearance of your house with plant pots, tidy front garden, shiny windows, clear gutters and so on.
go to fixed price of £290,000 with a view to accepting £280,000
You will have justification for the price and fixing will in itself attract viewers.
I too live in a nice area of Scotland and things are not selling for their valuation. Near to us a house was valued at 690, put on at offers over 600 and has only had offers just below 500. You may also find that your offers are below 250. Good luck.
7to25, you think she should put the price up? That would be an odd choice with no interest at the lower price!
I reckon, as Bradbourne says, really concentrate on your photos and brochure. Change agents if you don't feel fully confident in the ones you are using. Get great photos - if the agent isn't a great photographer, have you got a friend who's good, could you ask for a different member of staff? Repaint any tatty bits first, mow lawn, tidy flower beds, clear surfaces, clear clutter. Look at the images as they take them and make changes if necessary. Get them to spend enough time doing it. Move furniture if needed, clear worktops, open curtains, remove nets, put lamps on.
Then remarket removing the 'offers over', ensure they are using all available websites (is it on Rightmove? Prime Location? Etc), is in their window, in the paper.
Ensure they are doing their job. And bug them regularly. You should be getting a call from your agents a minimum of once a week, for them to update you with what they've done for you, how many sets of details they've given out, hits on websites, etc. If you are contacting them often, they will feel silly if they have nothing to say to you so will make more effort.
Hope that helps!
the price has not gone up.
The expectation for an offers over bid would be at least £300,00
This is Scotland and an offers over suggests competition between buyers. A fixed price is attractive as here we have to shell out on surveys before a competitive bid is made. When the missives have been concluded, the offer is binding, or a penalty is laid. therefore any suggestion of chain free or otherwise is not relevant as all Scottish transactions are chain free.
We didn't do a survey before putting in an offer, in 2006. Offer was subject to survey coming back fine.
Would put "overs around 280k" .
How much do you seriously want? If it's 280 then put 'asking price £280K' and see what happens. Or 'in the region of' if you can afford to take a lower offer. Ditch the offers over. You might find people are pleased with your honesty instead of the stupid games we go through buying and selling a house.
Also see about paying the buyers' Stamp Duty.
Up here very few houses are being sold over the valuation; about a third (so I am told) goes at valuation price, pretty much everything else goes under by varying amounts. Around the £280 price bracket there are quite a few properties being marketed as "xx under valuation", with the xx varying between 5-20 k (although locally I have just seen a house valued at £143k, gone to OO £139, gone to fixed at £131 and now reduced to £110)
I think the Scottish Offers Over system will disappear before long, but it's tradition and many sellers are very reluctant to adjust to the new situation. I think Fixed at £275 sounds reasonable; 'offers around' sounds just wishy washy to me. And a new price will usually mean that your property gets bumped up the new listings.
Does putting it on at offers over £280k stop people using search engines finding you? Those who will pay up to £280....not sure how your system in scotland works. Would £279, or £275 mean more people found you through internet searches?
What is the price like compare to other similar houses on the market? Have you looked at whats going for £280 and is it good competition, better or worse than your house? That may help you finding a new price. You can search to see what prices have been paid for house so you could try that also.
Since 6th August isn't that long, is it? I wouldn't have thought August even counted as so many people are away.
What's the competition like? How does your house compare to other homes in the area in that price bracket?
How much lower are you prepared to go? I'm thinking the 250K stamp duty step may be putting people off.
Thanks for all the replies very helpful to get advise from people not directly involved.
We are moving due to dh job so have until April 2012 although he could go first and then dd and I could join later but no later than Sept 2012 for new school year.
Thanks for advise re photos. I think ours make the place look too ordinary when its actually really unique. It's a conversion within a mansion house with original features, turret room etc. Friend of a friend who is photographer is going to help us out on that front.
We will be coming up in searches for 280k but I think like people have said the offers over thing is off putting and makes people think our expectations are high. We are ok to go as low as 265k if need be so huge difference really.
Paying stamp duty if an interesting one. What about going fixed price 270k but if that puts people off due to stamp duty we could pay difference between 3% and 1%.
Actually tempted to go fixed at 265k to try and get it over with. Quick sale will allow us to move in with my parents for a few months which will save us several thousand on mortgages and council tax etc so that could make up for some of the price drop.
Oh the joys of selling!! Thanks again.
I think £265k would be a good move if you could take the hit.
Becaroo think I agree with you and would rather take the hit and get it over with. I think at 265 we will be competitively priced in relation to other property on market and if it still doesn't sell it will be because nobody is looking right now!
Am going to take other's advise too about the pictures, flowers etc.
Wish us luck and if anyone else has any good ideas they will be gratefully received.
Good luck. Another suggestion I'd make is to come across as determined to sell rather than a take-it-or-leave-it attitude, 'I can wait till April for the right price'. I'm thinking there'll be others in my position recently who just ran away from anyone who looked like they were just testing the water or not as committed to selling as we were to buying. I know the situation is different in Scotland but we were badly burned with timewasters here who changed their mind 2 days before exchange (twice).
Thanks footballfriendsays. We will do our best...just need some viewers now! I think in Scotland there are less people just testing the water as we have to shell out for the home survey too which is £500+. Hopefully our new price will help. Thanks again.
Just a word of warning. Anything below £270k is too close to £250k and if your asking price is £270k most people won't pay over £250 due to stamp duty. Just something to think about.
Hi ellefabulosa yes that is a consideration. Will cross that bridge. Thought we could maybe pay the difference between the 1% and 3% or something. 250k would make it almost not worth selling..would perhaps have to rent it out instead. Our last house we sold back in 2006 for fixed price of 260 but 2006 was very different to 2011!!!
How about reducing and offering to pay SD???
That would put you in a very strong selling position IMO if you can do it and it would make your house stand out from all the others x (said as someone looking to buy!!!)
<<Jo-Jo - should also say we were desperate to move and completed in August - sold for £19.5K less than asking. If you can take the hit, do. We dont regret it!>>
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