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Would you drop the price?

(45 Posts)
Namechange10006 Thu 22-Sep-16 19:13:57

I've had my London house on the market since May and have had zero offers, literally nothing. Lots of viewings, no offers.

My neighbour sold one year ago for the same as my asking price. Our houses are basically identical.

So that's why I've been hesitant to drop the price so far.

But am now tempted to drop it by about 7.5%. Should I? Or - if people were interested - would they have offered this anyway?

It's so frustrating. I have no idea what to do!

It is actually a lovely house, modern though, not period, and I know that's a sticking point in London. But the interiors are in great condition etc!

Dollykazaver Thu 22-Sep-16 19:18:57

What does your agent say?

AndShesGone Thu 22-Sep-16 19:20:06

A year ago for the same price? Wow, yours should have gone UP by what, 14% since then? - have you checked what it should have gone up by?

I've been watching the market really closely and I think even though prices have softened a bit since Brexit they've not really fallen - all the stuff I like has still sold quickly.

If you're not desperate to sell I'd take it off til April and benefit from the spring bounce.

Check by posting photos or asking the agent for feedback that there's not something glaringly wrong with it - it's weird it's not sold a whole year later for the same price

DustOffYourHighestHopes Thu 22-Sep-16 19:21:05

Your agent should be getting people through the door.

I think it's probably people not wanting to buy over summer/holidays etc. It will pick up again in early autumn, then again after new year.

I wouldn't drop it right now. I'd be asking agent serious questions. They priced it for you, after all.

BigGreenOlives Thu 22-Sep-16 19:22:31

I think it depends where you live - prices haven't gone up in all areas in all price brackets. I think the over £3m bracket has really slowed down,

Namechange10006 Thu 22-Sep-16 19:32:55

I haven't spoken to my agent about it yet, but was planning to give them a call tomorrow. They're nice, but I think they tell me what I want to hear!

It's on at £850,000 (not the mega £3m sadly!) biggreenolives

Wow gone up, andshegoes! I haven't looked to see what my borough has done in the last year. I just can't understand why I can't shift this house! Like I said, it's a small modern house and I'm wondering if that's why?

We have a cat, would a pet affect it???

But yes, zero offers. It's driving me mad!

DustOffYourHighestHopes Thu 22-Sep-16 19:59:11

It's not just about offers, it's about how many serious buyers have been to visit.

If lots of viewers, no offers - I'd be worried and asking agent for feedback. Agent should be asking for feedback from ALL viewers. They might not get feedback, but they should ask for it.

If not many viewers, just leave it. Agent might get more registrations this autumn.

HereIAm20 Thu 22-Sep-16 20:01:02

If you could possibly stand blunt criticism maybe post the rightmove link and let the mumsnet jury give opinions on it. Ask a non pet owning friend to say whether there is cat smell. My mil's last house stank of cat wee in the hall. We had the carpets steam cleaned and it sold a week later. She had gone nose blind

lalalonglegs Thu 22-Sep-16 20:05:49

Sadly for you, I believe prices have gone down - I am getting lots of RM alerts for reduced asking prices and houses being put on at lower prices than they would have been a few months ago. In London especially, there is huge uncertainty regarding Brexit and, unless people are very keen to move, most are just waiting to see what happens. I received a list of auction results today from Andrews & Robertson who usually have thriving sales - it said 80% had sold but, significantly in my opinion, that number was bulked out by a lot of ground rent sales which more or less guarantee a certain rate of return; of the actual properties that were for sale in London, many were unsold or withdrawn lots. This is worrying for those wanting to sell because auctions generally give you a barometer of the sales market.

I've had my eye on a couple of houses that were for sale conventionally and both have been withdrawn from the market, presumably because of lack of interest. Unless your house is very desirable for some particular reason (it guarantees entry to a great school, for example), I think the best thing you could do is reduce the price and hope for the best. Sorry.

Artandco Thu 22-Sep-16 20:12:42

Brexit, prices have dropped

LikeASoulWithoutAMind Fri 23-Sep-16 11:11:23

What feedback have you had from viewings?

alazuli Fri 23-Sep-16 15:08:25

if a property isn't selling it's because it's overpriced. the market last year was a very different one to the one now. if you're desperate to sell i'd drop the price. things are still selling in london but only if they're realistically priced.

Glittershoes22 Fri 23-Sep-16 15:50:39

If you can wait until next year I would take it off and remarket in Spring. I don't buy into the Brexit = price drop thing especially in London and the South East. The fact remains there aren't enough houses for the people wanting to buy them. People might be deferring their purchases in light of brexit but I suspect it will recover in the Spring.

Also getting a new agent in with a fresh set of photos can do wonders!

EssentialHummus Fri 23-Sep-16 15:57:08

What feedback have you had from viewings?

Are you up for giving us a RM link?

I'm seeing loads of reductions round my bit of London, so it could be that - not so much among FTB flats, more small family homes £500k - £800k.

But, my God, London wins for useless estate agents - my flat (that I eventually bought) was on the market for a year before I bought, in a rising market, because the agent was properly useless. Can you get a friend to call the agent and show interest, see whether they're proactive?

TotalConfucius Fri 23-Sep-16 16:07:58

If no offers/negotiations over the next couple of weeks, I'd take it off and put it back on about mid-Feb. You get to a point in the autumn when people think well I'm not going to be in for Xmas so might as well wait till New Year. Start talking to estate agents (different ones) after Xmas.

lostowl Fri 23-Sep-16 16:13:01

We're not in the same league as 850k but we accepted an offer for below our asking price last week after being up since May. I was getting fed up tbh!

Sameoldiggi Fri 23-Sep-16 16:17:25

Get a critical friend to give you some honest feedback. Check the house particulars too - they might be offputting in some way.

EssentialHummus Fri 23-Sep-16 16:20:15

Also - as you can see, EA cock-ups are my forte - check that the particulars are correct. There's a lovely house for sale near me that's in the catchment of the local all-singing, all-dancing everyone-goes-to-oxbridge secondary, but the agents have typed the postcode wrong (or something), and on RM it appears about a mile away, out of catchment. Has been on for months.

Sameoldiggi Fri 23-Sep-16 16:24:46

You should do a good deed Essential, and tell the owner!

EssentialHummus Fri 23-Sep-16 16:27:28

I actually should same, you're right.

YelloDraw Fri 23-Sep-16 16:57:02

Aw, lets have a RM link and we can see if there are any major issues! :-)

TheVirginQueen Fri 23-Sep-16 17:06:21

I'd love to see a link. When I bought my house there were several in the same drive for sale and my neighbours told me that mine ''went for a song' compared to the others!" I bit my tongue.

TheVirginQueen Fri 23-Sep-16 17:11:35

Just read it's modern! well, I'd embrace the modern. Really nice house number. Modern front door. Go completely modern. Not like please accept our apologies that this house is not period.

EnriqueTheRingBearingLizard Fri 23-Sep-16 17:20:48

If you've not had any offers at all, even a silly one, I doubt it's down to the market.

I'd be removing it from the market, refreshing some styling and then choosing a different agent I think.

Summerysun Fri 23-Sep-16 18:56:47

I could have written your post! Except my London place is not the same price as yours.

I just dropped the price on mine this morning. In January it was on at £675k, after brexit, swapped estate agents and dropped it to £650k and today dropped it to £600k. Pretty much because I'm about to have a baby and pretty desperate to move. It's been on since JAN!

Like you, my neighbour recently sold (I think about a year ago) for a similar price to the last one I was asking for - £640k.

Would love to share a Rightmove link of mine and get your opinions? Don't want to crash your post though, OP....

Also have a modern house.

What do you all think? Any suggestions as to why I can't budge it and what I should do?

If it doesn't sell soon, thinking of letting it and renting.

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