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How much to reduce house by

(27 Posts)
movingdilemma1234 Tue 03-Dec-19 14:14:15

My house is on the market for 395.000. It's not had much interest in the past couple of months and I do think it's overpriced slightly anyway.
I want to reduce it but unsure when is the best time and by how much.
I'm not in a huge rush to move but want to be a bit more pro active for the New Year.
Do you think the week before Christmas?
Would 380,000 be OK to reduce to?

bluejelly Tue 03-Dec-19 14:28:13

Sounds a good idea to me

misspiggy19 Tue 03-Dec-19 14:32:37

£380 or £375

Woeisme99 Tue 03-Dec-19 14:34:04

Are you getting viewings or no?

movingdilemma1234 Tue 03-Dec-19 15:03:16

No I've only had two viewings. One didn't like it enough. The other couple really wanted it but one of them was waiting for some money which never materialised. I did accept a potential offer of £375 from the second couple because that's what I think the house is worth but that's all come to nothing now.
I think I'll go for 380 as then there's room for someone to make a slight offer

Alexalee Tue 03-Dec-19 16:24:11

375 is a rightmove band so would open it up to more buyers who have a search saved with that as their max, at 380 it would go to the same people as it already has

TokyoSushi Tue 03-Dec-19 16:25:26

I'd reduce, but I'd go with £379,950 - it really does look cheaper!

TokyoSushi Tue 03-Dec-19 16:26:09

Ah that's true @Alexalee £374,950 then if you can afford it!

TokyoSushi Tue 03-Dec-19 16:26:48

You could always post a Rightmove link for us winkgrin

movingdilemma1234 Tue 03-Dec-19 16:47:46

Would love to post a link but honestly far too identifying as the house is quite unique!
Thanks for the advise I think I'll go for 379,950 which gives me room to accept a slightly lower offer
So wish I could go for 374,950 as it makes perfect sense but I'd be fearful that people always want to think they're getting a bargain and would make a lower offer( as I would! )

Woeisme99 Tue 03-Dec-19 17:24:56

Ah go on OP, post a link, you've name changed anyway.
If you've only had 2 viewings I'd suggest a drastic price drop into the next Rightmove band, as pp says £374,950

Gillian1980 Tue 03-Dec-19 17:31:12

Could you say offers over £375k ?
That way it’s in the next Right Move bracket but shows you’re not looking at lower offers.

movingdilemma1234 Tue 03-Dec-19 18:01:55

I think offers over 375 sounds a brilliant idea

Kitty2020 Tue 03-Dec-19 18:04:54

I have seen properties priced v keenly recently and they have all gone v quickly for and for the asking price. I don’t see any point dropping the price if it doesn’t open into the next RM price band. You really want to increase the viewings - dropping the price properly increases competition.

Dinosauraddict Tue 03-Dec-19 18:06:15

General advice here and a MN staple - never recommend 'offers over' puts many potential buyers off

SaltedCaramelWithEverything Tue 03-Dec-19 18:10:15

What is the lowest amount you'd be prepared to accept?

Kitty2020 Tue 03-Dec-19 18:10:42

If it’s still on the market - I would just drop the price now rather than wait. We are selling and have just had our 7th viewing (only been on the market 2 weeks) booked for this coming Saturday. I thought it would all come to a grinding halt in Dec with election and Brexit - not had an offer yet but glad of the viewings - think that there is limited stock in the market at this time of year but think its better as a seller to be on the market now rather than lost in the clutter if more comes on in NY?

GumboDrop Tue 03-Dec-19 18:11:16

When I see 'offers over' I think the owners are knobs who over value their house and don't really want to sell.

Jada1234 Tue 03-Dec-19 18:14:12

I would get the EA to organize an open day.

movingdilemma1234 Tue 03-Dec-19 19:44:21

When I see 'offers over' I think the owners are knobs who over value their house and don't really want to sell.
Really good point and I've thought the same before
Maybe I'll just drop it to 375

CobaltLoafer Tue 03-Dec-19 19:50:43

I think you drop to £375k and if people are making cheeky offers you can return to the point that it’s already dropped £20k and you are looking for offers at (or very near to) asking.

Definitely drop it into a new Rightmove band for fresh house hunters!

gonewiththerain Tue 03-Dec-19 19:58:20

I wouldn’t drop until the new year unless you’re in an area of the country where the market is quite buoyant and people are moving for jobs, growing family. If you’re in a retirement/tourist/investment area leave it until after Christmas

movingdilemma1234 Tue 03-Dec-19 20:25:14

Thanks the market is slow here, we're semi rural and point taken about leaving until NY.
I'd thought that if people are at home over Christmas for a holiday it may make sense to reduce just before Christmas

Kitty2020 Tue 03-Dec-19 20:57:33

Busiest day of the year on RM is Boxing Day - people have lots of time off and start googling - I wouldn’t take it off the market at all.....

lastqueenofscotland Tue 03-Dec-19 22:19:49

There is not point organising an open day on a property with no interest!

I’d put it to £375k if it means you end up with two interested parties at that level they may go to asking price quickly to beat of competitors

wowfudge Wed 04-Dec-19 07:27:51

The lack of interest is an indicator it is over priced. Drop it a lower Rightmove band and see how it goes.

ThePug Wed 04-Dec-19 17:22:45

Ours was listed at £375 in the spring, had loads of viewings and accepted an offer of £355 eventually but it fell through. After summer we dropped it to 350 to get more viewings and are about to (I hope) exchange at 340. Dropping by only £15k and within same Rightmove bracket is unlikely to generate any more viewings I’d think so def go to 369950

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