What’s an acceptable price reduction for a house?

[BananaMilkshakeWithCream]

We’re first time sellers of a house. So far we’ve had 14 (I think) viewings and only one offer. The house went on the market last Thursday and three of the viewings were this evening so obviously no feedback from them. Anyway, the one offer was 6% below asking price (£15k).

Is 6% a lot? Especially if we get no other offers. Absolutely no experience of being sellers so advice would be much appreciated.

Well it really depends on what the market is doing where you are, and how your house price compares to the competition to be honest, sorry that's not a very helpful comment! On the face of it 6 per cent sounds a reasonable offer but the market is so variable at the moment.

If it’s priced 10% over market value 6% off is awesome. If it’s priced 20% under than it’s a kick in the proverbials.

You can't say if it's a lot because it depends on so many variables.

I'd give it a couple of days to see if there are any more offers from today's viewings before deciding on the first offer.

I don't know if the market is cooling or there's something unusual with your situation, as 1 lowish offer from 14 viewings sounds atypical from recent reports of multiple offers above asking price.

Thanks. It’s definitely a ‘how long is a piece of string’ question. I just want it to sell ASAP!! Doesn’t every seller though! Apparently one of tonight’s viewers had an offer turned down on a nearly identical house that was £5k more so maybe they’ll offer…

The housing market has really slowed here after months of everything selling over the odds within hours.

As others gave said, it's all relative. It depends on the market in your area and whether you were over or under priced to start with.

Woohoo, we got an offer today of £263k which is just £2k below asking price. As we have a house lined up we practically bit their hand off. So chuffed!

I think a cooling off was expected after the frantic rises of the last few months. I don't think there is an snswer to this. Depends on how likely it is you will get a better offer. And how much you need to get for your housd to enable you to buy the house you want.

Didnt see your post. Thats good news.

Thanks, it’s been a bit nail biting here 😂