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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

To think we might have overpriced our house?

32 replies

EndemicPanda · 20/11/2020 08:32

Our house went on the market on Monday. We live in a large English city. I know things will be quieter than normal due to COVID restrictions but we haven't had any viewings yet. I suppose we might have some tomorrow and the estate agent hasn't contacted us about them yet (they only have to give us 24 hours notice).

AIBU to think if we don't get any viewings for tomorrow then we should conclude that the house is probably overpriced and we should drop it? Or would that be too hasty?

We've found a house that we love so I'm keen to sell ASAP and also get the stamp duty break. The agent did warn that interest was beginning to wane at the lower end of the market.

OP posts:

overwork · 20/11/2020 09:15

Did you get a few valuations?
I suppose you have to work out how much you need to get for this house to afford the next one and go from there.
(FWIW I just sold mine after 8 weeks for asking price to a cash buyer, but then we weren't going to move for anything less than asking price so we were more than happy to wait it out).

Foxyloxy1plus1 · 20/11/2020 09:58

It’s been on the market for less than a week. They say that the majority of interest is in the first fortnight, so I’d wait a bit. It looks a bit desperate, in my opinion, if you reduce the price after a few days.

yelyah22 · 20/11/2020 10:02

I'm surprised you've had no viewings at all yet - in my experience we've always had a handful within the first 24 hours. I think that's probably a lot to do with the current market (i.e. too close to Christmas slowdown/Brexit/potential to miss the Stamp Duty deadline, so people are holding off) but it could be overpriced.

I assume the price is in line with others in the area of similar size/interior quality? Is it a popular area? Is it a huge house and very expensive, hence a smaller potential audience?

SimplyRadishing · 20/11/2020 10:14

I got 2% under asking but it took 3 months and I had no viewers at all! for 3 weeks
My flat was good size good layout and good area /location
The first guy who came to view was an arsehole who aggresively demanded I justify the asking price because he could see i'd bought it for 200k less 5 years ago ( it had no heating, needed new kitchen and bathroom and complete renovation) it's also the market that dictates the price... He then said it was too small (95m sq 2 bed) and he would think about it but I would need to drop 75k off asking price as a minimum

At this point I was panicking due to lack of interest and wanted to drop the price my DH just kept saying "dont worry we just need one good buyer."
He was right

mumwon · 20/11/2020 10:18

Give working people at least the weekend to look on Rightmove! people might not be looking for the moment because of lockdown & because of Christmas - wait for a month or until after Christmas

GreyishDays · 20/11/2020 10:19

Leave it another week. You often don’t get any interest the first weekend in my experience. I think people like to ponder.

WhySoSensitive · 20/11/2020 10:23

It’s been five days? Our last house in a sought after area - not during a pandemic took almost a month for the first viewings at a reasonable asking price.

DryRoastPeanut · 20/11/2020 10:42

You put your house on the market on Monday of this week? And it’s now Friday, about 5/6 weeks before Christmas if I’m correct.

I think you’re being ridiculous to even expect any viewings within a few days of going in the market. Has your house even been posted on rightmove or zoopla yet? It’s not instantaneous.

Give it time, you’re in a hurry but the rest of the world isn’t. Peoples jobs are not guaranteed right now, wages are lower due to furlough etc.

You might not want to hear this, but if I was in your shoes I’d not expect a sale this year, maybe after Christmas. But you could get a viewing tomorrow and have an offer by Monday. The point is, no one knows, but stay realistic.

flaviaritt · 20/11/2020 11:00

Coming up to Christmas in lockdown and the weather has been awful. Hold tight.

garlictwist · 20/11/2020 11:02

What's it being near Christmas got to do with it, out of interest? I don't see why that would impact people putting offers in/doing viewings.

Original poster

EndemicPanda · 20/11/2020 11:04

I assume the price is in line with others in the area of similar size/interior quality? Is it a popular area? Is it a huge house and very expensive, hence a smaller potential audience?

It's hard to tell, it £25k cheaper than Victorian houses in the same area in reasonable condition, but it's one of the few new-ish builds in the area so hard to judge. A new-ish build down the road went for £40k less recently, but ours is 50% bigger (3 storey instead of 2 storey). It's looks quite nice compared to most new houses I think too. It's a bit above the national average price but the estate agent suggested that we'd still be looking to appeal to first time buyers. The area's not amazing but has been increasing in popularity. Decor is neutral (possibly a little bland in some rooms).

It's just with the stamp duty holiday ending and having found a house that we really like, I'd be tempted to knock £15k off and secure a quick sale than hang around, lose the house that we like and/or have to pay an extra £15k in stamp duty. It doesn't help as well that there a lot of other houses that aren't even as good as the one we like that are going for £30-50k more. Technically, we could knock £75k off our house and still afford to move (although I don't want to go that low obviously!)

OP posts:

VinylDetective · 20/11/2020 11:05

@garlictwist

What's it being near Christmas got to do with it, out of interest? I don't see why that would impact people putting offers in/doing viewings.

People are focussed on other things.

Is this the first time you’ve sold, OP? Three days is nothing.

Ilovesugar · 20/11/2020 11:07

Don’t panic yet, I’m sure ours went on the market last year and we didn’t get a viewing for the first week then had loads.

@garlictwist I think the whole thing with Christmas is people want to be either in a new property for Christmas or they wait till after Christmas to look as they don’t want the stress of house hunting / completion and Christmas.

Stantons · 20/11/2020 11:07

The market is definitely slowing down

BernadetteRostankowskiWolowitz · 20/11/2020 11:08

Has your EA called round the people on their books who are looking for a home similar to what you are selling?

flaviaritt · 20/11/2020 11:09

What's it being near Christmas got to do with it, out of interest? I don't see why that would impact people putting offers in/doing viewings.

People have gift shopping to do, the tree to get up, need to clean the house for decorating etc. It makes a difference.

sophandbridge · 20/11/2020 11:10

@EndemicPanda

AIBU to think if we don't get any viewings for tomorrow then we should conclude that the house is probably overpriced and we should drop it? Or would that be too hasty?

We've found a house that we love so I'm keen to sell ASAP and also get the stamp duty break. The agent did warn that interest was beginning to wane at the lower end of the market.

If your house is at the lower end of the market then maybe it's because the market is slowing now as xmas gets nearer, it's at a level where the stamp duty break isn't going to have as much of an impact as it is with more expensive houses.

Name change and post a link so we can be nosy we can give relevant advice perhaps?

YoniAndGuy · 20/11/2020 11:16

It's too close to Christmas. People have other stuff keeping them busy - I would honestly put it on in the new year.

Alexandernevermind · 20/11/2020 11:19

Give it till the end of lockdown before you review price. YABVVVU not to a add a link to your home - you know how nosey we all are ;-)

Littlecaf · 20/11/2020 11:23

We’re on the market at the moment and the first three weeks were busy but since lockdown only had one viewing - we have one tomorrow but that’s been it for the late two weeks. We’re in the middle of a pandemic, it’s going to be quiet. Give it a few weeks at least. Good luck!

mindutopia · 20/11/2020 11:24

We’ve been trying to buy since the spring (vendors pulled out of a sale just before exchange and it’s been a nightmare since). My perception is that the deadline for making the stamp duty holiday is pretty much passed now, so people aren’t as keen as they were a month ago. I know the last house we made an offer on (went for more than £80k over guide price as that was our offer) was having 18 viewings a day within the first week of being on the market. I think you probably haven’t given it enough time but also everything is just quieting down a bit.

2GinOrNot2Gin · 20/11/2020 11:25

Have you look at houses like yours and seen how fast they're moving?

We're moving, where I am house like mine, 3 bed semi are selling stupidly fast. We sold ours in a day! The house we're buying which is bigger had been on the market for months nothing at all wrong with the house, just very little market for it. We viewed lots of detached houses and majority are still on the market now but anything terrace/semi is gone within days.

Keep an eye on some similar properties and see what's happening with them. If they'd selling and yours isn't getting viewings then there's a problem. But if they're all staying on the market for a while then it's just down to the demand in your area and best to just wait it out a little

Sparrow91 · 20/11/2020 11:28

We’ve been on the market about 4-5 weeks and had 3 viewings + 2 cancellations. The market is super slow and we are at the low end of the market (£150-200k).

We have discussed dropping the price but have been told that realistically we wouldn’t meet the stamp duty deadline now considering the backlog for mortgage offers and surveyors. And we’re porting our mortgage too - they still said it would be at least 4 weeks just for this to be sorted.

IMHO, I’d keep the price as is and not assume you’d get the stamp duty at this point I’m afraid :(

Pemba · 20/11/2020 11:30

I don't think most people would have gone out seriously viewing and setting their heart on their next property before their current one was even on the market. That way lies disappointment, surely.

Also, hard for the vendor to take you as a serious prospective buyer at this stage I would have thought? At least you didn't make an offer I suppose.

BernadetteRostankowskiWolowitz · 20/11/2020 11:34

Townhouses are usually harder to sell aren't they? Especially if the ground floor is a bedroom - is yours?

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