To think we might have overpriced our house?

[EndemicPanda]

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.

@mindutopia

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.

How does the deadline work? Putting in an offer isn't enough to qualify for stamp duty freeze? #clueless

Lower end of the market has been tough due to drought in 90% mortgages on offer and lenders being more selective with first time buyers.

It might pick up in the new year. I'd wait until early January and if zero interest by then, cut the price and get to top of the rightmove listings for those starting their search in the new year.

I think this is something you should have thought through before you listed because reducing rhe price five days later is going to make you look desperate and clue less. I’d stick right now.

@allswitswooo You have to complete by 31st March 2021 or you pay it.

I did take a hit on price, I reduced twice fairly quickly. We wanted out, we wanted the stamp duty holiday and we wanted a property we'd found. I took a lower cash buyer and that worked for making a deal on the house we wanted.

@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.

No one wants to move over Christmas. A lot want to move BEFORE Christmas.

January is dead.

Spring is the best time to sell - I’ve worked in conveyancing. My husband is a conveyancing solicitor. It’s always been this way.

A few friends have their properties on the market. No viewings at all - for months.

Even in normal years the run up to Christmas is the worst time to put a house on the market. This year is going to be even slower.

It may just take a while

The only reason to do something immediately is if you are on for an odd price which means people searching are not finding it. Eg £405k so therefore any one with a £400k filter on the websites won’t find it

I'm in NI and our experience has been chaotic. We're first time buyers and just got Sale Agreed yesterday on a house that went on the market last week, it was competitive between us and another set of FTB's and we ended up 10k (5%) over asking price.

Several of the houses we have viewed over the last few weeks have sold before we could get a second viewing organised, but others have been on the market for months when we were browsing but not yet viewing.

We've had to book viewings for some more than a week in advance as the slots have all booked up so fast. Two houses I requested viewings for already had offers well over asking price. Some in certain locations have apparently gone for 40k over which is a hell of a lot in NI!

Townhouses, bungalows and houses at the higher end of the market for here seem to be the ones that have been up for months. Like someone else said upthread 3 bed semi's have been flying.

For what it's worth being close to Christmas didn't make any difference to us, apparently it's common here for it take 8-12 weeks to completion, and we have been told to expect 12 weeks as so many solicitors / surveyors / banks are snowed under.