Drop price and/or change agent

[Kandinsky]

We have been on the Market since January and have had 12 or so viewings although these have tailed off in the last few weeks. Our agent is one of the top end agents and our house is priced towards the lower end of the price range that they usually sell. The feedback from viewings is fairly positive but have had no offers. Other agents have approached us and have intimated that they have many more people registered to buy and people will avoid our agent as they assume they only sell top end property. Surely everyone just looks on Rightmove so which agent doesn't make a lot of difference.

I have finally seen a house I am interested in and do not know whether to drop our price or try with another agent. My EA admitted today that if we do drop our price they have no one new to contact and hope that new buyers will register with them as we will come into a lower Rightmove price bracket. There is nothing wrong with our house. It is in a fantastic location; quiet road, walking distance to outstanding state schools and private ones plus easy walk to shops and station.

WWYD?

First I wouldn't take any other agent's word that they have lots of people looking for a house just like yours because, as you have already guessed, if they were that keen, they would be on Right Move or driving around looking for sale boards.

Is your gut feeling that your agent is trying hard and it is a difficult market or that they can't be bothered because the house doesn't do it for them? Who usually sells houses on your street? (In most areas there is generally one or two agencies that do really well in particular streets and/or price points.) I would have a full and frank conversation with your agent about how you can improve viewings and what they can pull out of the bag in terms of marketing. If they shrug and look shifty, call in some other valuations - was there anyone else that was good when you got initial valuations?

It doesn't sound like there is anything wrong with the house so the EA and price seem wrong. I would put it on with a new agent at a lower price. Many people aren't in the position to make offers at the moment as they are struggling to sell their own. I do think EA lose momentum if a house doesn't sell quickly IMO.

Agent could be wrong for the house. I bought a flat years ago from a top flight agent used to selling big mansions! It was the bottom of the barrel for them but I wanted it to renovate and bought it. 2 years later when it was done and I wanted to sell I went back to them as i wanted them to see the improvements and also i liked them but even top spec renovation was too 'cheap' for tehir typical client and after 7 weeks I put it with a more modest local agent and sold in 2 days! I would go for an agent with similar priced things and see what happens HTH

where is your house?

Tbh there can be any number of reasons why a property isn't selling and it's not always to do with the agent. The reality is that if people are looking on rightmove anyway they'll see it, and if they think it's worth going for they might even put in an offer equivalent to what they think it's worth.

Also buyers are doing their research. I've just accepted an offer on my house and our buyer had fully researched what other houses had sold for in the area over the past three months. I've been looking for houses in another area and again have done research in terms of what they're actually seling for as opposed to what the agents/venders are trying to sell them for.

I might be inclined to change agents purely because they will market it more agressively when they take it on, but do bear in mind that with internet sites such as zoopla it is now possible to see exactly how long a house has been on the market even if you change agents and the longer a house is on the market, the more people start to wonder what is wrong with it.

This Jan?? That doesn't sound long to me. Things are starting to pick up now, I wouldn't worry yet.

I know 2 months isn't that long but for a person who is not naturally tidy with teenage children this is very hard. The EA seems to be very professional and always gives feedback after a viewing but rely on people contacting them after seeing it on right move. The other EA claim to have a much more extensive list of potential buyers.
We live in a popular commuting town with excellent state schools. Just need to be patient I suppose and hope the Market picks up now the budget is out of the way and the sun is out.

Met with a few of my housey/interiors pals last weekend and there is no way things will 'pick up'.The reverse in fact.

I'm trying to stay positive!
The worry over peoples job security and the lack of lending to first time buyers cos we all borrowed too much over the last 8 years all means it is pretty slow at the moment, and yes, I'm sure it could well get worse. There is more coming on the market locally here, which is why I say maybe it'll start picking up. People seem to start looking more in the spring.
I've been having to tidy for viewings on and off since August. Toddler toys don't stay put away for very long. I hate it. Hoping our buyer will find a new buyer soon so I don't have to go back to the stress of going through viewings.

I'd switch agents to one where your house is in their 'sweet spot'. I sold my flat to someone who wasn't really looking where it was but the EA persuaded him it was worth a look because it was such a great flat. And that's exactly what happened when I bought it. A good agent can make a ton of difference, especially if people are only searching on RightMove within X miles of somewhere or whatever. If you think they don't do anything other than stick them on RightMove, there's no point in having an agent really is there?

It's currently a very tough market especially for people trying to sell in the lower end of the market, because there are simply no first-time buyers due to bloody-minded mortgage "lenders". Our lovely cottage in a desirable village with two outstanding primary schools and the best secondary school in the LEA has been on the market for 18 months now. Lots of viewings since Jan, but still no takers. We will drop the price again soon, but by that point we will be taking a 20 pc hit and just can't take more.

2 months is nothing in this dire market.

Bloody minded mortgage lenders! How dare they only lend to people who they think can afford the repayments! Arf

To OP - really difficult to know what's best - I'm sure many people look at everything on RM/internet and are registered with all agents in their area of interest. Whether you change agents is up to you - possible they might be able to bring in new viewings. You could quiz them more deeply as to how many prospective buyers they have on their books at present who are looking for a house like yours and are in a proceedable position so you can make an informed decision?
I guess it all comes down to contracts and costs.
Have you thought of marketing yourselves? Through Hatched or something like that, who have access to RM?

If you're wary of moving price, can you push the fact that you are open to considering
offers? i.e. from proceedable buyer? (theirs under offer/sold/mortgage agreed/good deposit etc).

I'm talking newly qualified doctors with 20% deposits being turned down for mortgages because shock horror they have student loans. The lenders have literally stopped lending except to perfect candidates or on punitive rates that noone in their right mind would take on. People who could perfectly easily afford the repayments with good stabl jobs are being turned down at the moment. When were you last in the market for a mortgage, lovelymonster?

Am in the market right now. Have a mortgage agreed. Went through the most scrutiny over incomings/outgoings/affordability ever experienced in the last 15 years (have changed mortgages a few times). The mortgage market has changed dramatically.
Prices in our area have never dropped and are easily 20pc over what some may have called the peak, so we may never buy as we can't find anything we would want for our long-term family home. We are extremely fortunate. We can stay put until the right opportunity comes along.

nothing to do with bloody minded mortgage lenders
how are you taking a hit of 20% is that off the asking price?
because that is just a hopeful guess IMHO
you will only be taking a hit of 20% if that is off what you paid and if you bought at the top it's caveat emptor isn't it?

FWIW unemployment in Drs is about to soar (gov plan was to train more to hold down wages amongst other reasons) and it is about to happen,
plus no wage increases for last 2 years and none in the pipeline.....!

does anyone on here think interest rates will still be 0.5% in a year?

(mind you did anyone think they would hold them this low for so long?)

beanlet i have to agree with others, I am afraid, mortgage lenders are finally lending to those who can afford it. interest rates will go up and up, cuts and a possible the second dip will be hard on the private sector. i am also house hunting, but in holland and it is as dire there as here (nobody is dropping the prices though, just sit put for the months and months, no new properties coming up). i do not need a mortgage, but i would be super careful getting one now.

If you've had lots of viewings but no offers PLUS your agent says you need to drop the price then I would have thought it was quite plain to see. Your flat is over-priced.

Sorry. You guys really have no idea what you're talking about.

beanlet i guess i have to take your word for it maybe that is why i keep buying low and selling high

In what respect, beanlet?