Giving up hope! Help please.

[banjaxedfilly]

We've had our two bedroom flat on the market for eight weeks now and need to decide what to do next.

There's been about fifteen viewings with one offer which was 30,000 below the asking price so we refused it. In the last couple of weeks not even a viewing.

Do we sit it out with our current EA or do you think a change would help?
Alternatively we could take it off the market altogether and wait until the market picks up but who knows when that'll be.

We're in NW10 and are asking 340000, which the EA say is a fair price.

Any thoughts gratefully appreciated.

My opinion is that a £310k offer on £340 may well be reasonable in the current climate. If you're not desperate to move then sit it out but prices may plummet before the go back up.

Sit it out if u don't have to move. If u r feeling frustrated now wait till your property has been on the Market for over 6 months without a whiff of an offer

Wait if you can, but I wouldn't count on the market picking up again for a long while. Is a dangerous assumption.
If it were me, I wouldn't get too focused on the EAs' valuation and how far away offers are, but whether a particular offer would be enough for you to move on with, IYSWIM. If £310k would support your move (and be killer negotiator on your next purchase), then I would go for it - certainly if from a serious procedable buyer.

...to add that 8 weeks is not very long, that some say things will pick up in the autumn for the pre-Christmas traditional season. Depends on your situation and requirements as to whether you wait to see if this materialises.

I think offers 10% less are pretty normal at the mo. I'd take the offer and negotiate on your next place.

Thanks. Will give it some more time and see what pans out.

I found the whole "ask for more you think you'll get" thing very annoying and may just drop the price to our minimum and make it clear to viewers that we mean it.

Again thanks for the replies.

summer is a pretty quiet time in most areas for house buying/selling so 8 wks not that long

Are London prices dropping like the rest of the country though- my understanding is they are not but it depends where you live. Check out various websites like rightmove etc which give stats on your local area before doing anything drastic - there are places in the uk defying the downward shift.

I don't think prices in London are dropping particularly and I don't think eight weeks is that long, especially over summer. What has the feedback been like?