To lower the price or sit it out???

[CuddyMum]

I am wondering whether we should lower the price on our house now, wait or just to take it off the market. Estate agent said they are quiet due to summer holidays, Olympics etc. I don't want to give the house away (so to speak) and find that the houses I'm interested in won't budge on their price. What to do???

I reduced by £15k.

OP - a 3% reduction! Are you serious.

Of course I'm serious! People will still want to take a further chunk off too.

Most buyers are mentally taking off 10% of every price they see. Better to have a price that looks a better deal than the competition eg 395k fixed price would probably shift it. 3% not enough in this market

There is no competition unfortunately.

Did you get any interest yesterday?

We reduced by a mighty 1.3% and suddenly had a rush of interested viewers - where we had virtually none before. Admittedly we might need to drop a bit more to turn those viewings into offers, but we'll decide that in the next week or two.

So, I don't think 3% is that silly! Hope you get some people viewing and offering soon, CuddyMum. :)

Rightmove updated yesterday but agents say they are not getting viewings on anything at the moment. I believe the house is now priced right at £435k - three agents all valued at £450k. I'm on holiday soon for two weeks and hope that someone comes to view while we are away. At least it won't get untidy!

I just did a rightmove search on sold prices in my area.

we have spent a great deal of money on our house and expected to be able to get it revalued for remortgage purposes, but it looks like it will still be worth less than we paid.

Lots of people are selling for much less than they paid. If you are upsizing you might still be better off

We were hoping to downsize really.

Well someone who has viewed twice already has come back to my old EA and said they are still interested but they still haven't put their two houses on the market. They are suggesting a third viewing. Hmmm. I'm on holiday soon for two weeks - they could come then as the house will be tidy anyway but until they actually market their houses (they are a couple moving in together) then it seems pointless. Luckily I still have a good relationship with my old EA.

I never allowed those unable to proceed to view my home.

Fingers crossed they will get a chain going and make an offer on yours.

Good luck, but having experienced how hard it can be to sell one house I expect you're not holding your breath on them selling two...

No, not holding my breath :(