what's the logic of this - vendor reduces asking price for 2 months and then puts it back up.

[PogoBob]

Found a house we are interested in and been doing some research - according to the EA it is an ex-rental , that the vendors have decided to sell and has been empty since it went on the market.

Looking at land registry, it hasn't been sold since 1995 and was put on the market in March this year at £160k. At the end of May it was reduced to £157k but then put it back up to £160.

The market isn't fast moving here, stuff is selling but generally only after being reduced.

Can anyone see the logic of dropping the price then putting it back up again, making me think they aren't going to be receptive to the type of offer we'd be making!! (happy to walk away if we can't get it for the price we want so not too worried)

Hi. Sounds like they were trying to sell it around May so reduced it then had second thoughts or found themselves a property where they needed the £3k.

People do weird things. There was a house up the road From us at £480k. It was on the market for about 6 months and nothing. They eventually had an offer at £479k and rejected it. They then put it back on the market at £485k and it still hasn't sold. They claim that the EA undervalued it and this has all been since 2010.

They may have changed agents.

Thanks both - same agent throughout and it's thier second home so no onwards purchase (admittedly that second bit is only what the EA told me so may not be the case!)

I expect they reduced it on a whim, then changed their mind as they thought the lower price gave the message that they would "be receptive to the type of offer you will be making". By reverting to the higher price, they hope any offers will be pitched higher.

Can you ask the agent why?

Lots of vendors still don't realise that with propertybee and the suchlike, you can see a house's price history.

They'll have responded to earlier feedback and done some work to it.

Or they'll have fallen in love with somewhere else and it's more expensive than they'd originally thought. Increasing their own price may reduce the gap (crazy thinking often encouraged by agents).

Or they'll have received an offer that they didn't feel was in the right ballpark and think increasing the price will make it appear more of a bargain.

Daft, really. When we sold, the agent told me if you're going to get an asking price offer, it'll come from one of the first three people through the door.

Thanks for the thoughts, guess I could ask the agents but have much faith in getting a straight answer!

If they have done work I'd love to know where as it looks the ex rental property to me!

Guess we can only wait and see what happens

There are always those who remain ever-optimistic of that post-summer bounce which estate agents go on about. Perhaps they reduced to make their house more appealing for the summer lull but think they can get more viewings and higher offers over the next couple of months?

Or they could just have wonky thinking. PILs fall into this category. They've been marketing for the past year at £320,000 (far above average for the area/house type) and receiving offers around the £275,000 mark. So rather than realise that people aren't willing to pay what they want and drop accordingly, they've recently instructed their agent to increase the asking price to £350,000 to set viewers' expectations higher and make them realise that offers under £300,000 would be cheeky or stupid.

Foolproof, huh?!

Except they got another offer of £260,000 at the weekend!

I'd just ask the agents. Whilst merchants of tall stories, I've found most will be reasonably truthful and upfront if you make it clear you have a figure in mind which you won't go above and won't bother viewing if it's unlikely to be accepted.