3 weeks, no offers - lower price?

[mudpiesfortea]

Our house has been listed for approx 3 weeks and we've only had 6 viewings and no offers. Our estate agent thinks we should lower house. Thoughts?

A lower price means more likely to sell which is the EAs end goal.

Is the house priced fairly? Presumably they gave you a valuation so if stick around what they suggested for a bit longer.

Are there any other properties similar in the area you can compare prices?

Kind of depends on a whole load of things! Depends if you want to sell quickly, want to wait for the right buyer, what the market is doing, what your house is like compared to similar in the area and so on. Ours has been on nearly a year and has only had 2 viewings! But that is kind of to be expected in our area.

As above, it does very much depend on the market for similar properties in your area.

If, as would be the case here, most houses are snapped up within a few days of being listed then you've got the price wrong.

If the market is very slow anyway and you can't afford to wait for a potentially long time then you'll need to reduce the price.

What has the feedback from the viewings been?

According to a rival EA (that wants our listing) it takes 11 weeks to sell a house around here. The pricing is tricky.

Basically, the town we live in has skyrocketed over the past 4 years and it seems everyone is playing silly buggers.

One house we liked has been on the market for a year. They dropped the price by £16k in June, then raised it at the beginning of the year to the original. Had a look last week and they raised it an ADDITIONAL £30k!!!!

Another one we're interested in is currently £100k MORE than the identical property next door to it (which has just exchanged). From what I can see there isn't £100k difference (literally the exact same house, both in excellent condition, etc).

It's madness

You could Google how long houses take to sell in your area. We did and ours sold spot on the average time.

Lowering your price depends on many factors, such as what similar properties sell for, can you afford to take a lower offer?

Feedback has been:
Upstairs rooms a bit too small (it's a 4 bed house but we converted small box room to a dressing room)

And one couple liked the upstairs but thought the layout downstairs was a bit small.

Sorry x posts.

Part of me thinks our house is overpriced. When I look at what else you can get for similar money in the area I think you can get something a bit bigger, BUT you'll be further out. Our house is walking distance to town, train station, etc but a LOT cheaper than town centre. 3 or 4 beds with a garden in the centre is going to cost you at least £800k. Ours is on for a little under £600.

If your house was massively overpriced for your area then you wouldn't be getting any viewings. The fact that you've had 6 suggests that it's not the pricing that's the problem. What are the particulars like, do they include a floorplan? Are you open to taking offers?

Thing is, there's not much available in our price range. Here's everything we're up against, including ours (but I won't say which one ). Which would you prefer if you had £600k to spend?

www.rightmove.co.uk/property-for-sale/property-39019860.html

www.rightmove.co.uk/property-for-sale/property-52810045.html

www.rightmove.co.uk/property-for-sale/property-39413250.html

www.rightmove.co.uk/property-for-sale/property-57589673.html

www.rightmove.co.uk/property-for-sale/property-37017444.html

Is it listed as a four bed but being shown as a three plus dressing room?

It may view more favourably if the fourth room is shown as a bedroom

Shown as 4 bed. I was thinking it might be better to list is as 3 bed. Then expectations are managed IYSWIM

I like the first one and the last one OP.

I agree if it was overpriced you wouldn't be getting viewings. I don't think 3 weeks is long at all. You only hear about properties that shift in days, but they are the minority.

goodness - prices are insane in your area but that must be the market
IMO - 3 weeks is not that long with no offers and I should give it a bit longer when Spring may have finally arrived

I love the first and third. Which one is it?

First one

It's a beautiful house, much nicer than the others. I wouldn't lower the price just yet, 3 weeks isn't long really. I'd give it a while longer and then think about it.

London pricing has had a MASSIVE impact around here. It's honestly crazy.

Thanks Purple. So should we go joint and get a second EA? My concern is that our current one is a small local set-up and maybe he just doesn't have the database. He charges a flat fee, as opposed to %, so it's obviously in his best interest to shift it as quickly as possible

It sounds as though EA just wants it sold and is suggesting you lower the price for a quicker sale. Another EA's opinion probably wouldn't hurt. Don't feel pushed into lowering your price unless you really need it sold etc.

That first property you link to, the floor plan doesn't appear on rightmove, just a picture of the garden.

Lizzie - I know!! We flagged it with our EA when it was first listed but it still hasn't been changed. Grrr...

I'll never understand the logic behind joint agent selling- it just makes you look desperate to sell.

I don't believe EA databases make much difference nowadays, just about everyone looks on the Internet for properties and the EA who's listing the property is pretty much by the by.

If your not happy with the agents then I can understand changing when you are able to but not having more than one at once.

I find the whole process so annoying. I feel like everyone is bullshitting me all.the.time. Now I can see why EA's have the reputation they do

Bear - that's a good point. Do you think it's just a waiting game then? Should we do something to improve the listing?