How long before you reduce the price?

[SadPandas]

Been trying to sell for around 5 months and had no joy. Quite a few viewings initially, but have now all but dried up. Is there any wisdom out there re reducing your sale price, or should be just hang tight for now?

Putting a value on a property is not an exact science and the web sites that give sold and average sold prices do not help. Buyers will look at them and decide if a property is over priced, without taking individual features into account.
EAs will only be looking for commission, so will put a high price on at first, if no sale then they will suggest lowering to get the sale.
After 5 months I would suggest the price is wrong and that you are missing buyers who would look at a cheaper house.
It all depends on how quickly you want to move. We sold at a reduced price, although we were in no hurry to move ( downsizing ) because we wanted to get on with our lives.

Getting on with our lives is exactly the sentiment I feel right now. Am starting to feel resentful about the house now and just want to move on.

This time of year is a quiet time.
Take your house off the market for a month, do any little job that you think might put people off, then put it back on.
We had the same problem this time last year. Took it off, changed a door that looked a bit scruffy, put it back on and the first couple that came through the door, bought it.
Good luck.

Depends...

Are you getting viewings? Offers below asking price? Or just nothing?

What is happening in your local market? Is anything selling at all?

How quickly do you need to sell? How much wriggle room do you actually have to reduce your price and still be able to accept an offer below asking price?

One more:

Is your current asking price near to either a stamp duty threshold or a rightmove search banding?

Had viewings initially, but they have pretty much dried up. No offers. We are listed at 127,500, so don't think the stamp duty would be a real issue, and we fall into the below 130k bracket for searches. There didn't seem to be much movement over the Christmas month but the last couple of weeks has had houses being snapped up within a few days of coming on the market. Just want to be done with it now. Thinking of switching agents.

Have you come to end of your contract with your current agent? You might be able to get them to agree to move to a multi-agent agreement but keep their sole agent commission fee (because they will have spent money marketing your house already, and will want to recoup that if possible)

What is different about the houses which have moved quickly compared to yours?

If you had some viewings to start off with, then perhaps the price is okay. Perhaps you need to have a critical look at your house - is it super clean and tidy, smells nice, the garden is well maintained, no clutter etc. Are all little diy jobs finished, does it give you a nice, homely fell? Buyers can get easily put off if it isn't well presented or smells of dog... It'd be an idea to take it off the market for a bit too.

What is the market like where you are, my parents sold last year, house was on the market for almost a year at 500K, sold for 490K, so 2% less than asking price, but they live in a semi rural area where the market is traditionally slow.