Reduce house price or switch agent?

[watchingwaiting87]

Our house has been on the market for a few weeks and hasn't had an offer. I'm aware this isn't long, but it's an attractive house in commuterville so that actually is quite a poor performance in the local market.

We are likely going to be needing to reduce in the next week or so.

I feel like reducing the property on Rightmove etc looks like a bit of an admission of failure and could hinder interest. Am I overthinking?!

Do you think it would it be better to market with a different agent altogether at a new price (and sack off the prior agent?) Then at least the property might look shiny and new (and better priced) to any new viewers.

To be honest we've not been blown away with current agent's service and would not be averse to signing with a new agent if it is best for the property.

(I guess option C would be 'be more patient', so there's that too.)

Any opinions/insights would be great. Thanks!

I sold 18 months ago after nearly 20 years in one house (but overall have owned 6 house in total). Feedback is key. We got a number of 2nd viewings and the agent said that is the best sign.

Small bedrooms you cannot do much about but make them as uncluttred as possible. What I did discover is that some people are unable to see what a house would look like with their own furniture and you have to help them.

The housing market is going through a correction at present. Areas such as Weybridge etc have lots of houses showing as reduced.

I agree with others £100k increase in a few years is going some. Are you upsizing or downsizing?

I was told the best sort of buyer is actually someone who has their own house on the market, not cash buyers who can often be fussy and drop out half way through the process.

Please don't believe people who say although they haven't yet got their own house on the market it will sell very quickly... If you do get an offer from someone like this and the offer is acceptable then say its fine but until their own house sells you wont take yours off the market. If their house sells quickly then there shouldn't be an issue.

We are coming up to the busiest time of the year (Easter etc) now for viewings but also you get the people who think they want to move and then decide that maybe they don't! My experience in the run up to Xmas and after is that these are when the serious buyers are around.

Do you need to sell by a particular time?

To most people "Reduced" means that they are motivated sellers who are realistic about their price now.

A house is only worth what someone is willing to pay and you have had ten people telling you it is not worth what you are marketing it at.

If the agent is crap then change them, although ten viewings in three weeks is a quiet post xmas market doesn't sound like they are under-performing.

Going multi agency always shouts desperation IMO

See I'll go against the grain and say "reduced" makes me think greedy sellers, put it on for too much or there's something wrong with the house. That's just because everything (well, most family houses in that price range) get snapped up immediately so very little gets "reduced". I may be a bit odd though and as pp have suggested, others have different views. I dont think 3 weeks in is reason to drop - if you're getting viewings then that's a positive and if was just the price but people liked the house, they'd put in a lower offer.

Agree with staging bedrooms as bedrooms (rather than offices) and the lack of vision. People want to see they can fit in their furniture.

Good luck.

Do you have any architect/structural architect friends who could create extension plans you could show interested people?
Who are your target market? Have you decluttered and touched up any areas that need it?
A good idea is to ask a friend you can rely on to be honest to do a walk through in viewing mode and see if anything catches their eye.
(Sometimes it's really hard to properly look at our home afresh, and the fact is something else may be putting them off but bedroom is the easiest one to mention).

I think this is yet another example of estate agents over pricing. Just because the estate agent values it at a certain price doesn’t mean someone will pay that

I thought that people would just offer less but it doesn’t seem to work that way!

Good luck

3 weeks is no time at all though. If you'd said 3 months it would be a different matter...

Three weeks is nothing and you’ve had quite a few viewings already - and in February, too. I think that isn’t a bad start to a sluggish market. I’d suggest you give things a chance ....

It's a rubbish time of year to sell a house. Three weeks is nothing to worry about.

I think 10 viewings in 3 weeks is okay, and to be honest 3 weeks is a pretty short time to be on the market for. I'd be focusing on trying to get some detailed feedback on what those viewers thought. If the people viewing feedback that they feel it was too expensive, then you've got your answer

I don’t think 10 viewings is 3 weeks is too bad. It is early days still.

I always look at the original purchase price and I’m astonished how many vendors expect massive returns after a short period of ownership...in most cases having done nothing other than redecorating.

Perhaps the price needs amending. Without seeing the listing, only you can judge the appropriate market price by looking at similar listings and sold prices (whilst appreciating that the market is on a downward trend nowadays). Good luck with your sale!

OP I reduced 6 weeks in. And it did stir up more interest. I probably would hold on another fortnight in your shoes.

I actually always felt my original price was a bit optimistic, but the agent thought we should test the market at that price and I took his advice. Actually three local agents came up with the same number, so they all overpriced it!

After all, a house is only worth what someone will pay and all that.

I reduced a small house twice. I wanted to sell it. I still accepted lower than the third price we arrived at. So £265,000, £260,000 then £257,500 and agreed a sale at £255,000. I got the sale though. The house is the smallest design on the estate. I looked at sold prices and they were £260,000 at best with replaced bathroom and kitchen. I hadn’t done that. The floor area is small (585 sq ft) so being realistic was the only way to go. My buyers are happy and we complete on Friday. Only people who have upgraded the houses get over £260,000 and they are always more sq ft.

Looking back, I do not know why the agent suggested £265,000. In the market conditions it was clearly ludicrous so be guided by sold prices and how yours stacks up in terms of space and how upgraded it is. Be realistic and you will sell. There is no harm in reducing to sell.

Sometimes it is a good idea to test the market - we were told 2nd viewings and people looking just before and after Xmas is a good sign. The time wasters don't go out in the cold and rain!

When we first decided to put it on the EA asked whether we wanted a quick sale and whether there was a compelling reason to sell in a certain timescale. The road contained large detached houses all different so a tricky one to price. They did a stirling job. We did have 1-2 timewasters/not able to afford. One person said it was too big and another that she wanted to see into next next door neighbours house and garden in case of trouble!

The thing that surprised me most was people who couldn't see beyond how a room was being used. A study can be turned into something else.

We’ve just been in a very similar situation where after 11 weeks we had no offers on our house which is in an area that usually sells quickly. The agent suggested dropping the price but we really didn’t want to. We changed agents and re-launched the house on Friday and the agent went all out advertising and contacting potential buyers.. 23 hours later and we had a near asking price offer!