Reducing cost of my property

[Pud2]

I’d be grateful for any advice. My property has been on the market for about 3 weeks now. There have been about 10 viewing but no offers. It’s in a desirable area and should sell quickly but no luck yet. I have had an offer accepted on a house I want to buy so need to get a move on. I’m tempted to reduce the cost of the property I’m selling as the viewing have dried up. Not sure if I’m being too hasty? My agent says you don’t want to reduce and make it too cheap as it puts people off. Not sure if he’s right?

Your agent is on commission I guess - the more it sells for the more he makes.

A house will sell for a price people will pay. I would reduce.

The commission thing isn’t really of any interest to the estate agent, ea really don’t want a property hanging around just to get an extra couple of £100. They want turnover. If you reduced would it bring it into a different price bracket or stamp duty threshold?

Good question. Just checked and no, it wouldn’t. How long do you think it is before it’s considered to be ‘hanging around’?

We got our one and only offer after four weeks on the market. It's school holidays atm - I'd give it time if you are getting viewings. Have you sussed out the competition and seen what they're asking prices are and what the differences between the various houses are?

Ten viewings is ten lots of feedback. What have the viewers said?

The feedback is fairly positive so far. Most have said they liked it but have others to look at etc. One was very interested but wants to sell his place first. I do think it’s a bit over-priced, looking at others in the area. It’s on for 775,000 and I’m thinking of reducing to 750,000 which seems more realistic.

Then I think I would reduce.

The 775,000 ones have bigger kitchens which you can sit in whereas mine doesn’t which I think will put people off. Maybe I’ll give it one more week and then reduce.

You are admitting its over priced - i would reduce now as the next few weeks will be critical to get a sale then it will go quiet for the summer.

Thing is though you are still getting viewings so it's not very overpriced. Another possibility would be for your EA to hint you are keen to move and will consider offers on viewings

Where are you geographically? If market is slow/dropping like London & South East you're probably better off dropping price sooner rather than later. If market more stable you might be able to hang on a bit longer. I would say though, having recently bought, a reduction of 25k in that price bracket isn't enough, it's 3% ish. When we viewed we were taking 10% off mentally as a minimum before viewing! Little price reductions put me off more than houses that had been on for a while. 5% plus makes you look serious.

Thanks. That’s useful to know. Am in London. I think the agent has messed me about a bit. She originally suggested 850,000 but I reckoned that was way too high!