Only 1 viewing in the first week

[activemum81]

We finally put the house on the market! I followed everything you all told me and staged the house like crazy. (You won’t believe how much stuff we got!). Our house is beautiful (it really is !) and it’s well presented. We analysed our competition, ours clearly stands out.

Yet, we only have 1 viewing booked (for tomorrow). Why?

Could it be the price?

Also if your happy to take £525k why have you put it on for £580 maybe £535 is more reasonable and then be knocked down a bit?

But that doesn't mean potential buyers are encouraged to make offers. I wish houses would just be priced at a level sellers are prepared to sell at.

If you don't know how much it will sell for, you can the price until a buyer bites. At auction, the auctioneer takes the asking price down in increments, until he gets a bite from a buyer. The same principle can apply to finding the true value of a house, only more gradually.

Sorry typo - meant to say, 'you can reduce the price until a buyer bites'

If you want 525 I wouldn't put it on for over 550k... also it's not just what you want for it, it is what it's worth...

@Alexalee That's what I am trying to say. A seller needs to try to find the true value of their house ie the figure someone will pay for it. An asking price is all very well, but I think this is a period of price discovery, where old nearby selling prices no longer apply.

True but if you reduce every week then people will keep waiting because every week it will be 10k cheaper

But someone will dive in when it gets to the real price, because they are prepared to pay that price, and they don't want someone else to get it instead. If they just let it go down and down, even when it's at a price they would be prepared to pay,, they risk someone else stepping in and getting it.

I'm also suggesting reducing every month - a lot slower than weekly.

Ill never understand why when people will take so much less they price is so high up?

580 but will take 525 - 55k a shit ton of money of difference. I wouldn't view a house 50k above my budget for a house

It’s less than 10%

If you would be happy to take 525 then you are way over priced. As previously said you need to drop the price to 535.

What’s the best strategy in your opinion? Say if we are happy to take £525k and the house is listed for £580k. People make offers if they like - won’t they?

If people have a 525 budget max they generally look up to the 550 price bracket. How are viewers to know you’ll tak 525 when it’s listed at 580?

Drop it to 550 if you want more of a chance, or 535 which should hopefully get a quick sale.

The last house to sell on the same street went for £600k earlier this year. It was in move in condition. Go figure.

Oh crap - that's not going to make any sense: the OP is not using the actual asking price figure in her posts. It's a lovely house in a good area.

People who would spend 525-550 wont even be looking at the 580 mark.

When we were looking, we looked up to our max budget because if you look over that you are 1. banking on negotiating a bargain price; and 2. it's sensible to be within budget because you just don't know what might happen in future.

We have just sold our house in Greenwich and we had to reduce it by 25k plus we accepted an offer for 10k less than that! Our house is 75k less than it was in march due to the market and we had 17 viewings before we had an offer. Everyone was very critical and it's definitely a buyers market. In a sellers market we would have done so much better but we decided to just sell. We didn't really start to get viewings until we had reduced so it may be worth considering.