Should I Reduce Asking Price

[Ramsey1989]

I had an offer back in August 6 days after putting property on market; we accepted this as they were cash buyers (£248k offer - asking price £250k), however this fell through 2 months later just before exchange as buyers pulled out.

It was put back on market 1st October; we have had no viewings, not even a question about our house since relisting.

I've instructed a 2nd agent on no sale no fee arrangement so i have online and high street agent to get access to advertising to any buyers out there.

My question is whether i should have to reduce the asking price to get viewings? We cant accept much lower or we wont be able to continue with onward purchase.

Unfortunately in October the market dies for a few months as nobody offering now will be in for Christmas. So anyone wanting yours will also be struggling if they are selling. If you are desperate due to chain then I would drop further.

Is it a price issue or is it presentation as well? I think you need to look at both. If you accept less, can you reduce the asking price of where you are hoping to buy. Have your vendors been waiting for 8 months for you? Prices may well have come down all round.

@BubblesBuddy

It is in emmaculate condition; property is only 7 years old, and i have been through a period of getting rid of bulky furniture and dressing the house for new photos (seperate thread for this so it has mumsnet approval _).

The place we are buying are not waiting for us; as soon as we told them we lost our buyer they put it back up for (not currently living in it, dont need it for any onward purchase but live abroad and dont want to run a house in uk for much longer).

I dont think we can reduce price of onward purchase; he said if we find a new buyer he will accept our offer again of £332, the house was up for £340k but it has only had 1 viewing since being put back on too.

@hammeringinmyhead

We haven't reduced it yet; we are sort of in the middle of thinking it would be nice to move before christmas but we dont need to, we would at this point feel better i think if our onward purchase just sold to someone else so we dont have to pur so much pressure on getting lots for our house but we have already paid £1500 to £2,000 towards that purchase for survey/solicitor fees/ searches so it would be a bit of a kick in the teeth if we didnt buy it.

I can see the dilemma in that you have already paid out money but that’s the system we live in. If your house is immaculate then both you and your vendor are asking too much if neither of you can sell. Your vendor hasn’t really sold at all because you cannot proceed. It seems to me that both need a reality check in times of stagnant prices and possibly over supply in your area. What is selling and what prices are actually being achieved? Not the same as being asked!

What does your high street EA think OP? I'd also be asking them what they are doing in terms of getting you viewings? I'd expect a bricks and mortar EA to have a list of potential buyers registered and to actively market to them independently of advertising online.

@BubblesBuddy

There are not many properties in either our area or the one I am buying into - so its not like there are more properties than buyers really.

There has just been a real slow down since putting it back on at start of October; the agents think it is an unusual scenario, my EA and the EA for where I am buying seems to be people halting awaiting any outcome of budget/ brexit talks so just aren't looking at the moment.

Our property is prices in the middle of what others sold for some months ago; there just isn't a whole lot to compare to, and I think the house we are buying is priced well compared to the other sold in the area this year.

@wowfudge

I will speak to the high street agent after work (emailed them Friday to see how they were getting on but no reply yet), and I will ask if they have done what they said which is rung round some people on their books actively looking for a property like mine.

I just worry that if I reduce it people will wonder why it is being reduced so quick; after only be on market a couple of months, and also people always put offers in under asking price - so if I lower they will put in offers even lower than that.

Well i spoke to my high street agent and they have phoned round bunch people; a few requested details, one seemed quite interested but havent booked in for a viewing yet.

He said although the market is slow the buyers that are around only view properties they would seriously consider offering on.

He will be giving me any feedback from the people he has spoken to/ given property details on Wednesday, which is when property would have been on market for a week with them.