Brexit or overpriced?

[roshi42]

I put my one bed flat on the market at Christmas. It's in a popular area of a city where the market is suffering (not London but nearby). It's on for the price the estate agents recommended (and three others all said the same!) but I'd be willing to take £10k less. It's very nicely presented but small. Definitely a FTB.

In the month it's been on the market it's had 5 viewings and 1 second viewing, no offers.

Estate agents have suggested dropping the price by £10k already. My concern is that then I'd be looking at accepting even less than that, which would make it difficult for me to afford what I want to move on to. And everything I read says Brexit has destroyed the market and nothing is moving, regardless of price.

Would you drop the price now, or take it off the market until later in the year? With everything so uncertain who knows if Brexit will be delayed and I'll be in the same position in the summer anyway. Or maybe house prices will plummet after a no-deal and I'll regret not selling it for anything I could now.

Is anyone else in a similar situation?

I found my estate agent grossly overpriced a house I sold a year ago. Sold prices told me this so I quickly reduced. I needed to sell. If you can wait and are not desperate to sell, then wait. I found everyone dropped their prices eventually (£265,000 advertised and sold for £255,000) because the market wasn’t what the agents said and a few sellers who didn’t care about selling “inflated” asking prices. If you want to sell, reduce it and get viewings. Obviously no one is interested in it right now and is that going to get better when the majority of people think they are going to be less well off for 5-10 years?!

It could be overpriced, difficult to say without knowing the area, the estate agents do tend to overprice properties to attract owners. I would be more concerned why no one offered, people usually wouldn’t hesitate to put an offer 10 k less than asking price. Could be something about agents attitude? We just bought a house, were house-hunting for quite a while. I noticed that some agents could be very pushy during viewings, sort of “I know better, you don’t understand the market“ style and this might be off putting for FTB, it certainly was the case for us in a few situations.

Tbh roshi most ftbs don't buy small 1 bed flats of they can help it, they try to get straight to a 2 bed so they can stay longer.
Landlords are more likely to be your buyer, and they aren't buying now unless a very good deal.
In this market 1 month isn't a long time. If you were grossly overpriced then you would have had no viewings