If house reduced twice would it put you off?

[Housenotselling]

My house has been up for sale since Mid Oct. We have only had 3 viewings in that time. We reduced it after 3 weeks as we had had no viewings and since had 3 but no offers, good feedback. I'm confident nothing wrong with the listing (previously shared on here and got decent feedback) agent has recommended we reduce again (we put it up 15k more than this agent said as 2 other agents quoted more) I preferred the one with the lowest valuation but he agreed to try it at the higher rate as we have a high spec new bathroom etc. Now I think we should have gone with his valuation but we didnt so that's it.

Anyway my question is will it look bad if we reduce it again, would it put you off?

It would depend to some degree on how much similar properties in the area have sold for.

I’m buying a house that I never would have viewed if it stayed at original price (was reduced in first fortnight as no luck at original price).

It went to a bidding war at the reduced price because that put it in a different RM bracket with more attention.

Not if I really liked the house. But I would assume the sellers were somewhere on the greedy- completely delusional spectrum and proceed with caution on that basis.

@TremoloGreen or it might be that the vendors went with 2 out of 3 valuations like we did! Nothing to do with greed or I wouldnt be looking to reduce it to gain interest.

It wouldn’t put me off. It’s quite hard to gauge the right asking price at the moment. I had a flat valued recently by three different agents, and they were wildly different. We went with the lowest because we wanted to be realistic, and we still had to reduce it after very little interest. Plenty of viewings since, which suggests we’ve hit the right spot now. But if we’d gone with one of the higher valuations originally we’d have probably had to reduce twice. It’s not greed, as a pp suggested; just difficult to guess the market in the current climate.

Not exactly the same but we reduced more than the EA recommended first time going down two price intervals rather than one and sold in a week then. Though neighbours went down two in seperate intervals and didn't sell and gone off market. I think sometimes people take too long to reduce and house is seen as stale / unwanted. Would try it, can't do any harm.

No. I would assume they had been over ambitious with the price to start off with. And would be pleased if it brought it into our price bracket! The initial thing that would concern me would be if previous sales had fallen through.

No, does put me off a bit when houses sit on market for many months though, normally because overpriced or seller & agent unrealistic.

Yes agreed, wouldn't put me off. If I couldn't have afforded it before I'd be delighted it was now in my price range.

No my dream house in Wookey Hole was on for stupid money, it was only a 2 bed cottage. Then it kept going down in price after covid and last time I looked it was cheaper than the house I bought because I couldn't afford it.
If I'd still have been renting I'd have leapt at it.
Prices are doing mad things at the moment.

No, not if it was a smallish drop like 5-25k (though what is small might depend on your area). In fact, I'd find it encouraging, more likely sellers open to discussion.

If it's a huge to me drop, like 50k or more, I might wonder if some big issue had been found, but I'd likely still ask about it if it suited our needs (keen to move into a more accessible house) especially at the moment with so much ambitious pricing going on in my area, possibly brought on by headlines of booming prices elsewhere or HMO landlords wanting to recoop costs. The latter was an issue for us yesterday, even the lovely estate agent seemed frustrated that there had been a lot of interest and even offers on the place, but the seller was only accepting full asking price 'as he's already reduced once' (she had already talked up a different, significantly cheaper property she'd just got on her books - that should have been a sign. Lovely kitchen, but every other space needed a lot of work, even signs of water damage and a lot of mold plus it looked like we'd have to remove a lot of tatty HMO furniture, on a house 20k higher than the most expensive house to sell in that postcode. Great area, but the wrong one for the price that seller wants).

Alongside the lingering HMOs, there have been a few nice family homes that I can't help wonder if their estate agent knows the area the house is in (like a 1/4 mile up the road in a different district and catchment area might fetch certain prices, but not the one they're in). One - with the worst, most patronizing estate agent - even put up the price 25k after we'd had two viewings!

Literally, the price was one in the morning, and when we came home after - it had changed. A house that had been on the market for several months and failed to get any bids at auction (but with the 28 day thing and how things are, a lot aren't) We were already put off by having been discouraged from getting a survey - asshole agent actually asked me if I knew structural surveys could be up to a 1k around here for a house well over 100 years old...I can only imagine what worse is hiding behind that new paint job.

Many things are more off-putting than reducing a house price again.

No, because estate agents do so often give ‘optimistic’ valuations in order to get the business, because ‘optimistic’ is nearly always what people want to hear. And if they don’t, another EA will.

Where I live, demand is still soaring but some properties are still staying on the market for months because of unrealistic pricing. When the price drops to mere "expensive", the house shifts quickly.

The ones that keep going under offer and come back on again are the ones to watch nervously. What's going on - is it a problem to get the right valuation or is there a planning or building issue? Some are unlucky with Covid but you only have to read here to know how many issues are picked up at survey/legal stage.

I would wonder what was wrong with it.

Not at all, just that it had gene up at the wrong price before.

If it worries you you can take it off the market and put it back on later at the right price.

It wouldn't put me off at all, if anything, it would excite me if it were a property I really liked. When I was looking, I would save properties that were £50k+ over budget in the hope that they may drop in price.

Completely puts me off. I assume something’s wrong with it. Irrational as we reduced our own house once or even twice I think!

No

It doesn't put me off, makes me think a seller is motivated to move :)

No, but as stated it needs to come down enough to go in lower rightmove/zoopla bracket.

No, I would think they were being more realistic about price and motivated to move. I am put off by houses that sit about for ages, or sit around and then only get dropped by say 5k. That makes me think the seller/EA is being unrealistic and is going to be difficult. Theres a lovely property near me that's been on since February for a very specific fixed price that I highly doubt they will realise - I cant get my head around it!

I bought my house after two reductions and felt like I'd got a bargain! (still do to be honest)

No, it wouldn't. I would just think it had been overpriced initially. It would also suggest that the seller was serious about selling. You see quite a lot of properies that sit on the market for 6-12 months with no reduction and I assume that those sellers aren't very motivated to sell.

No especially at the moment it's people like us trying to sell before the stamp duty holiday ends.

We've dropped our a few times but ours is the only house of this style, in this street that has been renovated that has been put on the market houses literally hardly ever get put on the market so no one was sure what the value should be.

There's a few gone on in the last few years that needed complete renovation but none finished.
So we are finding the price point really.