Who still hasn't sold?

[Fritilleries]

8 weeks on and nothing. 7 viewings and a price reduction by 7k and still nowt. Losing patience. Anybody else?

I assume you are selling to the price reduction?

You can forget about real interest this time of year. Nothing'll happen now until the end of January when those that are forced to move will limp into action. Anyone else will sit tight under these economic conditions.

How much is a 7k reduction in terms of percent?
8 weeks isn't that long - especially given the time of year and the current market.
We sold in April, for asking price, in the first weekend. She pulled out 6 weeks later, and it took a further 2 months, and a 20k price reduction (10%) to sell it again. Just completed that sale. If it was after the August budget, I think it would have been even tougher.

House selling is stressful. Try and enjoy Christmas, and the any viewings as a bonus. Apparently boxing day sees a massive spike in rightmove viewings.

Speaking as current buyers, there's still lots of us out there and those that are looking at keen buyers. With the mortgage rates changing it's highly likely your property is over priced if you've had that little interest. The covid bubble and overbidding of the last 18 months has gone. People still want to buy but are now looking at 2020/2021 prices.

EA advised 200k as similar had sold around the corner and within a week. Down to offers over 193k which is 4-5%. Umming and ahhing over reducing to 190.

I'd reduce to £185k if you need to move

I listed my
Yes house 6 weeks ago and only two viewings . Have reduced already and can't really reduce anymore and tbh it's worth that amount comparatively so will just wait and see .

I wouldn't bother reducing by 3. As buyers we laugh when people make tiny adjustments like that. If we were keen we would make the offer that we were comfortable with wether that's offers over or not.

Same as us in that comparatively, our property is priced well compared to others. Just need to wait for the mythical new year viewing boom.

@Fritilleries you say it's priced well compared to the other properties but have you looked at how long those have been on the market? If they're sticking for long periods then the price is no where near right. If just slightly over then houses usually will still get viewings and offers.

We are at Mexican stand off in the market at the moment. Sellers all compare to each other but if no buyer is willing to pay that price for any of the properties then they're all over priced, it's just a case of who drops first. Any property will sell at the right price.

I don't know you're market but where we are there's definitely strong activity going on but at reduced prices and the ones that aren't reducing are sitting there for months and then get a reputation.

The way I see it is we are ahead of the crowd in January!

There is a flipper in the area I watch on RM. Bought for 245k Aug 2021. It’s been on for 2 months at 350, and they just reduced to 345k.
Apart from destroying the garden by covering it in loose slate chippings, I see nothing to justify the extra 100k.
Reducing 5k it too little, too late.

Not necessarily we're viewing and just had an offer accepted 🤷🏻‍♀️ it's slower but some people are looking

I also watch my local market like a hawk as I have a real interest in property and am thinking of selling over the next 18 months. I would have no problem in dropping my house back down to what I bought it for in 2020 (earlier this year it would have gone for 100k more than I bought it for 2 years ago) as I would still have a decent chunk of equity but the problem is other sellers are not doing the same. Like @littlebopeep1991 said it is a stand off at the minute. I have had my eye on one that has been on since August, empty, no chain and they havent budged a £1 on it yet. We shall see what the new year brings.

What do you think it will bring?

Go on OP give us a rightmove link! Or PM it?

I bought and sold in 2008 and remember it being grim then, we lived on a very busy road with two small dc and no real garden so wanted to move. I had my house on the market for 6 months fully renovated and recently extended, we sold after 6 months to rare FTBs and reduced it down. We only just broke even on that house but bought another house around the corner that too had been languishing on the market for several months (a beautiful Edwardian house that in normal would've been snapped up straight away). They ended up dropping nearly 100k from their original asking (395k to 295k) as they were relocating so what we gained what we lost on our onward purchase so it did'nt really make a difference financially. This is what I think we will see, people who can and are serious about selling will reduce or market appropriately in the first instance and those who can't afford to or who won't budge will not move/sell. I remember the EA telling us to snap the offer up even though it was a low offer, I wonder if EA are going to be giving out the same message soon.

@Fedupofdiets ”I remember the EA telling us to snap the offer up even though it was a low offer, I wonder if EA are going to be giving out the same message soon.”

For sure, if they want to feed themselves and stay in business. They are commission only and don’t care if they sell a house for 650, 550 or 450 if the difference is some commission or no commission.

December typically quiet. If you really need to move fast, you’ll have to drop price

Yes I think EA will be singing a different song soon.

The other point I wanted to make was we reduced by 50k (250k down to 200k) on our sale in 2008 but the vendors of the house we bought reduced by 100k (395k to 295k) as other have pointed out before if upsizing there is an advantage. Obviously lots will depend on personal circumstances like negative equity etc but the 2008 crash worked in our favour somewhat.

You're not. Come January people will wonder what's wrong with it as it's been on the market so long. You'll come up at the bottom of everyone's searches.

On that note, OP you only go back to the top of the listings on RightMove if you reduce by 10% or more.

@girlmom21 not the people that weren't looking before Xmas and keep your negativity to yourself thanks .. I need to sell it to pay for my mums care and it's a lovely house so I'm sure someone will buy it !

Even if you start the process on 5 th Jan you won't be on right move for a week and by then someone might need to get moving and buy it 🤷‍♀️🤷‍♀️..

I'm optimistic to be sold by early feb ! ✅

Well you will because the listings tend to be sorted by price or how fresh on the market it is.

You're incredibly optimistic. Do you mean sold, or sold STC by Feb?

I'm not being negative. I'm being realistic. Depending on the houses condition you might be better off looking at one of those companies that buy properties for cash and flip them if speed is more important than the money.

I am optimistic and always I don't think people are that smart tbh to know right move inside out Like that .. why are you being so picky ? It will obvs sell when it sells but I know what I'm doing and I mean sstc but you never know 🤷‍♀️.. she is downsizing so if I'm lucky it will be 3 of us in the chain and she has seen a house she likes and he will sell it to us when we have an offer .

It's a new build and a popular village but with interred rates as they are who knows what is in store for any seller !

We’ve been on since the end of September and still not sold. One or two viewings most weeks (apart from the odd week with non) and no offers.

We dropped the price by about 10% but that didn’t bring in any offers either.

We’re going to leave it on until the end of January and give up if it hasn’t sold.

The house we want and have wanted since the start is still on the market as nobody else is able to sell locally either.