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?

We just are putting our flat on for sale and EA has said expect pre-covid prices now as nothing is selling. But we are trading up so he said there would be drop on the place we buy.

Not true, you need to reduce by at least 2% not 10% to appear at the top of Rightmove and trigger your property appearing in alerts for that price range.

You also need to think about which price range it appears in - there's not much point reducing if it still appears in the same search range. We sold just over a year ago and had to drop from £750k (lots of viewings, no offers) to £700k (offer within a couple of weeks) as that meant it appeared to a new load of people.

I think that’s a weird price, I would adjust it. If you are asking for offers over £193k that’s basically the exact same offers you’re after as when it was on for £200k because people would have offered you less. I would forget about the offers over because I don’t think it’s that kind of market anymore. I would go for £190k and hope to accept £185k.

I agree with Petronus. If anything you have put your price up. If I saw your original £200k I would be thinking maybe I could get it for £190k. Now you are saying offers above £193k. You won't get any new interest doing that.
I would drop the 'offers above', make sure that your photos etc are the best they can be, then forget about it until after Christmas.

Acted on EA recommendation. Won't be accepting less than 190 due to onward purchase.

Have you got an offer accepted on something ? If not if you drop a bit you will be most likely able to get a reduction on onwards purchase. We took a hit of 30k this year compared to an offer last year but will negotiate it off our purchase when we make it as lots of reductions.

We viewed a house on Friday. Agent it is a funny market with more coming on than they had anticipated ( the bulk ready to go on in January) but they had sold less than they would have liked. She said ‘house prices are crashing’ which I think was a little tongue in cheek but real worry behind it. Pragmatism the name of the game at the moment if you actually do want to move.

Agree with @Gloschick and @Petronus
If I were looking in this market, I would expect to negotiate a reduction from asking price. The fact that people haven't offered £190 suggests that they think this is too high so offers over £193 won't work as a reduction.
As others have said, there is a Mexican stand off at present. At some point from January onwards, this will resolve. The likelihood is that those who really need to move will reduce their prices. If you are upsizing, this would actually benefit you as a couple of others explained already. If you were to reduce by 15K, a potential larger house seller might need to reduce by double that amount.

Not an option on cusp of exchanging having signed.

I see. So you can afford the new house without selling this one then. That's a bit of a different situation then.

Having just done similar, I highly recommend cutting the price to get shot of house 2.
Having 2 houses, 2 mortgages, 2 sets of council tax etc etc nearly finished DH and I off.
If you sell it next week, you are looking at 4 months of both properties. How much will that cost you?
Either than, or get it rented out ASAP and take the hit on the additional stamp duty.

Good advice thanks.

Trouble is, house prices are now depreciating, so, sitting it out doesn't work. Mortgage rates have jumped to nearly 6% and will head up again plus lending criteria are toughening. I used to sell yachts which are "the" ultimate depreciating asset. If a yacht wasn't selling, it was either the price was too high or the publicity was poor. And it was never poor publicity that was at fault and it wonlt be with houses that are not selling . Cut the price and negotiate a reduced price on the house you want to buy. Without doing this, you house will become what we used to call a 'long stay patient'.

"Pre-covid" prices? Base rate was at about zero then, this is a different environment completely.

If you’re on at an odd figure like 193k but would take 190, people looking at 190k houses are not going to see your house, but you might be 3/4 pages back on rightmove for people looking at 200k houses so it’s just not getting the online traction it needs

Not sure how that works as you can only filter to the nearest thousand so ours is between 190-200. It's visible as have had 7 viewings

Have you had offers?

Frustratingly, no. Two second viewings. One wants to wait and see what NY brings and the other viewed today and so we'll see what tomorrow brings.