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Property/DIY

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Original poster

Are you going to keep reducing your property until it sells?

12 replies

Winsypider · 03/04/2023 21:23

If your property is in good condition, decent area and you've already reduced it to what seems a fair price, will you keep reducing it until it sells?

Or take it off the market in the knowledge that the issue is the slow market, not your property?

OP posts:

Ineedtoloseweightnow · 03/04/2023 21:26

Depends on how desperate you are to sell. We put ours on at a fixed price £5000 under value (Scotland) as we already had our next property secured and didn’t want to miss out. If we’d have held fire I’m sure we would have got at least the value but it wasn’t worth the risk to us.

User0610139736 · 03/04/2023 21:28

This is scary - just about to list ours, can’t afford to reduce and reduce and not selling is not an option! (Divorce)

flirtygirl · 03/04/2023 21:33

Mines on till April 17th but already reduced £20k. If it doesn't sell by 17th then I'm taking it off the market.

Nobody is buying in my area. Houses are being reduced again and again since mid Sept, very very little has sold.

I can't take any more £s off and it's not the house that is the problem. Its the market.

I will just have to put my plans on hold and wait it out.

capybara80 · 03/04/2023 21:42

I've been on about a month. Two viewings tomorrow but after that EA wants to talk about reducing it. I really can't afford to reduce more than 5K so if that doesn't help, I'll be staying put too. I wanted to go into a new build so wouldn't be able to haggle on that.

JessicaLN · 03/04/2023 21:47

We were on for 4 months and reduced over £100k in that time as we had found something and didn’t want to lose it. I decided it was worth the financial sacrifice and we eventually sold but it was a very stressful time 🙈. Agents all said a year ago it would have sold pretty much straightaway.

Noimaginationforaun · 04/04/2023 03:59

We were on 7 weeks. Lowered by 10k and sold yesterday at the new asking price. We decided to cut the price by the next step down on Right Move so it would get seen by new people and it worked for us. Had 4 viewings booked in within a day of lowering and an offer from the first viewing. Definitely worth it for us.

Fedupofdiets · 04/04/2023 08:03

Not unless everything else around me drops by the same amount which does not seem to be happening at the minute. I went on the market 10 days ago to specifically buy one that has been on the market for 3 months, sods law the one I wanted sold yesterday and there is not one other on now that I want to view. Had an asking price offer from the first viewers but they are not sold yet so cannot consider that. I am having plenty of people through the door (3 more viewings today) and will be willing to negotiate but there is nothing to buy. I will have to stay put, I don't need to move just wanted to so its not a massive hardship.

tracylamont13 · 04/04/2023 08:12

We've been on the market for 8 weeks. Our estate agent have advised that it's on at the right price and to hold our nerve. I feel we should reduce soon. Tricky one

Evenstar · 04/04/2023 08:17

We have already moved over 200 miles away and my property is empty, I reduced it by £25,000 three weeks ago and have had one viewing. It has been on the market since November. It is an area where properties normally sell very quickly

There would be a floor price below which I wouldn’t go and I may have to consider renting it out to avoid it being empty over next winter. I don’t want to do that, but it is a period property and I would have to cover heating costs to prevent mould etc.

It honestly is the market, and I am not even sure further reductions would help, buyer confidence is very low and I think people are reluctant to take on a larger mortgage or the higher heating bills to move up to a bigger property.

Schmutter · 04/04/2023 08:25

We had ours on the market since November and accepted an offer of 25k under asking price last month. We’d probably had about 20 viewings and 8 offers in that time.

The EA was putting pressure on me to reduce the price, but I hadn’t got around to it.

GasPanic · 04/04/2023 09:52

"and you've already reduced it to what seems a fair price"

Your house isn't worth what you think is a "fair price".

It's worth what the market is willing and able to pay for it.

You can either take that, or not sell it. The choice is up to you.

ThankmelaterOkay · 04/04/2023 10:02

JessicaLN · 03/04/2023 21:47

But the house you bought, is that a 2022 peak price? I doubt it.

It’s not about your sale in isolation, it’s about the asset you are buying. Would that have cost £100k more in 2022?

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