Anyone have experience of 'low key' sales for potentially 'stale' properties?

[Trunkyate]

Our property has been on the market for 12 weeks. Been significantly reduced once. No serious viewings - just a couple who'd not yet sold and a cash buyer who apparently views everything that's for sale. No offers. EA says house now well priced; another reduction unlikely to help unless it's massive.

It's a 700k property, naice area, good schools. In better times it would have sold instantly. But not in this present climate. And we're concerned property will go stale and be one that hangs around forever until we raffle it off at the church fete.

Considering taking house off the market as it just seems the wrong time - serious lack of buyers, bu EA suggested a low key sale.

She says we can:

1. Just lose the board
2. Lose the board and not be on Rightmove. Agents would then mention the property to anyone they thought might be interested.

Or is there another way to keep marketing without it becoming stale?

Because it is economic policy of developed countries to keep intetest rates low (pre pandemic levels). Yes they will probably need to raise them when inflation happens, but generally that is the monetary policy for developed countries.

Unless you think we have so screwed ourselves with Brexit that we will technically become a developing country again.

Plenty of analysis out there, some mainstream like this: https://www.reuters.com/markets/us/feds-powell-says-no-rate-cuts-this-year-markets-hear-it-differently-2023-02-02/
I was talking about central bank rates btw, not mortgage interest rates which may fall a small amount later in the year.
As you say yourself, views are 'ever changing' and, frankly, economic analysts are often wrong (inflation is transient, etc when it obviously wasn't) so it's best to not take them as fact. If you have decided that things are pretty rosy, that's fine. I have a different opinion.

The other poster said this 'Lower interest rates are on the way in the next 12 months and houses will move then' as a statement of fact which it isn't so I feel justified in challenging. It's wishful thinking and v unlikely to happen.

It’s always the price. We’re FTBs with 800k budget. Ready to go and all that. The issue is that a lot of sellers who claim their house is worth 700-800k isn’t worth that much. And I get calls about so called low-key properties that are not on the market, all of the time. But they all turn out to be properties that couldn’t sell on rightmove before, or the ones not even worth my time to visit. Those who are actively looking for property, more likely than not saw your property already.

Also apparently it became very very popular for agents to call a week before the property is listed and pictures are being taken. To try make it a rush and how amazing the property is. But again most of those turn out to be difficult sales/unrealistic pricing. We've reached the point where agents calling begging to come view the properties.

So yes if you want to move dropping the price is the only way imho. Or you can wait again got historically low interest rates to prop you property price up, but it won’t happen anytime soon.

I agree with everything you say in your post, but your previous post said “there is nothing to indicate rates falling in the next twelve months” and I simply don’t think that is true and that isn’t the commonly held view in the market.

@YaWeeFurryBastard 'I agree with everything you say in your post, but your previous post said “there is nothing to indicate rates falling in the next twelve months” and I simply don’t think that is true and that isn’t the commonly held view in the market.'
Fair enough and perhaps we don't disagree that much. I was referring to bank base rates rather than mortgage rates. Who knows though, that's the reality. Anything could happen at this juncture!

.

It’s only been the policy since 2008. Prior to that the policy was for much higher rates.

https://www.economicshelp.org/wp-content/uploads/2009/04/historical-interest-rates-1800-2010.png

12 weeks really isn’t long right now. I’m keeping an eye on my local market and very little is selling fast now.

People viewing now will be a combination of new buyers and people who have seen your house details a few times already and then decide it might be worth a look. No reason to despair that you won’t get offer from these groups just yet.

The only things I’ve seen not budge in the year or so I’ve been checking are clearly overpriced houses and a handful of the most expensive that must have a limited pool of buyers (and could also be overpriced but beyond the level I can assess!). Everything else has eventually sold. You might need a further price reduction but give it a good go at the current price first.