Is anyone still house hunting over the summer?

[Evenstar]

Have been trying to sell my house since last November? The estate agent is proposing another reduction, the last one resulted in a few viewings but no offers. I am just wondering if there is any point reducing again before September as I know the summer holiday period is traditionally quiet and the market is bad enough as it is. Thanks for any thoughts

Yeah. But as I'm on firmly on the fence between moving to a rental I hate less and buying right now, I'll be looking for really hard bargains throughout the summer period, because I know footfall through EA's doors will be lower.

Make the reduction meaningful. 5k here and there doesn't do much to convince buyers that you're serious about selling (depending on the asking price, obviously). It's those that drop in 15-25k chunks that really catch my eye. I'm most interested in a motivated buyer right now, because I don't particularly want to add another 1.5% to a mortgage rate, which is likely to happen by the end of the year/if people dilly dally.

*motivated seller.

I've just had one in my inbox that I would've expected to be listed at 30k more around three months ago, so I'll be running a keen eye over that, as the sellers have likely priced realistically (300k instead of 330k).

It would be a £25k reduction (the second) the house is empty with no onward chain if that would make a difference to anyone

Actually the third ☹️

I'd say that's a big difference and eye-catching for buyers. Does the advert say (at the top) vacant/no onward chain?

Yes it is marked no onward chain clearly and is one of only 2 properties in the price bracket in that area, it would be noticed for sure, but uncertain whether the buyers are actually out there.

I am desperate to buy somewhere. Sold my house, renting, cash in the bank ready to go and cannot find anywhere!

Your house has been on the market too long. The buyers are definitely out there. The problem you have is that they have all already seen your house and think it's overpriced due to changes in affordability - that are likley to become more negative. Two options really, either make a really substantial reduction (10 to 15%) in the hope of attracting enough interest to get more than one party on the hook resulting in you being able to ask for best and final. Or withdraw from the market for 3 months, re list with different photos and revised description - but most importantly a price that is noticeably under comparables listed at that time. It's going to get harder to sell, not easier, in the short term unfortunately.

There is no logical reason for all the buyers to disappear over the summer. Even if people do go away on holiday, most people only go for a week or two and when I'm house hunting, I still check Rightmove even when I'm away, it's hardly difficult as most homebuyers have the App on their mobile.

Unfortunately, I have to agree with @DrySherry that your house has been on the market too long and everyone who is looking in that area has already seen it. It looks like it was originally overpriced (not blaming you, it is normally the fault of the EA rather than the vendor unless the vendor insisted on a higher price than the EAs who valued it). I think you are going to have to reduce it significantly. 25k is a good reduction but it depends somewhat on the asking price. The reduction should be at least 5% of the asking price, and preferably take the house down to the next price point on Rightmove.

No point leaving it until September. If you did that and it didn't sell pretty fast then before long you would be into winter & most houses don't look so good in winter and by November they start putting off house hunting until the New Year.

I agree with this.
What percentage is the 25k proposed reduction?

I have already reduced by £50k a further £25k will be a £75k reduction on the original £600,000 asking price and you assume correctly that was the asking price the estate agent seemed very confident in.

I just don’t know what to do, I am worried that a further reduction may still not achieve a sale.

A large enough reduction will definitely get you offers. Buying power has fallen considerably because of interest rate rises, col, etc
Maybe you can take it off for 2-4 weeks, change agents, revamp the listing, etc and then list at a reduced price. If I were you, I would reduce adequately and sell it now but it's your decision.

I don’t understand how the original listing amount matters, have you done your own research, checking asking price of similar houses going under offer in the last month? If you truly need to sell, price under that and competing bids will start flowing in.