Am I expecting too much?

[movinghouse23]

Posted in chat but not had any replies..

We put our house on the market at the end of last week and we haven't had a single viewing request. It's a lovely family home, fairly priced and in a good catchment area. When friends have sold similar properties in the last few years, theirs have been snapped up within a few days. I'm now feeling really deflated that we haven't had any interest whatsoever. We've also found a perfect property but the owners won't even consider our offer. Is this normal?

@anicecuppateaa oh wow that's a significant difference. We couldn't really afford to lower it much more so we'd just have to stay put until we can save more money to move really. We can make do with this house and it's perfectly fine but long term we do need to find somewhere bigger!

We've recently sold. Only had one viewing in 3 weeks, decided to drop the price 7%. Several viewings later we've sold for 5% under asking price- from initial valuation of 215k we sold for 190k.
If you have no viewings, it will be the price.
Better reduce it earlier so you seem keen.
Lots and lots of properties around me hanging on the market at vastly inflated prices.

You need to get ahead of the curve really, 'sticking it out' may mean ultimately selling for even less.

I helped a relative sell over the last year, beginning last October. Even though we told them a quick sale was needed, looking back it is clear that the first agent overvalued the house. On the agent's advice we turned down a low offer, had a couple of 'sales' agreed that turned out to be just flakey time wasters. We cut the price in dribs and drabs over a few months with no luck. (it was always us that suggested the price cuts, not the agents).

After 4 months we cut the price again and listed with a new agent. In the end my relative was forced to accept an offer even lower than the one the first agent had scoffed at and told us to ignore. My relative absolutely had to sell and all this was extremely stressful and inconvenient for them and took much longer than expected. We were badly advised. Agents are crap often.

Agents tend to overvalue houses to get your custom. Learned that the hard way!

You might get less than you expected for your property, but the idea is that you then make a lower offer on the next house, so hopefully it all works out.

Known as chasing the market down.

Setting an initial price too high and then lowering in small increments but always pricing above what the market is willing to pay, as the market moves down with time also.

Quite common in a falling market.

Wait a couple of weeks or so - kids have only just gone back to school! Give people a chance!

Yes @GasPanic and I can't believe we ended up doing that! But the house was on a 'sought after' estate and the agent was convinced it was worth more. They had sold a similar property in the next street at close to the higher price they suggested that we listed with. That is why we chose that agent. But the other house had their sale agreed summer 2022, so before the market changed.

Surprisingly your estate agent is telling you the truth.

We have had our house on since June and it's the same . A lovely big detached house in a corner plot near great schools . We have found our dream doer upper so I'm gutted to still be waiting for a buyer . I know the market is hard but it's not over priced and is big and lovely compared to others .

I think it's our pictures tbh although I thought they were good , because we aren't getting people through the door .

How can you not.know it's a bad time? The interest rates are so high!

We know this but don't need a
Mortgage so aren't worried and it's the right time for us as dd has gone to uni .