When to reduce

[Hangingoctopus]

We’ve been on market for 6 weeks had around 13 viewings. Accepted one offer but a week later their chain fell through.
House was valued at £500/ £495 by 5 estate agents. We decided to put it offers over at £470 with a realistic price to sell.
We really want to sell but it feels like we priced reasonably, when would you reduce?
Based in North East and house is towards the top end of the market for our town, a lot of viewers have been from out of area.

I pretty much ignore all offers over adverts in this market. I assume they're not prepared to be flexible, and won't even accept <5%. If you are prepared to reduce it, I would firstly remove those two words and see if you get more interest.

Given that Rightmove and Zoopla's search bands go up in increments of 50,000, your EA should have advised you to set your asking price to £475k, as it would have been on the lower end of people whose budget matches that search band. At £470k, you're at the top end of the 450-475k search band.

To answer your question, I would be patient unless you're absolutely desperate to move. Thirteen viewings in 6 weeks – especially these past six weeks with the increasing interest rate – I think that's a decent number of viewings.

My property went on the market at the start of July and I accepted an offer yesterday after 12 viewings.

Good luck.

If you really really want to sell, then perhaps try a different approach (assuming you haven't done this already).

First, get your conveyancer all set up now. Fill out all the property information forms and get all your certificates and guarantees together. Have your conveyancer order the searches for your OWN home (most buyer conveyancers will accept them).

Then, as far as the price is concerned, order a survey on your OWN property together with a surveyor's valaution. This way you'll know how to set the price and you'll know if the buyer's survey will throw up any issues ahead of time.

You've given it a fair shot at OIEO 470k and haven't sold despite getting lots of viewings.

To generate some fresh viewings & interest, you need to drop down to the next Righmove band (450k) in my opinion. If that amount represents exceptional value you will get multiple offers so don't worry about under valuing it.

I wouldn't be reducing unless :

i) Feedback from 13 viewers was that it was overpriced.

ii) Viewings had dried up.

If you are still getting viewings and interest then you have priced appropriately.

If not you need to drop.

Thanks everyone- if we reduced to £450 it’s only 10k more than what next door sold at last year, we have an extra two bedrooms and ground floor extension. I know it’s a different market now but that’s a difficult pill to swallow.
Will discuss with dp about what our next move is, whether we go in for a fixed price or drop price.
Wanting to wait it out until September in some ways, for people to return from holidays.