House on market for six months, hardly any interest

[Noahbode]

Six months ago house went on for £725k then reduced to £670k and still no interest.

Nice house, good area, schools etc. I know it's the price but what do I drop it to? Very few viewings, no offers.

What have others around you sold for, and how much do you need from it ?

I think people are struggling to get mortgages for 500k+ homes so your pool of buyers will be small. Have you compared to what is selling in your area and at what price.

Also an honest look at your house to see what needs done.

There's nothing like for like to compare with - all the houses are different

Only meaningful drops that show buyers you are serious count in a market like this.

I would go 595. It means you still capture those whose searches are set to 600.

If there are buyers out there for your home, you should get competing offers and might get somewhat close to the current asking price.

Ofc you don't have to accept any offers, you can always choose not to move (?), but it will hopefully get some feet through the door.

That's a really tough price bracket to be selling in right now. I wish you luck.

Hi, I'm a buyer. where is your house location - if you're in Surrey, let me know (I'm looking there!)? Also, if you keep reducing your price over time, buyers will think there's something wrong with the house, not just the price. Unfortunately, it's just the buyer psychology. You need to have a realistic price reflective of today's market, things have changed so quickly and EA are probably not giving sellers good advice.

It's a tough time to sell. The figures no longer stack up for a lot of people and until salaries rise significantly I'm not sure what the answer is. Either wait for a rich person to come along or accept you'll have to reduce the asking price further.

There's nothing like for like to compare with - all the houses are different*

I'm sure your house is lovely and unique, but there are presumably other houses in the area with the same number of bedrooms?

If it's really really unusual then that in itself may be the issue - nobody looking for a lighthouse this year in your area.

You really need to give us more info.

Rightmove link?

If not, describe house and location.

I have to say though, if you know you went in with a high price to start with, why did you?

I agree with £595k above. Anything less than 10% is a waste of time and will just lead to a succession of smaller drops as you chase the market down.

Yes get it under the 600k mark, you will know once you have reduced it enough if you get competing offers. Prices are going to continue to fall for a while so if you really want to move you need to get ahead of the price curve. I think we may get some particularly unpleasant data on values by the end of this quarter, which will make it even harder to sell if you overprice.

Why are you moving, what happens if you don't move?