To lower the asking price already?

[lydiaO101]

^ just that really.

We listed our house 11 days ago. In that time we have had one viewing that cancelled last minute and another viewing where the people liked it but wanted the possibility to extend.

Apart from that there has been no other interest. We have found a couple of houses that we love but obviously can't offer until we've sold ours. Just feeling disheartened and fed up with it already.

It is a 4 bedroom terrace house in Bedfordshire and is on for £375,000.

It doesn't seem overpriced to me but would like to know what everyone else thinks.

Thank you!

If you are happy to lower the price already then I would do so. I think it shows you mean are wanting to move/hav3 found somewhere. I know someone who after seeing a probate house for sale in December put their house up for sale and within 10 days lowered the price.They immediately sold to cash buyers and moved last week.

Well it's been school holidays and people will have been with kids and are catching up on recent listings around about now. I'm not sure exactly now is the right time. Maybe after 3 or 4 weeks?

It's a veeeery slow market. From my experience (of getting an asking price offer within 3 days), I think our house sold quickly as;

1. it's in a desirable location and the perfect family home.
2. recently extended and renovated, no work required.
3. priced 5% lower than we would have last year.
4. chose estate agents who are local and popular in our area, hence had people on their books specifically looking for a house like ours.
5. not many similar houses on the market where we are at the moment.

If your house needs any work or isn't in a great road/village/town etc then I think it'll suffer the fate of many at the moment and take a little while. It will sell but prices are falling faster than people realise I think.

Having said all that, regardless of what your house is like, I would hold tight for a few more weeks, lots can change. If it stays unpopular and others around are getting more traction you can reduce.

But similarly if you're looking to offer on another house and can afford to drop the price to make a quick sale I absolutely would.

We dropped the price on ours after about 12 days and got an offer soon after. It wasn't asking price but close enough.

Yes, the hot buyers have likley already seen it - and if they haven't booked viewings they might if they see your a keen seller and not a kite flyer.

The one we like is a probate house as well. Ideally we would leave it a few more weeks before reducing but from what I've seen a lot of people say you get the most interest in the first couple of weeks and that's nearly up! So might just have to do it to get a bit more interest😕

Interested to see how you got on by dropping the price @lydiaO101 as we're in the same position.

We're on day 13 - we've had 8 viewers, 2 second viewings but no offers. Ours is on at £450k and we're thinking of dropping it to £425k to take it into Rightmove's lower search band. We'd have to get £425k though or couldn't afford the house we want (empty so no chain) which I'm scared will be snapped up while we wait.

How much did you pay, how long ago, what are similar houses selling for, can you afford what you want to buy if you do?

We paid £435k earlier this year but have to move purely for work reasons, nothing to do with the house but that might be worrying some people?

There's nothing quite like this house so hard to compare. Zoopla (I know...) says current value is £452k so we thought the initial price was fair.

We could just about afford the next house but it might be tight. But if we had an offer on this we might be able to negotiate on the next one.

We have a large 4 bed property and it's taken over a year to sell, the market in some areas is not great right now, I also think houses are being massively over valued by some estate agents as they can't get used to the drop in prices after covid.

11 days is hardly any time, I would wait.

OP made this post back in June.

Any update @lydiaO101 ?

Ok, nearly 6 months is some time, I would drop the price.

I'd wait a month before dropping the price but you might be in a hurry to move.

Looks like it is actually 6 months they have been trying to sell?

Use PropertyLog to get a feel for where the asking price should be.