Our house went on the market 4 weeks ago at £575k. The estate agent said he felt it was worth trying for £575 but would definitely not go for a penny less than £550k and that we'd know within a couple of weeks if it was too high. Our house is a 4 bed detached and a bit unique looking. The parking is also at the rear of the property so no front driveway but space at the back and always space on the road. This is very clear from pictures and the advert.
It got a few requests to view within the first week but only one viewing actually happened with the others cancelling beforehand. We reduced to £549,950 after the 2 weeks and it has had only 1 viewing since. We have another planned for this weekend but I'm not hopeful.
I rang the estate agents as I don't feel like we've been getting much input from them as to what's happening (essentially nothing is!) and yet other houses are selling around us. I spoke to a different person in the office today than the owner who valued our house and he used the words 'massively overpriced' and said he felt we were more likely to get offers for 515 to 525.
We have literally only gone with the prices they gave us as they're the experts in selling houses. My question is how on earth did he come to these prices in the first place?? Obviously if you're not getting interest I know it comes down to price but again we have not set the price ourselves! The feedback from the two viewings that have gone ahead are lovely house but concerned about parking. No one has mentioned price but I know feedback isn't always honest.
It's likely that next week we will have to reduce again. It just feels like they plucked the initial figures out of the air based on nothing! There are two other 4 bed detached currently on with the same EA local to me and they're on for 550k as well but getting offers for 520ish. They're more traditional looking and have their driveways at the front. I'm just really disappointed that the initial valuation was so wrong. Any advice welcome... should we just stick it out a few more weeks or what would you advise we drop to?