How long after being on the market would you reduce your property?

[homeandstay]

We're first time sellers.
We also priced it at the lower end of the valuations.
House has been on the market since last Saturday so 8 days.
5 viewings were suppose to have happened on Saturday just gone however 1 no show and 1 cancelled.
Feedback so far has been
*Interested but not sure yet need more time to think
And
*Not what we're looking for

Got 1 more viewing booked in for this Saturday

We've seen a house we like and others like it too but no one is proceedable yet.

Any advice?

Give it another couple of weeks

It's too early to be thinking about reductions after 8 days.

You're getting viewings, that's a good sign that the property is probably priced about right. You may need to reduce it if you don't get any offers at all within a month say and the viewings dry up, but at the moment there's nothing to suggest you need to reduce the price.

8 days? You need to give it time.

Things are very slow at the moment. It's frustrating I know. We've been on the market for nearly a month, 8 viewings, no offers yet... I'm planning on waiting at least a couple of weeks after the election to see if things pick up but our estate agent assures us 3 months is about the average selling time around here at the moment.

Thanks all, I appreciate 8 days is not long at all but because we've got our eye on a house we were hoping things would be moving quicker.

Another viewing booked in for Saturday now so that's 2.

Estate agent thinks our house is getting interest despite the current climate so thinks it's priced right.

Hope we get a few more viewings booked in for Saturday and a offer or 2 following 🤞

Agree with others wait a bit. We’ve had ours up for two weeks and had 4 viewings, one is very interested but haven’t sold theirs yet. Speaking to our agent he said people are putting silly offers in, around 10-15% below asking and sellers aren’t accepting them as most don’t have to move. So the market is a bit sluggish but just hang on in there! Agent thinks things will settle abit after the summer when interest rates start to be cut.

Well I guess the summer holidays are starting up soon so then most people are more interested in going away than hunting for houses.

However 8 days is probably too short to judge the market.

So you are between a rock and a hard place atm.

@LizzieSiddal how is 10-15% below asking a silly offer? Maybe estate agents and sellers shouldn't overprice houses in the first place...

10% below asking is not a silly offer if a house has been on the market for ages but it's very unlikely to be accepted if a house has only been on the market for a few weeks and is attracting viewings. So context is everything.

If it's a fair price, I'd wait two months.

The houses we are talking about are not overpriced at all. One is an elderly lady who’s had to move in with her Dd and her home is on sale an extremely fair price. We want to offer on it but haven’t sold but are willing to offer the asking price. Simone rose has made an offer of 10% off asking. It’s only been on sale for a weeks!

Another lady who wants to offer on ours, has hers for sale for 1m (again a fair price for around here) has had an offer for 850k. They are taking the piss!

8 days?! I thought you were going to say 8 weeks 😄 Agree with previous posters that it is far too early to think about reducing the price, it's basically been a week! I think reducing so soon would make you look desperate to sell, which in turn will invite lower offers.
Our house is currently sold STC. We had 2 viewings in the first 4 weeks and no offers until 6 weeks. We talked about reducing the price around week 4/5 but in the end didn't need to.
It's a funny market at the moment. Some houses we've looked at get snapped up within a few days but many perfectly nice properties seem to languish for literally months. I do agree that some we've seen are very overpriced though, and 10% below asking is not always unreasonable given how long they have sat on the market without interest.