37 viewings and not sold

[FrustratedSellerWhatToDo]

My house went on the market at the end of May. I will admit we didn't do our research into how to find the best estate agent and went with the local top performing one in our area, we also roughly know the owner through our kids etc so felt a natural choice.

He valued us at 575k and we went on with that price. He showed us recently sold houses that he'd based this number on but our house is a bit unique in appearance compared to them and the driveway is down the side of the house at the back rather than out the front although there is plenty of parking on the street directly in front which is where I always park.

We had a couple of viewings booked within the first couple of weeks but it was clear that price wasn't drawing in the interest so we reduced after 2 weeks to 550k. At the valuation he said I think we should try for 575 but you won't get a penny less than 550.

The long and short of it is that we are now reduced to 500 and have had 37 viewings. We've had two offers, one for 460k from a cash buyer near the start but he wasn't interested really and was offering on multiple properties as investment and the second offer for 485k from someone who was planning to rent out their other house and live in ours but didn't get approved financially by mortgage advisor and 485k did feel too low to accept. It wouldn't be worth us moving for less than 500k.

Looking at our area at the moment it is all similar stories to us, houses on the market for months either sitting at their original price or reduced every couple of months like us.

So is anyone else experiencing this at the moment? I'm tearing my hair out as we've found a house but obviously not proceedable. Funnily enough that house has been on longer than ours and not had any other proceedable offers either so I know it isn't that our house has anything particularly awful about it. All the feedback is positive just that it's not quite right for various reasons. The price is clearly right now for the amount of viewings it's drawing in but when will people start offering?? I'm hoping things get better after the summer holidays.

Please tell me I'm not alone!

The market's full of properties where the vendors won't or can't drop the price to the point where they sell. All the narrative about its features is irrelevant - the brute fact is, either people are offering or they aren't. I listed mine at 5.5%-6% under the valuations given by 3 EAs, then dropped it twice by biggish chunks to sell after 12 weeks. The offer I accepted is 15% under its first asking price, and 10% under what I privately think is 'fair value'. But I wanted to sell as fast as I could and by doing so have secured my 'dream house', literally just pipping somebody else to it. No regrets here! But I completely understand the psychological block that makes it difficult to just slash the price to the point where it's irresistible to a proceedable buyer.

Well just to offer a different perspective - we also got our house on the market at the end of May. Had loads of views, 2 offers, 1 not proceedable, the other just went radio silence and the EA never heard from them again. So we were thinking about reducing, although hadn't done it yet. Then last weekend we had a couple more viewings and on Monday we accepted an offer for the full asking price. I think it COULD be a timing thing. If you put it on end of May, that's when they announced the election so that meant people were put off until that was all done and dusted, so July, then school holidays. If it were me - unless you're desperate to sell - I wouldn't reduce again YET. Wait till September. Although I might be tempted to stick it on with a different agent for September if you can, so that it shows on RM as a new listing.

@0hshutupshirley I think everything you've said is correct and thinking about a new agent for September. Definitely not reducing again otherwise people will definitely think there's something wrong with it.

I've been watching other houses in this area that have gone on this year and they're all just getting reduced over time. One has been on since November, never dropped the asking price since then, on at 545k and just last week accepted an offer for 530k. I can't believe they've held out all this time but it's paid off. Hopefully we will get an offer soon. We had 3 viewings yesterday, one on Friday, one on Wednesday. Waiting for the feedback from them except for the Wednesday one who said looking for a driveway at the front! I despair when I read stuff like that as I think why did you look then? It's very clear from the advert where the parking is!!

That happens, @FrustratedSellerWhatToDo , I think sometimes people just want to see if it would suit them anyway.
If you reduce the price, people won't think there's anything wrong with it, but I know that you're reluctant to.