No viewings

[Ellena646]

Hi, we have been on the market for four weeks and not had one viewing. The agent just keeps repeating "It's August, very quiet" on a loop, although we are now in September. Just wondering if anyone else is experiencing the same thing. Not sure if it's the agent, the market, the price... Never been on the market and had zero viewings in the first month before...

From personal experience, it's always the price (unless your EA is not answering the phone!).

Our NDN's have got theirs on, and have had 2 viewings in 2 months. However I think the house is at least £50k overpriced and that buyers aren't concerned with their need to downsize and be mortgage free....

It's always the price. And very possibly the photographs if they were taken in a poor light.

We are having the same issue! Been on the market for 3 weeks with no viewings. We’ve reduced the price and are very competitively priced (North London where houses sell for £750k plus and we’re on at £725k). Our agent says the market is more quiet than usual but second week of September is when things are expected to pick up but we’re not feeling hopeful at this point!

It'll be the price I'm afraid

I think it depends where abouts you are. The market here in Wales, where I am, is very very slow. Properties have been on since the start of the year and despite reducing their prices are still on the market. These are really nice properties too in nice locations so no reason for buyers to be put off.

We went on the market 2 months ago today and in that time have had 3 viewings. Nothing around us is selling either. I do think we are priced a little too high. We were advised by our agent to 'try' it at the price we are on for but in my gut I already knew it was optimistic. We will reduce it this month but I don't think it will make much difference. Similar properties to ours, that were at the same asking price as us when they originally listed, have still not sold despite reducing by £20K. I think its going to be a waiting game and being patient. Everything sells eventually. Depends how desperate you are and how much you are prepared to drop it by (or are able to) to shift it.

If you have had no viewings at all, it is very likely to be over priced and by a significant amount. It's not August anymore and your agent should have priced it realistically so that you had viewings immediately. Unrealistic pricing is rife at present.
Everything doesn't sell eventually. Lots only sell when they are sufficiently reduced to meet market reality and others are taken off the market and don't sell at all. Sometimes the market increases over a year or two to meet expectations but that's not likely at present; I think it will fall more.

My father in law has sold a house that needs maybe £40k spend ( bathrooms and kitchen and some carpets) in a week- we thought it was 10 to 15% overpriced given the work and he has indeed taken an offer 10% below asking- he had10 viewings, 3 offers - all at10 to 15% below asking

No viewings at all suggests it is overpriced. Post a RM link if you like….

It is quiet in school holidays and hopefully will pick up soon. People may also be waiting for the Budget,

Nearly eight weeks here...and no viewings. Price reduced after two weeks - ain't doin' that again!. Some folk are saying it's over priced, yet it's in the bottom quarter price segment for the region. I also had SIX agents round to look at it before marketing. It's not price, the market has stalled.

'It's not price, the market has stalled.'

Why do you think that the market has 'stalled'?

We put a flat on the market last week and have had a handful of viewings. It’s priced to sell and in London tho.

@HellRazr I agree that I don't think it's price in all cases- less people able to get high mortgages with higher rates, less people prepared to consider houses needing work due to price if work unless hugely underpriced. Less buyers able to get mortgages at all to levels being asked for and lots of people all after the 'same' city's and areas of city's -

But 3 out of your 4 examples are all precisely about cost / price!

It is the price. People want to buy homes. They need to. But they can’t afford them right now. Other factors may make your house even less affordable / value for money - eg area, condition, transport links.

It’ll be price.

Your agent will have web traffic figures which compare your property to other similar properties. You can see if your fewer clicks compared to other properties so you will know if it is over priced.

I looked at one I am selling and dropped the price. Had two viewings straight after, still hoping for an offer.

If your house is in decent order without any zany choices and the photos are fair it is probably the price.

I think September typically is seems as the window for “in by Christmas move”. See what happens next weekend l. Can you see how many people have viewed advert or how many enquiries agent has had?

Also could it be that people are waiting to see what October budget brings?

@Crikeyalmighty But those examples are about price. If a few years ago there were 50 buyers in your area that could afford a house at £400k, and now due to interest rates there are only 25 buyers, that means only the best houses priced at £400k will sell, and the rest will have to reduce. Or more likely, none of those houses will sell for £400k because the buyer pool in the price segment above has also shrunk and the buyers with £400k to spend will be looking for a bargain on the houses that would have sold for £500k in 2020.

@HellRazr Unfortunately if you still aren't getting any interest it means your price is still too high. There is a developer near that has been two renovated semis on the market. Started at £500k, reduced to £475k after a few weeks, then £450k after another few weeks.

These are professionals that are in the business of maximising profit. It's fine to list at a high price if you want to test the market, but if you don't get any interest you need to reduce until you find the market price, and do it quickly. That's why it's better to reduce in big chunks rather than drips. You find the market price faster, and it looks less desperate.

But those things are about price. If people can't get credit, prices fall. If people lose their jobs/ have less income, prices fall.
If the market has stalled it is literally because the prices are unaffordable in that area.

We had some interest but no offers in our usually very in-demand village until we cut the price, resulting in an offer and a surge of new viewings. Things may improve long term but sadly I'll believe a sudden resurgence in the market when I see it. People are being very cautious at the moment and unless properties are keenly priced to reflect condition etc they just aren't selling and buyers pulling out if any problems arise.

What factors do you think ARE related to price if not the ones you just listed?

Rumours about an increase in residential property stamp duty in the budget won't help either.

Price. If the "market has stalled" that means people aren't willing to pay as much anymore, so you need to drop the price.

Our neighbours sold within the week, after going on the market early August. Well priced house, in good location, needing minimal work.

A mortgage broker told me that recently homes that are selling are usually going for 10-20% below the asking price. Yet EAs keep trying to market them for more and more, year on year.