How long before lowering asking price?

[BunnyWilliams]

Our house has been on the market for 2 weeks at 475k and it has been crickets apart from one booked but then cancelled viewing and one viewing this coming weekend (someone on the agent's books, not someone who found the house organically and he's got reservations about parking as we've only got room for 2 cars rather than 3).

I'm keen to move because we've seen a couple of houses that we really like and I'm worried that if we don't move soon, they'll be gone and I don't like anything else that's out there.

Our house is valued at 460 on Zoopla. One agent said 485, one said 475 and one said 450. I went with the middle agent, mainly because I got a lovely vibe from her and they're the only agents that are open 7 days a week.

I really want to drop the price next week. DH doesn't want to yet.

We'd ideally like to get 460 for the house to fund our onward purchase but could possibly drop to 450 if we absolutely had to.

Do you think that dropping to 'offers over 459,950' is a sensible move? It puts us in the lower price bracket but hopefully someone would offer around the 460 mark. Or do you think we should drop to just 459,950 without the 'offers over' part?

I'm desperate to get more people through the door and I don't know how else to do it!

@BunnyWilliams what is your agent's explanation as to why you have had no interest at all in 2 weeks then? Is this a usual situation for them to market properties and have no interest? Is so, they must be doing something wrong!
I agree with you that's it's a cause for concern as that is usually when you see lots of interest. Obviously, it doesn't mean that you won't have someone viewing next week who makes you an offer but it isn't an encouraging sign.
If you and your DH have both decided that you want to reduce quickly to give yourself the best shot of buying another house, you just need to instruct your agent as they work for you. If you are unsure, you could wait another couple of weeks and see.

I think this is a good point.

Reducing the price so quickly implies desperation which is not the look you’re going for @BunnyWilliams

Especially as your house is lovely (though a little niche and they do take longer to sell in my experience as there are no direct comparables).

You’ve employed a good EA for a reason, they are the experts in selling property so I would listen to their advice.

We've decided to leave it for another 2 weeks before dropping the price. I fear that it will then probably too late to have a good chance of getting an offer this side of Christmas, although it can't get any quieter than it already is, so...
Trying to put it to the back of my mind with a 'what will be, will be' mindset, although hard to do when I see the for sale sign from my office window!

They couldn't offer an explanation other than the fact that houses in this price bracket aren't moving quickly at the moment. He did say that it tends to go in waves and that FTB houses in this area are moving very quickly, which will hopefully filter up to houses in this bracket in the coming month or two.

It definitely is nail-biting! I've stopped browsing on Righmove because it's getting me down when I see lovely houses that we can't do anything about!
Trying to remember that everything happens for a reason.
What has your agent said to you about reducing the price? A flurry of viewings may at least indicate that it's probably priced fairly.

How does your listing look? Excellent photos professionally taken, not just the EA with a phone and the lights on? Is the description detailed enough?

I'd be looking at that carefully before I threw away a possible £25k.

I posted on here a while ago with the listing. It has professional photos, some of which we weren't happy with but have since been changed. Listing is very detailed as is the floor plan.
I don't think the listing itself will put people off - the fact that we have a small courtyard garden and are on a relatively busy road may do - but I'd still have hoped for some interest in two weeks. It's a beautiful 350 year old house with a lot of character, original features and great-sized rooms.

Tomorrow marks week 3 on the market with not a sniff of interest (save for two cancelled viewings). I'm feeling so fed up already and convinced that we've now made the wrong decision and that the house will never sell.
This is completely uncharted territory for us and I'm not used to having no viewings at all!
We had agreed to wait another week before reducing the price (when it's been on for 4 weeks) but I can't help wondering what the point is. Will another week really make any difference?!
Not wanting to appear desperate as some others have pointed out if we drop too soon but it seems silly to keep it on as it is with NO interest at all. There must be something putting people off even wanting to come and look. Sigh.

Sorry to hear that Bunny.

It’s a gorgeous house as I said on the other thread but also a little niche so harder to sell and harder for EA to value.

You could talk to the EA about reducing the price from Monday if still no interest? Possibly to 450k to reach people only looking up to that band on Rightmove.

Busy road and 350 years old would be a double negative for me, and many others.
Even at the right price, there may be less suitors.

I know it won't be for everyone but I'd still expect some interest. When we bought it, it had been on the market 3 weeks and had 12 viewings.

Interesting that the age would be a negative for you. Why? Most houses around here are old so it doesn't seem unusual. I'd rather have this house with its solid walls and great proportions any day, than a modern house with no character and paper thin structure!

There are loads of buyers for old houses - I am one! - and that would entice me to view rather than put me off. I did notice it being on an A road when you originally posted the listing though and that would put me off viewing (because of cats and children, also road noise) and might be what is putting others off. However I seem to remember you saying the road is not actually that busy?

So if you are going to price drop - and it sounds like you need to sooner rather than later now for your peace of mind - then could you address the road directly in the listing? Presumably you find it fine to live with and thought it was ok when you bought so why was that? Is the house set back from the road? Could you do one of those ‘quotes from the vendors’ to add to you listing where you talk about how peaceful it is yada yada yada?

I am going against the grain here but my thoughts when somebody reduces there price early on that they have sound a house they
ike or that they are serious about moving ie motivated sellers. There are too many people around that just aren’t serious and are testing the market. Only thing I would add is to say that you need to say to any buyers of your property that there are a couple of houses that you really like rather just one house so that your buyers know there is a good chance of you getting a house. It doesn’t mean to be that you will just get silly offers. Good luck. I feel your pain.

That's frustrating @BunnyWilliams.
It's a beautiful house and well presented so it's not the listing. I also don't think it's the fact that it's an older property that is putting people off, especially given what you say about multiple viewings when you bought it.
The market has changed a lot from 2021 because of the cost of living crisis and also mortgage interest rates are so much higher. Most people can't afford the current prices.
If you are keen to sell, I would probably reduce to 450k at this point. Did you say that was the lowest figure you would move for? Hopefully, you will get some interest at that point and be able to negotiate with an onward purchase if they are also not getting any interest.

If this is the one I think it is then it is a very marmite property.

Yes the inside is wonderful and that will suck people in. But IIRC it had a tiny garden and was next to a main road.

I remember trying to value it and it was very difficult in my opinion to value. I didn't think the initial price was wildly out, but due to the nature of the property and the area it could have massive error bars.

I am guessing from the market reception you have had so far that you will have to reduce the price below your minimum requirement to generate any significant immediate interest. OTOH if you are prepared for a long wait then you may get what you want eventually.

Heating, damp and maintenance. 350 years old sounds quaint, but it’s living in the past, quite literally.
But each to their own! Where is the link? Change my mind!

Fair enough! I expect that's the case for a lot of older properties. We're lucky that ours has had great caretakers over the years and is in excellent condition, and we've made sure to keep it that way. For us, it hasn't been any different than maintenance in our other houses, one 70s, one late 80s.

Here you go: https://www.rightmove.co.uk/properties/152856023#/?channel=RES_BUY

Yes, it does have a very small garden. It has been enough for us (with 3 children) but I know it won't be for everyone. I've actually grown to love gardening because it's so small and undaunting - now I'm ready for a bit more challenge!

Road is busy-ish during rush hour but it's a main village road, nothing like a busy road through a town. We do get a fair few agricultural vehicles passing but there's no road noise inside due to super thick walls. We're set back a little and protected by our front garden and parking spaces, so you don't notice at all when you're inside. Of course, people need to come inside to realise that! I know it will put some off.

Well, we reduced the price to 450 today - the next Rightmove bracket. Fingers crossed, although I'm not particularly hopeful it will do much. I'll update when/if we have news for anyone that's interested.

I’d drop it to £450k to ensure a sale. Also bear in mind that people might be sitting on their hands a bit right now bc the budget is coming and in early Nov there might be another rate cut. It’s also a funny time of year bc those who wanted to be in by Christmas will have made offers in the summer and be closing in Oct / Nov.

I like the house 😊

I like the age of the house 😊

I don't like that you have a courtyard & not a garden 🥹

it feels a bit top heavy.

the photos are 'ok', as is the presentation.

i think it's just a matter of timing! With the budget & the chat about interest rate I don't suppose many people are currently making offers.

I wish I wasn't so invested in staying around here, £450 here buys you a 3bd terrace, in need of refurbishment 🥲

best of luck!!

It's very pretty house but would be no for us straight away due to 6'4 husband and small garden. Good luck, I think a lot of people are now holding for (hopefully not disastrous) budget and subsequent BoE meeting. US base rate gone down 0.5% and world normally follows, so buyers will be possibly waiting a few months to get cheaper rate.

Interesting that you'd say about your husband's height - our ceilings are extremely high! Just goes to show that you can't make assumptions about houses without going to see them first.

Ohhh! They come across as really low in photos. Maybe redo the photos? Or make it clear in description somewhere? I did reject lots of houses based on photos of beams before, so will be more open minded in the future.
To me it looks like those houses you have to bend down to get through doors although I did live in Georgian house before and it also had high ceilings.

It’s a beautiful house OP, and the right buyer will be along. I agree people are probably waiting for the budget and rate cut - the rate cut might affect my house budget as I can technically raise more than I can afford to pay back each month, so if there’s a lower rate I can get a more expensive house (if that makes sense). Please let us know how you get on at the new price

I think good job not putting offers over by the way. I think it’s really off putting to buyers. I know you won’t accept less than £450k but once people are through the door, you can negotiate, and if someone sees it and falls in love they might be willing to pay more for it than they thought from looking at Rightmove. Getting people in is the key!