Is it time to reduce price?

[LuffyWitten]

Property on market for 10 weeks. 7 viewings, feedback generally good but no offers. I think it's overpriced and was surprised when EAs suggested the price thought to test it for a couple of months.
Its on at £360k, is it time to reduce, and by how much? Im thinking to reduce it to 340k

That's a big drop at that price range. I would drop by 10k to bring it into the next Rightmove price band, which opens up a new audience.

Also talk to your agent and push for it to be a featured RightMove property to being some more viewings in. At 10 weeks, you are past the initial buzz period.

Thanks, good point about the RightMove price band. Does it cost more to,become a Featured Property?

What price did you in your heart feel it should have been listed at initially?

7 viewings is on the low side but not terrible but I would be asking my EA for more specific reasons for the lack of offers.

And yes, reduce at least down to the next Rightmove banding at 350k or maybe 340k as a 10k reduction isn't very meaningful.

340k was around what I was expecting. We got the two local EAs in, oddly both said 370k. My jaw did drop a bit!

EAs are terrors for overvaluing properties "just to see" - what they mean is see if they can win your business from their competitors who will also be overvaluing.

If your hunch was 340k which is probably because of other properties you are mentally comparing yours to, I would reduce yours to 340k.

I'd definitely reduce to 350k. As PP has said, it brings it into the search of those looking in that price bracket on rightmove. 340k isn't likely to get more people to see the listing due to the rightmove brackets. So I'd reduce to 350k or 325, rather than any figure invetween this

Thats a typo in my post ..EAs said 360k, which it's on the market for, not 370k
thanks everyone, I'll try reducing by 10k to bring it to the 350k RM band.

Do you really need to sell now? October is always a very slow month and people are waiting for the first labour budget so they’re reclutant to make financial comitments. Can you wait until January or even better just before the Easter weekend?

It costs the agents as part of whatever deal they have in place woth Rightmove. Never heard of anyone being charged, but then I have never hear do people taking their own photos or doing their own viewings where I live and both seem to be mentioned here often!

EAs may overvalue to get the instruction. Then after a few weeks of not selling work on you to lower the price. The reason is if they don't get the instruction, they have zero chance of getting the commission. Whereas if they have to work on you to lower your expectations there is a much better chance they will end up with some money, even though that may be a painful process for them.

I would ask them why no one has bought, and tell them what time frame you expect to sell in. They should be able to come up with a price consistent with that.

Thanks everyone, we reduced to 345 this morning and two viewings booked in already.

You are probably correct that 340k was a more realistic figure. Estate agent over valuing is absolutely rife at present and then properties languish for months or even years. Good luck with the viewings.

That's great - Good Luck with the viewings