Panicking my house won’t sell

[Megcan]

Hi everyone , we had a our house sale agreed in September to FTB, and had agreed on an onward purchase. The FTB pulled out very late on, most conveyancing done. I’m not devastated about losing our onward purchase at all, but so upset not to have sold where we are. The house is lovely, great space etc , but the area is no good for our commute . I feel so deflated and like we will never sale agree. We have had one viewer since relisting 3 weeks ago, and have reduced price by 10k to try and generate interest. Just wondering if anyone has any success stories in this situation?? Thanks !

I’m sorry to hear what has happened and have experienced similar in the past but did eventually sell. I think the key is to understand why the buyer withdrew. If it is related to the property then ask yourself if it is something you can fix or if not then price adjust for and tackle the issue early on with the new buyer.

How frustrating, did you get many viewings or other offers originally? it’s probably not a great time of year to sell right now because people start thinking it’s getting towards Christmas etc - if you don’t get much interest over say the next month could you take it off the market and put it back on in the new year?

Sorry to hear that - one viewing in 3 weeks is obviously not great.

How much did 10k represent off the asking price in terms of percentage? Because when a property gets reduced it normally needs to be by about 5% to generate new interest.

10k off a 200k property is meaningful but off a 400k property much less so.

Thank you . Buyers pulled out as somewhere came up in their preferred village. They were our first viewer a few days after we went on the market and sale agreed straight away, we accepted their offer of 5k under. We are very straightforward and weren’t interested in waiting to see if there was a higher offer. House is reduced by 5% , originally 300k

I think 10k off a 300k house is not really enough to generate new interest.

If you don’t get more interest and need to sell, I would reduce it to 275k next time which will take it down to the lower band on Rightmove.

Or take it off the market and relist in the Spring at somewhere in the region of 275k to 290k.

Very little was moving by me, I had an offer 20k under valuation, but lost the buyer 7 weeks down the line, as they lost their buyer. I've just accepted another offer after knocking 40k off valuation. Hopefully this one goes thru, otherwise I'm staying where I am.

its awful. Can understand why people do it though, buying the wrong house is an expensive mistake !!

Its weird. I’m trying to buy and it’s pretty hopeless at this end too. Anything vaguely decent is snapped up and everything else is madly overpriced and sits there for months without being reduced. I’ve made offers variously at 5%, 2% under, and one at asking price but it always goes to a bidding war. I do keep checking if any houses I’ve lost fall thru and come back on, so if you are not getting people like me, who missed out the first time, it’s got to be price. Probably you need to drop by 20k and you’ll get viewings.

We’re still trying to sell but it’s been slow moving. We reduced last week and have had a bit more interest now.

How’re you getting on now @Megcan have you have many more viewings?

Hi - no absolutely nothing . Glad things are looking up for you, did you drop by much? We are pretty sure we are competitively priced . When I spoke to our agent it was me who suggested a price drop, he said something along the lines of “oh I didn’t like to say”, as some people don’t take it well?! He then suggested a drop of 10k but I wanted to drop 15k which he didn’t agree with. I’m tempted to change agents but my husband thinks it is a waste of money. We are in a rural village although houses around us selling

We dropped by £20k on an original price of £570k. It took us to a new bracket. But even so I do feel like the market is just generally rubbish at the moment. Doesn’t help that we’ve found somewhere we want to move too 😬

Good luck 🤞🏻