When to reduce and how much?

[BobLobla]

We’ve had our house on the market for £430k for a month now. Loads of interest at first of course, now right down so reducing is in our minds. I don’t think we’d have put it on for that to start with tbh but our next door neighbours (attached!) put theirs on for £435k a few weeks before us and sold within 3 weeks for £430k. They’re Victorian properties, great area for families. Theirs is immaculate though and ours isn’t! it’s in a good state overall, nicely decorated but not ‘immaculate’ . We do have extras though - open plan kitchen diner & office garden.

We’ve got a house lined up - ideal position as it’s off the market and will remain as a rental if the sale to us falls through. Tenants are in there until end July. The equity on our place will allow us to make it our dream house - structurally it’s fine but we’d build an extension (which we’ve had costed) and we need to make about £100k on this place. They accepted an offer of £310k.

So in summary, ours is over-priced, it’s been on a month and we want to reduce and sell by end of May. When to reduce and how much?

What was the feedback from the viewings you had early on? This might help determine how much the current price is/isn't right

It was either circumstantial for them (choosing between a final 2 or 3 houses) or time-waster type stuff (we don’t want to be this close to a school - ok so don’t visit houses near schools then?!) Or a few comments about the bobbly /uneven wall plaster. So I had skimming costed and would be happy to factor that into a reduction if needs be.

Maybe try presenting yours a bit better - take any clutter you won’t need in the short term or furniture that makes the rooms look cluttered/small and put it into storage, give rooms a coat of paint (light colours). Use mirrors to make rooms look bigger and brighter. If it needs a but if tlc get in carpet cleaners, house cleaners etc… What is it that made your neighbours that bit nicer than yours?

Ask your agent. If they are any good, they should have some ideas.

People will have seen the house next door either on Zoopla or in person and know how big it is, they aren’t going to be fooled by paint and decluttering.

Next door is probably in a better condition and doesn’t need anything doing.

Offers over 400 wouldn’t be unreasonable

It helps that next door’s is wallpapered throughout whereas we took wallpaper down and painted. It’s 125 years old so there are bumps and dents but only really in a few places. There’s no clutter - it’s all in the cellar in boxes or in the cars!

I don't know, yours doesn't sound overpriced if it's detached and next door went for ehat you're asking. Surely being detached with a garden office and open plan kitchen more than makes up for being newly redecorated? So maybe just wait a bit and be patient.

It’s semi detached and our house is the mirror to theirs. Anywaaaaaay, we’ve just heard that someone that viewed yesterday stayed for 45mins and are super-keen. They’re ringing the agent back later… 🤞🏼🤞🏼🤞🏼

If you had loads of interest at first & the property is in good condition, it’s probably priced about right. I would reduce to 400k only if you get no offers after a few more weeks.

Just make sure your EA knows you are open to offers and would immediately accept anything above... 420? Give them a target and they will work to it.