Rent or wait to see if house sells - advice please!

[StuckInRut1]

Our house has been on market for 6 weeks. Lots of viewings for the first 2 weeks (over 20) but not one offer.

Feedback was kitchen too small (we’re aware) and buyers wouldn’t have enough to do an extension. We then lowered price, had more viewings (interestingly no second viewings from previous ones interested though) and still no offers. Having watched the market we’ve realised there are lots of house on in our area (in London) at similar prices and also haven’t sold. We’ve seen houses that do sell are less than ours and require quite a bit more work, so price reflected in this.

We’re worried we’ll lose the house we’ve put offer on (our dream home). We are now considering either lowering price OR renting our house. We know rental market in our area moves faster than buying market.

i should add in our area, houses sell quite quickly (within 2-3weeks max). Otherwise ones that don’t sell take months and months, and frustratingly our buyers won’t wait. Which is why we are now considering renting….so advice please on cons and pros of doing this.

thanks!

How will you buy next house ? Do you have cash in bank?

There's another v similar thread running on here at the moment.

I really wouldn't rent it out unless you are an experienced landlord and really know what you are doing. You could well be stuck with a declining asset and not be in a position to sell when you want to.
If there are lots of similar properties in your area which are just sitting on the market, the prices in your area are likely to be in decline. If I were you, I would reduce the price to a competitive level and sell it as long as you can definitely afford the onward purchase.

Yes we do

I would just lower the price. Renting and being a landlord is pain in the ass.