House went on market last week of April and agent suggested a reduction today

[Housepriceq]

Our house went on the market in the last week of April. We based it on the price suggested by the agent. The agent had also marketed a similar property which went under offer in under three weeks at a similar asking price, with owners accepting a reduced asking price from the buyer in ballpark of what we would also be happy to accept.
It looks a bit rubbish for houses to be reduced, although I know many of them are. I just think one week is a bit soon. I’d rather they took house off market and put it back on in a few days as a new property with a lower price! Are they able to do that? Has anyone got experience with being advised to reduce so quickly? I also thought it was a slow market at the moment.

I agree with this. There are also agents that substantially undervalue for quick sales, lining their own pockets. It’s a dirty business.

The main thing that gets viewings is to be priced competitively, use one of the price drop apps to check what other sellers are doing, run the numbers through a mortgage calculator and ask yourself if the target market will really want to pay that monthly amount if they are using a mortgage.

There’s absolutely no bar to entry with the Estate agency
You’re probably dealing with somebody who failed to secure themselves a role at McDonald’s to help you with your life changing decisions

What are the price drop apps?

No viewing at all is very unusual, especially at this time of year. Are you brave enough to share a link?

That's why I would use my own intelligence & experience of buying & selling rather than AI or a mediocre EA (though some are very good at what they do).

@Twiglets1 ,

I used AI to try to back up my own lived experience, which I also quoted.

The idea that everything happens on the internet isn’t true. A good hard working estate agent thinks outside the box and shows people properties they may find interesting, rather than what they might be focused on on Rightmove etc.

There are quite a few now, some are more complex than others giving various stats etc.

https://www.propertylog.net/

Not at all unusual in many areas now I believe.

@Arlanymor

“Hi Tarquin: I am just emailing yourself….”

Don’t forget the unnecessary reflexive, so beloved of estate agents.

This - the agent with my friend one valued it at £450 K and one at £500 K and one at £550 K agent lie and will say anything to get your money and the house.

It makes very little difference to them if they sell it for £500 £530 or £550 K 1% is £5000-£5500 they lose £500 you get £50 000 less

I used to be an estate agent - we actually worked much harder on properties that were on with us as the sole agent. Properties that were also listed with others gave us less commission so we didn’t care as much. It didn’t increase our competitiveness at all.

If you've had no interest and want a quick sale, reducing is the best option. We went on the 16th April, have had 10 viewings and 2 offers so far. We have another 5 viewings booked in this week.

Houses in the areas we are looking at moving to are selling really quickly, so there is definitely an appetite out there. However, higher priced properties are hanging around a bit longer due to mortgages etc.

Thanks.

Very, very true - good addition!