Third sale fallen through after ten months, reduce price or pause?

[PasturesN3w]

Help! 3rd Sale fallen through, been on the market 10.5 months. What do I do next? Experienced sellers’s advice please.

Bit of background, this is my fourth Sale in six years. I’ve done a little better than breaking even each time, I’m no developer but enjoy living in different types of houses in different areas. Three went within 12 weeks. I get good feedback about presentation. Not sure why it’s been so hard now. Geopolitics?

This time round, achieved asking price offer but fell through down the chain. Second sale, offered near asking price, but buyer aggressively price-chipped, in the end I walked away. Moved to a new agent for a fresh listing, 3rd Sale, achieved near asking, fell through down the chain. My buyer also did the strange thing where they took about a week to deal with jobs. Generally didn’t answer emails. So I lost my onward property, I even dropped the price and still didn’t hear anything. I was sort of ghosted! All very frustrating.

These no sales have cost so much monetarily and emotionally. I really do want to come off the market until the New Year. The other side of me says ‘drop the price, sell, move on with your life’.

It’s a 2 bedroom end of terrace in Southwest London. Shocking to say this, but it’s on at £700 /bottom end of the market for the size n location. Again shows well, good amount viewings. One survey earmarked an older serviceable roof, so I got quotes at around 11k.

So, my question is. I am happy to drop the price accordingly, but dropping the price by 11k whilst fair, doesn’t set the world on fire. How much do you need to drop by to not bankrupt yourself but make things attractive? I want buyers to be aware of what needs doing/ be transparent and provide quotes, but want a strictly no quibble post-survey price and preferably a quick Sale. Have you any experience of doing this? What was the percentage reduction you made?

I could list again in 2027, the market might have picked up a bit as it’s been shocking. But I’m so brain-dead now, I can’t really decide. Love your help.

Thanks in advance.

From what you say OP. I’d take it off and remarket in January. Don’t reduce.

give yourself some breathing and regrouping space.

I’d also look to contact buyers agents and try and sell off market?

Thanks Tortephant. What’s selling off market please?

It’s not being advertised. A quiet behind the scenes sale. Using agents and relocation people and buyers agents networks and client base.

Fourth sale in six years? That’s wild. You must have paid so much in stamp duty!

I did a bit better than breaking even.

Brave enough to share a link?

Or if not, share where abouts SW?

£700k for a two bed does sound quite high for the market right now, as it’s a tricky one to market to buyers. You’re likely looking at a single person or a couple, but both would potentially outgrow a two bed fairly quickly, and unless they have hefty deposits and solid jobs, are being very cautious for that price point/number of rooms. Many I know with that budget are either holding out longer to buy bigger or choosing 3 bed or 2+ box room/study. Depends on location of course

I can say there are few freehold 2 bed houses in good condition in this area in this bracket. No 3 beds which aren’t reno’s. Had 2 asking price, 3 near asking price offers, so current value is well tested.

The issue in this market /length of time listed, is whether to price drop or relist in 2027?

Ex estate agent here and also have bought and sold many times myself.
I would market it in Sept. and early October. These are traditionally good times for selling. If no luck, take it off and re market in early spring. I would keep the price the same but with flexibility.

Thank you. I’ll likely take a break until February now.

2/3 sales involved serious price-chipping / gazundering both for me and for one of the buyers. Brutal. Scottish system has the right idea.

What a staggering amount of hassle you've subjected yourself to in 6 years, vs. just renting, moving whenever you want, and keeping your entire deposit/equity in S&S ISAs or something.

Even if you've broken even in sale price vs sale price, surely mortgage fees, conveyancing fees, stamp duty, and estate agent fees must put you way behind?

Reduce, quickly and by a decent amount, the market won"t be better in 2027, interest rates will probably be rising again by then.

Ok, the 2/3 offers price chipping does change things as it suggests the price isn’t that well tested and is too high. Without knowing roughly where in SW London, it’s hard to say more, as there’s a big difference between Clapham, Streatham, Sutton etc and who your likely buyers are

Whether you wait to spring to relist or not, it sounds like you’ll need to drop the price.

If you’re determined to get the current price+ then it may require reviewing how you’re pitching to your target buyers. And be prepared for healthy suspicion of why it hasn’t sold for that price after this long, especially if a typically popular fast moving part of SW

"Spring Bounce" doesn"t happen any more, certainly never happened this year? People "waiting until things get better" is just shorthand for My House is Overpriced, things are getting better, overpriced property is no longer selling.