EA telling us to reduce the price

[justasmalltownmum]

found a house we liked back in April, so listed ours and within about 3ish weeks had 2 offers.

One for asking price and one for 5k less.

Got into a chain and the chain collapsed. So we said we are no longer selling as the one we wanted is no longer available. It was that or nothing, so EA took ours off the market.

Start of August the original house we wanted has come back to us, so now need new offers on ours. So EA relisted ours. But it has been terrible second time around.

lack of viewings - EA said due to August/ summer holidays
lack of offers - people saying they would offer but it would be 20-30k below asking

now EA is saying to lower the price by 25k.

thoughts? Advice? Any experiences?
Has the market changed so much in 4 months?
should we wait until September for it to pick up? But by then we won’t be new to market.

thanks!

update: we have had a couple of viewings since reducing the price. Waiting to hear back from 3 people for any feedback. Had one offer for 15k less then then new asking price, which was reduced 25k.
Our chain is about to collapse any day now. We can’t accept any lower than the asking.
It is so stressful.

Ask the one that has offered 15k below the new reduced asking price if they will meet you half way with 7,500k?

it’s definitely a buyers market now. People are terrified how the government are going to gouge us next time.

would you consider keeping your existing house, putting a buy to let mortgage on it, rent it to the local council for 6-12years, and start again with your new house.

we sold but had to take a 25k hit. Now we are buying people still have their homes on 2022 prices. No way are we paying that so if prices wont reduce, we wait it out in a rental even for another yr. Buyers are looking on zoopla at sold prices. If your home is not following those prices roundabout then houses are sitting on the market for over a yr. Market has dropped.

Very difficult market for sellers atm, most people don’t want to move house at Xmas. . Good luck OP I hope it works out for you.

I assume your agent has informed your vendor that if they reduced the price things could go ahead ? It seems its your purchase not wanting to accept a reduction that is the main problem?

we sold but had to take a 25k hit. Now we are buying people still have their homes on 2022 prices. No way are we paying that so if prices wont reduce, we wait it out in a rental even for another yr. Buyers are looking on zoopla at sold prices. If your home is not following those prices roundabout then houses are sitting on the market for over a yr. Market has dropped.

As prices are going down and mortgages going up, I think buyers are looking a bit below the sold prices, so as not to get stuck in something worth less than they paid.

Agents always give you a high valuation in the beginning to get your business. Then when no offers/viewings appear they say the house is overpriced and you should reduce!

Look at the Land Registry website of sold house prices, this will be a few months out of date, but will give a more realistic price valuation. Also look on Rightmove and see what houses, similar to yours, in your immediate vicinity are going under offer. That way you will probably come up with a more realistic price for yours.

The same in reverse when you are looking for a property to purchase in another area.

They have reduced by 10k. But we have had to reduce by 25k.
They are in a rush, and have given us to then end of this week.

They won’t. That was their best offer. No one wants to negotiate upwards.

And use a price app like PropertyLog or similar to see what other sellers are doing.

Did they get loads of offers?