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Should I reduce the price of my house? Agent says no (bizarrely)

33 replies

Oliveoil · 09/07/2008 11:29

been on the market since about mid May, so about 8 weeks

agent says tons on viewings and interest, leave till end of July and then maybe small drop

we have had one offer, time wasters as I don't think they could get a mortgage (or the one they did have was withdrawn)

however we want to emigrate to Australia NOW and are fed up - dh is combusting and raging down thhe phone at me as I type

he wants to knock 10% off right now, agent says ooooh far too much, you are underselling

are they on the same planet as the rest of us as from what I read it is doom? but they ARE selling houses atm (so they say) and want us to wait

am I underselling my house?

oh what to do, pleasse advise, ta

OP posts:
hertsnessex · 09/07/2008 11:32

think of what u would pay for the house?

Lauriefairycake · 09/07/2008 11:32

I would give it another month as you have had loads of interest.

I don't really agree with the agent though as people usually say the market decides the price and if it's low enough then it will sell. I had to take mine off til next year as we knocked too much off (25k) and I think it put people off a lot and made them more jittery. Just speculation on my part and I could be wrong.

noddyholder · 09/07/2008 11:33

What is underselling?A house is worth what someone will pay and tbh you will get 10% off offers anyway.10% now or 25 next year.Savills in London are reporting 25% off within a year

Oliveoil · 09/07/2008 11:34

it was already on at a lower price than the fules peopel up the road who have been on for 18 months in dreamland

so it may make people think we are desperate to sell and offer us 20p

tbh at the moment I would sell it for 20p I am so sick to the back teeth of tidying and stress

OP posts:
RubySlippers · 09/07/2008 11:36

rather than reducing it, can you change the details to say "offers in the region of ..." so people can get an idea you are open to offers without knocking the full 10% off

FWIW, a 10% reduction is not huge in this climate

Oliveoil · 09/07/2008 11:37

well yes, that is why I am a bit of my agent saying no to a reduction

unless they do not have my best interests at heart [naive]

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noddyholder · 09/07/2008 11:38

The market is in freefall if I saw a reduction I wouldn't think desperate atm as the news is reporting worse news daily and there will be no recovery from this for years.Apparent;y the city predicts prices back to Sept 2003 so about 35% so ten is not bad to get to lovely australia where incidentally prices are also on the way down.

Lauriefairycake · 09/07/2008 11:38

I thought that a house was worth what someone would pay until I put mine on this year. There is a lovely 3 bed terrace round the corner from me on at £175,000 - they cannot sell it (like us they have had noone round in 3 months- market too jittery - people not even looking) and I reckon they would have got £225 last year for it

I genuinely think my house (valued at £275, £280 and £299 - would not sell even if we put it on at £225 - we had it on at £250)

and that would have been almost a 25% reduction on the top valuation - when reporting for Hertfordshire is only a 4% fall so far.

Oliveoil · 09/07/2008 11:39

I know! I search all the time and dream

ok, will get onto agent and kick ass

were you an agent noddy, you seem v knowledgeable about all this stuff

OP posts:
Oliveoil · 09/07/2008 11:39

we have had about 15 or so viewings, I have lost count through rage at clearing toys up

OP posts:
RubySlippers · 09/07/2008 11:40

if you don't reduce the price, their commission will be bigger

noddyholder · 09/07/2008 11:40

The reports from the land registry are 6 months behind though and any current figures ie may june etc are asking prices which are not budging much.If you had knocked 25% off you would sell it.

noddyholder · 09/07/2008 11:41

No Olive I have been buying selling and renovating for 11 years and sold my last venture last august and am renting.I have a friend in teh city though who has given me some great and accurate advice

Oliveoil · 09/07/2008 11:42

we have about 75% equity so it will only be money lost on paper iyswim

yes, they will get less commission [lightbulb] but if it doesn't sell they get 1.5% of fuck all so where is the sense in that?

OP posts:
RubySlippers · 09/07/2008 11:44

they are estate agents - there is no sense

frogs · 09/07/2008 11:46

Friend has just sold their house after reducing asking price from £980K to £910K and then £895,000 (lovely house in smart area of London). They changed agents too. They are now under offer.

It looks like a hell of a hit to take, but actually last summer's prices were just a bubble rather than reflecting actual value. If I really needed to sell now I'd cut until I got an offer, then take the money and run. Tis only going to get worse.

EthelTheUnready · 09/07/2008 11:46

"loads of interest" is worth diddly shit unless it is followed by firm, reliable offers that follow through.

Your house, your decision but in your shoes I would drop the price.

WideWebWitch · 09/07/2008 11:47

Agree you should drop it if you want to sell. And be prepared to take 20% less or more.

Oliveoil · 09/07/2008 11:49

have left message with agent

dh said he would take a 20% drop if it meant we could leave, he is quite down

OP posts:
Oliveoil · 09/07/2008 13:44

agent is going to knock of 10%, spoke to a senior person and she agreed with me

please cross all fingers and toes for a buyer for me please!


OP posts:
hertsnessex · 09/07/2008 18:58

good luck. send some viewers my way aswell please! had 4 viewings, another booked, one offer but they havent sold yet - so stil hanging on in here. we have equity, and in no rush - will sell with no chain. this time last yr we would have sold within a few days - but renovations werent complete then.

somone pray i sell please!!!

itati · 09/07/2008 19:00

My initial thought was agent doesn't want you to drop the price as his commission will be smaller when you do sell.

My advice - your house, your decision.

What will annoy you more, selling for less but going off to Oz sooner, or hanging on and maybe getting more ££££ but having to wait ages for it?

nowwearefour · 09/07/2008 19:01

my agent says no point in knocking 10% off as that is the sort of amount people will knock off in an offer anyway and unlikely to attract any new interest. we have been on for nearly 12 months now and willingly lowered price twice and suggested doing so again but our agent said no. we have had someone interested but they cant seem to sell their place. is all one big nightmare. we will prob just come off and stay off for a while. all the best with it.

LIZS · 09/07/2008 19:04

tbh the market is likely to go even quieter over July and August while people take holidays especially if it is a family house you are selling. You may just need to sit tight until September .

PixelHerder · 10/07/2008 14:39

I kind of understand the argument of not necessarily attracting interest by dropping the asking price - imo it's more important to let any potential buyers know that you are open to offers (but be clear yourself exactly where your price boundaries are before any negotiating starts).

Buyers are expecting to get at least 10% off whatever price it is on at, so in a way it doesn't really matter how low you go, they will still want more off! As people like to feel they have got a bargain I think you may as well have it on at a slightly optimistic price then you have room to negotiate.

We completed 3 weeks ago and did the price negotiations in March (when the market was just starting to drop). We had it on at the top end of the valuations, but when we showed people round, said we were open to offers. We fortunately had interest from a couple of viewers, and they bid each other up to a price which was still just within our valuation band (but the bottom of it) which is what we sold at. hth

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