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

[Oliveoil]

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we have had one offer, time wasters as I don't think they could get a mortgage (or the one they did have was withdrawn)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

[PixelHerder]

I think the fact that most people talk in terms of 'percentage off asking price' illustrates that it is the 'percentage off' figure which people tend to focus on now.

That was my argument for not putting on at 'rock bottom' price, as people will still expect large percentage discounts on whatever price it starts at, which is inevitable in a dropping market.

IMO it's more important to indicate to buyers that you are open to offers and hope that you can attract more than one bidder who are after a bargain.

How easy it is to maximise this 'perceived discount' in your favour as a seller obviously depends on various factors, eg how many directly comparable properties are for sale in your area and at what price, what sort of demographic you are trying to sell to (ftb, upsizers, downsizers etc) and how easily they can get finance, general desirability of your house/area etc.

[OneLieIn]

There are something like 15 sellers for every 1 buyer I just read.

we have just sold after knocking 16% off the price after going on the market in April and we were told that this is good. The market is on the slide and you will only end up knocking it off. We had quite a few viewings, but we found that about half of these were people who had not yet sold their places, which meant that they weren't in a position to move at all.

I would knock the price off and if the agent is good, he can always get you the full asking price.

Good luck in Oz

[raisinbran]

I would consider highlighting that you are open to offers and after a quick sale. The brave sole that does want to buy needs to be attracted to look at your place rather than the other houses on rightmove.

They may have already put in cheeky offers on other properties and been turned down so thinking of giving up and going back to renting.

I think there is a need for a website for people wanting quick sales at great prices.

[1dilemma]

Olive sounds like you have a good reason to sell, market is only going down further in the foreseable future. Can't really say much more since I don't know where you are!
Things will start to move but only when sellers drop their prices tbh since everyone is saying 25% off in 1 year I'm kind of waiting for that then I'm going to knock off another 20% off IYSWIM.

Good luck in OZ

Near where I live houses are on for say 600K I wouldn't even go look round at 500K and would probably only consider it when they reach 400 IYSWIM

[noddyholder]

I offered 15% off a house in march and it was turned down.Agent cal;led me yesterday evening and asked if I still wanted it as other sale fell through.When I asked what price he said he had told the seller that the market has changed and he should take what he can get!

[nkf]

In this sort of market you have to cut meaningfully otherwise you end up chasing the market down.

[nkf]

I don't know the price but 10% may not be enough of a drop.
How much is it if that's not too nosey. Well, it is nosey but you know what I mean.

[PixelHerder]

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

[LIZS]

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 .

[nowwearefour]

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.

[itati]

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?

[hertsnessex]

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!!!

[Oliveoil]

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!

xx

[Oliveoil]

have left message with agent

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

[WideWebWitch]

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

[EthelTheUnready]

"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.

[frogs]

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.

[RubySlippers]

they are estate agents - there is no sense

[Oliveoil]

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?

[noddyholder]

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

[noddyholder]

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.

[RubySlippers]

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

[Oliveoil]

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

[Oliveoil]

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