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we have had one offer, time wasters as I don't think they could get a mortgage (or the one they did have was withdrawn)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

[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.

[nkf]

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

[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!

[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

[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.

[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

[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.