PLEASE READ BEFORE POSTING

Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.

Dropping the asking price ?

2

Comments

  • p00hsticks
    p00hsticks Posts: 12,804 Forumite
    First Post Name Dropper Photogenic First Anniversary
    Deleted_User wrote: »
    .After good interest in the first two weeks with one offer which was rejected, there hasn't been any showings for two weeks since and there are none lined up.

    How low was the rejected offer ?
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    First Anniversary First Post Combo Breaker
    It's a second property...I had an offer of 140k after it was on the market for 5 days....the mrs and the agents said to hold out a while as a higher offer would deffo come in...of course it hasn't and now I wish I'd accepted....the couple who made the offer have bought elsewhere..two other ex council properties have gone for 135k and 139k...so at the minute I'm thinking of re-marketing it for £139,000 and not have the agents market it as 'reduced'.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    First Anniversary First Post Name Dropper
    Yes, you should have accepted 140k!
  • glasgowdan
    glasgowdan Posts: 2,967 Forumite
    First Post First Anniversary Combo Breaker
    4 weeks isn't a long time. I'd leave it another 4-6 then drop the price a bit.
  • Mutton_Geoff
    Mutton_Geoff Posts: 3,819 Forumite
    Name Dropper Photogenic First Post First Anniversary
    What do the agents say? You are paying them for a service after all. Any decent agent will be working with you to get the flat sold at the best price for you. If your costs are £350 a month, then holding out for another £10k (if it is worth that) is surely worth a six month wait, you spend £2,100 but gain £7,900.


    Four weeks is not much time at all to start reducing the price unless it's a fire sale or one of the 3 D's.
    Signature on holiday for two weeks
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    First Anniversary First Post Name Dropper
    eggha wrote: »
    arrgh yes, the infamous crashy time advice by hindsight in evidence again. Now if only he knew what yesterday's selling price was he could tell you to drop below that as well.


    The point is that if there are no viewers, or only one or two very hesitant viewers, it is priced too high.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    First Anniversary First Post Combo Breaker
    Thanks for the input folks...I think its priced too high as no viewings in two weeks and 8 viewings before that. I'm thinking of dropping it to 140k to come into the web search brackets....so can I ask the EA to just put up 'new instructions' on the websites and not reduced ? Or is there a better suggestion ?
  • Gemandcraig
    Gemandcraig Posts: 38 Forumite
    We are currently in a buying process. We viewed a house at 185k - on a busy main road, narrow drive and small kitchen.. Anyway we put in a low offer of 175k, they rejected straight away with the agent saying they have said no because they have had so much interest. I said interest isnt offers though is it? 6 weeks later its still on the market. I am watching with interest to see if it sells.

    There doesnt seem to be many 4 bed properties coming on the market at the moment - Is now a slow time for people putting their houses on the market?
    Gem
  • justme111
    justme111 Posts: 3,508 Forumite
    First Post First Anniversary Combo Breaker I've been Money Tipped!
    House prices have been rising for a couple of % each year. So for example what would sell now at 140 k would have sold at 143 next year this time. Even if your mortgage is interest only you are not losing 300 a month as almost all of it would come back as increased sell price due to prices rising. On top of it of your mortgage is repayment every £300 get you some equity , they are not completely wasted.
    I notice there may be different market conditions for flats and your particular area may have some less advantageous conditions for property market in general .
    In resumen - you were greedy and unlucky the buyers you rejected offer off got other property so quickly. But it does mean that the market price of your flat is about 140 k so there should be another buyer with another offer. There is none now as when you just get on the market you have the pool of buyers waiting. Once you have not used offers of that pool there is only a trickle of new buyers so you will get statistically fewer viewings and interest than in the first couple of weeks. If you reduce the price further you will appeal to people who looked for even cheaper properties so they will put offers of 135, 130 etc. Because ones that would give you 140 would be looking at your place now anyway even if it is priced at 150. So keeping an eye on other sales and waiting /may be changing photos would be my preference.
    The word "dilemma" comes from Greek where "di" means two and "lemma" means premise. Refers usually to difficult choice between two undesirable options.
    Often people seem to use this word mistakenly where "quandary" would fit better.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    First Anniversary First Post Name Dropper
    justme111 wrote: »
    House prices have been rising for a couple of % each year. So for example what would sell now at 140 k would have sold at 143 next year this time. Even if your mortgage is interest only you are not losing 300 a month as almost all of it would come back as increased sell price due to prices rising. On top of it of your mortgage is repayment every £300 get you some equity , they are not completely wasted.
    I notice there may be different market conditions for flats and your particular area may have some less advantageous conditions for property market in general .
    In resumen - you were greedy and unlucky the buyers you rejected offer off got other property so quickly. But it does mean that the market price of your flat is about 140 k so there should be another buyer with another offer. There is none now as when you just get on the market you have the pool of buyers waiting. Once you have not used offers of that pool there is only a trickle of new buyers so you will get statistically fewer viewings and interest than in the first couple of weeks. If you reduce the price further you will appeal to people who looked for even cheaper properties so they will put offers of 135, 130 etc. Because ones that would give you 140 would be looking at your place now anyway even if it is priced at 150. So keeping an eye on other sales and waiting /may be changing photos would be my preference.


    Volumes have not been rising though, buyers are increasingly hard to find (at bubble prices)
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards