Should i drop my price again ?

COLLINS17

Hi,

I have a 2 bedroom house that has been up for sale just over a month. The house intially was priced up @ £169,950 in line with the area. The only downfall of the house is we don't have central heating but a gas fire in the lounge & gas heaters in the bedroom. We have had around 7 viewings within the first few weeks but no offers as yet. With all the news of price crashes and FTB struggling to get mortgages, we decided to drop the price a couple of weeks ago to in excess of £160k before others did and to try a generate more interest.We have only had 1 viewing since we dropped the price a couple of weeks ago. Another house in our road has just come on the market @ £159,950 and looks identical from mine but benefits from central heating.

I am wondering if i should drop my price to undercut them & make it stand out to potential buyers or just be patient and see whats happens.

I just don't want to drop my price and still not get any firm offers because FTB's are waiting to see what happens in the current climate.

Any ideas??

planemad

Without knowing the full details of the area its hard to give accurate advice.

I suppose you could drop your price if you feel that would entice people in.
As you say people are generally not buying at the moment which is the major factor in this, and this could continue for many months to come so even reducing price may not sell quicker.

You could try marketing with another agent if your contract with your current agent allows this without penalty.
You could always ask your current agent for advice on price dropping (they will say drop anyway as they want you to sell so that they get their money).

It looks like you will have to bide your time (if time allows you to) and try not to sell yourself to short on the property.

LandyAndy

My first house (in 1980) was a thirties semi without CH. It's amusing now to look back on frost on the inside of the windows on winter mornings but, unfortunately, buyers' expectations have moved on and lack of CH will put lots of people off. My feeling is that you'd have to be positioned £10 - 15k under a house with CH in a 'normal' market. However, in today's market trying to sell a house that is the right size for FTBs at a price most of them won't be able to get a mortgage for is going to be very much an uphill struggle.

In your position I wouldn't sell unless I ABSOLUTELY HAD TO.

Best of luck, LA.

geoffky

To have a chance of selling you have to be the lowest in price with the best add ons compared to all the others..

Doozergirl

If someone with central heating is undercutting you you don't stand a chance of selling until after they have.

LandyAndy

Doozergirl wrote: »

If someone with central heating is undercutting you you don't stand a chance of selling until after they have.

Except to a very specific type of masochist;) .

poppy10_2

I would never buy a house without central heating. It's pretty much an essential these days.

Doozergirl

LandyAndy wrote: »

Except to a very specific type of masochist;) .

I can't help it - every time I see you on the boards I wonder which type of small car I should buy and how much bills might cost a month when my parents make me leave home.

LandyAndy

Doozergirl wrote: »

I can't help it - every time I see you on the boards I wonder which type of small car I should buy and how much bills might cost a month when my parents make me leave home.

Sadly my fifth can of Special Brew prevents me from deciphering this post .

I had no idea you were stalking me:D .

EDIT: You're stalking me on the 'storage' thread as well:eek: .;) .

lincroft1710

And the house with CH might well exchange at £155K, which brings yours down to £150K. If you want to sell you have to price accordingly.

Generali

poppy10 wrote: »

I would never buy a house without central heating. It's pretty much an essential these days.

AFAIK it's been considered as a standard item in UK 2nd hand houses since the 70s at least.