25 viewers, 1 v low offer - normal?

watersign76

Hi all

I appreciate this might be a "how long is a piece of string" question...but interested to know if others are finding the same.

We have our 3 bed house on the market in East London/Essex border. We have had 25 viewers in 3 weeks but only 1 low offer, £45K under the asking price.

We did put it on £20K over EA's guess at what we could get as we expected that we'd need to drop the price when a buyer came along.

It feels very different to when we sold in 05, when there was a sense of needing to rush.

EA is pushing us to drop price in order that it doesn't hang about looking like there is something wrong with it. Husband isn't keen, he thinks that will encourage people to offer even less.

Feedback is that it is too small. 3rd bedroom is very small but not sure we can do much about that.

Is it just a case of waiting...dropping the price and maybe reconsidering our budget for the next place if we cannot achieve what EA orginally said...or staying put and waiting for market to return to "normal"....

Thanks

googler

Without knowing the area, or what the sales history has been, it's difficult to comment, and you also didn't state what the asking price is, so we don't know what percentage of the asking price the £45k forms.....

I don't get the logic of pricing it £20k over the target price - surely if you're aiming for £x, price it at £x so that the people who are looking for something at £x come along right away? If it's £20k over this, won't some folks be put off, thinking they can't afford it? If someone DOES offer below the price you're looking for, you're paying your EA to negotiate with them.

I'm not surprised the EA is pushing you to drop the price - you didn't listen to his/her valuation, and put it on at £20k over what he/she thought was the true market value!

What's your viewing strategy? Open viewings? Agent makes appointment and sends viewers to you? Agent conducts all viewings?

Strapped

You have an offer at £25k under the agent's valuation? Not sure how much that is in absolute terms, but I guess a 3 bed in your area is >£150k so it doesn't sound wildly unreasonable. Meet in the middle and conclude a quick sale?

JMW77

I think right now everyone thinks people will drop and they will get a bargain,so everyone who puts an offer in will offer considerably less, as you expected,the good thing is whatever you try and buy you will do the same so on balance its the same!
Sell lower buy lower.

If you are buying a larger more expensive house you should be able to drop more than what people do on yours say take 15% less on yours offer at least the same on the new house .

barnaby-bear

watersign76 wrote: »

Hi all

I appreciate this might be a "how long is a piece of string" question...but interested to know if others are finding the same.

We have our 3 bed house on the market in East London/Essex border. We have had 25 viewers in 3 weeks but only 1 low offer, £45K under the asking price.

We did put it on £20K over EA's guess at what we could get as we expected that we'd need to drop the price when a buyer came along.

It feels very different to when we sold in 05, when there was a sense of needing to rush.

EA is pushing us to drop price in order that it doesn't hang about looking like there is something wrong with it. Husband isn't keen, he thinks that will encourage people to offer even less.

Feedback is that it is too small. 3rd bedroom is very small but not sure we can do much about that.

Is it just a case of waiting...dropping the price and maybe reconsidering our budget for the next place if we cannot achieve what EA orginally said...or staying put and waiting for market to return to "normal"....

Thanks

Too small is euphamism for:
Too small for the price...
Too little house for the price...

A three bed house is much bigger than a 1-bed flat but people still buy those if the price is right....

Doozergirl

barnaby-bear wrote: »

Too small is euphamism for:
Too small for the price...
Too little house for the price...

A three bed house is much bigger than a 1-bed flat but people still buy those if the price is right....

That's what I was going to say. If that is the repeated feedback then it does mean they think it's too expensive ie. you can get bigger for the same money.

Many people will not feel comfortable knocking large amounts off asking prices and would rather walk away than even consider lower offers.

The best way to sell a house is to market it at what you want for it. You will attract more viewings and offers - 25 is pretty good mind; it must be an attractive house at least.

watersign76

Thanks for your replies.

House is on for £339K, agent said expect £320Kish. Husband reminded me that they suggested marketing it at £330 initally.

EA also showed us details of recent sales and what they were under offer for (not sure if he should have!) but most had £00s off, so hence adding £00s.

Our house is one of the cheapest in the £300 -£400 bracket locally. A house 4 doors down has just gone on the market for £360K, is 3 bed too without drive or garage but bigger rooms (although whether they'll get a buyer for that is another thing).

But I think we need to get the price down.

EA and us are doing the viewings depending when it is. Having a baby means we are generally in for long periods and we ended up doing a number the viewings. Have tried to do everything they say on the TV, let the buyer go into the room first, say postive things blah blah.

Will have to see!

lovethymini

Totally agree with previous posts; our EA advised us on a value to market our semi at, we did our research on the comparable nearby properties and agreed with him, and all our viewings have been positive despite it being in need of a bit of cosmetic work. In three weekends we've had 6 viewings. In fact we have had a lot of compliments about the space the house offers. the EA is very optimistic about getting an offer tomorrow, plus the 2nd viewers are currently speaking to the council about whether they can extend before they make an offer.

"We did put it on £20K over EA's guess at what we could get as we expected that we'd need to drop the price when a buyer came along." - It's not a guess - he will probably have a better feel for the value than you, but it doesn't seem that you value his opinion/advice?...


"Is it just a case of waiting...dropping the price and maybe reconsidering our budget for the next place if we cannot achieve what EA orginally said...or staying put and waiting for market to return to "normal"...." - The EA has recommended a price that was £20k lower than the price you decided to market it at. Your lack of any offers suggests the EA wasn't too far off the mark. Define a "normal" housing market - there are always peaks and troughs and it's all relative - the house you will purchase is in the same market.

If your opinion of your property is that it's worth £20k more than the market values it at, are you planning on paying an extra £20k on the property you're planning on buying???

Your viewers have seen similarly priced properties and found yours smaller - so I would say reduce your asking price!

Strapped

watersign76 wrote: »

Thanks for your replies.

House is on for £339K, agent said expect £320Kish. Husband reminded me that they suggested marketing it at £330 initally.

EA also showed us details of recent sales and what they were under offer for (not sure if he should have!) but most had £00s off, so hence adding £00s.

Our house is one of the cheapest in the £300 -£400 bracket locally. A house 4 doors down has just gone on the market for £360K, is 3 bed too without drive or garage but bigger rooms (although whether they'll get a buyer for that is another thing).

But I think we need to get the price down.

EA and us are doing the viewings depending when it is. Having a baby means we are generally in for long periods and we ended up doing a number the viewings. Have tried to do everything they say on the TV, let the buyer go into the room first, say postive things blah blah.

Will have to see!

With the extra info you've given, £294k sounds a fair offer. Accept it (nudge a little upwards?) and concentrate on getting a good deal on the next house. Prices are still dropping.

ukcarper

I fail to see how people who don’t even know where your house is or what similar houses are selling for can offer you useful advice. You need to see if any similar houses have sold recently and what price for and set your expectations accordingly.

ad44downey

watersign76 wrote: »

We have our 3 bed house on the market in East London/Essex border. We have had 25 viewers in 3 weeks but only 1 low offer, £45K under the asking price.

We did put it on £20K over EA's guess at what we could get as we expected that we'd need to drop the price when a buyer came along.

Ok so it wasn't really a low offer then; it was only a low offer compared to your grossly inflated asking price