Reduce house price?

deputyg

Hello,

Our EA has suggested reducing our asking price by £15k to an offers over type of strategy.

The house has only been on the market a month and has had 12 viewings, which we thought was reasonable.

Do you think the EA is just after some sales or is it worth considering. For now we have said to leave it at the original asking price and to see what the next couple of weeks brings.

Thanks for any help.

bap98189

You had 12 viewings in the first month? Have any of them expressed interest or made an offer, or has the feedback from all 12 been that it was overpriced?

dander

12 viewings sounds pretty comfortable to me, I wouldn't have thought it's £15k over-priced if you have got that. I think if you reduce by £15k, even saying "offers over", you'll end up getting offers below that.

motherofstudents

12 viewings in a month ! I would leave the price as it is, if someone makes you an offer £15k below your current asking price then you can consider it. Have you had any useful feedback from EA ? If it was that the property is overpriced why has no-one made a lower offer ? Good luck with your sale.

princessamy86

Offers over never works in my experience. All it does is put people off viewing in the first place as they think you then won't do any negotiating and at the end of the day everybody wants to get some money off the asking price. 12 viewings is a lot-what's your feedback been like?

Running_Horse

As your EA knows the local market, can you ask why they marketed it £15,000 over what it is worth?

delmar39

Why have they all of a sudden suggested this? Esp. as you've had 12 viewings already. You need feedback as to why no one has put in an offer - after 12 viewings you would have thought that you would have at least 1 offer in the bag. 12 viewings means that the asking price isn't putting them off, but if not offering, then something isn't right.

Trollfever

If you have had 12 viewings, why have you not had 12 feedbacks?

brit1234

deputyg wrote: »

Hello,

Our EA has suggested reducing our asking price by £15k to an offers over type of strategy.

The house has only been on the market a month and has had 12 viewings, which we thought was reasonable.

Do you think the EA is just after some sales or is it worth considering. For now we have said to leave it at the original asking price and to see what the next couple of weeks brings.

Thanks for any help.

I think the estate agent trying to get a quick sell before people realise prices are falling again. May be a good thing rather than chase the market down.

deputyg

Thanks Everyone,

I think our house was marketed at the price it is comparing it to similar properties in the area. The other properties are a fraction smaller but are in a slightly more trendy neighbourhood. That's if you want to live on top of everyone else, terrible parking etc. Ours is a mid-terrace too but has a park opposite. Saying that, it is a busier road.

People are loving the house but some concerns are being raised as to a proposed supermarket being built nearby, behind us and 100 yards away along the road. It will actually be less visible than what is there at present but people are worried about the noise and duration of work I think.

Astuteboy

princessamy86 wrote: »

Offers over never works in my experience. All it does is put people off viewing in the first place as they think you then won't do any negotiating and at the end of the day everybody wants to get some money off the asking price.

Just speaking from a buyers perspective, I completely agree with this. The same applies to people trying to sell using a "fixed price" as well; it would seriously put me off even viewing. As the old adage goes, your house is only worth as much as someone is willing to pay for it, which is often not what your EA thinks it's worth.

Just out of interest, what kind of % drop would 15K be on the current asking price?