Reduce house price?

Gwhiz

Yes, what is the current asking price?

Also... 12 viewings and no offers must mean something wrong. You need feedback to know what it is..... normally, unless there is something very wrong with the house or area, it's the price!

deputyg

Asking price is £279,950.

We had an offer for the asking price in the first week. Then they suddenly decided they wanted to move out of the area.

Running_Horse

Dropping it £15,000 would mean getting offers below the magic £250,000 mark.

If you think it is worth the asking price then consider standing your ground.

I would still be asking the EA why they are messing with the price so soon after setting it.

Milliewilly

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. 12 viewings is a lot-what's your feedback been like?

Interesting this as my house is on at £250K reduced from £265K. I have discussed with my EA today doing offers over £200K to get bids in hopefully settling around the £230K mark. Do you think people would seriously offer less than £200K on a house thats clearly worth more than that even in a slow market? Obviously they would be refused anyway.

quatro

From a buyers point of view the 'offers over' always puts me off. Sounds like the vendor is going to hold out for a high offer, and that the asking price is uncertain.
I'd much rather see what someone wants for a property and then negotiate down - we all know how that works. If the vendor can't or won't drop - fair enough, and everyone knows where they stand.
There are 2 houses here with 'offers over' -- sounds like they are ultra confident people will be fighting over the properties. Fact: they aren't and both are still on the market after months.
Buyers like vendors to appear flexible and approachable.
12 viewings in a month is good - hold out and dont listen to everything estate agents say, they can be misleading and obviously out for their own interests or want a sale before the month-end figures are in!

Cannon_Fodder

'Offers over' puts off lots of people, at all.

In Millys example, of trying to boost offers by £30k after a £50k drop, that's just crazy...

Why not just go down to £240k, and hope someone starts at £220k and gets talked up to £230k ?

What if someone offered £215k, and then you refused to sell, despite that being what was asked for...?

Then, when it doesn't work, you revert to £240k, so a £40k increase shows up on Property Bee, confusing people further.

How to alienate chunks of buyers in one easy lesson, imo.

Milliewilly

Cannon_Fodder wrote: »

'Offers over' puts off lots of people, at all.

In Millys example, of trying to boost offers by £30k after a £50k drop, that's just crazy...

Why not just go down to £240k, and hope someone starts at £220k and gets talked up to £230k ?

What if someone offered £215k, and then you refused to sell, despite that being what was asked for...?

Then, when it doesn't work, you revert to £240k, so a £40k increase shows up on Property Bee, confusing people further.

How to alienate chunks of buyers in one easy lesson, imo.

The point is in my offers over example the starting price of £200K cannot in anyway be considered to be high from the outset.

How do you know I wouldn't sell for £215K its over £200K isn't it??

Some people won't consider the house as they think at £250 or £240 I will never come down to what they can afford e.g £225 so don't even view.

After 5 months on the market and only 6 viewings and a sale falling though at £249K somethings got to give and I want to generate interest.

I am amazed at the negative responses to a potential massive price drop.

When_is_the_reset?

In my opinion, 'offers over' would not stop me viewing.

It would not stop me offering lower either.

The figure stated by the estate agents is the starting figure so if I saw 'offers over £200k' I would see it as my duty to get it below this.

Or walk away and find a better house, of course.

Cannon_Fodder

You implied you wanted £230k. After initially wanting £265k. If you would accept £215k why waste 5 months?

Would you sell for £215K ? If so, put it on at £220k.

A £30k drop will generate enough interest, imo, and people are more likely to come up by an extra £10k than £30k.

Might end up at £215k if only 1 serious offer, or two offers could bid up towards your £230k target.

Potentially a £50k drop will have people worrying what's wrong with it. Sometimes a good thing can look like too much of a good thing.

If you won't accept £215k, then imo, a £200k start point is just misleading people, expecting them to find £15k to £30k more than you said you wanted - after all "offers over £200k" could = £200,001. Would you accept that?

Generating interest is one thing, but I think you risk messing up your selling strategy.

Jon_Tiffany

It seems like you have a good level of interest in the property, if you are not after a quick sale then I would say hang out for the asking price. The problem will be that if you drop your asking price you will start getting down to the 250k offers.

Sounds like the proposed supermarket is the biggest concern for would be buyers, maybe ask the agent if there is anything that can be done to address this.