Dropping the asking price, but by how much

TBeckett100

We put our property on in Sept 09 for 212,500 having paid 190k in April 08. We have spent 17k on renovation, roof work, woodburner etc

We changed agencies twice. The third agent has yielded a steady stream of viewers, but the main road and lack of parking is an issue. When we went on with the agency we are with we dropped the price to 199,950 to capture the next band down on searches

We have seen a property we like and I am tempted to ask the agent to reduce our asking price. Do we knock 5k off and still fit within the "up to 200k band" or should we knock a full 10k off and get into the up to 190 band.

I fear unless we move to the lower band, it would otherwise be pointless. Any views?

avenida

It really depends on how desperate you are to sell, I would say to drop it another 10K

I have my house on the market at the moment and am on the brink of just taking it off the market as I know I need to drop it another 10k to generate interest but with dropping it that much i cant afford to move as its just to much of a jump and I cant afford it.

So if you can afford the house you want to buy, I would definetly drop it 10k to get into the 190 band

good luck!

TBeckett100

as well as selling we are in the process of remortgaging. The lenders valuer is coming on Friday. I stated the house was worth 200k so I think, provided the valuation isnt much less than 10k off that we will go with the valaution figure, afterall anyone wanting to buy with a mortgage will get the same or a similar valaution so better to take the sting out now and market at what is a mortgageable price.

CloudCuckooLand

UK prices are roughly -9.5% down from April 08. Obviously this varies by area.

£190 -9.5% = £172k. Add on your renos and you get £189k. Not all of your renos will necessarily pay for themselves, though.

£190k should get fresh interest.

[IMG]http://www1.landregistry.gov.uk/houseprices/housepriceindex/report/default.asp?g=1&gt=1&a=E&W-ALL&s=01 January 2008&e=01 February 2010&t=1[/IMG]

Fire_Fox

You could post your Rightmove link for some constructive criticism? We can quite forthright but usually about the estate agents failings not the owners! You could also do your own research into land registry sold prices
https://www.houseprices.co.uk

TBeckett100

e-surv valued the property. I paid £190 at the peak, he agreed with my 200k. I was quite taken aback.

azkaban420

Hi Tb, your situation is similar to mine. I dropped from £210k to £200k to help sell the house when I'd found one I liked. Am still contemplating a further price drop but if/when I do I plan to put it down to Offers in Excess of £190k. At the moment I've decided to go multi-agency to shake things up a bit. My EA did say with my first price drop though, that a £10k drop (than say £5k) tends to capture a wider audience and generate fresher interest.

Az