PLEASE READ BEFORE POSTING

Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.

No offers, How much to drop price?

Options
sellaconcepts
sellaconcepts Posts: 12 Forumite
in House buying, renting & selling
We have been trying to sell for 8 months now already reduced to under EA valuation.

If we drop another 5-10% should we start to get some views?

What else can we do? Since its been on the market we havent had anyone interested.

Comments

  • whitesatin
    whitesatin Posts: 2,088 Forumite
    First Post First Anniversary
    Options
    sellaconcepts wrote: »
    We have been trying to sell for 8 months now already reduced to under EA valuation.

    If we drop another 5-10% should we start to get some views?

    What else can we do? Since its been on the market we havent had anyone interested.

    We have just sold. EA put it on at £375k, few viewings, we dropped to £349k, some viewings, dropped to offers over £320k, a few more views, a couple of offers which fell through. In the end, we dropped it to offers over £300k and we sold at a bit above that. We might have got more if we had hung on but figured that we should accept that offer to get on with the rest of our lives.

    So, quite a percentage (no good at maths) but, as we keep reading, a house is only worth what someone is prepared to pay for it.
  • themull1
    themull1 Posts: 4,299 Forumite
    Options
    I suppose its the difference between what you have to sell it for and what you want to sell it for, all houses round our way aren't selling either, yet, they used to be snapped up.!!
  • ankspon
    ankspon Posts: 2,371 Forumite
    Options
    If not in a rush then habg on and ride it out,if not have you tried for an exchange?
  • Davesnave
    Davesnave Posts: 34,741 Forumite
    Name Dropper First Anniversary Photogenic First Post
    Options
    In the last sudden downturn in prices, (2008) we reduced by approximately 20% on the initial price in order to attract viewers. It worked, but it still took 6 months to get one chain fully in place with everyone on-board. In the end, two chains involving similarly keen buyers just didn't happen.

    Maybe we were unfortunate in having no one interested who was chain free & ready to go.

    Attracting those who want to buy is part of the equation, but finding those ready and able is the tricky bit. Good luck!
  • Mustbeananswer??
    Mustbeananswer?? Posts: 439 Forumite
    First Anniversary Name Dropper First Post Combo Breaker
    Options
    davidhwdn wrote: »
    If not in a rush then habg on and ride it out,if not have you tried for an exchange?



    Where does one look for an exchange please.I'd be happy to downsize for a cash consideration....but can't find anywhere on the net to look!!!

    Is it complicated legally/mortgage wise??
  • myhouse_2
    myhouse_2 Posts: 553 Forumite
    First Post
    Options
    sellaconcepts wrote: »
    We have been trying to sell for 8 months now already reduced to under EA valuation.

    If we drop another 5-10% should we start to get some views?

    What else can we do? Since its been on the market we havent had anyone interested.

    Sounds like a clear case of over-pricing as you seem to realise.
    Whether you get some interest on the new price depends on how realistic the new price is. No doubt you won't want to drop too fast. I am looking for a property but in most cases, I just ignore a 5% drop. (if it's been on the market for >4 months with no interest then it's probably more than 5% overpriced) I suggest you drop 5% then if no improvement, quickly drop to 10%. No point having it on the market for ages and ages.
    Of course this advice assumes you can actually afford to sell it for that price and that you are keen to sell quickly.
  • Doozergirl
    Doozergirl Posts: 33,838 Forumite
    Name Dropper Photogenic First Anniversary First Post
    Options
    What is it, where is it and how much is it?!
    Everything that is supposed to be in heaven is already here on earth.
  • Doozergirl
    Doozergirl Posts: 33,838 Forumite
    Name Dropper Photogenic First Anniversary First Post
    Options
    Mustbeananswer?? wrote: »
    Where does one look for an exchange please.I'd be happy to downsize for a cash consideration....but can't find anywhere on the net to look!!!

    Is it complicated legally/mortgage wise??


    If you are selling then ask the agent to put 'part-ex considered' against your listing - bearing in mind that you're going to have to be a flexible sort of person if you do this. You can't pick the house of dreams if you're taking in part-ex and yours is the more expensive house.

    It isn't any more complicated - it is just like any other sale and purchase - you buy theirs, they buy yours except in reality the only cash in the deal comes from them to you.

    Luckily I took a house in part exchange that would have been on my list of 'to view' anyway and it's very much our home.
    Everything that is supposed to be in heaven is already here on earth.
  • Mustbeananswer??
    Mustbeananswer?? Posts: 439 Forumite
    First Anniversary Name Dropper First Post Combo Breaker
    Options
    Thanks Doozer....

    This house is far too big for one......and I am sort of cash flow!!!

    Didn't know you could do this....do the Estate Agents get a fee from both of us??
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.4K Banking & Borrowing
  • 250.2K Reduce Debt & Boost Income
  • 449.8K Spending & Discounts
  • 235.5K Work, Benefits & Business
  • 608.4K Mortgages, Homes & Bills
  • 173.2K Life & Family
  • 248.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards