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No offers, How much to drop price?
sellaconcepts
Posts: 12 Forumite
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.
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.
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Comments
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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.0 -
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.!!0
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If not in a rush then habg on and ride it out,if not have you tried for an exchange?0
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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!0 -
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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.0 -
What is it, where is it and how much is it?!Everything that is supposed to be in heaven is already here on earth.
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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.
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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??0
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