Reducing house price

Orpheo

HotShot2011 wrote: »

Hi,

We've recently put our house on the market (within the last couple of weeks) and have had one viewing that has not proceeded. I have just seen that another very similar house nearby has gone on the market today with another EA £15K below our asking price. There is very little between the 2 houses ... we want to sell and I'm now thinking that we will need to reduce our asking price, but it seems early days to do so. I don't think the property market is particularly buoyant in our area, but there are sales and our house is in excellent condition inside and out. Clearly if there is a buyer in the area it is unlikely they will want to pay £15K more for a remarkably similar property ...

Would it look bad to reduce the price so soon? Any tactics, strategies, etc? Any advice very gratefully received

Many thanks!

When I sold my house I reduced by £5k at week 2, £5k at week 4 and then went SSTC in week 5.

martindow

OP the difference in price is 15k but what price range are you in?

Two houses at 100k and 115k is a big percentage difference, if these houses are 800k and 815k the difference is trivial.

HotShot2011

Hi,
Ours is on the market at £245K and the other at £230 ... identical original design. Looks like the other one may have a nicer conservatory. Mine is on a through avenue, the other is in a nearby close ... of course I don't know what the interior decoration is like (ours is excellent), whether the vendor needs to sell very quickly, etc. However, I do take the point that anyone interested in the other is likely to look at ours too and maybe make a comparable offer (a viewer would have to drive past our house to get to the other one). I was advised when putting it on the market that I should expect to get at least £235K but maybe more depending on the buyer.

TrickyDicky101

From my own experience of looking for a house recently (well, over the last 9 months) I agree with SG27 - if two outwardly identical houses were priced apart by £15k at the asking prices you quoted I would more than likely not bother with the more expensive one. Why would you? Just on the off chance you can bargain them down from a higher starting point? It makes no sense to me!

hcb42

See I would, I would compare them to see what they are like inside, which one i prefer etc. THe gap isnt so big that anyone will be put off enormously (they will figure you will be open to offers)

TrickyDicky101

I think the point is that it WILL put some people off therefore the OP may well be restricting the number of people who will be prepared to visit her property. OP needs to decide if this matters to them or if they want to accept this risk. Either way, the house hasn't been on the market very long.

womble12345

Is the other house on with your EA as well?
Do you think buyers in your area may be searching on rightmove in the 200-230 range?

Oh and if you EA said market at 245k and expect over 235k bear in mind that was said to you before you signed the contract. I was told to put mind on at 220k and I would get 215k, in the end I got 197k. I very much doubt that anyone gets the value that the EA says they expect them to get.

Orpheo

martindow wrote: »

OP the difference in price is 15k but what price range are you in?

Two houses at 100k and 115k is a big percentage difference, if these houses are 800k and 815k the difference is trivial.

+15% is a big difference? I know some 11 year-old mathematicians who would debate that with you.

tyllwyd

Orpheo wrote: »

+15% is a big difference? I know some 11 year-old mathematicians who would debate that with you.

And that is why I never discuss house prices with know-it-all 11 year old mathematicians.

Skint_Catt

The other option is that if someone loves the other property but misses out - they'll come to your door next

C xx