When to Reduce House Price and how to check recent House Price Sales

nickpe

Good Evening All,

I have recently received lots of great advice as i was considering renting my house out to inititiate us to allow us to buy a house on the market that we love....however the advice i have received seems to be a pretty clear "dont do it" !!

The house we want is still up for sale and im pretty sure before too long somebody is going to get it.

I have my house up for sale and its currently on at £72k.
Its been on for around 5 weeks, weve had 2 viewings but no offers.

After how long would you suggest that i drop the price of my property????.......i believe the lowest we could accept on our house for a sale would be £65k as we owe £61k on the property and whilst we so have £15k savings we would need about £4k from the house price sale to cover solicitors fees/moving costs etc.

Also i would like to know is there any site you can log on where you can monitor recent house price sales localy????...... ive heard of sites such as nethouse prices.com - but im not sure how fast they show up a sale - ie if a house sale completes 2 weeks ago not sure which is the best site to find out locally what other houses around me are selling for and to get a clear appreciation of if its likely i can get a sale at £65k sometime soon to allow us to move to buy the house we so very much want.

Thank You

Procrastinator333

It takes time for house sales to get registered and show up in the stats, so you are looking in the right places, just takes time. Here is another that does sold prices:

http://www.houseprices.co.uk/

My comments on your note would be as follows and assume you are not in a huge rush to sell:

1) Don't reduce it yet. The market is slow and if the EA have got you started on this price, just make sure everything else is right. E.g. Photos are good, description is good etc. Be sure the place is spotless and decluttered for viewings. And see how it goes for a bit longer.

2) I'm sorry, but "we need £X to clear the mortgage" is not a basis to value a house. It is worth what it is worth. If in a few weeks or months (depedning on your patience and number of viewings) it still isn't sold, you probably need to drop the price. But make it a meaningfull drop. If nobody is interested at £72k, nobody will be interested at £71k.

Don't forget - the house you like is selling in a tough market too, so it may not go as quickly as you think.

Good luck

DannyboyMidlands

I agree with the comment above. A potential purchaser doesn't care what you need to cover your moving costs and will not be using that as a basis for valuation. What have similar houses in your area sold for? Are there many currently on the market?

Having said that, 2 viewings in 5 weeks is appalling. If it's priced correctly you should be getting at least that many every week, no matter what the state of the market. You need to drop the price sooner rather than later.

SusieT

if you want to sell it quickly then it may be worth dropping the price to something like £69,900 as it may seem more affordable with a close offer than one in the £70k price range.
When I sold mine I did that (although with a different price) and it was sold to someone who had already seen it but not put an offer in as they thought I would not drop that much!

daveyjp

https://www.mouseprice.com has details of Land Registry sold prices, but you have 12 weeks to register a sale so it is a little out of date.

Kendall85

Hi There

Sold prices Try https://www.zoopla.co.uk their house price calculator is pretty good but dont take it as gospel!

With regard to pricing seen as you are probably in first time buyer territory I would suggest leaving it at that price and offering a 5% Vendor gifted deposit.

Effectively you are discounting the price by 3.6K but it opens up your scope to first time buyers with only a 5% deposit.

Halifax operate this scheme and whilst it can be expensive for the buyer for the first 2 years its a step on the ladder and certainly better than renting!

Do you have a link to your rightmove listing?

Hope this helps.

J.

googler

Kendall85 wrote: »

Try https://www.zoopla.co.uk their house price calculator is pretty good but dont take it as gospel!

Wow. I think that's the first time I've seen that phrase used in relation to Zoopla's price estimates.

Do a forum search here for Zoopla to see what I mean.....

Kendall85

Hi There,

Do you really think it is that bad? From my experience in the area I cover its a great starting point but, as I said, dont take it as gospel!

googler

Kendall85 wrote: »

Hi There,

Do you really think it is that bad? From my experience in the area I cover its a great starting point but, as I said, dont take it as gospel!

Not far from me, there's an area of new builds - 2/3 bed terraced at £135k to £150k, 4/5 bed detached up to £250k. Zoopla had the average price for the area at £700k or so, because included in the figures was the sale of the land to the developers at £1.8m or so.....

To find similar anomalies, do a forum search in this forum and see what the group thinks.....

nickpe

Hello with reference to do i have a link to my property this is it........

http://www.rightmove.co.uk/property-for-sale/property-34438064.html

Kendall85 wrote: »

Hi There

Sold prices Try www.zoopla.co.uk their house price calculator is pretty good but dont take it as gospel!

With regard to pricing seen as you are probably in first time buyer territory I would suggest leaving it at that price and offering a 5% Vendor gifted deposit.

Effectively you are discounting the price by 3.6K but it opens up your scope to first time buyers with only a 5% deposit.

Halifax operate this scheme and whilst it can be expensive for the buyer for the first 2 years its a step on the ladder and certainly better than renting!

Do you have a link to your rightmove listing?

Hope this helps.

J.

DVardysShadow

Kendall85 wrote: »

Hi There,

Do you really think it is that bad? From my experience in the area I cover its a great starting point but, as I said, dont take it as gospel!

You are beginning to tarnish your professional image ... :rotfl::rotfl::rotfl: