Advice wanted on house price reduction

Pansy_Potter_12

This is my first post on here and would appreciate any advice or suggestions please.

Have had my house on the market for one year with 7 viewings. 5 viewers have loved house but cannot make offers due to not selling their own (Scottish system).

The Surveyor for the Home Report placed its value as £140,000 so the estate agents suggested this amount as a fixed price.
If people still cannot get a mortgage at this price should I now lower the asking price and if so by how much?. The property is in turnkey condition, and I really want to move asap. So basically what do you think is a good price to attract a buyer.

justjohn

What is the property?
url?
It will sell at the right price...
your in scotland ....use "offers over" not fixed and not guide.

Home Report is garbage ignore it.

shirleyheights

7 viewings seems very very few in 12 months. I would expect a lot more

Littleweedj

justjohn wrote: »

What is the property?
url?
It will sell at the right price...
your in scotland ....use "offers over" not fixed and not guide.

Home Report is garbage ignore it.

interested to know why you think the Home Report should be ignored. Is that not the way we find out what properties are currently valued at.

It used to be always offers over but notice that now a lot of sellers are putting houses on at a fixed price. Depends on how much you want to move so you could always try lowering it by 10%

justjohn

Littleweedj wrote: »

interested to know why you think the Home Report should be ignored. Is that not the way we find out what properties are currently valued at.

Read the small print for them, they accept no responsibility for the valuation.
Many properties do not hit the HR valuation
One valuers guess may not be the same as another's.
At every opertunity they say other factors may effect there valuation figure.

It is recommended they are re-valued after X time(hardly ever done)

HR valuation is a ruff guide. It is not very accurate in the current market. EA's valuation is often more accurate than an HR valuation.
Often when you sell, an honest EA verbal valuation is more accurate. They often tell you it is worth x-z.

Scabarella

I'm unsure of the system in Scotland, however hopefully this may help

My friend who is selling has just reduced her house price and had an influx of new viewings and also talk to your estate agent and get their advice, if you are in a lucky situation to be flexible on the sale price, tell them. You have to decide what your priority is, moving quickly or getting the highest price possible!!

Pansy_Potter_12

In Scotland there are no "chains". If you make a legal offer to the solicitor and this is accepted by the seller you are bound to it, and no-one can then make a higher or lower offer.

So although quite a few have wanted to make an offer for my property they simply cannot until they have either sold their own or got a mortgage in place if a FTB.

Just John: I have a three bedroom Edwardian cottage and very large garden (which, if looking online, may put some people off) Although it looks lovely and landscaped and I've tried to make it easy maintenance.

As recommended I will just have to lower the asking price, just don't know by how much.

justjohn

whats the url/estate agent.
Let people cast an eye on it.

If someone loves it , they will push there own sale.

Large/massive garden will not put many people off that are after a 3 bed.

LandyAndy

justjohn wrote: »

whats the url/estate agent.
Let people cast an eye on it.

If someone loves it , they will push there own sale.

Large/massive garden will not put many people off that are after a 3 bed.

Really? I think it might put an awful lot of people off these days.

csh_2

What area are you in? In my area I've been watching the markets and it seems to be that just nothing in the 135-160 bracket is moving at all. My ex council 3 bed semi is on for offers in region of 95k and stuff in this price range seems to turn over quite quick.
What's your agent like? Are they on rightmove etc? I ask as I'm interested in a property that's not on rightmove, saw the board and phoned and they knew zero about the place! A week on I've phoned 3 times and still waiting for them to contact the vendor to answer some simple questions that I'd expect an EA to know the answer too...the place has been on themarket for 2 yrs and no wonder if that's the service!
I'm with a small local agent who is a wee bit pricier than the bigger offices but he knows all his properties very well

hcb42

fixed price wouldnt put me off, I bought my first house in scotland and offered well below the fixed price and in a popular area, and I still got it, and that was in a better market than todays

The problem is clearly the footfall, I had that in my first week of putting house on market recently.

as others have said, a link may assist in some constructive feedback as to getting people through the door..