Should I drop the price or go multiple agents?

MargaretB_2

I have had my house up for sale since mid February and although I know that is not a long time, and I have had a few people round to view, I am getting anxious to sell. The problem I have is that I cannot afford the mortgage and while the mortgage company have been very good, and are happy to wait a while till it sells, the longer it takes, the more the arrears are breaking into my equity.

I expect to have to take an offer anyway, but would it tempt buyers more if I just drop the price to what I would be prepared to take? It does need work, though not a vast amount and it is only an average price house, nothing really upmarket.

I don't really want to go with multiple agents as, apart from the extra commission, this agent is very good at coming round out of hours to show viewers whereas some of them clock off at 5 and you are on your own after that!

Any advice?

mrsmchapman

I think you have kind of answered your own question, with regard to multi agent in that you don't want to do it. So the next option is price reduction, however what has your EA suggested? Has any feedback been negative?

Better_Days

Have you done research into the sold (not AP's) of properties similiar to you nearby? How realistic is your AP?

Depending on the area a couple of months is not a long time to be on the market in the current climate.

If you are happy with your EA I would consider lowering the AP, but discuss this with your EA. You can post your RM link on here and you will get feedback re presentation, the AP and the agent's details. Some of the feedback maybe blunt but it will probably be useful too, if only to confirm your assessment of the situation.

In the meantime could you take in a lodger to help with finances?

GL with your sale.

Mallotum_X

Most people look for houses on the internet now. If you are on with multi agents the house will come up multi times on Rightmove.

When I see this, it suggests to me that either the price is too high or the seller is desperate. Neither is a good place to be.

Review the sold prices locally, how does your minimum price compare? As you need to sell quick I would discuss your price with the Agent and drop it close to what you would accept, and ask your agent to be more aggressive in marketing.

have you asked the agent why he thinks you haven't had an offer?

suebfg

Going multi agent is a waste of time - it doesn't achieve anything other than your house being listed multiple times on Rightmove. It's not going to find you an untapped pool of buyers that your current agent can't reach.

The only things you can do are to reduce your price or listen to feedback from viewers. Perhaps there are some simple low cost works (such as decorating) that might make the house more attractice?

OddballJamie

Just post the link on here, if you can take criticism. Members may have a few cheap suggestions, that you may not have thought of to improve the photos.

MargaretB_2

mrsmchapman wrote: »

I think you have kind of answered your own question, with regard to multi agent in that you don't want to do it. So the next option is price reduction, however what has your EA suggested? Has any feedback been negative?

I haven't discussed it with the agent yet. Of the people that have come to view, two have said it needs too much work, but as it is advertised as needing work, that just makes me cross! It doesn't need rebuilding, has a new central heating system and a new kitchen. It really needs decorating more than anything. I told them I don't want feeback.

Better_Days wrote: »

Have you done research into the sold (not AP's) of properties similiar to you nearby? How realistic is your AP?

Depending on the area a couple of months is not a long time to be on the market in the current climate.

If you are happy with your EA I would consider lowering the AP, but discuss this with your EA. You can post your RM link on here and you will get feedback re presentation, the AP and the agent's details. Some of the feedback maybe blunt but it will probably be useful too, if only to confirm your assessment of the situation.

In the meantime could you take in a lodger to help with finances?

GL with your sale.

I can't take in a lodger; I only have two bedrooms, one is mine and one is my son's. He will be moving into his own flat soon as he is disabled and social services are finding him supported living.

Mallotum_X wrote: »

Most people look for houses on the internet now. If you are on with multi agents the house will come up multi times on Rightmove.

When I see this, it suggests to me that either the price is too high or the seller is desperate. Neither is a good place to be.

Review the sold prices locally, how does your minimum price compare? As you need to sell quick I would discuss your price with the Agent and drop it close to what you would accept, and ask your agent to be more aggressive in marketing.

have you asked the agent why he thinks you haven't had an offer?

I agree actually; I always think sellers are desperate when I see the same property up with lots of agents. I have to admit that the snow we have had has probably kept people indoors. I am just impatient to get on.

I think I will drop the price when my son is settled. Thanks for your replies.

budgetdiyer

If your happy that your current agent has sufficiently marketed the property (internet, newspapers, their applicant base) and are generally happy with the service they have given - stick with them and reduce the price - discuss with them the best approach to reducing the price.

Sometimes even modest reductions are enough to attract new buyers, but thats going to depend on the general pricing and market conditions in your area.

If your not happy with comments they've made on your property details discuss this with them, and you should be wanting feedback. You might be about to reduce the price by presumably several thousand when the feedback might be indicating a problem you can resolve yourself.