How quickly would you reduce the price of your property?

Redbedhead

How quickly would you reduce the price of your property if you hadn't had an offer?

We have seen 2 reduced price properties this week and we like both, although do have a preference towards one.

I checked them out on property snake and one was reduced by £20k after 25 days. We had talked to the owner and asked them why they were moving and it turns out they are completely relocating and buying a house with a business attached in another part of the country. They were open about needing to sell quite quickly to ensure they keep the property/business they want.

The second one has been reduced by £15k after only 18 days. We have been advised there is no upper chain as the owners are going to move in to rented. Now 18 days seemed quite a quick time to reduce the price of the property unless you really need to sell, which from what the estate agent (:rolleyes:) said, they don't.

Am I reading too much in to this? Obviously how much they want to sell has to be a consideration in any offer we make.

Claudie

We are emigrating and we thought our house would be snapped up - we live in a very popular estate that usually sells well.

We started at £215 and reduced to £208 after 8 weeks (we had one offer for £197 from some one whose house wasn't even on the market). At the 12 week stage, the day after we had given agent notice we would swap agents in two weeks, we sold for £204 to a chap who isn't in a chain so we thought he was worth his weight in gold.

So far everything going well and we seem to have a good relationship with purchaser via our agent.

It is all relative I guess...we thought it was well priced to start with and had loads of viewings but we did notice prices locally are really starting to stabalise and there are still For Sale signs up weeks and weeks after they were originally listed.

Patience is a virtue I am learning! Good luck.

mr218

it is possible that they took the highest valuation and put it on the market. after two weeks they must have had little or no response and they decided to cut their 'losses' and price it at a more reasonable level.

either that or they are really desperate.

skintlass

Hi,
This is interseting to me as well as I put my house on the market last week - had 3 viewings booked in for the weekend. 1 no show (he forgot) and the other 2 both said house was nice but too small. I have no-one booked in for this weekend and I must admit its a worry. Claudie - did you have regular viewings?

lynzpower

Could be that the owners of property 2 have some serious financial problems - and need to get out quickly.

Could be any number of reasons- why not ask them?

miniloopie

We've had our house on the market for 4 weeks so far and I'm not feeling the need to reduce the price yet - we've had around 14 viewings now so its not a problem getting people to see it, I think we just have to wait for the right people to arrive...

I'd ask them straight out - if they want to sell then they will be willing to talk to potential buyers?!

Gorgeous_George

Take what the EA says with a large pinch of salt. They are acting in their own best interest which happens to be served by maximising the sale price.

Talk to the vendor.

As for reducing the price. If it was priced correctly there should be no need. If it was not priced correctly, get rid of the EA and sell it yourself or with another EA.



GG

lypsey

Reading all the posts here , strangly enough the person who is in the worst position is the person who is most bullish

Miniloopie , if I had had 14 viewings and no offers Iwould assume that I am over priced..... anyone else with the same view

Red .. if i was in your position I would not offer either of the reduced prices but somewhere between 10 and 15% below. The market is going to fall and it could be big. Please do not over pay

Redbedhead

lypsey wrote: »

Red .. if i was in your position I would not offer either of the reduced prices but somewhere between 10 and 15% below. The market is going to fall and it could be big. Please do not over pay

We were planning on offering below asking price if we do decide to offer anyway.

Redbedhead

mr218 wrote: »

it is possible that they took the highest valuation and put it on the market. after two weeks they must have had little or no response and they decided to cut their 'losses' and price it at a more reasonable level.

either that or they are really desperate.

This is quite possible I think re the 2nd one. I think it had been put up a bit higer because it is nicely presented, although I think it isn't particularly neutral so it may even put some people off.

Redbedhead

lynzpower wrote: »

Could be that the owners of property 2 have some serious financial problems - and need to get out quickly.

Could be any number of reasons- why not ask them?

we did want to but during the viewing they were sat down watching tv with their kids and it didn't really seem like the right time.