How quickly would you reduce the price of your property?

Wizwoo

We were doing a bit of research before putting our house on the market and went in to look at properties with local EAs. Had a good chat we a few of them (asking about the area and the market). A couple of them said the same thing that we thought was worth keeping in mind (when we come to sell). "If the house is on the market at the right price it should sell within 8 weeks". Again I'd worry if I'd had quite a few viewings and no offers - suggests that the price is really way off.

Good luck with it all

Liney_2

we have had our place on the market since easter - originally at £499,950 - this was £20k over the estimated value but our agent said it was worth having a punt at that price as the market was bouyant. I guess we have had 10 viewings since easter - no offers and only a couple of 2nd viewings. we reduced the price by £20k a month ago. We aren't desperate to be out but I am thinking we will change agents now as viewings are getting very thin on the ground. We are open to offers but as yet nothing (

Liney_2

we have had our place on the market since easter - originally at £499,950 - this was £20k over the estimated value but our agent said it was worth having a punt at that price as the market was bouyant. I guess we have had 10 viewings since easter - no offers and only a couple of 2nd viewings. we reduced the price by £20k a month ago. We aren't desperate to be out but I am thinking we will change agents now as viewings are getting very thin on the ground. We are open to offers but as yet nothing (

TANZA_2

I guess something else to bear in mind when pricing a property is whether a buyer would get a mortgage on it-if it's overpriced the surveyor might not value it high enough for the mortgage. There have been 2 properties in my village which sold immediately at a really high price but the buyers pulled out after the survey because it wasn't valued high enough.

dzdoris

Redbedhead wrote: »

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.

OMG I can't actually believe somebody would do that whilst somebody was viewing their house???

We reduced our maisonette after 3 weeks. They valued it between £134,950 and £129,950. We decided to try at the higher price with there being such a leap in the prices of houses.

Our maisonette has been on the market for 5 weeks now with not a single viewing. We're locked into a 12 week sole agency agreement. Another EA suggested we rang our EA about getting out of the contract as some EA's are quite reasonable.

I rang them this morning and asked if there was a way out. She said we were getting interest and they were following it up. She said she could send me the rightmove statistics. I suggested maybe it was because their office location was in a different part of town but she said that any EA would do exactly the same as them. She also said that maybe because we put it on at the higher price at first that maybe we lost some of the original interest?? Anyway to cut a long story short she said she'd speak to her colleague. Low and behold that afternoon her colleague contacted me and said she had someone to view our property? Do you guys think it's a set up? I smell something fishy?

Thanks in advance

Redbedhead

dzdoris wrote: »

OMG I can't actually believe somebody would do that whilst somebody was viewing their house???

The worst one was the other week when we had to walk through a bedroom that a teenager was sitting in with the wires for his xbox spread across the room! We had to walk between him and the screen so he paused the game but we couldn't see the room very well because all the curtains were closed and we had to look carefully to esnure we didn't trip on any wires!

Claudie

skintlass wrote: »

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?

We had loads of viewings and mostly positive feedback. Ours is an average sized 3 bed modern house on a relatively new estate and is well known for its proximity to good schools (which is why we originally moved here).

What we noticed is that most of our viewers weren't in a good position to proceed. We had two couples desperate to put in an offer but neither had any offers on their own properties - we had told the agent to only arrange viewings with proceedable prospectives but most weren't.

We had a few no shows and one or two who thought the bedrooms small but we had "House Doctored" before we put it on the market and to be honest it has never looked more welcoming. But since ours went on, the estate is full of For Sale signs. I'm glad we dropped the price when we did and almost wished we started asking less but at the time, it seemed like the right price.

And oh - the kids were always out when I had viewings! I was either at home alone or not at all...the house looked loved in but not tangly :O)

stolt

Can I just ask, we have three viewings on house today, and we have three girls under the age of five, I normally sit with them in the lounge or garden while my wife shows the viewers round.
Sometimes i think that it helps because it shows the viewers with a family already in it, and others maybe they feel a little intimidated because there are people there and they feel awkward looking.

so do you think its better that my wife takes the kids out for a drive while they are shown around by me.

Claudie

stolt wrote: »

Can I just ask, we have three viewings on house today, and we have three girls under the age of five, I normally sit with them in the lounge or garden while my wife shows the viewers round.
Sometimes i think that it helps because it shows the viewers with a family already in it, and others maybe they feel a little intimidated because there are people there and they feel awkward looking.

so do you think its better that my wife takes the kids out for a drive while they are shown around by me.

Personally - and it is only my opinion - I think that a quick walk to the park or a drive is a good thing. Viewers will know it is a family house by the bedrooms and get the feel anyway. I just don't think people will stay as long, or feel as comfortable asking questions, if they feel they are intruding on family time. And your house looks bigger with less people in it.

My DH isn't comfortable with viewings so he usually went out and I stayed home. I know more about the schools, childcare, amenties etc and am quite comfortable making small talk. I would usually ask something to start a coversation "Do you know the area" and take it from there. If someone wanted to ask questions they would and if not I could tell and would get back to what I was doing.

We actually sold to someone without small children which surprised us. We decluttered and moved most of the toys to plastic boxes which can be shoved under the bed, or stacked along the bedroom wall, so our living area wasn't over run by toys but the bedrooms were. It was hard work for a few weeks but we got there in the end.

Redbedhead

stolt wrote: »

Can I just ask, we have three viewings on house today, and we have three girls under the age of five, I normally sit with them in the lounge or garden while my wife shows the viewers round.
Sometimes i think that it helps because it shows the viewers with a family already in it, and others maybe they feel a little intimidated because there are people there and they feel awkward looking.

so do you think its better that my wife takes the kids out for a drive while they are shown around by me.

Personally I prefer to see the house without the family in it. It makes me feel uncomfortable if they are home as if I am intruding on their private space. I think it also allows for more frank comments / discussions with the estate agent.