House going on the market - how soon to drop price ?

MadMonkey

Hi - We are putting our house on the market in about 1-2 weeks depending on when the finnishing touches (think house doctor:rolleyes: ) are complete.

We would really like to move asap but there is no deadline.

How long after it goes on will we know if the price is too high ? How long before we reduce it and how often to reduce ?

Going on past house sales there is a vast difference in selling prices so no average really.

There is no reason for it not to sell so if it does not then presumably it is the price ?

Thanks

BrixMorta

Usually 4 weeks is enough to establish if you have set the correct price. If you pick a good EA, a member of the NAEA and OEA and one with plenty of testimonials and not the brash type, then they will advise you accordingly.

Doozergirl

You're optimistic! :rotfl:

Seriously, get onto www.rightmove.co.uk and have yourself a good look at the details of similar sized houses. There is usually quite a distinct bracket and if you can be objective about the condition of your property, you should be able to set yourself a sensible asking price, with the help of your three EA valuations.

Look particularly hard at those that are SSTC - you can opt to include these in your search.

Melissa177

Why don't you put the price as "Offers over XXX"? It might encourage some cheeky offers, but also some serious bidders as well.

Snow_Dog

Aren't you jumping the gun a little, you are already talking about how soon to drop your price when you aren't even going to market for a couple of weeks.

For all you know the first to view may fall in love with the place and make a good offer.


Always look on the bright side of life,

de dum, de dum de dum de dum.

Melissa177

I have to say, if you're thinking about dropping the price already, is that because you know that you're overpricing it at the moment?

I know a vendor wants the best price possible for a property, but beware of being greedy.

MadMonkey

Snow_Dog wrote: »

Aren't you jumping the gun a little, you are already talking about how soon to drop your price when you aren't even going to market for a couple of weeks.

For all you know the first to view may fall in love with the place and make a good offer.


Always look on the bright side of life,

de dum, de dum de dum de dum.

I know i am terrible !!

i was thinking of putting it on the market for 10k less than the EA said but people said i was mad !!

like they said i can always drop the price i cannot increase it:D

I just was wondering how long to leave it before lowering it IF no-one does go for it.

MadMonkey

Melissa177 wrote: »

I have to say, if you're thinking about dropping the price already, is that because you know that you're overpricing it at the moment?

I know a vendor wants the best price possible for a property, but beware of being greedy.

It would be on at the price comparables are on at so seems a fair price.

TBH i am just an impatient sod:o

I have researched for hours on rightmove and also the site that gives the sold prices and there is such a vast gap it is hard to assess really.

I did say this to the EA and she said that our house was worth more than the 179 we are putting it on at - she wanted to start at 185.

She said the seemingly comparable properties may have looked similar on the outside but the interiors were well below the standard of ours and also the gardens were at least half the size and they had no off road parking whereas we have a drive for 3 vehicles.

Also we are at the "better" end of the town apparantly.

There has never been a house sold on our road (well not in last 10 yrs) so we cannot say what they sell for - similar houses on nearby roads are all slighty different.

3 bed semis' in this area go on the market for between 140 and 190 and sell for between 120 and 180. So no clear idea there.

exasperated_2

There's not a lot of difference in 179 and 185 but the way the numbers look; 179 will likely get more people in the door thinking it's at a good price and will bid up from there. 185 you may get people thinking it's tight and will not be as easily bid up from that point, and depending on how the market where you are is, it may be too high to bring people in at all and you'd be dropping the price a few weeks from now anyway. The ideal is to not have to drop the price at all (obviously), but if you do have to drop it, you don't want to do it more than once.

So you can look it like this, if you start at 185, you will probably drop to 175 when/if you drop the price, and that's where your bids will start (or underbids if the market is slowing/stalled).

Your gamble is do you start a wee bit lower now and hope to get bids bringing you to 185 or more, or stagnate and drop to 175 later, and hope to get above 180?

(We've just dropped our price after 4 weeks, by the way, and will know soon enough if it helped. I doubt we'll see what our original valuation was but I hope to be pleasantly surprised.)

mr.broderick

price it 20k too dear..drop 10k..then the propertysnake crew will view and bid you 10k less than this thinking you are desperate then just accept..job done..

mr.broderick

Melissa177 wrote: »

Why don't you put the price as "Offers over XXX"? It might encourage some cheeky offers, but also some serious bidders as well.

I don't get this mel..

You moved to geneva yet by the way?