Did I drop the price too soon?

skintlass · 9 July 2007 at 4:23PM

Hi,
I put my house on the market about 4 weeks ago now. At the time I took the highest valuation and put it on at that but the EA who came around had loads of complaints about her from people (the EA office told me that - she was temping there) and when the owner of the EA came around I asked her if the price was too high and she said yes but try it. I've had a few viewers ( 5 or 6) only feedback has been - nice house but too small and no 2nd viewings. Called estate agent today and asked if I should drop price - they said yes so I dropped by 10k. Not 100% happy with this but I don't want the house hanging around for ages. So did I drop too soon?

pcwilkins · 9 July 2007 at 4:28PM

The house is only worth as much as a buyer is willing to pay. There are no right answers.

What percentage is £10k? I.e. if the house was originally on the market for £1m, then don't worry. If it was only the market for £100k, then perhaps you should worry....but it depends on the local market conditions etc etc.

Peter

mystic_trev · 9 July 2007 at 4:38PM

I've been having the same problem with my two bedroom house, do you think I ought to drop the price?http://www.findaproperty.com/displayprop.aspx?edid=00&salerent=0&pid=874880&agentid=10809

pcwilkins · 9 July 2007 at 4:40PM

Yes, drop that by 10k and I'll definitely buy it.

Internal viewing recommended

Hmmm how long would that take?

phlash · 9 July 2007 at 4:51PM

That house is like the Dr's phone box - it's a very deceptive photo.

***Stamp Duty and Fees Paid***

Parallel_Universe · 9 July 2007 at 4:57PM

Are the gas cylinders included in the asking price?

skintlass · 9 July 2007 at 5:03PM

Was on for 215 now on at 205

Guy_Montag · 9 July 2007 at 5:08PM

See that's the problem with first time buyers - they just want to jump in halfway up the ladder instead of starting at the bottom like I did.

When I bought my first tent in 1956, it cost me 3/4 of my take home pay & I had to get tenants in just to make ends meet. Eventually when I got married we traded up to small caravan which we shared with 16 other families... blah blah blah blah blah blah blah *explodes in a ball of self-indulgent, rose-tinted slurry*

Toto · 9 July 2007 at 6:35PM

too small/ rooms not big enough often means the house isn't big enough for the money. No doubt there was a rough idea of sizes on the details, so the buyers will have an idea of what to expect. I think if you feel the house is overpriced then it probably is. What have other houses in the area sold for?

Dennis99 · 9 July 2007 at 8:18PM

Guy_Montag wrote: »

See that's the problem with first time buyers - they just want to jump in halfway up the ladder instead of starting at the bottom like I did.

When I bought my first tent in 1956, it cost me 3/4 of my take home pay & I had to get tenants in just to make ends meet. Eventually when I got married we traded up to small caravan which we shared with 16 other families... blah blah blah blah blah blah blah *explodes in a ball of self-indulgent, rose-tinted slurry*

You were lucky etc etc

(For those too young for Monty Python)
http://www.davidpbrown.co.uk/jokes/monty-python-four-yorkshiremen.html

Doozergirl · 9 July 2007 at 8:28PM

I agree that 'too small' does generally mean that people are expecting more for the money. 5-6 viewings isn't bad, maybe that £10k will bring it within reach to someone looking to spend £200k who may be able to stretch.