Reducing house asking price : best strategy

Burtonwood

I've been gradually reducing my asking price over the last 11 months since although I have had 15 viewings there have been no offers. The main problem seems to be that the house has small rooms. I've cut the asking price from £500k to £490k to £482k to £470k so far.
Does anyone have any views whether it is it better to just cut a lot off in one go e.g. £20k say, or to slowly chip away at the price?
My mean and cautious nature prefers the latter approach but I'm not sure it's working!
[Wish to be out by June next year].

Regards Burtonwood.

david29dpo

I did this. My house was up for £495k 2 years ago for 18 months. Dropped to £485k, then £475 and finally £465k. Nothing. Gave up in the end. Value now? £440k.

pmcx9

if the house is in a desirable location then you may find spending £3000 on decorating/ restaging will get you a far closer figure to the one you want.

RHemmings

david29dpo wrote: »

I did this. My house was up for £495k 2 years ago for 18 months. Dropped to £485k, then £475 and finally £465k. Nothing. Gave up in the end. Value now? £440k.

How do you know that the value now is £440K? Presumably an estate agent valued it at £495 two years ago, so if the £440K based on something more robust than an EA valuation?

david29dpo

No, had it valued by a different agent last week.

Grandmasu

How about taking off £20k and asking for offers over this will often re-awake interest by putting it in a different price bracket while keeping your options open to get more.

What feedback has your agent given? They should be giving you the reasons why those that have viewed have turned it down. Ask them to do a new set of photographs so that it looks fresh when advertised, people get used to seeing the same house in the paper week after week.

You could also consider taking it off the market for a while and starting again with a new agent in the new year, though you will need a HIPS then.

It is also possible that pmcx9 is right that re-staging and decoration might help both inside and out. Hope these suggestions help.

Doozergirl

£500,000 to £470,000 straight away would have been a more decisive drop. I doubt the small drops would have registered on the radar. If you're going to do it, do it so you get noticed - you need to bring yourself into a new price bracket. The same set of buyers noticing you've knocked only £10,000 doesn't help you.

What has your feedback been? Would you be prepared to post a link to the house and see what our feedback is on the EAs details? Have you looked at what else is available in your area at that price?

If you're not getting offers £20,000 under, I wouldn't ask for offers over that amount. People should not be afraid to offer £20,000 less on a house at that price. Whether you accept or not is, of course, up to you!

RHemmings

david29dpo wrote: »

No, had it valued by a different agent last week.

So that could be inaccurate (in either direction) too.

david29dpo

Yes it could. But not selling now so not greatly bothered! it was from a agent who sold a similar house down the road so should be fairly close price wise.

ixwood

Do you have a link?

For that sort of money, it must be either a country mansion with stables, swimming pool and acres of land, or in the south east.

terrierlady

pay the buyers deposit or stamp duty will often induce a sale, £1,000 towards legal fees also helps overseas holiday? plus seems to be the wrong valuation in the first place what feed back other than small rooms have you had?
There is a buyer for every house just need to find them.