Is it too soon to drop price?

hottdang1

Hey all

Spoke to the agent Who's lined up a viewing for tomorrow but having explained we will take a reasonable offer we've now got the buyer coming back tomorrow as well who had offered 312 before - not so awol now?!

Tbh - before we went to market 310 felt about right so hopefully we may get something out of this

I decided not to reduce just yet in the end as a competing property about a mile away has gone stc since starting this thread so this side of town now, there isn't much on the market and we're really sorted for the school catchment - the best school is as close to a given as u can get but move off this estate and you're running the gauntlet with at least 3 schools - some ofsted 3's

To answer the question on previous sales - hasn't been too many lately but these houses (entire estate is near enough identical) have been clearing well over 300 for 6-9 months but ours does really need Windows and some interior tlc - nothing major as kitchen bathroom are good

We had 3 estimates two at 325 and Connells at 340 - they're dreaming and still playing the game of dangle a carrot with an inflated sale price etc
- they have an awful reputation in this town (Hemel Hempstead) for doing this but OH didn't know when she called them in lol!!


See what happens next I guess!

Thx

GaggingOrder

If you do decide to drop, I believe a drop of 2% is required to bump it to the top of the results list on Rightmove. This is what our agent told us, anyway.

getmore4less

If your low price is above 10% below asking you are in the right range.
In most area the expectation is there is room to make offers.

In some markets where property sells closer/at/over asking like London discount expectations may be much less thinking asking is the low ball already.

hottdang1

GaggingOrder wrote: »

If you do decide to drop, I believe a drop of 2% is required to bump it to the top of the results list on Rightmove. This is what our agent told us, anyway.

Interesting info - thx

hottdang1

Quizzical_Squirrel wrote: »

Is it Arran?

It is ! Rgds

hottdang1

Thx for the opinion folks - really interesting insight

I haven't sold a place in years so appreciate the feedback

I'll pop back on with an update

hottdang1

Hey all,

We had 3 viewings at the weekend - one being the person who put the (only) bid in
We've accepted that bid as it was in line with our thinking and tonight we had our offer accepted so it worked out in the end

Thrugelmir

hottdang1 wrote: »

That seller knows we're interested but that doesn't mean much

Same applies for parties interested in buying yours. Takes time for chains to build.

ognum

I am going against the crowd and saying it's not too soon to drop but it does depend on the area and the potential buyer.

The market is very very price sensitive in some areas and £10K above the 'right' price will result in few viewings and no offers.

I can give an example from the last few weeks, house goes on at £615k as advised by agents, few viewings mainly the usual suspects that the EAs send to every house but never buy. Seller decides in thier area if a house is not under offer in two weeks then it sits on the market a long time. Price drop after two weeks to 595K, lots of viewings, under offer at 585K after a few days.

The people who are proceeding couldn't afford 600K so didn't even look, they could have looked and offered 585K but didn't.

Rightmove price bands are important, people search according to affordability within a band. Small changes often make big differences!