when to reduce the house price

Gemnidi

We have had the house on the market now for 4 weeks and about 6 viewings and 3 second viewings, but no offer. I am very keen to sell and move on with my life. My partner takes a more pragmatic view. When would we have to consider reducing the price ? How would that affect viewings ? Is this a slow time to be selling anyway ?

Mojisola

Gemnidi wrote: »

We have had the house on the market now for 4 weeks and about 6 viewings and 3 second viewings, but no offer.

If people were really interested in your house, wouldn't they have put in an offer, starting with one lower than the asking price?

A lower price always improves saleability but maybe there's something else that could be changed to attract offers.

Has the EA passed on any useful comments from viewers?

Crashy_Time

Gemnidi wrote: »

We have had the house on the market now for 4 weeks and about 6 viewings and 3 second viewings, but no offer. I am very keen to sell and move on with my life. My partner takes a more pragmatic view. When would we have to consider reducing the price ? How would that affect viewings ? Is this a slow time to be selling anyway ?

4 weeks is nothing, but I would be keeping an eye on interest rates, Trump, Brexit etc. to see how that is affecting credit availability/sentiment. No point in panicking too much and giving it away, but also no point in chasing potential buyers away because they had the temerity to offer 2k under your asking price!

AFF8879

If you're getting viewings (and especially second viewings) then I doubt that price really is the issue. As has been said, if it's marketed slightly too high then people would just offer below your guide, it's only if it's hideously overpriced that people would just walk away.

You should pester your EA for feedback and market conditions, I would say the housing market in general is slow at the moment but there are always pockets of high demand/activity.

3mph

Also find out from your EA with the viewings whether these were people who had sold, had theirs on the market, were FTB or whatever. Because some could be people out for a look, interested, but then put theirs on the market and are waiting for an offer before offering on yours.

It's your EA job to find out what the status is of the viewers.

G_M

Depends on various factors including how desperate you are. If some financial pressure, or personal circumstance, makes it imperative that you sell fast, then yes, a price drop will help.

It may have to be a significant drop to pull in new interest since, as others have said, anyone willing to pay marginally less than the asking price would have made an offer.

Having said that, 4 weeks is a very short period. New potential buyers will be looking all the time, and one of them could come along at any moment willing to pay at/near your asking price.

I assume you've checked the current price is reasonable, compared to other similar properties?

loveka

4 weeks is nothing! You are getting second viewings so I wouldn't reduce just yet.

Mojisola

If you're feeling brave, you can put a link to your house sale details on here and people will make suggestions that may help it sell.

glasgowdan

I can see how you feel, that 6 viewings in 4 weeks is nothing. And you're keen to sell and move on. But buyers who see a house being reduced after a month are going to be cautious, wonder what's wrong with it, or make super low offers thinking you're desperate.

You may have to think longer term here. Make a plan to reduce in 8 weeks if still no interest.

GoldenShadow

Going against the grain a bit here. We currently live in an area where property moves very well and are moving to another similar area. I regularly see houses on Rightmove being reduced after they've been up just 2 weeks and they are the overpriced ones, so I'd say it depends on what goes on locally as to how soon you cut the price.

Re viewings and no offers. The place we are buying was the same. Does your house have some quirks? We are buying a period property. We love it - but not everyone does. The vendors said they didn't feel like the people viewing were after a period property and were viewing it based on size. I think depending on what your house is, e.g. FTB house, can impact. Bigger family houses I can't see much of locally at the moment and I expect that to improve come the spring. It's very much refurb jobs or smaller houses moving at the moment round my way.

Did your agent check the position of the viewers? Again our vendors had people looking who hadn't even put their house on the market, so in my mind are not even in a position to make an offer, so would be unlikely to even if they did like it.

Mickygg

I'm another for don't reduce yet as you're getting viewings. 4 weeks Is nothing, don't let impatience potentially cost you thousands by reducing too early.

Reducing early shows one of two things to buyers. Either the price was way too high or you are keen/desperate to sell.