Selling - lowering price

AnotherJoe

wheelz wrote: »

Yes the lease (number of years) is mentioned in the ad. There is a tenant in the property until the end of April.

Well there's your problem !!!

As another poster said, take it off the market, freshen it up when they've gone, remarket at closer to the original price making sure its mentioned as vacant possession in the advert (in case previous viewers of your ad see it and assume its still tenanted )

cybervic

wheelz wrote: »

A flat in the same block sold for 232 in November.

Is your flat the same condition/size/layout as the other flat? Have you looked at what's has been sold at that price in your area? Are you in an area where there's a lot of BTL landlord dumping properties now and the market is going through price correction?

Tenants in situ won't put me off the property but it would certainly reflect on the offer I'm making. If you have no offer at all, the the price is too high.

harrys_dad

Can you confirm the tenant will be leaving at the end of April? How? The fact that you are selling the property currently without vacant possession would suggest to any buyer that you are financially strained and they might lower their offer accordingly, or not make one at all.

System

I'm selling a flat in the South East originally marketed £260K. We had lots of viewings, but no offers, so after 3 weeks the EA suggesting lowering to the "next bracket". After lowering the price to a guide of £235-260K we had another flurry of viewings which resulted in some offers, our EA negogiated the offers up and we accepted one at £245K which allows us to continue our onward purchase. I'm a bit disappointed I couldn't achieve closer to the original valuation, but I want to move so I've accepted the reduction.

Crashy_Time

mktuk88 wrote: »

I'm selling a flat in the South East originally marketed £260K. We had lots of viewings, but no offers, so after 3 weeks the EA suggesting lowering to the "next bracket". After lowering the price to a guide of £235-260K we had another flurry of viewings which resulted in some offers, our EA negogiated the offers up and we accepted one at £245K which allows us to continue our onward purchase. I'm a bit disappointed I couldn't achieve closer to the original valuation, but I want to move so I've accepted the reduction.

Right choice IMO.

dunroving

I've just reduced the asking price on my own place, by £5k (from o/o £175k to o/o £170k). Despite lots of online views, have only had three viewings in a month. I think sometimes it's the intangibles that cause people to view a house as being worth less. But I can't sell my house if people are not viewing it.

Crashy_Time

dunroving wrote: »

I've just reduced the asking price on my own place, by £5k (from o/o £175k to o/o £170k). Despite lots of online views, have only had three viewings in a month. I think sometimes it's the intangibles that cause people to view a house as being worth less. But I can't sell my house if people are not viewing it.

Very true, but three viewings a month is probably better than many people get now.

dunroving

Crashy_Time wrote: »

Very true, but three viewings a month is probably better than many people get now.

Not where I live, it's not. Houses within the area are viewing and selling pretty well.

Crashy_Time

dunroving wrote: »

Not where I live, it's not. Houses within the area are viewing and selling pretty well.

Not yours though?

lewishardwick

Having been in a chain held up by a tenant eviction, I will never offer on a property with a tenant in situ.

They also tend to be less well kept. Many landlords will do the bare minimum to a property.

As others have said, remove off the market, wait for tenant to vacate, refresh (paint, carpets etc) then relist.