Selling - when to drop price

SnazzyS

Hi there

Looking for some advice. My property has been on the market for 2 weeks with only one viewing.
The agent has now suggested the price is dropped by £15k.

Should I either:

- do what he says
- wait out brexit
- go multi agency

Or are there questions I should be asking him to challenge the lack of interest?

Appreciate any input!

dwsjarcmcd

Personally, I think 2 weeks is too early to drop the price. Saying that, there are many caveats to this such as where you are in the country, how well priced is the property and how quickly do you need to sell.

Again, personally, I would wait a little longer, certainly until after Brexit but subject to the above!

SnazzyS

Thanks for the advice- and was thinking the same. The property is in Central London and I'm currently living in it.
Not in a drastic rush to sell so will probably wait out brexit and see what happens! :beer:

MobileSaver

SnazzyS wrote: »

My property has been on the market for 2 weeks with only one viewing.

Two weeks is nothing with all the current Brexit uncertainty. However, how does the current listed price compare to similar neighbouring properties? If you are kite flying then yes consider dropping if you really want to sell/move on otherwise patience is a virtue.

SnazzyS wrote: »

- go multi agency

I don't know a single person who has bought in the last 10 years who didn't look on Rightmove so in my opinion multi-agency is pointless if you are already on there.

Mickygg

Don’t drop price after just 2 weeks. This will come across as desperate which you are not.

I too am not a fan of multi agencies. I just don’t see how that will help when everyone looks on rightmove. That to me also shows desperation.

Remember we are in a huge period of uncertainty with Brexit upon us. The number of people actively looking is low because of this.

Wait it out. If in 2 months no joy at all then think about dropping price.

SnazzyS

Thanks for the advice. And patience is indeed a virtue so will try to sit it out 😇

SnazzyS

Thanks Mickeygg.
2 months is feasible when you put it that way and certainly don't want to come across as desperate. (who does?!)

Will try to wait it out!

kinger101

Personally, I think it's highly likely you've overpriced it. Most of the activity comes early on. I would hold out another two weeks though.

Don't go multi-agency. It makes you look desperate and potential buyers may offer accordingly. Your current agreement with the EA might not allow it anyway.

mwt_2

I was in a similar situation last year, to add some context, we already had about 10-15 viewings and no offers. I was initially hesitant when the EA suggested to drop the price quite dramatically. However, we had found the place we wanted and the only thing holding us back was not having secured our sale. 1 week after dropping the price we had 2 more viewings and 2 offers on the table above the asking price (but lower than the original).

Crashy_Time

SnazzyS wrote: »

Thanks for the advice- and was thinking the same. The property is in Central London and I'm currently living in it.
Not in a drastic rush to sell so will probably wait out brexit and see what happens! :beer:

Brexit and the upcoming euroland elections are going to cause chaos IMO, better to drop now and save the wait, there will always be someone looking for a bargain even at times like these?

https://www.ft.com/content/618ad20c-4316-11e9-a965-23d669740bfb

SG27

Last year I dropped my price by 15k after 3 weeks and 4 viewings. Sold a couple of days after. Job done.