Selling house right now - hold off or reduce price?

Flutterby1000

Our home has been on the market (SE London) for 4 weeks. A few viewings but this week's political shenanigans has meant all interest has dropped off a cliff.

The estate agent said other nearby houses have dropped their price and £15k seems to be about right.

Trying to work out what to do:

Drop the price and hope for the best

Pull out of the market completely (not ideal by any means but just about doable)

Keep the price and hold our nerve in the hope that Brexit will be either soft or not happen? (And if that doesn't happen, pull out of market).

Any thoughts?

Thanks

Vestra

Depends, do you need to sell right now?

Flutterby1000

If we have to live there for longer we could, but my worry is we'll get stuck in negative equity. Plus we're moving closer to elderly relations so this would make things quite difficult. It's difficult to know what to do.

Skiddaw1

I'd hold your nerve for the time being at least. By staying on the market you have nothing to lose and things are changing so quickly. Plus, despite everything, people still need to move. The right buyer could be just around the corner. You can always change your minds later.

Flutterby1000

I'd hold your nerve for the time being at least. By staying on the market you have nothing to lose and things are changing so quickly.

Thank you. The thing is others in the area discounted this week so ours is starting to look overpriced already. But the UK already held back from Brexit in April so there is a chance that we discount now and can't get back up to the same price if the Govt delay Brexit again. I think we'll hold off until after the weekend, not that things will particularly clear by then!

comedyseeker123

Curious why you think the government is stopping people from viewing your home rather than people not being interested in your home?

Flutterby1000

Because there were plenty of viewings right up until the day Boris became PM and announced No Deal at any cost, because the agent has told us (and we've seen online) the price reductions for house in our areas. Because the worries and fears about Brexit are very real here.

getmore4less

4 weeks is about the time all those looking that have not found something view?

You are now into the new to market viewers.

The driver for you selling is what you are doing next.

The advice depends what that is.

Buying is often the hard part as selling can be achieved by pricing unless it is a lemon.

Flutterby1000

The house went on the market in the middle of the summer. I know from previous buying and selling in London, and because the agent told me so, that that is a quiet time and that Sept is when things pick up again. That hasn't happened here and I am trying to work out what will happen next in the UK, to then try and work out what to do about the house.

MovingForwards

Put a link up and we can say if there is anything glaringly obvious that's putting people off making an offer as Brexit has been going on for quite a while now and isn't new; it is the scapegoat for everything though.

Flutterby1000

What's there to prove? We had lots of interest and it fell off when Boris announced No Deal this week. That's the difference, and it does make a difference in a strong Remain city. Brexit has been talked about for a long time, yes, but we are closer to the metaphorical edge now than ever before, because a No Deal Brexit is quite different to a Soft Brexit.

Our agent is making calls to all sellers about this. Other houses online in our are have been reduced this week.

Google Deloitte house prices, a report just this week that highlights the likelihood of a market crash.