Selling house right now - hold off or reduce price?

jimmyjammy001

House prices are coming down because they have gone up way to quick over the past 5 or so years, especially in London, the Brexit excuse only has a little to do with it. 2 bed semi starter homes in my area have gone up 35% in value in just over 2 years, it is simply just not sustainable.

Davesnave

No one this board has special insight into what will happen re Brexit and how that will affect house prices in London. There are people on the 'Debate House Prices ...' board, who probably think they do, if you're keen on speculation.

We deal mostly with specifics. There's very little to comment on in that respect, as you've not revealed the type of property, the price range, the area you wish to move to, why you want to be near elderly relations, or why it's 'just about do-able' if you don't move.

Sorry, but no one can give much more advice to a general post, other than: 'theres a price at which every property sells' and 'if you aren't on the market, your house probably won't sell.'

Mutton_Geoff

Flutterby1000 wrote: »

this week's political shenanigans has meant all interest has dropped off a cliff

And the fact many people are on holiday. Traditionally a very quiet time but picks up in a couple of weeks as people get into the mindset "we want to be in by Christmas".

RelievedSheff

You have just put it on the market in the middle of the quietest time of year for house sales.

I wouldn't pin too much blame in Brexit or Boris. They are not to blame for your house not selling yet. People still need a place to live regardless of who is the prime minister or whether or not we leave the EU.

I personally wouldn't drop the price yet. You have only been on the market for four weeks. That is hardly any time at all. I would hold out for another 6-8 weeks before dropping the price, assuming it is not over priced to start with and went on the market for a realistic price.

It would be helpful if you could post a link to the property and then perhaps people could comment on other possibilities as to why there has been little interest in the last few weeks.

davidmcn

Flutterby1000 wrote: »

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.

But things aren't going to be much clearer if and when we plunge over the edge. These things take months for their effect on the market to become clear, and even longer before everyone would be confident that things had settled down.

PasturesNew

I put mine up for sale, everybody wanted it, but everybody had a house to sell.

In the last slow time there was a saying about not being the person to "chase the market down". If you want to sell, reduce the price. If you have to sell, reduce the price. If you don't, others will do it first and get the buyer.

So - do you want to sell?

In the end I dropped my price, then took a low offer because I was tired of the endless viewings, the uncertainty. I wanted the pain to end. I still had everybody interested, but waiting to sell. Then one would accept a low offer on theirs if I'd accept a low offer on mine - and I said "yes".

I'm hoping to exchange this week.

It depends why you're selling, what you're doing next - and, too, your competition locally for a buyer and what the local market is doing -AND- your price bracket.

My agent told me houses costing £40-70k more than mine were flying off the shelves, it was those about my price that were sticking.

I'm looking to buy. Some houses are flying off the shelves in under a week. Others I've got on my list have been reducing over the months. Every house is different.... you can never tell when somebody who likes your house will think the price is right and want to/be able to buy it.

There are no right/wrong answers. What do YOU want?

I've been going through this for one year. I could've got a buyer in week one at the price I ended up at! If I had my time again would I have gone in at a lower price? Yes.

getmore4less

Don't forget the kids and teachers have just gone back to school.

You don't sound like a motivated seller,

Why are you trying to sell

Have you got your going forward plan in place yet.

if you want to be a bit more specific than SE London, someone can have a look at the market data for you kind of place.

Flutterby1000

Yes we had interest through August though and it stopped this past week - when it would usually pick up. The agent has seen a drop in interest across the area this week.

Flutterby1000

I don't feel comfortable sharing the link here.

That's my point, there was plenty of interest in Aug (buyers are either still in chain or didn't like the wider area) but it stopped this past week, when you'd expect things to pick up with school holidays.

It was priced correctly, I spoke to three agents before putting on the market and checked various online sites too but buyers seem to be spooked now.

Other properties in the area have started dropping prices so I think we'll have to do the same.

System

Listings go stale.