Selling house right now - hold off or reduce price?

Flutterby1000

Thank you so much for your post. Your advice is really useful.

I think we'll probably drop the price now. We don't HAVE to sell but it would be better to sell now than be stuck in negative equity.

RelievedSheff

Flutterby1000 wrote: »

Yes we had interest through August though and it stopped this past week - when it would usually pick up.

Don't read too much into that.

You had the initial interest because your property was new to the market.

Now it isn't you, and your agent, have to work harder to market and sell it.

Faith1960

We are in the same boat - ours went on the market last week of June and had two offers end of that first week, one of which we accepted in principle as they hadn't sold their house. By end of August they still hadn't found a buyer and we didn't get any other offers although loads of viewings. We have now agreed with our agents to drop the price as we felt that the longer our property was on the market the less chance we would get an equivalent or decent offer. If nothing by end of September we will take our property off the market and probably relist next Spring.

Crashy_Time

Flutterby1000 wrote: »

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!

There is a chance that the chaos could bring a JC government, and that will crash house prices more than Brexit, drop the price and grab a buyer now if you can IMO.

getmore4less

You don't have to put a, link to the house just a rough indicator like main town centre no of beds and 100k price window.

JGB1955

4 weeks? I've reduced by almost £40k since January on a house, currently on the market in South Devon for £347.500. House was valued at £450K 10 years sgo. We've had over 20 viewings. Will probably accept something close to £320k..but that's meaningless unless you can get an offer,!

PasturesNew

JGB1955 wrote: »

.... reduced by almost £40k .....£347.500. .... £450K ..... something close to £320k..

And if I were sitting looking at that ... I might be wishing it were £320k so I could afford it, but wouldn't make a £320k offer when it'd been reduced by so much already. I'd assume you'd dig your heels in and hate me for offering as you were already at your bottom-ish. If I had £340k I might give it a punt.... still expecting a knock back.

I might revisit my list now

The trouble for a lot of those with a few bob fewer .... we don't know what your bottom line is, so we sit silently, hoping/seeing if it'll drop, but not expecting it to.

Davesnave

JGB1955 wrote: »

4 weeks? I've reduced by almost £40k since January on a house, currently on the market in South Devon for £347.500. House was valued at £450K 10 years sgo. We've had over 20 viewings. Will probably accept something close to £320k..but that's meaningless unless you can get an offer,!

Surely rather odd, given that 10 years ago the Crash had recently bottomed-out and we'd just bought in Devon at a very good price.

I wouldn't say prices in the West Country have rocketed since, especially where we are, but property is selling at above 2009 levels.

System

PasturesNew wrote: »

And if I were sitting looking at that ... I might be wishing it were £320k so I could afford it, but wouldn't make a £320k offer when it'd been reduced by so much already. I'd assume you'd dig your heels in and hate me for offering as you were already at your bottom-ish. If I had £340k I might give it a punt.... still expecting a knock back.

I might revisit my list now

The trouble for a lot of those with a few bob fewer .... we don't know what your bottom line is, so we sit silently, hoping/seeing if it'll drop, but not expecting it to.

I've been watching one in Devon that was put on at £625k in April. The price hasn't budged since then, so I have no inclination to view, since the owner is obviously stubbornly holding out for a price nobody is willing to pay. I read that average selling prices at the Land Registry are 25% lower than average Rightmove asking prices.

RelievedSheff

Diocletian_II wrote: »

I've been watching one in Devon that was put on at £625k in April. The price hasn't budged since then, so I have no inclination to view, since the owner is obviously stubbornly holding out for a price nobody is willing to pay. I read that average selling prices at the Land Registry are 25% lower than average Rightmove asking prices.

I guess that depends where in the country you are buying/selling because it certainly isn't the case where we sold in Sheffield and bought in Worksop.

It is rare for a property to sell for under the asking price here!