FTB house reduced

Tobias21

Before covid-19, we saw a house for sale that has been reduced multiple times. Over a year and a half, it has been reduced by 35k (4 times). Estate agents said It was previously under offer but buyer pulled out due to personal reasons. At the moment, we cannot go any further but wondering for anyone thoughts as to whether it would make people wary/cautious? Any ideas much appreciated. 

greatcrested

Pointless speculating.

Go and view it....... when you can.

numbercruncher8

We could have been looking at the same house, one I was interested in was like that.
It's been on about 1.5 years and cut several times, although very small 5k or 10k cuts. It's now had 40k off. 
The reasons it hasn't gone are quite easy to see for me, the asking price is quite punchy. Sales haven't happened much on the street and the last one went at an absurdly high price (this was in 2018), which causes the next people to want the same.
After a long time of not selling, competition has hotted up on the street,  although interestingly none of their houses seem to have sold and were pulled off Rightmove. They could all undercut the original house in cost, such was the madness of the outlier.  One went SSTC and then came back the next month, personally I feel the most likely reason was that the valuation did not stack up because it came back at a £10k discount.
On it's own no particular reasons to be wary, I could surmise from that house that they are a family who need more space, and perhaps need a certain amount of cash to make the next move. But no doubt they would be fed up of constantly being on the market, losing parts of weekends to viewings, having to tidy the house with kids around etc.

Crashy_Time

Maybe the fallout from the current situation will help them to eventually face reality?

pinkteapot

It's always about price. If it looks clearly over-priced compared to similar houses, it's just the price. If it looks quite good on Rightmove then it's likely not in as good condition when you get there, or there's something off-putting that's not clear from the listing, so it won't sell at its current price.

You need to view houses. There's only so much you can tell from Rightmove so don't waste hours looking at the same listing. You can rule things out (definitely overpriced, layout that won't suit you, too much that you'd want to change decoratively, etc), but you can't say for sure a house is right. Unless there's a show-stopper in the listing, just view it. 

Crashy_Time

Tobias21 said:

Before covid-19, we saw a house for sale that has been reduced multiple times. Over a year and a half, it has been reduced by 35k (4 times). Estate agents said It was previously under offer but buyer pulled out due to personal reasons. At the moment, we cannot go any further but wondering for anyone thoughts as to whether it would make people wary/cautious? Any ideas much appreciated. 

 Often people value too high because they have seen a peak price sale in the area, or the EA leads them along to get their business and 12 months later it is still sitting there, doesn`t mean there is anything wrong with the actual house.