selling house lockdown

DamForDam

Hi,
My house was advertised 2 weeks before the lockdown began. i got 3 viewings before everything stopped. the house was valuated by the estate agent and i didn't challenge his valution. The EA called me yesterday suggesting that i need to reduce the price by 7% something that i didn't understand and thus refused. The point is that he did the valuation and since that time we are in lockdown and the market didn't move so i don't understand why he is suggesting to reduce the price before even the market resume. I am thinking about changing the estate agent because i had the feeling that he was trying to put pressure on me so he can sell the house quickly. what do you think please? 

eidand

how exactly are you going to sell the house, even with a reduced price when no one can do viewings? What's the point in reducing, it won't change anything ...

greatcrested

He's suggesting a reduction because

a) you are not getting any more viewings

b) the market is stagnating and arguably prices are falling and

c) he probably over-valued it to start with to entice you to market through him not the competition

Plusof course valuations are only ever guesses.It's not an exact science. There is no such thing as an accurate valuation - until a sale is completed. Only then is the value confirmed.

How many EAs did you have round and give you valuations?

Were those "We'd suggest marketing it for £XK" or "We think it will sell for £XK"?

Did you do your own research of local similar recent sale prices? How did they compare with the EA valuation?

Of course he wants to sell quickly - that's how he makes his money. It's his business. What about you? Do you want to sell quickly or are you prepared to wait? Weeks? Months?

Vestraun

The agent will be desperate for a quick sale to get some revenue through the books. A 7% dip in their fee is better to them than nothing for a few months. The question is is how quickly do you want to sell? 

Splatfoot

Absolutely no point in reducing it now. Nobody can view! Wait till restrictions ease slightly and think about it then. Ours went on the day of lockdown, obviously no viewings but plenty of interest online. I've got no expectations of anyone viewing till people start going back to work. 

tatartan

I'd reduce if I was selling , 7% is nothing. Wait until the market opens your house will be one of loads for sale all at once. Will drop by more than 7% when that happens!  First time buyer here and we will only buy when we see someone giving us a discount from pre-covid prices. In the meantime we will search from the increasingly cheap places to rent!

blue_max_3

Funnily enough, I just saw a property I was watching increase it's price! Being sold by purplebricks, so assume they are inflating to reduce. Tiresome.

graphs

tatartan said:

I'd reduce if I was selling , 7% is nothing. Wait until the market opens your house will be one of loads for sale all at once. Will drop by more than 7% when that happens!  First time buyer here and we will only buy when we see someone giving us a discount from pre-covid prices. In the meantime we will search from the increasingly cheap places to rent!

Same here. I'm in the market and the first on my rightmove saved list to drop the price from their pre virus valuation I will go view.

Thrugelmir

Don't you want to sell the property quickly? 

numbercruncher8

Why not post up the link, or the area it's selling in.
Problem is, the estate agent isn't going to care too much what price it sells for. Maybe they are in need of commissions from anyone - these must be slim times for them, so everyone reducing prices would be good for them. Even if the sellers took a low price.
If you had 3 viewings in 2 weeks, maybe it isn't priced totally out, what was the feedback on the viewings?
On the other hand prices may have shifted downwards in terms of comparable properties. If that's happened, the house looks poorer value and by snubbing a decrease the agent starts to get demotivated because if you are being inflexible on price it may be a bridge too far with buyers.
Getting it on with another agent perversely doesn't necessarily help, and a house listed with two agents with Rightmove looks desperate.

Without more detail not really possible to say what the better course of action would be.

Splatfoot

How can it sell if no one is viewing?