Thoughts on our property price?

lincroft1710

Actually £210K sounds better than £205K, as prospective buyers will offer £200K or perhaps £195K and hope to settle at £200K and would probably feel they had done well knocking 5% off.

Mrh1019

Thanks for the reply. We just put the extension on to offer extra kitchen/dining space, if we are planned to stay here we were going to knock the garage down and stretch the garden but we always knew we would want to move within 5 years xx

Racky_Roo

I would hold off reducing. Mine has been on a month and I was starting to worry but got an asking price offer today. The EA's round my way (Surrey) are saying things have only just started to pick up and chains are being formed so maybe hold off for another 3 weeks - which I know seems like an eternity when you're selling!

Mrh1019

Racky_Roo said:

I would hold off reducing. Mine has been on a month and I was starting to worry but got an asking price offer today. The EA's round my way (Surrey) are saying things have only just started to pick up and chains are being formed so maybe hold off for another 3 weeks - which I know seems like an eternity when you're selling!

Thanks and congrats on getting your offer! ❤️

Crashy_Time

Mrh1019 said:

How long do you think we should put it on before we reduce it? Thanks 

Depends how keen you are to sell it, many on here will disagree but I think you need to sell it before the full magnitude of the economic mess we are in really hits home to people i.e before the government stop backstopping half the countries wages and job losses start to tick up. You need to undercut your nearest competition with similar house to sell by about 10-15k, this will attract interest and maybe encourage someone struggling with the larger deposit requirements. Very well presented BTW.

Mrh1019

Crashy_Time said:

Mrh1019 said:

How long do you think we should put it on before we reduce it? Thanks 

Depends how keen you are to sell it, many on here will disagree but I think you need to sell it before the full magnitude of the economic mess we are in really hits home to people i.e before the government stop backstopping half the countries wages and job losses start to tick up. You need to undercut your nearest competition with similar house to sell by about 10-15k, this will attract interest and maybe encourage someone struggling with the larger deposit requirements. Very well presented BTW.

Thank you! At the moment we are not in a rush to sell as there is nothing currently available/suitable for us to buy however we definitely feel that we have outgrown this property and would love to have more space xx

Crashy_Time

Nothing at all? Try Cambridge, seems to be massive over-supply there.

Bill23h

I don't know anything about your area to know what a good price would be, but the only advice I'd offer would be to keep away from 'offers over...'. Lots of buyers really hate it, as they feel, rightly or wrongly, that it sounds greedy, and that you assume the house is so great, people will be fighting over it. 
Just using that form of pricing will lose you some prospects and gain you none, so what's the point?

Falafels

Don't reduce it; a week is no time at all.

When I put my house on the market, I had a particular figure in mind but suggested to the EA that I put it on at x + 5%, in the hope of getting x - because in these uncertain times people are going to want to knock a bit off. EA agreed. Someone came along and offered x, I told EA I'd be happy with it. Then got call the following day to the effect that they'd negotiated it up to x + 3% ("I didn't think you'd mind!")

You're getting the interest and the viewings. If no bites after a couple of months then rethink, but certainly leave it as it is for now.

Mickey666

AdrianC said:

Five or ten grand either way is window-dressing, and won't make any difference at all.

Exactly!  If any of those viewers were seriously interested the £205k asking price would not have put them off because they'd have simply offered £199k or £195k or whatever.  We're discussing less than 5% here, which is insignificant really.