Psychological Pricing

cooltt

RelievedSheff said:

If you are not getting people through the door for viewings it would suggest that either the advert is very poor or that the price is too high, or possibly a combination of the two.

Rubbish. It's because it's not "psychologically" priced correctly. Nothing to do with the properties actual value. 

eidand

well, rather than us guessing, I'd say just share a link to the property and other people can have a look.
Not getting viewings suggests to me that the property is overpriced by at least 10%, probably more.

MaryNB

suttonjr85 said:

By dropping £2k I assume it can be relisted as a new property on Rightmove also.

It'll be back at the top of the list when the order is by Newest Listed but it will be down as "Reduced today" not "Added today".
Anybody who's been on Rightmove for a while and has seen your property probably won't bother with a £2k reduction. They may cop that you're struggling to sell because there's not much demand and will try getting it for an even lower price. Your best hope with a £2k drop is somebody who has just started searching and your property suits their needs. For properties in the range of £200k, most reductions I've seen are either £5k or £10k. I can't see £2k making much difference to people who've already seen your ad. 

As eidand has suggested above, a link to the ad would help. 

hazyjo

A few grand won't make it appear in people's alerts as a newly listed property. Agree you'll need to drop ten grand into the bracket below to make any difference, although if that's where people have set their highest brackets, offers will prob be lower as people tend to look slightly above what they can actually afford.

Can we have a link? Just drop the www if you can't add links.

kormacurry

Have you tried getting a friend to pose as a buyer and attempt to get a viewing appointment with your agent for your property?   If there is any dificulty, then that might be your answer.

suttonjr85

https://www.rightmove.co.uk/property-for-sale/property-94966076.html

This is the link. I might add a 3 bedroom house on my road sold for £230k at the start of the year but is not on Rightmove sold prices yet. It was incredible though inside and had a drive. I had 3 different valuations one from £185k-£195k, 2 at £200k-£215k.

There is another property on my road that was on the market for £215k but had a drive and upstairs bathroom which I don't have.  The other houses for sale on my road are between £180-190k but are 2 beds.

RelievedSheff

suttonjr85 said:

https://www.rightmove.co.uk/property-for-sale/property-94966076.html

This is the link. I might add a 3 bedroom house on my road sold for £230k at the start of the year but is not on Rightmove sold prices yet. It was incredible though inside and had a drive. I had 3 different valuations one from £185k-£195k, 2 at £200k-£215k.

There is another property on my road that was on the market for £215k but had a drive and upstairs bathroom which I don't have. Within 10 days they dropped by £15k which I thought was crazy in such a short period of time.  The other houses for sale on my road are between £180-190k but are 2 beds.

Your house looks lovely. 

I'm sure it is just a matter of time and waiting for the right buyers for the property.

The downstairs bathroom will not be to everyone's taste but some people won't mind that. The lack of off road parking may put some buyers off as well.

seradane

Nice looking listing, though the photos make it feel a bit narrow. Maybe take photos from corners of rooms instead of right down the centre? Most of the other houses on the road, despite clearly being the same size, don't give me that same initial impression. I doubt that would be enough to put a buyer off from not viewing it at all though.

The property seems pretty reasonably priced as well - lots of £185-190k 2 beds on your road, I'd feel like £200k for a 3 bed should be about right. It just seems you have a lot of competition as there are a lot of nice properties for sale/to compare with at the moment (9 on your road alone!).

Though a lot of them (and all the sold ones I can see) have off-street parking, and you don't. That may be quite important to buyers in your area. Also your third bedroom means where everyone else has an upstairs bathroom, yours is downstairs. I wonder that you might be falling into the trap of those buyers that would consider 2 beds, they can get off-street parking and an upstairs bathroom for less money than your property. Yet for those that need 3 beds, likely more of a family focus, perhaps the lack off-street parking and upstairs bathroom become even more of a deal-breaker. So you're aiming for the niche buyer that needs more bedrooms but can't afford the £250k for the ones the next street over that offer all of those things?

ElizabethRose

Number 99 sold for just under £190k in March and in my view whilst it is a two bed house I know which one I'd pick. 

The bathroom downstairs is why yours is a rare 3 bed. Personally this would instantly put me off a property and look at a two bed over it. Again no off road parking which some of the two beds have.

Is the kitchen floor dirty as the pictures make it look like it is. If it's the lighting I'd definitely get the pictures redone. The third bedroom is empty so it doesn't make people think it is a fully used space. 

I think your issues are the two beds are cheaper, ready to move into (I personally would want a bew bathroom but that's personal preference) and some offer off road parking. I think you need to price around the 190k mark to try and appeal to more buyers.

[Deleted User]

You have to drop by 3% for it to appear as reduced today. So £194,000.

My house is up for £205,000 and we had loads of viewings in the first week and an offer and someone who wants to buy it in the second week. It’s week three and I’ve got a viewing tomorrow and Wednesday. Nothing in my area from £160k-£220k is selling at the moment. July was mental and everything was flying off Rightmove but I think things have slowed to a halt with the announcement of a recession, coupled with people going on holiday and then having to quarantine. I think things will pick up a bit in September but anything could happen with this current climate.