Reduce with current agent or relist with new agent?

WR83

Good afternoon,
We have had our house for sale for 9 weeks in a very hot market. Houses are selling within days / a couple of weeks if priced correctly.  Average time to sale on GetAgent is currently showing at 9 weeks.

We have a steady drumbeat of viewings over the first 5 weeks and have had a couple of non-proceedable offers, one of which is still on the table. But a house being sold in London - so a much slower market.  The non-proceedable offers have made us keep the asking price as is over the last few weeks, but as one has now dropped out as they are no-longer moving, it is probably time to reduce.

Our agents have been fine - a hot market helps - but I have had a couple of discussions about the quality of photos, which they have not redone, and we now haven't had a viewing outside of the current possible buyer in nearly a month.

I think I have two options - reduce with current agent and refresh listing. Or move to new agent and reduce at the same time. My understanding is that the online data will then refresh and show as a new listing date. First house we have sold - so not sure how a change of agent is viewed, and if the date on Rightmove etc makes that much of a difference.

Welcome any thoughts.

Thanks for the help

Thrugelmir

With the winter months approaching. I'd reduce the price and see what transpires. As there's a limited time window before the market will quieten totally. 

WR83

Thanks - think we will reduce, but is there any benefit in reducing it with a new agent on a new listing? I know people like me check right move every day so easy to spot. Would therefore only be a benefit for any new buyer?

Crashy_Time

Use PropertyLog to see how much other sellers in your area are reducing their asking prices by.

happysellerbuyer

Stick with your current agent. If the nom proceedable buyer becomes proceedable would be easier.

rik111

What’s the hurry ? 9 weeks in and you’ve got offers and buyers lining up so why would you want to reduce. If no interest then yes. As for changing agent, how long sole agency did you sign up for ? A lot of them state 16 weeks and you have to get them to change it before you sign, so you may not even be able to change.
If you are then yes give them their notice, usually 2 weeks, this will put you top of the list and they will be really pushing your house to try and get a buyer before you leave. Don’t what ever you do sign up with a new agent before your notice expires. Even notice expires I wouldn’t bother changing, your current agent seems to be doing a good job.

WR83

Thanks all for the comments - I agree the agent isn't doing a 'bad' job. But in this market I would expect any agent to have delivered what they have. Their photos aren't great, but I might just help them and take some better one myself. I haven't had a viewing now in nearly a month.

Worth also noting that although I have 2 weeks notice, they have said they are so busy they would not worry about upholding this as they have plenty to focus on. So a move would be instant if required.

The agent I am looking to change to was probably my preferred at point of instruction, but my current agent had the house I wanted on their books, and it would have made sense if we sold quickly - that has now gone. The new agent presents better online and also offers a video, which in this environment might be a good thing?

I suppose my desire to reduce / rush is two fold:
- 9 weeks appears to be a long time on the market in my location at present. Over 55% of houses are under offer at that point according to the data. The % will be even higher in my selling price bracket (3 Bed victorian terrace at around £350-£375k).
- We have a new baby due in 3 weeks and would like to reduce to get another surge of viewings in before then if possible. Otherwise all a bit more painful!

I just can't see my buyer from London selling quickly and so don't want to be reliant on them. I think I am also at the bottom end of their budget, so they may get tempted by something else. I am conscious if I reduce I might leave money on the table with them, but keen to get the move completed before the stamp cut-off (as everyone is!).

I suppose the very simple question therefore is - what benefit is there to changing agent to refresh Rightmove data etc?

Thanks so much for all of the feedback.

Benzine

I am just changing my agent and reducing the price at the same time. It seems good timing as it'll flag the property up on rightmove. My situation differs a bit to yours as I had loads of problems with my old agent.

Definitely don't underestimate the damage poor photos can cause to your sale. We weren't happy with the original photos of our house and they even missed putting any photos in of our garden. It took them 2 weeks to change the photos and we had no viewings at all in that time. Once they were improved we had about 5 viewings booked within a couple of days. 

Slinky

When we put our house up for sale I chose the local agent with the most professional photos and tidied the house to within an inch of it's life before their photographer came round to take the pictures. Other agents may have had cheaper rates but looked like their photography was done on a camera phone by the totally clueless.  I'm convinced it helped us get an acceptable offer in around 10 days.

WR83

This is great feedback - potentially it may well be worth getting the photos redone and giving that a couple of weeks to see if any new interest before reducing? That would at least give the possible buyer time to sort themselves out.

Angry with myself that I didnt drive home the photo issue when I mentioned it to them.

Benzine

WR83 said:

This is great feedback - potentially it may well be worth getting the photos redone and giving that a couple of weeks to see if any new interest before reducing? That would at least give the possible buyer time to sort themselves out.

Angry with myself that I didnt drive home the photo issue when I mentioned it to them.

Personally, if I was making a change like new photos or a new agent I'd think it would be a good time for a price reduction. This would make it be sorted on rightmove as a newer listing and it will also be emailed out to people on the mailing list. This might help you regain interest from buyers who had possibly dismissed your property due to the photos. I am currently changing agents and am reducing the price at the same time for this reason.