Reducing the price VS length of time - which matters?

youth_leader

My whole selling experience was ruined by estate agents telling me my house was worth £600K 'fully renovated'.  It needed renovation, but was still a fantastic 264 sq m solid sandstone building, but none of them could work out what it was worth, as there was nothing to compare it to locally. 

If you can compare your house to others similar to yours that have sold, it is very helpful, it is very difficult to accept a 'house is only worth what someone will pay for it' when they won't or can't pay enough.

I also agree with posters saying to take your property off the market, I was dismayed to meet someone I vaguely knew who said they'd watched my 'price going down' on some house price reduction web site.  I started at £500K, dropped to £450K eight months later, changed agent and dropped again to OIRO £400K - and offers were coming in at £350K, nearly half of the 'fully renovated' price. 

fiveacre

If you share a link, people here have offered good advice in the past about RM adverts, and comparisons to the local market.

lookstraightahead

I always have left a year to sell a house.

pjread

There's a lot of factors.  If you really want to know 'values', you'll want to see actual, real, completed transaction values for similar properties.  If you just look in the EA's windows and see similar at similar prices, but nothing is moving that's possibly not useful information.

As a ready reckoner, something like the nationwide HPI calc might help verify if you're in the right cosmic ballpark - but I wouldn't really rely on things like that beyond as a high level sanity check.

Crashy_Time

fiveacre said:

If you share a link, people here have offered good advice in the past about RM adverts, and comparisons to the local market.

A lot of it tends to be about improving photos though, rather than the obvious move of dropping the price. What level of price drops is PropertyLog showing for your area OP? You should use that as a guide to undercut the competition, if you really want to sell that is.