Lower price or take off market

shoeswith

Hi All 

I have put my property on the market and have had it on for around a month. In the first few weeks we had a lot of views, but now its tailed off. I had some second views but no offers most feedback saying its nicely presented two have said the immediate surroundings detract from the property. Also there is actually quite a lot on the market here at this exact price and I am guessing its a little overvalued given the area.  I am thinking of lowering the price but one month doesn't seem long enough so might give it another month. This would take me close to December and I am guessing it will be quiet over this month. Had some advice from a friend which was to take it off the market at the end of November (after 2 Months) and put it back on in the new year with a lower price with the thought that it would be a new instruction at a more competitive price with new buyers more likely entering the market in January. Is there any fault in this logic would I be better just to lower the price and keep it on the market. I've seen advice on the internet to drop around 10% can I get away with less? 

Thanks

csgohan4

Put it at a price your happy to accept. It will sell eventually at a price. 

Compare your house to others on the market and go from there

AFF8879

Probably going to need a bit more information about the type of property, location, what else is on the market for a similar price etc. E.g. a three bed semi in a commutable but rural area is going to need a very different strategy compared to a studio flat in London with cladding issues.

But generally speaking, I would probably leave it on the market until the new year. Isn’t Boxing Day supposed to be the day that gets the most RM/Zoopla views? I think a lot of people will be spending the Xmas downtime researching into properties/areas etc even if they don’t plan to actually strike until the new year.

shoeswith

Hi Its a 1 bed maisonette\conversion in S London. Share of freehold parking etc cladding not an issue. Its on a busy road which was given as feedback twice. No great shortage of property for similar amounts in the area and plenty of lower although not exactly comparable. I think it was valued a bit optimistic but not crazy. Its all comparative I guess and perhaps whats out there is just a bit more compelling. As I said had at least four 2nd viewings.  

firebubble

Ah...it's a flat in London. That is a different, and difficult, market compared to the rest of the country. I'm in the process of selling a London flat - I dropped the price three times since the spring when it went on the market, on the EA's advice, and finally it's gone under offer (but below the asking price).

There are just loads of flats for sale at the moment, so it's a buyer's market. Ask your EA for advice, because they should be guiding you towards a price which they think your flat will achieve in this market, right now. You'll know when you hit the right sort of figure, because viewings and offers will happen again. Unfortunately, what happened during lockdown or the prices similar flats achieved even a few months ago is no guide to anything in the London flat market right now.

It's unlikely the timing of taking it on and off the market will affect anything. There is unlikely to be a magical shortage of flats or sudden sparking of demand between now and January to push the price up. If you're happy with your EA, leave it on the market, but if you think your EA isn't being aggressive enough, definitely change firms. Also ask if there is anything they think you could do to present it better - no need to go mad with full on renovations, but if a fresh coat of paint and decluttering will create a better impression, it's worth doing in a difficult market, if you haven't done it already.

Crashy_Time

Just lower the price, much less stress in the long run.

milkskae873

Just lower the price as there are loads of flats for sale now.

Crashy_Time

Is it mainly BTL trying to exit do you think?

ss2020jd

I was in a similar situation last year. I put my house on for sale around October and had a few viewings but not much interest. I didn’t want to leave it lingering over the ‘quiet time’. The agent suggested a price drop too. 

I decided to take it off until the time had passed for it to go back on as a new listing (14 weeks), new photos in the spring sunshine and a new agent (from the same estate agents). We did adjust the price slightly. We also made an extra effort with the garden but it looked much better that time of year than in the winter.

I couldn’t believe the difference. I think there were two days of fully booked viewings, and several offers over the asking price in the end. We ended up getting more than it was originally on for the first time. 

I know places do sell all year round but I really do believe the spring gives anywhere the best chance, if you can wait. Plus pricing competitively will definitely get more interest. I didn’t want it to show as reduced either, so waiting and putting it on at a new price was a good move for us. 

Obviously these are unpredictable times, and a flat may be different, but if you can wait then you may have a choice of more buyers in what’s usually considered the better time of year to sell. 

If you make sure in the meantime that it is presented in the very best light, get new photos done when you put it back on etc then I think you may find it’s a different experience. 

jeaniemsm

Care to share RM link op?

GDB2222

Why do you want to sell? Cheeky question, perhaps, but there’s no point dropping the price unless you have something lined up that you want to move to. 

Also, the London market is tricky at the moment, as some people decided to move away as they could work from home anywhere in the country. That’s gradually coming to an end, so you may see a relative improvement in London prices, compared to other places.