Should I reduce the price?

lookstraightahead

Retireby40 said:

You've had a lot of views in a month. Basically 1 for every working day.

The no offers is worrying. 

Do you have a link to your house and we can have a look just to see if anything jumps out?

The no offers in a month used to be totally normal - the market is changing. Years ago I expected to sell a house within about a year - that was the normal then.

Sarah1Mitty2

theartfullodger said:

Had estate agent round yesterday, flogging off one of my houses.

Apart from jointly bemoaning the "world-beating" incompetence of this government she mentioned their viewings had dropped by half this month compared to last: and expects, like me, prices to drop.

So price drop sounds wise.

Apologies for repeating myself but in November 1979 I had a for then large mortgage, under Thatcher's iron fist, Bank of England base rate hit 17%.(Yes, seventeen).  I was lucky, my building society only wanted 15%

Yes, but debt loads are much higher now, we are close already to interest rates that a lot of people can`t cope with. As for selling now the time to cut price was before the crisis kicked off, not in the middle of it because there will be loads of people with the same idea and the average mortgage deal is going to look far more expensive than it did a few months ago.

Retireby40

lookstraightahead said:

Retireby40 said:

You've had a lot of views in a month. Basically 1 for every working day.

The no offers is worrying. 

Do you have a link to your house and we can have a look just to see if anything jumps out?

The no offers in a month used to be totally normal - the market is changing. Years ago I expected to sell a house within about a year - that was the normal then.

Yeah but we aren't living years ago. A month is a long time if you've had 20 people in through the door. 

In my area houses are selling within 2-6 weeks. And they aren't even getting 20 through the door. Half a dozen and offers on the table.

[Deleted User]

I assume you've checked what other properties are selling for nearby? How much is the proposed drop as a % of the overall value? And remember - estate agents love to talk the market up. If your own estate agent suggests reducing the price, they are probably doing so reluctantly and with a good reason.

Although having said that, properties are still selling, so you could hold on at current price and get lucky (if not, are you willing to hold the property for a longer period through any downturn that may follow)?

Zerforax

Lowering the price might prompt some more interest?

Depends if you need a quick sale or if you want to wait with a higher price.

Sarah1Mitty2

Retireby40 said:

lookstraightahead said:

Retireby40 said:

You've had a lot of views in a month. Basically 1 for every working day.

The no offers is worrying. 

Do you have a link to your house and we can have a look just to see if anything jumps out?

The no offers in a month used to be totally normal - the market is changing. Years ago I expected to sell a house within about a year - that was the normal then.

Yeah but we aren't living years ago. A month is a long time if you've had 20 people in through the door. 

In my area houses are selling within 2-6 weeks. And they aren't even getting 20 through the door. Half a dozen and offers on the table.

I would imagine many offers now won`t be backed up by lenders, that seems to be the direction of travel.

[Deleted User]

I wouldnt be inclinded to reduce. Twenty buyers booked viewings and that is not indicative of a price which is outside expectations. It is more likely that they were not won over by something observed during the viewing. If someone was vaguely interested but not at that price, you would have heard. 

trakky14

Has your EA asked them all for feedback? They should be telling you why they weren't interested...appreciate they might not get a reply from all 20 but if they are any good they should be asking!

Retireby40

Sarah1Mitty2 said:

Retireby40 said:

lookstraightahead said:

Retireby40 said:

You've had a lot of views in a month. Basically 1 for every working day.

The no offers is worrying. 

Do you have a link to your house and we can have a look just to see if anything jumps out?

The no offers in a month used to be totally normal - the market is changing. Years ago I expected to sell a house within about a year - that was the normal then.

Yeah but we aren't living years ago. A month is a long time if you've had 20 people in through the door. 

In my area houses are selling within 2-6 weeks. And they aren't even getting 20 through the door. Half a dozen and offers on the table.

I would imagine many offers now won`t be backed up by lenders, that seems to be the direction of travel.

Many might not be but you would think those that can still afford it may have just used the news to their advantage and maybe put in an offer lower that listed to test the waters.

HardBoiledEggsAndNuts

When I was selling my flat we were in a similar position, a fair number of viewings but no offers. We dropped the asking price from 425 to 410, it had no effect at all. It was only when we dropped to 400 that we had loads of new interest and four offers in the space of 2 weeks. My understanding was that dropping into a lower search banding (ie 350 to 400, rather than 400 to 450) explained all the new enquiries.