Should I reduce the price?

lookstraightahead

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.

my point being that we're not living six months ago either, or even four weeks ago. Or even three days ago. 

Sarah1Mitty2

lookstraightahead 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.

my point being that we're not living six months ago either, or even four weeks ago. Or even three days ago. 

Yes, things have moved away very rapidly from where they were 6 months ago.

Grampy_Rabbit

HardBoiledEggsAndNuts said:

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.

Thank you for everyone's replies. In terms of feedback, estate agent said viewings have been positive and that flat is always well presented although some people have said they do not like the road itself or that it is too small- there is not much I can do about that! I think many also are at the start of the search and just checking out areas etc. so don't really know it that well so perhaps 'window shopping'. 

They originally valued at £425k and did 'soft-marketing' so did not put on portals but sent it to those on their mailing lists. Then suggested putting it on portals at £389. There obviously over-valued massively. I think I will have to reduce to £375 to bring it down a band on rightmove search criteria as the above poster found. 

I also wonder about moving estate agents? They say they get most of their viewings direct as opposed to rightmove so I wonder if its worth trying another agent who might have different set of buyers. 

Martico

Grampy_Rabbit said:

HardBoiledEggsAndNuts said:

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.

I also wonder about moving estate agents? They say they get most of their viewings direct as opposed to rightmove so I wonder if its worth trying another agent who might have different set of buyers. 

Check out sales of similar properties over the past year, and which agents they've mostly gone through

propertyhunter

Grampy_Rabbit said:

HardBoiledEggsAndNuts said:

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.

Thank you for everyone's replies. In terms of feedback, estate agent said viewings have been positive and that flat is always well presented although some people have said they do not like the road itself or that it is too small- there is not much I can do about that! I think many also are at the start of the search and just checking out areas etc. so don't really know it that well so perhaps 'window shopping'. 

They originally valued at £425k and did 'soft-marketing' so did not put on portals but sent it to those on their mailing lists. Then suggested putting it on portals at £389. There obviously over-valued massively. I think I will have to reduce to £375 to bring it down a band on rightmove search criteria as the above poster found. 

I also wonder about moving estate agents? They say they get most of their viewings direct as opposed to rightmove so I wonder if its worth trying another agent who might have different set of buyers. 

Check what your contract says with the estate agent. You don't want to have to pay two sets of estate agents' fees, so make sure you are aware of your obligations to the first agent if you obtain a sale through a second one. 

sidneyvic

Grampy_Rabbit said:

HardBoiledEggsAndNuts said:

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.

Thank you for everyone's replies. In terms of feedback, estate agent said viewings have been positive and that flat is always well presented although some people have said they do not like the road itself or that it is too small- there is not much I can do about that! I think many also are at the start of the search and just checking out areas etc. so don't really know it that well so perhaps 'window shopping'. 

They originally valued at £425k and did 'soft-marketing' so did not put on portals but sent it to those on their mailing lists. Then suggested putting it on portals at £389. There obviously over-valued massively. I think I will have to reduce to £375 to bring it down a band on rightmove search criteria as the above poster found. 

I also wonder about moving estate agents? They say they get most of their viewings direct as opposed to rightmove so I wonder if its worth trying another agent who might have different set of buyers. 

Your probably tied into your agent for quite some time. There are no magic different set of buyers, everyone who is looking to buy just looks on Rightmove and especially younger first time buyers.
The market today is totally different to what is was even a week ago, do you have to sell and move as now might be the worst time possible.....

youth_leader

That's a new one, 'soft marketing' - don't they mean cheap? I know it costs EA's to advertise properties on RightMove. I'd not be happy with the reduction considering the world hasn't had a chance to see it yet.

Sarah1Mitty2

Martico said:

Grampy_Rabbit said:

HardBoiledEggsAndNuts said:

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.

I also wonder about moving estate agents? They say they get most of their viewings direct as opposed to rightmove so I wonder if its worth trying another agent who might have different set of buyers. 

Check out sales of similar properties over the past year, and which agents they've mostly gone through

Past year is too far back in this market.

Martico

Sarah1Mitty2 said:

Martico said:

Grampy_Rabbit said:

HardBoiledEggsAndNuts said:

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.

I also wonder about moving estate agents? They say they get most of their viewings direct as opposed to rightmove so I wonder if its worth trying another agent who might have different set of buyers. 

Check out sales of similar properties over the past year, and which agents they've mostly gone through

Past year is too far back in this market.

For price maybe, but not for which agents best know the property type

SuseOrm

I would sit tight this week it’s been a very strange time we’ve got the mainstream media catastrophisIng and sending everybody’s BP through the roof.  I wouldn’t do anything right now just sit back and watch see what happens.