Should I reduce the price?

RelievedSheff

You are getting plenty of viewings so I personally don't think it's a price issue.

For now I would sit tight and be patient.

Sarah1Mitty2

youth_leader said:

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.

375k isn`t cheap.

Sarah1Mitty2

Martico said:

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

Wouldn`t it be better to wait for lenders to announce their new mortgage rates and use a mortgage calculator to find out what the target market can afford to borrow?

Martico

That's a separate issue to the one I was looking to address, which was simply to find the best agent for property type. The strategies aren't mutually exclusive

Sarah1Mitty2

Ok, fair point.

SandyN21

Grampy_Rabbit said:

Hello 
I'm trying to sell my flat in London. It has been on the market 1 month and has had approx 20 viewings but no offers. It is a first-time buyer flat. The estate agent has advised dropping the price by £15-20K. Given what is happening with interest rates, I'm worried about getting a buyer. However I'm wondering if someone was interested they would just make a lower offer anyway. Should I drop the price? 
Thanks for your views

Can I ask how many bedrooms are there and what's the total square footage?

woahsoah

Sarah1Mitty2 said:

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.

The interest portion was also tax deductible back then on residential mortgages.

Sarah1Mitty2

That`s right, so it was.