Agent or market problem?

LE_Bore

movilogo said:

Reducing price by £50k is quite common these days for properties in £500-£800k mark. I have seen several properties reduced by £100k or even more (and still not sold).

Interest rate hike has seriously affected people's affordability (you can check that yourself in Excel). So it is no surprise that houses are not selling at 2022 summer prices.

Expect the prices to fall even further this year. 
t

Thank you. You are right, prices will probably fall further. Then again, we can only price the house at something relative to the other local houses currently on the market. My problems with reducing by 50K is that hardly anybody has viewed the house since it went on in late November and the ones that have haven't moaned about the price, plus we don't know if anyone different is looking at the lower price (which doesn't take the house into a lower bracket on RM), just the same as they don't appear to be looking at our current price. It's the not knowing that's the problem! The only thing I know is that I don't know...

LE_Bore

gwynlas said:

Does your listing accurately describe your house and give sufficient detail to differentiate it from the bog standard one down the road? Does it present well on photographs, depersonalised and decluttered? Spring flowers are on sale at the moment would a couple of filled planters add some colour to the outside? Do you need some fresh photographs? The EA should be working for their commission.
Yes a huge reduction in price might make a difference but buyers can always make offers on any asking price. How would it make you feel if somebody offerred you 20-40K below current listed value?

I think it does describe the house fairly well. It doesn't really look like the other houses in the road and that much is obvious if you know the road. We've got quite a few flowers blooming in pots but me daffs always lift the heart (especially Welsh ones, Gwynlas, and sorry if I am making the wrong assumption here), and I think that's a great idea. We have decluttered the house as much as we can though it does still look like human beings live here. Fresh photos might lift the profile a bit.

I wouldn't mind if somebody made an offer of the type you suggest. I'd take it if they were in a position to move. If I saw a house I was interested in at a higher price than the one I could afford, I would go along and if I fancied it, make an offer; don't ask, don't get. But if we cut the price by £50K and then they offered 40 grand less, that might be different. Of course, it might come to that, but I am not sure now is the moment to do that. Anyway, thank you. 

expertinmoney

I’d knock 5-10% off the asking pricing, and probably accept a price 10-15% lower than the current ask if the sale can go through quickly.

LE_Bore

diystarter7 said:

Hi OP

Which EA in your area is well-known for getting things done? Find out and see if you want to go for them but often their fees are a bit higher and they are often quiet aggressive in their sales and I've had first-hand experience of this when looking at a btl, lol but i guess it works in favour of the seller.  These same EA's will not take on a property if they feel you are being unreasoble with price and wont move price after a week or so but worth looking up

No offence, but anything and everything well-priced will sell.

Good luck

Thanks

No offence taken. Thank you. We chose an agent with a great reputation and who has sold more in our area than most others. There were more aggressive agents who valued the house and I felt if I was buying a house they might put me off a bit. One priced it very high indeed and then immediately began talking about when we might want to reduce it from that price, which seemed bonkers to me. The big question your reply raises is what is well-priced in the current market? Nobody seems to know. Even some of the agents who wanted to get the house on their books admitted that they were uncertain of the right price since the economy went over a cliff a few months ago. Selling a house right now seems to be something of an experiment. But we know we can't sell it if nobody is coming through the door.

Sarah1Mitty2

LE_Bore said:

diystarter7 said:

Hi OP

Which EA in your area is well-known for getting things done? Find out and see if you want to go for them but often their fees are a bit higher and they are often quiet aggressive in their sales and I've had first-hand experience of this when looking at a btl, lol but i guess it works in favour of the seller.  These same EA's will not take on a property if they feel you are being unreasoble with price and wont move price after a week or so but worth looking up

No offence, but anything and everything well-priced will sell.

Good luck

Thanks

No offence taken. Thank you. We chose an agent with a great reputation and who has sold more in our area than most others. There were more aggressive agents who valued the house and I felt if I was buying a house they might put me off a bit. One priced it very high indeed and then immediately began talking about when we might want to reduce it from that price, which seemed bonkers to me. The big question your reply raises is what is well-priced in the current market? Nobody seems to know. Even some of the agents who wanted to get the house on their books admitted that they were uncertain of the right price since the economy went over a cliff a few months ago. Selling a house right now seems to be something of an experiment. But we know we can't sell it if nobody is coming through the door.

Are you using PropertyLog to see what the sellers of similar houses are doing?

LE_Bore

Sarah1Mitty2 said:

Are you using PropertyLog to see what the sellers of similar houses are doing?

Never heard of it. I will investigate. Thank you. 

fewcloudy

I might have missed it, but have you said what it is priced at (approx)?
I only ask due to some of the comments re. reducing the price by 50k.
Fine if it's over a million (and that's quite possible for "a modest and characterful house in an area north west of London") but if asking price is 300k then 50k seems mad.
How far north west of London? Luton? Milton Keynes?!!

Sarah1Mitty2

LE_Bore said:

Sarah1Mitty2 said:

Are you using PropertyLog to see what the sellers of similar houses are doing?

Never heard of it. I will investigate. Thank you. 

https://www.propertylog.net/

jonnydeppiwish!

LE_Bore said:

movilogo said:

Reducing price by £50k is quite common these days for properties in £500-£800k mark. I have seen several properties reduced by £100k or even more (and still not sold).

Interest rate hike has seriously affected people's affordability (you can check that yourself in Excel). So it is no surprise that houses are not selling at 2022 summer prices.

Expect the prices to fall even further this year. 
t

Thank you. You are right, prices will probably fall further. Then again, we can only price the house at something relative to the other local houses currently on the market. My problems with reducing by 50K is that hardly anybody has viewed the house since it went on in late November and the ones that have haven't moaned about the price, plus we don't know if anyone different is looking at the lower price (which doesn't take the house into a lower bracket on RM), just the same as they don't appear to be looking at our current price. It's the not knowing that's the problem! The only thing I know is that I don't know...

I’d you’re having very few people through the door then a there’s not a big market for your property at the price it is at. 

Get the other agents back to revalue and then relist with one of those. Failing that, just post a like of your property on here and everyone will provide some feedback for you.

MikeJXE

LE_Bore said:

gwynlas said:

Does your listing accurately describe your house and give sufficient detail to differentiate it from the bog standard one down the road? Does it present well on photographs, depersonalised and decluttered? Spring flowers are on sale at the moment would a couple of filled planters add some colour to the outside? Do you need some fresh photographs? The EA should be working for their commission.
Yes a huge reduction in price might make a difference but buyers can always make offers on any asking price. How would it make you feel if somebody offerred you 20-40K below current listed value?

I think it does describe the house fairly well. It doesn't really look like the other houses in the road and that much is obvious if you know the road. We've got quite a few flowers blooming in pots but me daffs always lift the heart (especially Welsh ones, Gwynlas, and sorry if I am making the wrong assumption here), and I think that's a great idea. We have decluttered the house as much as we can though it does still look like human beings live here. Fresh photos might lift the profile a bit.

I wouldn't mind if somebody made an offer of the type you suggest. I'd take it if they were in a position to move. If I saw a house I was interested in at a higher price than the one I could afford, I would go along and if I fancied it, make an offer; don't ask, don't get. But if we cut the price by £50K and then they offered 40 grand less, that might be different. Of course, it might come to that, but I am not sure now is the moment to do that. Anyway, thank you. 

One thing is for certain, if you don't get viewers you won't sell 

You have to decide why. 

Maybe no one interested in your area

The Price

The description and photos, might look ok to you but what do  others think ? Ask your friends what they think, what about a refresh ?

You could try offers around or in the region of. 

How about a video tour ? 

If you are not bothered about your next purchase you could add.....  No upward chain. 

I was never one to look at a house for sale and expect to get it for less, If I viewed the asking price was my target