Rightmove and price reductions

shiraz99

Does Rightmove show "Reduced" for all price reductions or is it just for reductions over a certain percentage, as my estate agent mentioned? Also does it go back to the top of the list when searching by date, ie, using the date when it was reduced?

My property is on for selling price of £340K for a month now and I've had viewings, about nine in total, not had any offers yet and it's definitely slowed down, this last week was the first without a viewing. I was thinking of reducing it to a guide of £330K to £340K to see if it'll drum up more interest.

GDB2222

That’s a 3% reduction, and someone will be along in a minute to answer your question.

In the meantime, can I suggest that, if you are going to a guide price, you go down a bit more. That way you hopefully get way more interest, and you may sell for more than if you just inch down a bit at a time. 

propertyhunter

Out of interest, what has the feedback been from people who have viewed?

shiraz99

propertyhunter said:

Out of interest, what has the feedback been from people who have viewed?

For those that have left it it's all been very positive, just not what their looking for, or they've put offers on another property, that sort of thing. I've has a couple say that they though parking would be an issue, I'm on street but they would've known that before viewing although the street is full of work vans at the moment as everyone is rushing to do their spring time refurbs, so that probably hasn't helped.

The price seems correct for the location it's in but there are cheaper properties around but then you'd be in not so nice locations.

shiraz99

GDB2222 said:

That’s a 3% reduction, and someone will be along in a minute to answer your question.

In the meantime, can I suggest that, if you are going to a guide price, you go down a bit more. That way you hopefully get way more interest, and you may sell for more than if you just inch down a bit at a time. 

The only problem with that and the main reason I didn't go for a guide price originally is there isn't any incentive for anyone to offer anything higher than the lowest guide price and the market is so slow that you're just not getting enough buyers willing to bid up. Gone are the days where you might a get multiple offers in a few days of the house going on market.

waseem432000

I usually use the property log add-on with  google chrome which does a really good job of showing the price history on desktop version of browser(read about it here) and I have seen properties come to the top when they are added/reduced. I only have a filter of flats below (250k) so haven’t seen the high price bracket but every reduction(even a 2500) seem to trigger the reduced filter.  

housebuyer143

I think it says reduced if you reduce it any amount but doesn't go back to the top of the listings unless you reduce it by a certain amount. Not 100% sure what percentage that is though.

propertyrental

Apparently if you change agents with a short gap off the market (no idea how short) then Rightmove does not show the previous agents or price.

Can't guarantee this though.

YoungBlueEyes

I agree with this ^^^

A house we were looking at last spring is back on the market as a 'new' listing with a different agent. I don't know how long it was off for though. I'm also seeing houses reduced that I know have been on a long while, and they're coming to the top when I select "show newest listed first" or whatever it's called. I don't know at what percentage would kick that into action though. Interesting question.

fackers_2

shiraz99 said:

Does Rightmove show "Reduced" for all price reductions or is it just for reductions over a certain percentage, as my estate agent mentioned? Also does it go back to the top of the list when searching by date, ie, using the date when it was reduced?

My property is on for selling price of £340K for a month now and I've had viewings, about nine in total, not had any offers yet and it's definitely slowed down, this last week was the first without a viewing. I was thinking of reducing it to a guide of £330K to £340K to see if it'll drum up more interest.

Personally I’d you’ve not had any offers, I’d reduce it down less than 330. Maybe £325k so it’s priced to sell and that might likely increase bids which in turn MIGHT generate the original asking price you desire. 

Don’t catch yourself chasing down the market. 

fackers_2

It’s true. Also if it’s lower than 4% drop it will trigger the email alerts.