Reduce price?

Albermarle

Addison89 said:

Albermarle said:

Most mortgage rates movements lag real interest movements, because most people are on fixed rates.
So many have so far been unaffected by the rise in interest rates as they are still in a low rate fix.
OK for someone with a new mortgage then if interest rated drop their mortgage rate will drop.
However the prospect is for only small and delayed drops in the Bof E interest rate, and almost no chance they will reduce to the abnormally low levels seen in recent years.

On the other hand I was reading today that there has been some uptick in asking prices in March, also in London. Probably due to Spring being on its way.

Personally I would not reduce it ( not significantly anyway) or take it off the market. The main house buying season is just starting.

Thanks that’s really helpful! What do you think about reducing it by 10k? In that case though, I wouldn’t take any offers less than the asking price which might be offputting?

£10K off £380K is only 2.5%, and often offers are farther below the asking price than that.
If you want to get more viewings, and then hopefully offers, then  probably £20K off will have more of an impact.
Then if offers come in too low ( in your opinion) you can always say no. 

hazyjo

From your description, I can't find it on RM. Would you be happy to share a link for some feedback?

Albermarle

hazyjo said:

From your description, I can't find it on RM. Would you be happy to share a link for some feedback?

Forum guidelines say;

 Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. 

RHemmings

Albermarle said:

hazyjo said:

From your description, I can't find it on RM. Would you be happy to share a link for some feedback?

Forum guidelines say;

 Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. 

I believe that it's OK for people to PM links however. E.g. after someone volunteers to have a look. 

Another thread disappeared recently, and I think it may be because of a RM link. 

Albermarle

RHemmings said:

Albermarle said:

hazyjo said:

From your description, I can't find it on RM. Would you be happy to share a link for some feedback?

Forum guidelines say;

 Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. 

I believe that it's OK for people to PM links however. E.g. after someone volunteers to have a look. 

Another thread disappeared recently, and I think it may be because of a RM link. 

I think it is more a matter of self protection/privacy.
Normally we all stay anonymous, so sending a link to the exact address where you live is probably not wise.

RHemmings

Albermarle said:

RHemmings said:

Albermarle said:

hazyjo said:

From your description, I can't find it on RM. Would you be happy to share a link for some feedback?

Forum guidelines say;

 Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. 

I believe that it's OK for people to PM links however. E.g. after someone volunteers to have a look. 

Another thread disappeared recently, and I think it may be because of a RM link. 

I think it is more a matter of self protection/privacy.
Normally we all stay anonymous, so sending a link to the exact address where you live is probably not wise.

Is it also banned to do so by PM, e.g. after checking someone's posting history? When the person sending knows what they are doing. 

I can see the issue of posting links to everyone. If someone from my city did so it would take me some self-restraint to not go have a bit of a look. Because I'm incredibly nosey like that. 

gwynlas

If it is comparatively priced there is no point in a reduction as a buyer could place an offer anywhere from £350K upwards then it will be up to you to decide if you accept. From what I see locally sales are slow everywhere and there is a lot of uncertainty due to upcoming election. Regarding storage it is important that you do not have cluttrer on display. Here there is no where to store ironing board so I am considering buying a full height cupboard./wardrobe that will fit in somewhere downstairs,

markin

You may as well hold for another 3 weeks.

Exodi

Addison89 said:

Should we reduce or take it off the market and wait for interest rates to go down? We would like to move out of London and I noticed houses don’t really get sold there either and many properties prices have been reduced.

I always find this strategy a tad confusing.

If the idea is to wait for interest rates to go down (the implication being that this would cause the value of your house to rise), then would it not be reasonable to expect this would happen to the property you are purchasing also?

Your house will sell at a value acceptable to buyers. Likewise you mention that houses you are looking at aren't being sold either, which is also frustrating as presumably if you both lopped £X off your price, you'd find a buyer and be able to get the deal done. At the moment you and many sellers are sat in limbo, holding out hope for house prices that were achieved while interest rates started with a 1.

BungalowBel

gwynlas said:

If it is comparatively priced there is no point in a reduction as a buyer could place an offer anywhere from £350K upwards then it will be up to you to decide if you accept. From what I see locally sales are slow everywhere and there is a lot of uncertainty due to upcoming election. Regarding storage it is important that you do not have cluttrer on display. Here there is no where to store ironing board so I am considering buying a full height cupboard./wardrobe that will fit in somewhere downstairs,

There was not storage at all in my 1930s bungalow when we bought it.  We made sure we got underbed storage, wardrobes with room to put storage boxes inside (as well as clothes!) and my ironing board is a tabletop one that hangs up in the freestanding cupboard I use for hoovers and brooms etc.  

Maybe putting a cupboard/ underbed storage box or similar and putting things away might help, so people just don't see things with nowhere to store them?

And , being a baby-boomer, I don't think the interest rates are high at all    I remember 15%, and for a short while, 17%.  Give me 5% any day!