To early to drop price?

Peggle123

Hi all, I'd really appreciate some advice. Our house has been on the market for 6 weeks, we have had 4 viewings and another booked for this week. I think we are sensibly  priced (I trust our estate agent who has very good local knowledge) but probably priced more than other houses similar to ours, and they have drives whereas we don't. Feedback has generally been good and one couple were close to offering but found a cheaper property out of the area. We have seen a house that we would love to buy, basically should I drop the price on ours in the hope of securing the house we have seen, or hold my nerve and hope that the spring will see an improvement in the market? Everyone I speak to tells me to hang in there (including my husband!) but I just want to get going. Also our fixed rate ends at the end of March and we will be overpaying on our current home when really we need to save everything we can. I'd really appreciate any thoughts as I haven't been in the position of trying to sell and buy before, thanks so much.

Smalltownhypocrite

The recommendation is usually to drop price at around 5 weeks if no offers, where I live some people drop the price after just 1 or 2 weeks if they are looking for a quick sale.

Price drop should be significant enough to matter (at least 5%) and aim to move you a price band to open the sale to more buyers.

Its not about holding out for the next selling phase, your listing is stale and lost in deep in the pages. New people wont see it for all the newly listed house or the longer it sits unchanged will assume theres something wrong with it.

ReadySteadyPop

Peggle123 said:

Hi all, I'd really appreciate some advice. Our house has been on the market for 6 weeks, we have had 4 viewings and another booked for this week. I think we are sensibly  priced (I trust our estate agent who has very good local knowledge) but probably priced more than other houses similar to ours, and they have drives whereas we don't. Feedback has generally been good and one couple were close to offering but found a cheaper property out of the area. We have seen a house that we would love to buy, basically should I drop the price on ours in the hope of securing the house we have seen, or hold my nerve and hope that the spring will see an improvement in the market? Everyone I speak to tells me to hang in there (including my husband!) but I just want to get going. Also our fixed rate ends at the end of March and we will be overpaying on our current home when really we need to save everything we can. I'd really appreciate any thoughts as I haven't been in the position of trying to sell and buy before, thanks so much.

A price drop looks like your best move here. What do you mean by "overpaying" on your current home?

Peggle123

We will be moving onto a variable rate mortgage as if I fix then we move I will have a large exit fee (we will be changing mortgage providers)

TroubledTarts

If you can afford to drop your price for a quicker sale to buy the house you want then do it. 

Your house could well be worth what you have it up for but house buying is emotional and if you really want the property you have found and need a quicker sale to secure that and can afford to take a lesser price for yours then go for it.

ReadySteadyPop

Peggle123 said:

We will be moving onto a variable rate mortgage as if I fix then we move I will have a large exit fee (we will be changing mortgage providers)

This could be very costly if the house doesn`t sell.

ReadySteadyPop

TroubledTarts said:

If you can afford to drop your price for a quicker sale to buy the house you want then do it. 

Your house could well be worth what you have it up for but house buying is emotional and if you really want the property you have found and need a quicker sale to secure that and can afford to take a lesser price for yours then go for it.

The OP said there are cheaper similar (even better, with driveways) houses in the area, and one viewer found a cheaper house "out of the area", it seems clear that the house is overpriced for the market/area?

TroubledTarts

ReadySteadyPop said:

TroubledTarts said:

If you can afford to drop your price for a quicker sale to buy the house you want then do it. 

Your house could well be worth what you have it up for but house buying is emotional and if you really want the property you have found and need a quicker sale to secure that and can afford to take a lesser price for yours then go for it.

The OP said there are cheaper similar (even better, with driveways) houses in the area, and one viewer found a cheaper house "out of the area", it seems clear that the house is overpriced for the market/area?

Nothing is clear from one small paragraph written on a forum.

A house, despite having more or less than another comparable may still be sold for more money. It happens all the time for no logical reason whatsoever.....except the buyer falls in live with the property and sets their sights on it. It is then worth the money to the buyer.

ReadySteadyPop

TroubledTarts said:

ReadySteadyPop said:

TroubledTarts said:

If you can afford to drop your price for a quicker sale to buy the house you want then do it. 

Your house could well be worth what you have it up for but house buying is emotional and if you really want the property you have found and need a quicker sale to secure that and can afford to take a lesser price for yours then go for it.

The OP said there are cheaper similar (even better, with driveways) houses in the area, and one viewer found a cheaper house "out of the area", it seems clear that the house is overpriced for the market/area?

Nothing is clear from one small paragraph written on a forum.

A house, despite having more or less than another comparable may still be sold for more money. It happens all the time for no logical reason whatsoever.....except the buyer falls in live with the property and sets their sights on it. It is then worth the money to the buyer.

It happens much less since borrowing costs started moving back to normal in my experience.

TroubledTarts

ReadySteadyPop said:

TroubledTarts said:

ReadySteadyPop said:

TroubledTarts said:

If you can afford to drop your price for a quicker sale to buy the house you want then do it. 

Your house could well be worth what you have it up for but house buying is emotional and if you really want the property you have found and need a quicker sale to secure that and can afford to take a lesser price for yours then go for it.

The OP said there are cheaper similar (even better, with driveways) houses in the area, and one viewer found a cheaper house "out of the area", it seems clear that the house is overpriced for the market/area?

Nothing is clear from one small paragraph written on a forum.

A house, despite having more or less than another comparable may still be sold for more money. It happens all the time for no logical reason whatsoever.....except the buyer falls in live with the property and sets their sights on it. It is then worth the money to the buyer.

It happens much less since borrowing costs started moving back to normal in my experience.

Borrowing is cheaper than it has been for two years, we could get a rate of 3.9% if we needed to. Which is still dirt cheap borrowing when it comes to mortgages fixed for 5 years to see this Government out.

Having an Estate Agent in the close we live in heart still wins over head in their professional opinion.

ReadySteadyPop

TroubledTarts said:

ReadySteadyPop said:

TroubledTarts said:

ReadySteadyPop said:

TroubledTarts said:

If you can afford to drop your price for a quicker sale to buy the house you want then do it. 

Your house could well be worth what you have it up for but house buying is emotional and if you really want the property you have found and need a quicker sale to secure that and can afford to take a lesser price for yours then go for it.

The OP said there are cheaper similar (even better, with driveways) houses in the area, and one viewer found a cheaper house "out of the area", it seems clear that the house is overpriced for the market/area?

Nothing is clear from one small paragraph written on a forum.

A house, despite having more or less than another comparable may still be sold for more money. It happens all the time for no logical reason whatsoever.....except the buyer falls in live with the property and sets their sights on it. It is then worth the money to the buyer.

It happens much less since borrowing costs started moving back to normal in my experience.

Borrowing is cheaper than it has been for two years, we could get a rate of 3.9% if we needed to. Which is still dirt cheap borrowing when it comes to mortgages fixed for 5 years to see this Government out.

Having an Estate Agent in the close we live in heart still wins over head in their professional opinion.

What level of deposit do you need for that?