To early to drop price?

Tabieth

“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.”

Based on this, I think a price drop would be sensible. 

TroubledTarts

ReadySteadyPop said:

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?

Halifax emaiked us two weeks ago with that deal apparently ok with 10% deposit for their customers.

Even so here is a comparison over a 25 years mortgage which first time buyers normally ask for more years which at the higher rates for some with lower deposits (depending on where they bank and offers) they can make it work.

£180,000 at 4.99% over 25 years £1052
£180,000 at 3.99% over 25 years £949

Just a reminder a first property is normally a struggle, something you get over within  a few years. It wasn't easy for us decades ago and it isn't easy now. 
You really do seem to be negative on anything going on in the housing market in the UK.

RelievedSheff

TroubledTarts said:

ReadySteadyPop said:

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?

Halifax emaiked us two weeks ago with that deal apparently ok with 10% deposit for their customers.

Even so here is a comparison over a 25 years mortgage which first time buyers normally ask for more years which at the higher rates for some with lower deposits (depending on where they bank and offers) they can make it work.

£180,000 at 4.99% over 25 years £1052
£180,000 at 3.99% over 25 years £949

Just a reminder a first property is normally a struggle, something you get over within  a few years. It wasn't easy for us decades ago and it isn't easy now. 
You really do seem to be negative on anything going on in the housing market in the UK.

Crashy is still trying to justify to himself that selling up years ago to move into a rented bedsit was a great idea!

Albermarle

Tabieth said:

“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.”

Based on this, I think a price drop would be sensible. 

That is what I thought .

'We are sensibly priced' & 'but probably priced more than similar houses with driveways' are two statements that do not really match up.

Herzlos

It might, if their house is in a nicer street, handier to stuff, has a better garden or whatever.

Given you've got a viewing booked already, I'd wait to see if they offer or not and then drop the price a bit. You can always tell the EA you're considering dropping the price so will entertain a lower offer if the buyer finds the current price too high.

How much you drop it by will depend on how much you want the other house.

Bigphil1474

OP, I disagree with others. If your house is sensibly priced in your view,  and you are getting viewings, then price isn't an issue. If you stop getting viewings, then it may well be.

Most buyers would look at a house and think that they could offer as much as 10% lower than asking, so dropping your price by 5% isn't going to bring many more people in the door.  (Unless it's marketed just above a popular cut off e.g. if it's priced at £310k, a lot of people might not look if they have a max budget of £300k).

Don't forget, even if you reduce the price, people will want to offer below that. Take a good hard look at the listing, and compare it to the reality and see if anything needs changing - do the pictures make it look too much bigger than it is, does the description match the reality. No good getting people in the house if it's a let down etc. (IMO)

Feedback from viewings is often rubbish as people are too polite. I was very honest when we were viewing last year, a bit too honest at times, but it's needed. I did most of the viewings on our house myself and at the end I always asked them if they'd give honest feedback to the EA, and we did get more feedback that way, even the EA mentioned it.

IMO - Lots to do before you start dropping your price. See how this viewing goes, then have a think. See if you get any more viewings, then have a think. We left it 3 months before we even thought about dropping the marketed price, and then we sold before we had to, albeit at the price we were planning to drop it to (£10k reduction), but it was okay for us.

Personally, I would advise against viewing properties before you are sold. Chances are you'll find the house of your dreams but can't offer so someone else buys it. Depends on the market of course.

Smalltownhypocrite

Bigphil1474 said:

OP, I disagree with others. If your house is sensibly priced in your view,  and you are getting viewings, then price isn't an issue. If you stop getting viewings, then it may well be.

Most buyers would look at a house and think that they could offer as much as 10% lower than asking, so dropping your price by 5% isn't going to bring many more people in the door.  (Unless it's marketed just above a popular cut off e.g. if it's priced at £310k, a lot of people might not look if they have a max budget of £300k).

Don't forget, even if you reduce the price, people will want to offer below that. Take a good hard look at the listing, and compare it to the reality and see if anything needs changing - do the pictures make it look too much bigger than it is, does the description match the reality. No good getting people in the house if it's a let down etc. (IMO)

Feedback from viewings is often rubbish as people are too polite. I was very honest when we were viewing last year, a bit too honest at times, but it's needed. I did most of the viewings on our house myself and at the end I always asked them if they'd give honest feedback to the EA, and we did get more feedback that way, even the EA mentioned it.

IMO - Lots to do before you start dropping your price. See how this viewing goes, then have a think. See if you get any more viewings, then have a think. We left it 3 months before we even thought about dropping the marketed price, and then we sold before we had to, albeit at the price we were planning to drop it to (£10k reduction), but it was okay for us.

Personally, I would advise against viewing properties before you are sold. Chances are you'll find the house of your dreams but can't offer so someone else buys it. Depends on the market of course.

People will view all sorts of things, you even get property viewing tourists that have zero intention of buying anything. The only thing the indicates pricing right is getting offers.

I've viewed several houses (we where looking for a certain type, we lost out on two we offered on so viewed all of that kind that came to market) and some we walked out laughing thinking 'way overpriced for what it is compared to the others', they got viewings but no where near an offer and those are the ones that still haven't sold months on.

ReadySteadyPop

TroubledTarts said:

ReadySteadyPop said:

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?

Halifax emaiked us two weeks ago with that deal apparently ok with 10% deposit for their customers.

Even so here is a comparison over a 25 years mortgage which first time buyers normally ask for more years which at the higher rates for some with lower deposits (depending on where they bank and offers) they can make it work.

£180,000 at 4.99% over 25 years £1052
£180,000 at 3.99% over 25 years £949

Just a reminder a first property is normally a struggle, something you get over within  a few years. It wasn't easy for us decades ago and it isn't easy now. 
You really do seem to be negative on anything going on in the housing market in the UK.

The longest you could fix for would be ten years, and that won`t be a 10% deposit.

Bigphil1474

Smalltownhypocrite said:

Bigphil1474 said:

OP, I disagree with others. If your house is sensibly priced in your view,  and you are getting viewings, then price isn't an issue. If you stop getting viewings, then it may well be.

Most buyers would look at a house and think that they could offer as much as 10% lower than asking, so dropping your price by 5% isn't going to bring many more people in the door.  (Unless it's marketed just above a popular cut off e.g. if it's priced at £310k, a lot of people might not look if they have a max budget of £300k).

Don't forget, even if you reduce the price, people will want to offer below that. Take a good hard look at the listing, and compare it to the reality and see if anything needs changing - do the pictures make it look too much bigger than it is, does the description match the reality. No good getting people in the house if it's a let down etc. (IMO)

Feedback from viewings is often rubbish as people are too polite. I was very honest when we were viewing last year, a bit too honest at times, but it's needed. I did most of the viewings on our house myself and at the end I always asked them if they'd give honest feedback to the EA, and we did get more feedback that way, even the EA mentioned it.

IMO - Lots to do before you start dropping your price. See how this viewing goes, then have a think. See if you get any more viewings, then have a think. We left it 3 months before we even thought about dropping the marketed price, and then we sold before we had to, albeit at the price we were planning to drop it to (£10k reduction), but it was okay for us.

Personally, I would advise against viewing properties before you are sold. Chances are you'll find the house of your dreams but can't offer so someone else buys it. Depends on the market of course.

People will view all sorts of things, you even get property viewing tourists that have zero intention of buying anything. The only thing the indicates pricing right is getting offers.

I've viewed several houses (we where looking for a certain type, we lost out on two we offered on so viewed all of that kind that came to market) and some we walked out laughing thinking 'way overpriced for what it is compared to the others', they got viewings but no where near an offer and those are the ones that still haven't sold months on.

Not if your EA is any good. Should only be getting viewings from people already on the market (as a minimum) or even SSTC. Any EA that doesn't insist on one or the other is rubbish.

Getting offers has no relevance to whether the marketed price is right, other than the offers made give you an indication of how good the marketed price is. I'd say it's more to do with whether the viewers want to buy the house and what price they want to pay for it. People rarely buy houses just because the price is right. 

ReadySteadyPop

Bigphil1474 said:

Smalltownhypocrite said:

Bigphil1474 said:

OP, I disagree with others. If your house is sensibly priced in your view,  and you are getting viewings, then price isn't an issue. If you stop getting viewings, then it may well be.

Most buyers would look at a house and think that they could offer as much as 10% lower than asking, so dropping your price by 5% isn't going to bring many more people in the door.  (Unless it's marketed just above a popular cut off e.g. if it's priced at £310k, a lot of people might not look if they have a max budget of £300k).

Don't forget, even if you reduce the price, people will want to offer below that. Take a good hard look at the listing, and compare it to the reality and see if anything needs changing - do the pictures make it look too much bigger than it is, does the description match the reality. No good getting people in the house if it's a let down etc. (IMO)

Feedback from viewings is often rubbish as people are too polite. I was very honest when we were viewing last year, a bit too honest at times, but it's needed. I did most of the viewings on our house myself and at the end I always asked them if they'd give honest feedback to the EA, and we did get more feedback that way, even the EA mentioned it.

IMO - Lots to do before you start dropping your price. See how this viewing goes, then have a think. See if you get any more viewings, then have a think. We left it 3 months before we even thought about dropping the marketed price, and then we sold before we had to, albeit at the price we were planning to drop it to (£10k reduction), but it was okay for us.

Personally, I would advise against viewing properties before you are sold. Chances are you'll find the house of your dreams but can't offer so someone else buys it. Depends on the market of course.

People will view all sorts of things, you even get property viewing tourists that have zero intention of buying anything. The only thing the indicates pricing right is getting offers.

I've viewed several houses (we where looking for a certain type, we lost out on two we offered on so viewed all of that kind that came to market) and some we walked out laughing thinking 'way overpriced for what it is compared to the others', they got viewings but no where near an offer and those are the ones that still haven't sold months on.

Not if your EA is any good. Should only be getting viewings from people already on the market (as a minimum) or even SSTC. Any EA that doesn't insist on one or the other is rubbish.

Getting offers has no relevance to whether the marketed price is right, other than the offers made give you an indication of how good the marketed price is. I'd say it's more to do with whether the viewers want to buy the house and what price they want to pay for it. People rarely buy houses just because the price is right. 

I would say maybe this is true for quite unique houses in good locations, people will decide they want it and will pay for it, if they can, but with the flats and identikit houses that make up most of the UK stock people will withdraw from the market when things get too expensive (as is happening now) and return when prices drop.