To early to drop price?

ReadySteadyPop

jimbog said:

ReadySteadyPop said:

jimbog said:

ReadySteadyPop said:

jimbog said:

ReadySteadyPop said:

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. 

 people will withdraw from the market when things get too expensive (as is happening now) and return when prices drop.

are you aware of any examples of where this strategy has worked?

It is not a strategy, if people can`t borrow the amount the seller wants they either drop out or the seller reduces price, it is reality.

I thought I’d ask as withdrawing from home ownership altogether did seem a little foolish

Do you think the OP should drop the price, or is it too early?

We simply haven’t been given enough information for that to be determined. It would be unwise for any of us to make that call 

That is a fair point.