Want to sell quickly...how much to reduce asking price?

baby_frogmella

Hi

My property, a 3 bedroom semi, has been on the market for about 7 weeks now and its had 3 viewings so far but no offers yet
http://www.rightmove.co.uk/viewdetails-17792176.rsp?pa_n=10&tr_t=buy
Now i know thats a relatively short period but i really need to find a buyer pretty soon (within 2-3 weeks) as i have already exchanged contracts on a new build which is due for completion at end of July and I've already paid a 5% deposit (12k) on it which i will lose if i pull out:eek: My property is on the market for 185k but i'm thinking of reducing this to either 180k or 175k...just can't decide the best option. There are a couple of other identical properties which are priced higher (around 190k) but they do come with a conservatory unlike mine.
@191k
http://www.rightmove.co.uk/viewdetails-20854349.rsp?pa_n=5&tr_t=buy
@190k
http://www.rightmove.co.uk/viewdetails-17212462.rsp?pa_n=7&tr_t=buy

So how much should i reduce the asking price by to attract more buyers? Alternatively should i try my luck on an auction site such as
http://www.cliveemson.co.uk/ ?

Would appreciate some advice.
Thanks

mrsukyankee

Check to see what houses like yours have sold for in the past few months (nethouseprices.com or the like) and price yours accordingly.

notisis

Maybe speak to your agent again for advice. Open day, price reduction if can complete by x date, pay stamp duty, other incentives etc. See what the agents say. I always think if the price is so much lower than other comparables that there's something wrong! I'm sorry I'm not much help but in the current market people are thinking twice before buying. Would the developers on the new build do a part exchange?

Best of luck.

poppysarah

Who on earth advised you that signing for a new house BEFORE selling your old house is financial suicide?
Did you have independent lawyers or did the new build developers insist on their chap?

You've not had independent legal advice!

Trollfever

No comment.

You have to have solicitors in both countries as the house buying process is very different.

Just be aware that you are likely to commit yourself to the Scottish purchase at an earlier stage than you might in England, so take things easy until you exchange contracts on your sale.

baby_frogmella

Yep obviousy it makes sense to sell BEFORE you buy, but i found a new build in Scotland (Inverness) which i just fell in love with...so i perfectly understood the risks at accepting the missives, in that i would lose my deposit and suffer further financial carnage (developer will also charge me his estate agent re-selling fees). I read the missives about a trillion times and am fully aware of the consequences should i pull out. But as a last resort i'm thinking of reducing the asking price on my property so that it increases the chances of selling it quite quicky. I would rather lose 10-15k on the value of my home (though it is a bitter pill to swallow) and STILL move into my dream home rather than lose 12k+ and still be stuck in my current home.

bo_drinker

Big mistake in todays market. 7 weeks is no time unless it has absolutely no issues and in a sought after area, even this is getting harder by the day. We have had ours on for 7 months plus and 99 % of people viewing are time wasters, meaning they have not sold first or not even put theirs on the market yet. The whole game has changed, 50 % of chains are falling apart. You have had some bad advice or made a bad decision. Good luck (you will need it )

Zammo

30% reduction should shift it.

bubblesmoney

see what the cash purchase companies offer, see if that is acceptable to you, or go the auction route and set a minimum acceptable price. think cash purchase companies buy properties at a hefty discount, so u might lose big if u opt for that route. but no harm in checking what they offer. play them against each other. beware read that they drop the offer price at the last minute even though agreed for a higher price for a cash purchase initially and bet on u accepting a lower offer because of sellers desperation.

best of luck

guppy

Auction offers quick completion and probably a better price than a "cash sale" company.

jammie*dodger

I'd market it at £170k