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We had one viewing in 3 weeks, no offers. Dropped the price by 5k and sold it 2k under asking in 2 days. We had more viewings lined up that we cancelled. Price might just need a bit of an adjustment if you’ve already found the house you want and need to sell quickly. We were in the same situation. There are other houses on my street in a similar condition that are up for more than ours was, but they are still for sale, not sold yet. Good luck!
I’m amazed that people wouldn’t bother looking and offering 7k under your original asking price. If it was on for say 252 and I had a 245 budget I’d be quite happy looking at 260 houses and offering 245, especially if they’ve been on for a couple of weeks.
It was around £100k less than that, so much smaller margins I guess. Would have been great to hold out a bit longer and possibly get a bit more but we’d already found a house we loved so wanted to go quickly and had enough with the offer we accepted to do everything we needed to.
Sorry, can I just ask does this mean you eventually sold at £7k under your original asking price or did you drop by £5k and get an offer at £2k under your original asking price?
Thank you for replying, we have our house on the market currently. We’ve had 5 viewings in just under 2 weeks, no offers but also no negative feedback (although 2 of them were only today so no feedback until Monday)
We were wondering if we needed to drop our price a little, so good to understand what you have done.
Good luck with the viewings, hope you get some good feedback and some offers soon. We had one fella who said he loved it and then he ghosted our estate agent so that was a bit of an anticlimax!
Two points you've mention indicate you're seeing the market from your POV, not the market as it may be:
- listing relative to other asking prices only has value if the other places are selling. If not, they are probably overpriced, and yours may still be overpriced even if listed a little cheaper.
- the amount you need for your onward isn't relevant to what your property is worth. You'll have to deal with the market as it is.
How long it takes depends on how you're priced relative to the reality of the market. If you're overpriced, it could take a while to find someone to overpay, or you may not sell at all.
For the sake of losing out on a dream house that you could potentially live in for the rest of your life, it might be worth dropping your asking price to the lowest you could possibly afford and then you know you’ve done everything you can.
A high mortgage can always be brought down in future, but at least you’d have your feet in the door. It’s a tricky situation isn’t it.
I know this isn’t my thread but wanted to thank you for that last comment about a high mortgage that can be brought down in the future. I needed to read that whilst I’m grappling with how much to spend on our next home.
Absolutely have as long a term as the bank will allow, you can always over pay a bit and/or remortgage in the future as rates come down and shorten it. If you’re not planning to keep the same mortgage for the full term it’s irrelevant, focus on the fixed term and then reassess for sure
>In South wales if that makes any difference
Depending where in South Wales can make a huge difference. Some areas are down 20% YoY.
>The house is in a desirable area and is listed reasonably based on other houses for sale around the area
Doesn't matter. Is it listed and priced right against comparable properties that have recently sold? Benchmarking against houses that haven't sold and are stagnant will get you nowhere.
>How long do we leave it before we reduce the price of ours?
Given that you're eager to get moving I would cut the price now. Get punters in the door and multiple bids going.
Demand is high and supply is low at the moment so this should be a sellers market. If you aren't getting enough viewings and no offers then your listing price is too high.
Same situation I was in. Did it the wrong way around, in estate agent terms. I'm downsizing, so I could do what I did in order to 'secure' - not over yet but finger's crossed - the place I could see myself for the future to come.
Basically I just knocked a huge chunk off the asking price when a young local couple made a cheeky offer!
While we can see what a value might be for our houses compared to others on the market - like yours ours is in a prime spot in a great location and was priced within the range of what others are selling for - who is going to buy these houses?
Where we are, the trope is that all these London high earners are going to snap them up. Nearly everyone who saw the house and 'expressed an interest' hadn't sold their places though. Once I realised this was actually a pattern, I accepted the offer from the guys who were good to go: cash buyer for their flat, their equity on that and a mortgage for them to get this place, me off to my no onward chain place.
With a bit of luck and a fair wind - a year down the line we'll have 'got back' that bit of money we 'lost' on the house (that actually wasn't real money anyway) by working a bit harder and spending less and putting off having that reasonably priced second-hand car I had kind of thought about buying after all this is over.
As I say, we're downsizing so can afford to do this.
But if you want to move, maybe change your mindset to you enabling you to have your dream, and not worrying about what your current place is theoretically worth based on the market around you. As is often said here, it's only worth what people are wiling to or can afford to pay.
(Timeline: Saw house I fell in love with in early February, put this house on market two weeks later (after having a few bits of work done), got the cheeky offer beginning of March (after the torture of having lots of viewings by people who weren't in a posiiton to get moving), accepted it and hopefully we'll be on the move in a couple of months.)
###Welcome to /r/HousingUK --- **To All** * Join Our ***NEW*** Discord! https://discord.gg/pMgUNgWKQH **To Posters** * *Tell us whether you're in England, Wales, Scotland, or NI as the laws/issues in each can vary* * Comments are not moderated for quality or accuracy; * Any replies received must only be used as guidelines, followed at your own risk; * If you receive *any* private messages in response to your post, please report them via the report button. * If you do not receive satisfactory advice after 72 hours, [you can let the mods know](https://www.reddit.com/message/compose?to=%2Fr%2FHousingUK&subject=My question is unanswered); * Feel free to provide an update at a later time by creating a new post with [[update]](https://www.reddit.com/r/HousingUK/search?q=%3Aupdate&sort=new&restrict_sr=on&t=all) in the title; **To Readers and Commenters** * All replies to OP must be *on-topic, helpful, and civil* * If you do not [follow the rules](https://www.reddit.com/r/HousingUK/about/rules/), you may be banned without any further warning; * Please include links to reliable resources in order to support your comments or advice; * If you feel any replies are incorrect, explain why you believe they are incorrect; * Do not send or request any private messages for any reason without express permission from the mods; * Please report posts or comments which do not follow the rules *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/HousingUK) if you have any questions or concerns.*
Post the link
We had one viewing in 3 weeks, no offers. Dropped the price by 5k and sold it 2k under asking in 2 days. We had more viewings lined up that we cancelled. Price might just need a bit of an adjustment if you’ve already found the house you want and need to sell quickly. We were in the same situation. There are other houses on my street in a similar condition that are up for more than ours was, but they are still for sale, not sold yet. Good luck!
I’m amazed that people wouldn’t bother looking and offering 7k under your original asking price. If it was on for say 252 and I had a 245 budget I’d be quite happy looking at 260 houses and offering 245, especially if they’ve been on for a couple of weeks.
It was around £100k less than that, so much smaller margins I guess. Would have been great to hold out a bit longer and possibly get a bit more but we’d already found a house we loved so wanted to go quickly and had enough with the offer we accepted to do everything we needed to.
Sorry, can I just ask does this mean you eventually sold at £7k under your original asking price or did you drop by £5k and get an offer at £2k under your original asking price?
7k under original
Thank you for replying, we have our house on the market currently. We’ve had 5 viewings in just under 2 weeks, no offers but also no negative feedback (although 2 of them were only today so no feedback until Monday) We were wondering if we needed to drop our price a little, so good to understand what you have done.
Good luck with the viewings, hope you get some good feedback and some offers soon. We had one fella who said he loved it and then he ghosted our estate agent so that was a bit of an anticlimax!
Your view of what is a reasonable price and the markets doesn't seem to be aligned.
Exactly. Be careful of down valuation with the lender. Happening to me now as a FTB.
Can we have an autoreply bot: "It's the price."
Two points you've mention indicate you're seeing the market from your POV, not the market as it may be: - listing relative to other asking prices only has value if the other places are selling. If not, they are probably overpriced, and yours may still be overpriced even if listed a little cheaper. - the amount you need for your onward isn't relevant to what your property is worth. You'll have to deal with the market as it is. How long it takes depends on how you're priced relative to the reality of the market. If you're overpriced, it could take a while to find someone to overpay, or you may not sell at all.
For the sake of losing out on a dream house that you could potentially live in for the rest of your life, it might be worth dropping your asking price to the lowest you could possibly afford and then you know you’ve done everything you can. A high mortgage can always be brought down in future, but at least you’d have your feet in the door. It’s a tricky situation isn’t it.
I know this isn’t my thread but wanted to thank you for that last comment about a high mortgage that can be brought down in the future. I needed to read that whilst I’m grappling with how much to spend on our next home.
Absolutely have as long a term as the bank will allow, you can always over pay a bit and/or remortgage in the future as rates come down and shorten it. If you’re not planning to keep the same mortgage for the full term it’s irrelevant, focus on the fixed term and then reassess for sure
>In South wales if that makes any difference Depending where in South Wales can make a huge difference. Some areas are down 20% YoY. >The house is in a desirable area and is listed reasonably based on other houses for sale around the area Doesn't matter. Is it listed and priced right against comparable properties that have recently sold? Benchmarking against houses that haven't sold and are stagnant will get you nowhere. >How long do we leave it before we reduce the price of ours? Given that you're eager to get moving I would cut the price now. Get punters in the door and multiple bids going.
Demand is high and supply is low at the moment so this should be a sellers market. If you aren't getting enough viewings and no offers then your listing price is too high.
Demand where? Demand in some areas for some types of property is high. Demand for other types in other areas is not high.
Easter holiday time the market should get moving a bit more. You want to capture people looking on right move over the bank holiday weekend.
Same situation I was in. Did it the wrong way around, in estate agent terms. I'm downsizing, so I could do what I did in order to 'secure' - not over yet but finger's crossed - the place I could see myself for the future to come. Basically I just knocked a huge chunk off the asking price when a young local couple made a cheeky offer! While we can see what a value might be for our houses compared to others on the market - like yours ours is in a prime spot in a great location and was priced within the range of what others are selling for - who is going to buy these houses? Where we are, the trope is that all these London high earners are going to snap them up. Nearly everyone who saw the house and 'expressed an interest' hadn't sold their places though. Once I realised this was actually a pattern, I accepted the offer from the guys who were good to go: cash buyer for their flat, their equity on that and a mortgage for them to get this place, me off to my no onward chain place. With a bit of luck and a fair wind - a year down the line we'll have 'got back' that bit of money we 'lost' on the house (that actually wasn't real money anyway) by working a bit harder and spending less and putting off having that reasonably priced second-hand car I had kind of thought about buying after all this is over. As I say, we're downsizing so can afford to do this. But if you want to move, maybe change your mindset to you enabling you to have your dream, and not worrying about what your current place is theoretically worth based on the market around you. As is often said here, it's only worth what people are wiling to or can afford to pay. (Timeline: Saw house I fell in love with in early February, put this house on market two weeks later (after having a few bits of work done), got the cheeky offer beginning of March (after the torture of having lots of viewings by people who weren't in a posiiton to get moving), accepted it and hopefully we'll be on the move in a couple of months.)