https://www.thisismoney.co.uk/money/mor ... 1660821208
How much should we cut our asking price by as our home isn't selling? The estate agent says we need to shave off 10% after just five weeks
My husband and I are selling our home to downsize and free up capital we need in our retirement. We have seen a couple of places we would like to offer on, but are waiting for our own house to sell before we do so.
The estate agent originally advised us to put our house on the market for £550,000 but we have thus far, received very little interest. Just a smattering of viewings and very little feedback.
It has only been on the market for about five weeks, but already the estate agent's manager is telling us that the price is too high and that we need to reduce the price by £50,000.
I know house prices might be falling a little but that’s almost a 10 per cent cut. Surely cutting the price to £525,000 would make more sense? And surely five weeks is not long enough to be justification for cutting the price?
Ed Magnus of This is Money replies: This is no doubt a conundrum for many sellers up and down the country at the moment.
In recent weeks, the number of buyers out house hunting has fallen off a cliff, according to Zoopla.
It has found that buyer demand across its website over the past four weeks is 47 per cent lower than what it was this time last year.
The number of property sales agreed is down 28 per cent compared to the same time last year. All this, when the stock of homes for sale is apparently up 40 per cent on the same period last year.
"Human beings are poor examiners, subject to superstition, bias, prejudice and a profound tendency to see what they want to see rather than what is really there." - M. Scott Peck