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Old 04-20-2007, 08:38 AM
 
Location: UK but on the way to NJ!
239 posts, read 1,142,075 times
Reputation: 108

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Our house has been on the market for about 10 days. We've had 8 viewings (2 were the same person) during this time with feedback from all of them about our house.

The positives are:
--big, gorgeous kitchen
--big, beautiful bathroom
--great sized bedrooms
--excellent condition
--close to "downtown area"
--garden very pretty
--some period features (it's an 1895 Victorian terraced house--like a townhouse)

Everything has been newly plastered, painted, redone, floors sanded and varnished, it really is a nice house in a very desirable neighborhood if I do say so myself .

The negatives are:
--garden on the small side (backyard that is)
--the road is a little busy
Can't change either of these things, and these factors were taken into account when coming up with a sale price. Houses further away from town have bigger gardens but are also more expensive.

We priced the house after getting the valuations from 5 different real estate agencies and 1 independent appraiser. We think the price is a fair asking price, and we would be happy to consider lower offers.

We live in London, UK and the real estate market is doing well here. The estate agent has suggested we might consider lowering the price of our house now. I won't go into all of the details, but if and when we decide to do this, how long should we wait, and about how much (%) should we drop the price. We think it's a bit soon to lower the price.

We are moving at the end of June and would like to have an offer by then, even better close by then. Since we will have free furnished accomodations for a few months when we move to the USA, we are also okay with completing a sale later in the summer BUT of course the sooner the better.

I don't know if it's relevant but there are only sellers' agents here and no MLS--right now our agent is our "sole agent" though we are thinking of going "multiple agencies" soon. I am an American but I've only ever bought or sold property here in the UK, so I hope that the general principles are the same.

Thanks in advance for any help, insight or advice you could provide.
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Old 04-20-2007, 09:33 AM
 
Location: Springfield, Missouri
2,815 posts, read 12,995,037 times
Reputation: 2000001497
Quote:
Originally Posted by tiggywink View Post
Our house has been on the market for about 10 days. We've had 8 viewings (2 were the same person) during this time with feedback from all of them about our house.

The positives are:
--big, gorgeous kitchen
--big, beautiful bathroom
--great sized bedrooms
--excellent condition
--close to "downtown area"
--garden very pretty
--some period features (it's an 1895 Victorian terraced house--like a townhouse)

Everything has been newly plastered, painted, redone, floors sanded and varnished, it really is a nice house in a very desirable neighborhood if I do say so myself .

The negatives are:
--garden on the small side (backyard that is)
--the road is a little busy
Can't change either of these things, and these factors were taken into account when coming up with a sale price. Houses further away from town have bigger gardens but are also more expensive.

We priced the house after getting the valuations from 5 different real estate agencies and 1 independent appraiser. We think the price is a fair asking price, and we would be happy to consider lower offers.

We live in London, UK and the real estate market is doing well here. The estate agent has suggested we might consider lowering the price of our house now. I won't go into all of the details, but if and when we decide to do this, how long should we wait, and about how much (%) should we drop the price. We think it's a bit soon to lower the price.

We are moving at the end of June and would like to have an offer by then, even better close by then. Since we will have free furnished accomodations for a few months when we move to the USA, we are also okay with completing a sale later in the summer BUT of course the sooner the better.

I don't know if it's relevant but there are only sellers' agents here and no MLS--right now our agent is our "sole agent" though we are thinking of going "multiple agencies" soon. I am an American but I've only ever bought or sold property here in the UK, so I hope that the general principles are the same.

Thanks in advance for any help, insight or advice you could provide.
I think your instinct is right on. It's only been 10 days on the market. I wouldn't lower the price at all if it's priced to market. From what I've read, unlike the U.S. which has a collapsing real estate market, prices are rising in Britain. I'd hold on and resist any price decrease. If you find your agent isn't advertising you well enough or doing enough work, then find someone else.
No MLS type of system huh? I wonder how people know what's for sale then?
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Old 04-20-2007, 09:43 AM
 
Location: Montana
2,203 posts, read 9,330,289 times
Reputation: 1130
Default Maybe not quite yet

tiggywink (which btw sounds very British ) - it sounds to me like you're getting alot of showings. Usually when a home is priced too high, you won't get many showings. You mentioned some of the feedback you're getting - are other agents and their clients suggesting that your home is overpriced? If not, then I don't think I'd be lowering the price quite yet. Of course, I'm totally not familiar with the UK real estate market, so maybe 8 showings in 10 days is a poor performance. I think in most areas of the US right now, we'd LOVE to have that many showings in that length of time.

It's still a little early to have an offer - it usually takes between 10-20 showings (to motivated buyers) to get one, but there are exceptions to every rule. If it were me personally, I'd hang in there with the price until you've reached those 10-20 showings, or if you haven't had that many showings within the month, then I'd consider a price reduction at that point.

Just to address the multiple-company listing - I don't know if that would help you or hurt you. It might be that having ONE agent working for you is better in that there's more incentive to do a good job for you. With multiple companies, I would think none would put forth much effort since it's listed with several. But again, I'm not familiar with how real estate sales work in the UK.

Just curious - after you sell in the UK are you headed back to the States?
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Old 04-20-2007, 01:17 PM
 
Location: Las Vegas
14,229 posts, read 30,068,865 times
Reputation: 27689
Gretchen beat me to it but I was going to say I would be over the moon thrilled to have that many showings.

Your house will sell! If you are moving to the US, it's a buyers market here and you should be able to do very well. Good luck!
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Old 04-20-2007, 01:19 PM
 
Location: UK but on the way to NJ!
239 posts, read 1,142,075 times
Reputation: 108
Thank you MoMark and Gretchen for your responses. The market is doing well here in London especially and house prices are going up. All of the agents and appraisal gave us practically the same asking price.

To answer your questions...

People in the UK who want to buy a place can go to a site like

www.rightmove.co.uk or www.findaproperty.com (to name just two) and do a search for a property much like on realtor.com except when you get down to the local level you end up having to visit individual estate agency's websites to get more information. Or if you know the area you want to live in, you just hop in the car/on the tube and head to that area. My little neighborhood London has about 8 real estate agencies right on the main street and a few others within a few more blocks. So people just walk into the agents one after another right off the street. There are no buyer's agents, just seller's agents.

So if my house is only on the market with one agency, only they can sell it, show it, get the comission (which is 1.25%). If we ask other agencies to help us sell it the fee goes up to 1.5% to whoever gets the seller. The agencies are literally across the street from one another, you can see 5 of them with barely even turning your head! So most people will visit more than one agency anyway, so I don't know having more than one increases our chances to sell the house faster. All of them advertise on sites like the ones I mention above, plus in their windows, local newspapers, magazines, etc.

The real estate agents here are not trained or certified, most start out as 16-18 year old apprentices and work their way up within the agencies. They are not necessarily trustworthy. Some of the agents in the agency we chose drive me crazy (we don't have one agent, we have all of them representing us in that agency), some are good though. I can't just ask for one to represent us, they come as a package deal.

So if we let another few weeks go by, and decide to drop the price, how much is typical? Any particular percentage?? The houses I have been watching in the States can drop $30,000 in a matter of weeks, sometimes more.

We are moving to NJ--I have been living abroad (Mexico, Spain, UK) for close to 18 years, my husband is British so NJ will be an international adventure for him, but it's "home" to me.
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Old 04-20-2007, 01:21 PM
 
Location: UK but on the way to NJ!
239 posts, read 1,142,075 times
Reputation: 108
we were posting at the same time yellowsnow! Thanks for the encouragement, I hope you're right!
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Old 04-20-2007, 04:12 PM
 
Location: NW Atlanta
1,372 posts, read 5,214,066 times
Reputation: 452
if you had that many showings in the 1st 10 days I dont think there is any thing wrong with the price let it be a bit longer if you arent being pressured by time
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