Should I reduce my property to below valuation for a quick sale?

[edineditor]

Hi everyone
I have a 1-bed flat for sale in Edinburgh which I need to sell quickly in order to secure the property that my partner and I have committed to buying. The flat has been on the market for 3 weeks - which in Edinburgh terms is quite a while - and we've had surprisingly few viewing requests and no offers or notes of interest so far.
I've already switched from the popular (and usually more lucrative) "offers over" system that we have here in Scotland to a "fixed price" of the valuation. Unfortunately, this approach has generated no additional viewing requests and I'm now considering dropping the price to below the valuation.
Is this madness or a risk worth taking? My agent tells me the Edinburgh market has slowed down after a very busy period post-lockdown and that things should pick up again - but time isn't on my side!
Any advice would be gratefully appreciated.
Many thanks
Jess

 

[Longterminvestor]

Have you considered moving agents? I live in Scotland and from what I read Edinburgh is the busiest property market in Scotland. This prompts the questions why not even any interest?

 

[edineditor]

Hi, thanks for the reply. I'm considering moving agents but am reluctant to pay marketing fees all over again and delaying things even further while I move from one agent to another. I've not ruled it out though! I have a friend selling a two-bed flat in Edinburgh through a different agent and she's having a similar experience, so I think there could be a genuine dip in the market at the moment unfortunately.

 

[diyhelp]

Unfortunately, the ongoing spat between the UK government and the devolved SNP government in Scotland is likely to worsen in the short to medium-term. There is constant friction about the extension of the furlough scheme and then we have the Scottish elections in 2021 which will no doubt bring about the spectra of independence yet again.

All in all, especially if we have a second wave of the coronavirus, this does not bode well for the Scottish property market (or the UK property market) in the short-term.

 

[Longterminvestor]

Edinburgh seems to be the front-running market in Scotland so I am a little surprised that you have not had the remotest interest in your property. While I appreciate it will be a hassle and the cost will religion, would it harm to speak to an agent to see what is going on?

 

[diyhelp]

Do you have an update on your situation? Did you decide to look elsewhere or has your current agent finally risen to the occasion?

 

[Emma111190]

Have you considered the auction route? At least with auction the process is much quicker and there is no risk of a fall through? You can set a reserve and the completion time is 28days!

(moderated. May be crafty advertising)

 

[Longterminvestor]

I think far too many people would be looking for a "steal" at the auction to pay anywhere near the market rate. Might be wrong?

 

[Jessica Harrison]

Could you not consider bridging the purchase of the place you are buying and then you can repay the bridge once your place sells for full asking price? The interest and fees on a bridge will be unlikely to be more than you would lose by reducing the price and you can roll up the interest so you won't need to make any monthly repayments.

 

[diyhelp]

It looks as though Scotland is one step ahead of England with the coronavirus lockdown. Would a bridging loan be a little risky if the lockdown is extended and the property market effectively comes to a standstill?

 

[natb]

Can I ask what you did in the end? We have a 4 bedroom flat in Edinburgh on the market just now and looking to be under offer in the next couple of weeks!

 

[Dora Wi]

I think far too many people would be looking for a "steal" at the auction to pay anywhere near the market rate. Might be wrong?

I would have the same concerns, it sounds risky to me to sell on an auction in this case.

OP, are there any updates, have you managed to sell it since?

 

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[venuti]

No, you should not reduce your property to below valuation for a quick sale. Because reducing your property's value below its appraised value could result in a loss of money in the long run.