How long should you leave a property on the market?

MetHerInSolas

• I have had my property on the market for 5 months (2 bed apartment south-west Dublin).
  I have received two offers, the last one was two months ago and was €13,000 off what I could accept.

• I am moving into a new home at the beginning of October so should I just rent?
  From what I have been told if you can't sell over Summer months its unlikly you will sell over Autumn/Winter months.

Advice on this gratefully received....cheers

zl1whqvjs75cdy

If it hasn't sold yet and you are receiving offers considerably under the asking price, it would suggest that the property is over priced. Obviously I can't tell having not seen the property but that's what it looks like.

johnnyskeleton

If you can afford to keep it on the market then you can keep it there for years or until someone offers you an acceptable price.

If you cant afford to do that, you may have to accept the lesser offer.

pixbyjohn

Leave it up for 9 months

MetHerInSolas

Why do you say 9 months?

lima

You're pricing it too high.

MetHerInSolas

I have already come down some, I could come down €7,000 even though the EA has cautioned against it....

meme74

If you can afford to come down €7k then would you not (or maybe you have done so already), go back to the highest bidders and tell them you will go sale agreed if they up their offer to the amount you need. If the have offered €13k under asking price and you say you canc ome down €7k then they need to up their offer by €6k which may be possible if they are really interested. And if not, they may offer somewhere in between.

Senna

I think the OP means 13k below what they can accept not 13k below asking.

Garzorico

If you haven't gone sale agreed within 6 weeks its overpriced.

Magicmatilda

Have you checked on the proprty Price register to compare how it is priced with similar properties recently sold?

Renting is good at the moment as you will get a high price however given that the property market is falling at the moment (in reaction to CB rules) you might be better to sell now.

meme74

My apologies have just re-read and noticed you said €13k below what you could accept. Thats what I get for skimming through posts!

gaius c

MetHerInSolas wrote: »

• I have had my property on the market for 5 months (2 bed apartment south-west Dublin).
  I have received two offers, the last one was two months ago and was €13,000 off what I could accept.

• I am moving into a new home at the beginning of October so should I just rent?
  From what I have been told if you can't sell over Summer months its unlikly you will sell over Autumn/Winter months.

Advice on this gratefully received....cheers

What do you mean by this? Is there bank involvement in this sale?

If you can't sell a property within 5 months, especially in Dublin, your price is wrong.

MetHerInSolas

The last offer I received was €13,000 off what would allow me bring even.

No bank involved in the sale.

Taking advice from EA on price.

L1011

You can't afford to sell in that case - it's overpriced.

I Am The Law

MetHerInSolas wrote: »

The last offer I received was €13,000 off what would allow me bring even.

No bank involved in the sale.

Taking advice from EA on price.

I take it that this relates to a price you paid for the house, if you feel you can't sell below this price then, in my opinion, withdraw from the market.

wetlandsboy

I would see what other houses in the area are going for, or have gone for, and price similarly.

Toots

wetlandsboy wrote: »

I would see what other houses in the area are going for, or have gone for, and price similarly.

+1, if you're pricing higher than similar properties in your area then yours will need to have something extra to justify the price difference. What advice is your EA giving you? Have they given a reason why they don't recommend reducing the price?

Bray Head

MetHerInSolas wrote: »

The last offer I received was €13,000 off what would allow me bring even.

No bank involved in the sale.

Taking advice from EA on price.

What allows you to break even is irrelevant. What you have is something called 'loss aversion' and it's a common cognitive bias.

Sometimes you have to take the hit. I've done it in the past. It hurt, and people cautioned against it. But I'm glad I did it. The alternative would have been years of hassle letting a place I had zero interest in. Is that what you would prefer?