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Struggling to sell - should I put my house on a reduced price fixed fee sale?

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My house has been on the market for 3 months, in which time I've only had 2 viewings and no offers. I've dropped the price twice - from £119,950 to £114,950, then last week to £109,950. I don't have a lot of equity in the property so I'm keen to sell before house prices drop so much that I can't afford to move, or even worse, I'm in negative equity – I have genuine reasons for moving, to be nearer to family. As it's unlikely I'll be able to buy another property in my preferred area due to lack of equity to use as deposit, I'm seriously considering renting, but my issue is like most people, I’m struggling to sell.

 

I thought about putting my house up at auction, but I understand it’s around a 2.5% fee which would pretty much eat up the equity I’ve got left so that’s a no-no. So now I’m wondering whether to do a bigger price drop and put it on at a fixed price, say £102,000 or even £100,000. I’ve seen this in the property guide a few times and always wondered whether it works or not. Would this put buyers off, because it’s fixed and therefore non-negotiable? Or would it be a positive, because they would definitely get the house if they offered that, there would be no possibility of a bidding war and everyone would know where they stand? The main issue I’d have with this is if it didn’t sell at the fixed price, where would I go from there?

 

Any advice would be appreciated. My property can be found at the link on my signature.

Thanks,

Aqua

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Is it legal to raffle off a house in the UK,? it is in some States in the US, not too many though, but it's worked out well for a lot of homeowners.

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I just don't think anyone is going to buy a house right now. Buyer will be waiting for the prices to drop even further.

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I just don't think anyone is going to buy a house right now. Buyer will be waiting for the prices to drop even further.

 

Agreed. We used to get asked to do a lot of quotes for renovation work on houses people had just bought.

There are very few people currently buying houses!! and this has been noticed by a lot of trades.

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