Help me work out EA’s Logic
Estate agent dropped our house price after 5 days despite strong interest — trying to understand the logic?
Would appreciate some honest thoughts from people experienced with buying/selling in the UK market.
We listed our house last Thursday afternoon at £230k.
The estate agents originally told us they expected strong interest at £230k and felt it would move quickly.
Since listing just over a week ago (and before Thursday):
- We’ve had around 7 viewings (plus one no-show)
- A good few of those that weren’t interested stated that they felt the property should be listed at 215/220.
- However one viewer immediately went to the estate agents afterwards and booked with their mortgage advisor. That buyer then booked a second viewing for Saturday (today) bringing their partner, told he really liked it.
- Another couple also booked a second viewing for Saturday (today) - told they like it too.
- Those that weren’t interested stated that they felt the property should be listed at 215/220.
We then had more first-time buyer viewings booked in too, so from our perspective, momentum actually seemed positive.
However, on Thursday morning (so only a week after listing), the estate agent rang asking if we’d reduce from £230k to “Offers Over £220k” on Rightmove.
Their explanation was basically:
“We want to get even more people through the door.”
I don’t fully understand the logic but said yes as they are the experts. Since changing it:
We immediately got two more viewings booked that same day and another for today (so 10 in total not including the two second viewings for today).
But one of the new viewers gave feedback saying they liked it but thought it needed too much work
Another said they liked it but valued it closer to £215k
This has now made me slightly nervous that reducing it so quickly may:
Attract buyers expecting bargains
Signal desperation
Weaken our negotiating position before the key second viewings even happen
For context:
We are NOT desperate sellers
We’d happily stay another year if needed
We realistically expected around £220k before listing
But once the agents confidently said £230k was achievable, that naturally became our expectation
We’re also trying to buy another house locally around £380k, so every £5k matters because we want to move with a decent emergency fund and financial cushion
The interesting part:
The estate agent selling ours is ALSO selling the house we want to buy.
That house has apparently had multiple viewings but no offers yet, and the agent has already hinted the seller may accept our soft offer despite originally wanting a little more..
So part of me wonders whether the agent’s main objective now is:
get us sold quickly,
make us proceedable,
and secure both sides of the chain.
I completely understand that estate agents work for the seller and want momentum, but I’m just trying to understand whether dropping a house to “Offers Over £220k” after only 5 days — despite two strong second viewings already lined up — is actually normal strategy?
Or does it suggest they privately think £230k was unrealistic all along? I did hint as well that if we don’t secure this house we like we may take the house off the market, it was after that they suggested putting house on for offers over 220.
Also interested whether people think second viewings that quickly are usually a strong sign. One buyer literally went straight to the mortgage advisor at the estate agent afterwards.
.