Is the price right?
When selling your property, a price reduction should always be the last resort. An agent should generate comparable reports and compile a bespoke marketing strategy to showcase the property at its best. But, a house is ultimately worth what someone is willing to pay and the market at the time of selling.
When selling your home, a price reduction might be required for a variety of reasons. Maybe the original marketing strategy was to try a slightly optimistic price because there was no pressure with regards to timescales?
Maybe a certain price needed to be achieved to make moving worthwhile?
Maybe there were differing opinions from the agents you spoke to at the start and you wanted to see if the higher valuation was achievable?
However, if you are using an agent who has produced eye catching marketing details, they have ensured those details are exposed to everyone actively looking to buy in your area and this still hasn’t led to a suitable offer, now might be the right time to reduce the price.
Different strategies linked to the search parameters on sites like Rightmove, Zoopla and On The Market, might mean you do not have to reduce by much to appear in more buyer searches and your marketing details could get emailed out to everyone registered for property alerts.
This could make all the difference to the level of enquiries. In some cases, the influx of enquiries as a result of the price reduction can create more competition, generate urgency and still achieve close to the original price anyway.
Here are some examples of recent price reductions which resulted in more enquires and led to a quicker successful sale:
Lancaster Road, Canterbury
£300k - £325k for 5 weeks. Price changed to £290k - £300k and an offer was accepted in 1 Day.
The Lees, Challock
This property was on the market with another agent last year for £1m+ and failed to sell. We marketed with a guide price of £950k, the vendors accepted a slightly lower offer of £923k as they were cash buyers looking for a quick sale. We managed to progress it to exchange and complete in two weeks.
Westgate Close
£325k - £350k for 10 weeks. Price changed to £300k - £325k and an offer was accepted in 2 Days.
George Roche Road
£375k - £400k for 6 weeks. Price changed to £350k - £375k and an offer was accepted in 14 Days.
St. Johns Crescent
£325k - £350k for 5 weeks. Price changed to £300k - £325k and an offer was accepted in 10 Days.
Guildford Road
£375k - £400k for 15 weeks. Price changed to £350k - £375k and an offer was accepted in 17 Days
