5 signs that the pricing strategy for your property is wrong.
There is a fine balance required when pricing a property, and sometimes adjustments are needed. Read this article to find out if its time for your property price to be adjusted,
Deciding on the price of your property is a complex and complicated process of finely-tuned balance. You obviously want to try to sell your home for as much as possible, but if you push it too high, you risk missing the boat altogether and being unable to attract a buyer.
There is no exact science to estimating a property's value and no right or wrong answer. It is an estimate based on as much comparable evidence as can be used to help come to a price. Ultimately, as the seller, you are trying to guess what a buyer might be willing to pay for your house and, ideally, have that figure be as high as possible.
So, you finally decide on the marketing price and launch the property to the market.
That was at the beginning, and if you've been on the market for a few months and still haven't found your buyer, it is likely a distant memory for you now.
You might already know that the highest interest levels for any property on the market will be in the initial 4 weeks. After launch, the buzz about your property will peak, with various websites emailing out your property to potential buyers on mailing lists. The agents will promote your property as a new listing with social media posts and contact the buyers on their databases. But what if you don't get any offers in these first 4 weeks?
The enquiries about the property and viewing figures will slow down; it could even be weeks between viewers. It's almost unheard of that a buyer will offer on a property without viewing it, so without any viewing appointments, you will not sell. You ask the agents what can be done to boost things, and they try changing the images around online and perhaps post again on their social media pages. But, eventually, admitting defeat, you agree that it is time to consider a price reduction.
These are the key signs that it is time to reduce the price of your property on the market:
- No viewings for a month or more.
- Repeatedly receiving very low offers.
- Some properties came to the market at the same time as you have already sold.
- Your agents are not having enquiries from new applicants to discuss your property.
- There is a change in your circumstances, and you now have an urgency to sell.
A price reduction will re-invigorate the marketing of your property and put it in front of new buyers. If you reduce your overall price by at least 2%, you will be relaunched and emailed out by property portal websites, too, ensuring maximum coverage of your new price.
If your property is on the market and interest has dwindled, contact our property experts for advice on reducing your price.
