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Should I reduce the price of my property?

reduce the price of my house

Is your house sitting unloved on the property market? Are you getting low numbers of viewings? Have you been asked to reduce your selling price by your agent?

A high selling price can put potential buyers off, and delay the sale of your property.We have listed some common situations where you should consider reducing your asking price to generate a sale.

When should I look at reducing?

  • Your house has been on the property market for a while, but has not achieved a sale. You’ve increased your property’s appeal, carried out essential repairs, and still no buyers.
  • You’ve had lots of viewings, with lots of complements, but no offers. This usually means the property price is affecting the viewer’s decision to offer.
  • You’ve had very few viewings – this usually means the asking price is too steep to get many people across the threshold.
  • There are similar properties available on the market, with lower asking prices, and they are selling. Is your property sticking out for the wrong reasons?

Is the asking price right?

When your home is being valued, you are looking for a realistic selling price, that draws attention and attracts buyers. If you have an overinflated asking price, you can have further difficulties with selling down the line.

If your property is stagnant after a few weeks/months, you should definitely reduce the price to open up to a wave of new buyers.

What next?

A price reduction is usually a disappointing prospect, but it doesn’t have to be. If you want to get moving quickly, it’s a brilliant way of getting people through the door.

With renewed interest, you can engage a whole new group of people who would not have considered your property earlier, and may even start a new bidding competition.

If you liked this blog, check out more of our blogs here. Or alternatively, with autumn having arrived, we have gathered a few tips to help you sell your home through the darker months.

If you do have any questions in relation to a property price drop, please contact us at Coppenwall Estate Agents.