Check these things before you agree to reduce the price of your home

After a few weeks or months on the market, you may be starting to lose faith if you've not had any offers. The first week or so is busy with preparations for your launch to the market, but what if you've had nothing but tumbleweeds after these first exciting weeks? 

Perhaps your agent hasn't called with an update for a while now because there is nothing to tell you. If there are no viewings and no offers - what can you do?

If you're in this situation, your agent will likely suggest a price reduction for your property very soon if they haven't done already. 

This is the easiest way the agent can generate new interest from buyers who may not have seen your property on the website of the property portals. A price reduction will put your home in front of a new group of buyers that perhaps wouldn't have seen it before because it was out of their price range. It can also pique the interest of astute buyers watching your property. They might think now that they could get a bargain as you've reduced your price you are obviously keen to sell. 

When the estate agent suggests a price reduction to you, they are looking to expose your property to a new market of buyers. They are trying to generate the interest needed to sell your home and, ultimately, get paid their fee. 

But the critical question you need to ask is, have they exhausted all available options to find these buyers and generate this interest before you have to sacrifice your equity? 

What if there were other ways that a buyer could be found without reducing your property price?

Reducing the price should be a last resort when you've tried every alternative option available to generate interest before changing the price. And the only real way to know if you have tried everything to find a buyer is to use By Design.

Artificial intelligence pinpoints the perfect buyer for each home and searches through the entire network of By Design agents and the connected database of buyers. This is not restricted to location, as the whole network has a combined database across the UK. 

It is vital to find 'the perfect' buyer for a property as this buyer falls head over heels in love with a home that fits their criteria perfectly. This buyer is the one that will pay a premium price for the property that is just right for them, and the only way to locate this buyer accurately is with By Design. 

If your property price needs to be reduced, don't panic, but it shouldn't be the first port of call if you don't have a sale quickly. A price reduction isn't perceived as damaging to your property sale but simply a correction to align with current market conditions. It doesn't necessarily mean you're desperate for a sale but are proactive and realistic in the market. 

Before you start cutting your price and sacrificing your equity, make sure you have tried everything available to find the perfect buyer - By Design might just be able to sell your home without reducing the price at all. Get in touch to find out how!