Selling smarter: When and how to reduce your home’s price
When it comes to selling your home, setting the right price is crucial. However, sometimes even the most carefully considered asking price may need adjustment. In this article we explore how and when to reduce your home's asking price.
If your property has been on the market for a while without generating much interest, it might be time to consider a price reduction. You may be wondering the best way to go about doing this and how to know what price is right. Here, we offer our top tips on reducing the price of your home, effectively.
Recognise the signs
Before diving into a price reduction, it's important to identify the signs that indicate it's necessary. These may include:
- A lack of interest from potential buyers. Perhaps there haven't been as many viewings as you may have expected, this could be a good indicator that the price needs adjusting.
- Few or no offers. Or it could be that any offers you have received may be well below the asking price.
- Your home has been on the market for an extended period
- Feedback from viewers consistently mentioning the price as too high!
Communicate with your estate agent
Your estate agent is your ally in this process. They have valuable insights into the local market and can help you determine the right price point. Have an open and honest conversation with them about your options.
Determine the new price
When reducing your price, it's crucial to make a meaningful change. Homeowners typically need to reduce their asking price by at least 2% to ensure their property reappears in popular property portals' email alerts. This can help attract new potential buyers who may have previously overlooked your property.
Update your listing
Once you've decided on a new price, it's time to update your listing. This isn't just about changing the numbers - it's an opportunity to refresh all of the marketing for your property. A few things you may want to consider:
- Updating your property description to highlight key features. Perhaps a few tweaks to the wording could help appeal to buyers.
- Refreshing your photos or adding new ones. It may be that your home was photographed in winter, and the spring flowers are now blooming, so moving with the seasons makes sense
- Emphasising any recent improvements or renovations to your home. Have you recently had a new boiler fitted, or updated the bathroom. Make sure you highlight these features.
Reassess the market
Before finalising your price reduction, take another look at the current market conditions in your local area. Has anything changed since you first listed your property? Are there new comparable properties that have recently sold? This information can help you make a more informed decision about your new price point. Your estate agent will be able to help you and guide you with this.
Consider timing
The timing of your price reduction can be just as important as the reduction itself. For instance, reducing your price before the start of a new school term could attract families looking to move into catchment areas for good schools.
Stay Positive
Remember, a price reduction doesn't mean your home isn't valuable. It's simply a strategy to align your property with current market conditions and buyer expectations. Stay positive and focus on the end goal - selling your home.
By following these steps, you can make sure you price your home effectively to achieve a successful sale. Remember, the goal is to find the sweet spot - a price that's attractive to buyers yet still allows you to achieve a fair value for your property. With the right approach and the support of a good estate agent, you can navigate this process successfully and move closer to selling your home.
If you are looking to sell your home or would like to discuss how best to price your home to sell, why not get in By Design today to see what we can do to help?
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