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When should you think about reducing the price of your home? Our definitive guide.

Selling your home can be a daunting task, especially in a competitive market. As a homeowner, you naturally want to get the best price for your property. However, there may come a time when you should consider dropping the price to attract more buyers and seal the deal. Here is our guide.
When should you think about reducing the price of your home? Our definitive guide.
You may have had your home on the market for a few months and interest has began to dwindle. It can feel disheartening after taking such a big leap in deciding to market your home. Perhaps your estate agent has advised reducing the price of your home in order to spark more interest. But, how do you know it is the right time? 

Limited interest or few viewings - you may have had an initial flurry of viewings and that has begun to slow down, or perhaps few or no viewings at all. If this is the case, a price reduction may well be the next step. 

Comparable sales - you have seen similar properties selling nearby. How does the price of yours compare? Many factors go into determining the price of a property, but if others are selling and yours isn’t, it could be that price is the issue.

Low offers - perhaps you have had some interest in your property, but offers are coming in significantly below your asking price. Whilst you may get a few buyers who do put in “cheeky” offers, it could also be a sign that your property price is too high for the current market conditions. 

Personal pressures - your personal circumstances can form a large part of the decision on whether to reduce the price of your home. You may be in a rush to sell or have found somewhere to buy. A price reduction can reignite interest in your home and allow for a quicker sale. 

If you think that these factors sound all too familiar, now might be the time to speak to your agent about reducing the price of your home. They will be able to pull together all of the viewing figures, interest and feedback on your property and advise on the best course of action. This could be a simple price reduction to attract buyers looking in a different price range. Or it may be that a relaunch, with new photography and videography could be the best course of action for your home.

Get in contact with your By Design agent today to discuss the best way to handle a price reduction on your home.