Should I Drop the Price of My Property?

October, 2018

Having no luck selling your home quickly? One thing that could be getting in your way is the price of your property. A steep price can put buyers off and hold back a quick sale. Don’t worry, lots of people have been in this situation.

In this post – the second of our 6-part series on property-selling tips – we’ll take a closer look at the tell-tale signs you should drop the price and when is the best time to do so.

Is it time to drop?

Your house has been on the market for a while, but no sale. What’s going wrong? You’ve made all the essential repairs, increased your property’s appeal and yet there are still no takers. Could now be the time to drop the price?

If you’ve had lots of house viewings and people are always complimentary, it might be a sign that something else is affecting their decision – namely, the price.

On the other hand, you may not be getting enough people through the door in the first place. In this case, the price of your property could be putting people off before they have even viewed it.

One way to check is by comparing your home to similar properties in your area. Are they selling quicker? Are they valued at a similar price? If not, your property might be sticking out for all the wrong reasons.

Is the price right?

When valuing your home, you want to find the magic number – that selling sweet spot. To do so, ensure that your property is valued correctly in the first place. This means less hassle further down the line.

However, if time has passed and your property has been on the market for weeks – maybe even months – then you should try to significantly drop the price. Dropping by 5% or 10% can be hard to hear, but it opens your home to a new wave of buyers.

What happens next?

A price reduction, or rather a price adjustment, is a daunting prospect, but it doesn’t have to be. If you want to get the market moving and sell quickly, it’s a sure-fire way to get buyers through the doors.

With this new-found interest you can hope to engage a whole new bunch of people that might not have considered your property earlier. A drop in the price might appeal to buyers who want a quicker purchase and might even start some new bidding competition.

Weale & Hitchen are here to help

While dropping the price is a great way to sell quickly, it’s just as important to ensure that your property is valued correctly the first-time round. At Weale & Hitchen, we can let you know where you sit on the market, providing support throughout the selling process for a hassle-free property sale. Get your free, no-obligation valuation today.

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