Should I Reduce My Asking Price?

Should I Reduce my Asking Price to Achieve a Sale?

Price reductions are on the increase in the UK housing market, but should you reduce yours in order to get moving?

In the last 18 months the housing market has transitioned from a seller’s market to a price-sensitive buyer’s market. Reductions are becoming more commonplace to achieve a sale but if your home is on the market, we advise that you don’t reduce your asking price by too much, too soon.

Two things contribute to selling a home – price and marketing. If your listing has clear images showing your home off at its best, perhaps with an accompanying video tour, but is suffering from a lack of viewings, perhaps it’s time to revisit your asking price.

It’s our job as an agent to put together an impeccable marketing package that helps your home stand out, with the price as one of our many marketing tools, which we can use to attract interest.

Is this time of year a good time to lower my asking price?

With and the abundance of seasonal discounts on offer as we look towards Christmas, it might be tempting to lower your price, but traditionally the market is weaker in the final months of the year. Sellers who aren’t in a rush to sell may be better off waiting until January.

Do I need to reduce my asking price to achieve a sale?

Despite more price-sensitive buyers, on average, two-thirds of sales agreed in September were for homes where the asking price wasn’t reduced*

Our advice for sellers looking to secure an offer this side of Christmas is to check with your agent to ensure your property is priced at the right level for your area. It can be tempting to go with the cheapest agent who promises the highest price, but this can lead to disappointment…and no interest from buyers.

Working with a qualified and reputable valuer, such as Aston Knowles Chartered Surveyors to obtain a professional Market Appraisal will offer you honest advice in regards to the sales and marketing of your home. We take into account construction, size, condition, and location of a property combined with the sale price of comparable properties that have recently sold in the area in order to provide an evidence-based valuation.

To discuss your valuation requirements, contact enquiries@astonknowles.com for a quotation or contact 0121 362 7878 to speak to our friendly team.

*Source -Zoopla