23rd June 2020
When to reduce the asking price of your Chester property – 5 questions to ask
If your property has been on the market for some time without any serious offers, it may be time to consider reducing the asking price. There could be any number of reasons why your home isn’t selling, so it’s important to ask yourself these five questions before reducing the asking price of your Chester property.
Is it a buyer’s or seller’s market?
Knowing where the property market stands is vital to determine the asking price of your property. When supply levels outstrip demand, the market favours the buyer, and vice versa when demand is higher than supply.
We have seen a huge increase in market activity from both vendors and purchasers since the lockdown eased with correctly priced properties in high demand.
When considering your asking price, a whole set of circumstances need to be taken in to account which leads nicely onto …
Are you in a chain?
If you have found a property you want to move to and you are in a chain, you will want to weigh up the price you want to achieve against your intentions to buy your next home. Can you afford to reduce the price and still buy your next property? Can you pass on your price reduction to your onward purchase or do you need to hold out for the full price?
If you have had an offer on your property that is below the asking price, you’ll want to weigh up their financial position, how quickly they are able to move and see how well it ties in with your next move.
How long has your property been on the market?
If your property has been on the market for some time, it may mean that your property is overpriced for the current market conditions. Generally speaking, you will see a spike of interest in the first few weeks of your home being on the market and then interest may start to tail off. If you have had no ‘bites’ during the first month or so, it would be wise to speak to your Estate Agent about the pricing strategy.
What has the level of interest been like?
If you haven’t had many viewings on your property and the market is strong, it could be down to the marketing. Before reducing the asking price, make sure that your home is presented in the best possible light, and that includes great photography, a prominent sale board and a proactive estate agent.
Are you listening to feedback?
Review feedback with your estate agent from those who have viewed your property. If the same comments are being made, it would be worth thinking about what you can do to address the issue. If nothing can be done (for example people are commenting about road noise) then it would be a good time to review the price. Once you reduce the price, a good agent will inform all previous viewers of the price reduction to see if there is renewed interest.
Getting the asking price right is one of the most important factors of a speedy but profitable sale. If your property is on the market with another agent and you want a second opinion on price, we would be pleased to provide a FREE and ACCURATE property valuation.