Is it time to reduce your property asking price?

Guest Post: Paramount Properties

Are you struggling to sell your home? If so, maybe it’s time to reduce your property asking price. But don’t just do it because you think you have to – here are some valuable questions to ask yourself first:

Is your agent marketing your home properly?

Some estate agents might not make every effort they can to sell your home, so you need to make sure you’re with one who does. Your agent should be marketing at every opportunity, and on all possible avenues. Is your property listed in the local papers? In the estate agent’s window? On all the major websites (RightMove, Zoopla, PrimeLocation and FindAProperty)? And is your agent phoning potential buyers on their database to book them in for viewings?

Are there enough photos of your property?

Trying to sell a property online without photos is like, well, trying to sell anything else online without photos. You wouldn’t buy clothes online with seeing them first, would you? Same thing with properties, only on a much larger scale. As a general rule, the more photos, the better – but don’t go overboard. You don’t need to have a photo of each room from every possible angle. You should at least have photos up of every major room and the front of the building, but photos of smaller rooms and the back of the property won’t hurt.

Have you had plenty of viewings?

If you’ve had a lot of viewings and no bites, you might need to lower your price. If you’ve had several people come to view the property but none have taken an interest, you should think about either lowering the price or making your home more appealing so it meets people’s expectations for the price you’re asking. You don’t need to make major changes, but consider toning down the colours to make them more neutral, and removing any personal touches, such as photos; your buyer will need to be able to pictures themselves living in your home.

Has your property been on the market for a long time?

If so, it may be time to chop some money off the asking price. The longer your home is on the market, the more likely people are to think they can get away with offering a lower price.

Have other homes in your area sold at lower prices?

The selling points of other houses in your area is a good reference for your own home’s price. If nobody in your area has managed to sell for the price you’re asking, perhaps you should consider lowering your price. After all, if similar homes are on the market nearby at lower prices, which ones do you think are going to go first?

Remember: your home is only worth what someone is willing to pay for it, no matter what it’s valued at, so don’t take it to heart if your estate agent suggests lowering the price. But at the same time, you shouldn’t lower the price without asking yourself some hard questions first.

Thanks to our friends at Paramount Properties for this guest blog. As Estate agents in West Hampstead, they’ve advised many clients on asking prices and when to reduce them.

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