When Should You Reduce Your Asking Price?
When selling your home, you will have the ideal price in mind, but sometimes the market can change and you will have to reduce your asking price. But when is the time to do this? In this blog we look at the signs you need to reduce your asking price.
The Time on The Market
The first question you must ask yourself is how long has your property been on the market for? If your home has been up for sale for less than a month then there is no need to even think about reducing your asking price. You will not have seen all the potential buyers yet so there is still time. If your property has been on the market for over a month, its time to review your viewing reviews, if they are positive you could just have dealt with the wrong buyers.
Is Your Marketing the Best It Can Be?
Marketing your property properly is of high importance, as without it you can suffer in the long run. If you have spoken to your agent and they are doing all they can then this might be a sign your property asking price needs to be reduced. If there is any new marketing strategies you should try these first but if you have exhausted all options then reducing your asking price may be your only option.
Could You Wait for a Drop in The Market?
Reducing your asking price is something that most people need to do but could you avoid it? Whilst your home is up for sale, keep an eye on the current market and trends which are occurring. That way you can prepare for a fall in the market which in turn could help you sell your home for the price you originally wanted.