Should I reduce my asking price to find a buyer for my property?
If you are trying to sell and you aren't getting much interest, it's difficult to decide what to do. Do you sit it out, and hope a buyer comes along, or do you reduce your asking price?
Reducing your asking price can feel like you are loosing money, but in the current market, not taking action can loose you lots more money in the longer term.
Here is an example of a property that we recently sold that show how price reductions really do work.
CASE STUDY - NELSON WALK
We originally listed this property for £280,000, and at first glance it did quite well. it had 10 viewings and received 2 offers. Unfortunately the offers came in around 15% under asking price. It was agreed to decline these offers and see if more came along.
58 days after listing, we agreed a 9% price reduction. After this, the property really attracted attention. Another 9 viewings took place, which, in turn, generated a further 7 offers.
Just 16 days after the price reduction an offer was accepted that was OVER the asking price. The sale has been secured with a reservation agreement.
Now the he vendor is thousands better off than if they had accepted the first offers and decided against a price reduction.
If your house sale stuck in a rut? Call Harrisons for a no obligation chat as to how we can help you move to the next chapter of your lives. 01795 474848