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  • Port Pendennis, Falmouth
    Preliminary Announcement 
    Port Pendennis, Falmouth
    £595,000
    Tredavoe, Newlyn
    Preliminary Announcement 
    Tredavoe, Newlyn
    £650,000
    Tehidy Park, Tehidy
     
    Tehidy Park, Tehidy
    £525,000
    Port Pendennis, Falmouth
    Preliminary Announcement 
    Port Pendennis, Falmouth
    £585,000
    Old Coach Road, Playing Place
    Preliminary Announcement 
    Old Coach Road, Playing Place
    £735,000
    Glynn
     
    Glynn
    £3,250,000
    The Fairway, Budock Vean
     
    The Fairway, Budock Vean
    £725,000
    St Levan, Porthcurno
    New Price 
    St Levan, Porthcurno
    £625,000
    .
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When to reduce your asking price
Oct 2019
 

If your home has been on the market for a while and you haven’t received any offers, reducing the asking price is often an undesirable but necessary way of attracting a fresh set of potential buyers. Before you drop your price, make sure you check that it’s the best option for your individual circumstances.

How does your home compare to others on the market?

You most likely had your home valued before putting it on the market, which means it should be comparable with other similar-sized properties in the area. Check online to find out whether your asking price could be over optimistic compared to current properties for sale in your neighbourhood. You can also talk to your estate agent to find out whether the market is particularly slow at this time. If other sellers are also having problems attracting buyers, there may be a broader issue.

Are you in a hurry to sell?

Depending on your circumstances, you may wish to hold off on selling your property rather than reduce your asking price. The housing market is seasonal and if you are trying to sell close to Christmas or during the summer lull you may have less interest than you would during peak autumn and spring months.

Have you already tried other strategies?

Is your home being marketed to its full potential? Ask a friend to take a critical look at your online listing to make sure the photos show it in the best possible light. If not, ask your agent to replace them with a fresh approach. Consider whether viewers may be put off by anything while touring the house – pet or smoky odours, clutter, damp, etc. – and give your home a makeover before your next viewing. You can find out more about professionally staging your home in our recent blog post.

Are you ready to strategically reduce your price?

Reducing your asking price can generate a new wave of interest in your property but it can also harm your chances of selling your home for what it is worth. Take into consideration:

  • You will likely need to reduce your price by at least 10% to attract a new set of buyers because house hunters usually look at homes slightly above and below their budget.
  • Your property will appear in more searches if you price it to fit with the pricing brackets on Rightmove (for example, selling at a round figure of £500,000 rather than £495,000). This is known as the Zero Pricing Strategy and will increase your home’s visibility to potential buyers.
  • You’ll need to include room for negotiation when you reduce your price. On average, sellers can expect to get around 95% of their asking price (depending on the market). If you reduce your asking price from £400,000 to £375,000 you risk losing a total of 12% of your original asking price – a significant drop.
  • Dropping your price once is better than making several small amendments to your asking price – repeated price drops can raise red flags among potential buyers.

If you are thinking of selling a property in Cornwall, the experienced team at Lillicrap Chilcott will ensure that you get the best possible price. Contact us today to get started.