If you have had your house on the market for some time without success, dropping your asking price may seem an inevitable, if unwanted, next step. Your estate agent will often suggest this move if they have run out of ideas, motivation and most importantly, confidence in your asking price.
But is dropping your asking price really the answer to selling your home more effectively?
It’s true that for some properties, reducing the asking price can generate new interest from buyers who would have been previously unable to afford your home. It’s also a step that for some sellers is, unfortunately, necessary – if they have an urgent move, for example, or are facing repossession.
However, with many houses – particularly premium homes – dropping your asking price is not always the answer, and it can even harm your chances of attracting a committed buyer.
Whilst recent weeks have seen a pause in viewings, the buyers have simply been waiting in the wings for an opportunity to view homes, and now they can once again. Since we re-opened, albeit with safety measures in place, we’ve noticed an increase in buyers who are ready to offer, and willing to move quickly. To take advantage of this current heightened demand, now is the time to review your asking price and decide whether to stick to it or reduce.
To help guide you, we’ve compiled the DOs and DON’Ts of dropping your asking price to help you get the result you want and move on with your life: