My Property Isn’t Selling; When Should I Consider Dropping the Asking Price?

There's no getting around it; selling a property is a long and often stressful process. In the beginning, it may seem like you are making headway with a flurry of viewings. However, it's all too common for them to slow down and for progress to stall, leaving sellers wondering if they will need to lower the asking price.

First and foremost, it's crucial to value the property correctly. Estate agents who over-inflate the value only serve to lengthen the process, dissuading prospective buyers who view it as out of their price range. Consequently, the property stays on the market for longer and buyers begin to suspect that something is wrong with the property.

If sellers are discovering that finding a buyer is proving troublesome, it's important to consider whether they have done all they can before dropping the asking price.

Do you Understand the Current Real Estate Market?

The real estate market is influenced by a wide variety of factors and is constantly fluctuating. It's essential to gain an accurate picture of the market by talking to industry experts; if the market is slow, it stands to reason that it may take longer than expected to secure a sale and you will need to have a little more patience. On the other hand, if the market is buoyant, there may be something amiss with the marketing of your property.

A buyers' market, for example, means that there are far more properties on the market than there are suitable buyers. In such circumstances, buyers have a plethora of choice – and the upper hand.

Have you Picked the Time of Year Wisely?

It is well known that certain times of year are more productive for selling a property than others. The run-up to Christmas and New Year is rarely the wisest choice to market a property as people are far too preoccupied with preparing for the festive period. However, springtime is often a useful time, with prospective buyers envisaging themselves in a lovely new home for the summer.

Is the Property Displayed in its Best Possible Light?

In our eagerness to get a property on the market, we can sometimes find ourselves skipping a few steps. However, it's essential not to jump ahead. If the property listing does not use high-quality photographs, it's possible that it isn't standing out on the online property portals.

Similarly, if the property is cluttered and untidy, that all-important first impression is likely to suffer as a result. Making sure that each living space is clean and inviting will boost buyers' interest.

Are you Making the Most of the Online Property Portals?

Today's property market is heavily influenced by the major online property portals such as Rightmove, Zoopla and PrimeLocation. It is crucial that properties for sale benefit from exposure on these portals. Changing the lead photograph on a regular basis can generate new interest and spark more viewings.

What to Do if Lowering the Asking Price is the Next Step

If all the estate agent's advice has been followed to the letter, but the market is slow and you are in need of a quicker sale, it may be that lowering the asking price is the only way forward. If this is the case, consider how to make the maximum impact with the price drop.

• Move to the next price banding

Think about the price bands on the online property portals. If the property is on the market at £510,000, for example, lowering the asking price to just under £500,000 will bring it to the attention of buyers searching up to £500,000. On the other hand, dropping it by £5000 will make little difference.

• Make one price cut, rather than many

It's important to strike the right balance when lowering the asking price. Buyers may view multiple price drops with suspicion, so it's always advisable to lower the price just once.

• Be optimistic

Although it may feel like admitting defeat, attempting to secure a sale in a stagnant market means that many other sellers will be doing the same. Consequently, lowering the price may not have a detrimental impact on what you can afford to buy.

If sellers and estate agents have done all they can to advertise the property and waiting a little longer is not feasible, it may be that lowering the asking price is the next logical step. However, it's important to consider the situation and your personal circumstances carefully before making this decision.

If you are in need of some expert advice on selling your property, please call Griffin Property on 0345 561 0050 or drop us an email at [email protected].

Images are from development land for sale with panoramic views of Salcombe Estuary (August 2023). For the full listing, please click here.