When Is It Time To Reduce Your Asking Price?
If you’ve had your home on the market for quite some time, and still you’re waiting for that elusive offer, you need to seriously think objectively about why you believe you’re still not sold.
Some people price their homes based on pure emotion, and find it very hard to break free from the potential monetary loss. Comparing what they paid for the property originally, together with the tidy sum invested in renovating can make their price inflated, compared to the current market value.
As a seller, you need to focus on the importance of the here and now and not on what has happened in the past. This is not a time to dwell on would ‘a, could ‘a, should ‘a! So sometimes you need to bite the bullet, cut your losses, and weigh up the reasons why you’re on the market in the first place.
If you really need or want to move, you MUST price your home accordingly. Buyers aren’t stupid! They will know exactly what they can get for their money, and just because you may have the most beautiful home on the block, doesn’t mean you can ask over general market value.
You’ve probably experienced quite a few potential buyers being brought to your home, but ask yourself, how many offers have you even had? If your answer is none, then this is a red flag of truth, waving its ugly head in front of you. The only way you’re going to get rid of that flag is to sort your price out PRONTO!
I’m always talking about prices in my blog, but everything comes down to money. If you’ve not spoken with a professional Real Estate Agent about fixing your perfect price, then go and have a chat with them. If they’re allowing you to put your own price on, based on your feelings, and not the current market value, then they’re not doing you any favours.
Who wants to keep being on call for any potential viewing appointments, then when the buyers do come around, they tell you what a wonderful home you have… leave, and never seen again. It’s not that they didn’t like your house, they probably did, but they’re running away faster than being chased by the bulls through the streets in Pamplona, because you scared them away… with your price!
If you’re not up to pricing your property correctly then maybe you shouldn’t be on the market. If you make the mistake of pricing the property based on what you want to buy, you need to remember, in the property market, there are losses, but there are gains too!
Think logically, and if you feel now is the time to lower your price, think about the offer you’ll be putting in on your next purchase. Sometimes you won’t make as big a loss as you think, because you’ll gain it right back with your purchase!
The property market is always about logic. Think about it logically as a seller, and put yourself in a buyer’s shoes… Would you pay too much?