RISING numbers of property owners are dropping the asking price of their homes in a bid to secure a quick sale.
Latest figures reveal average age new seller asking prices fell by 1.9 per cent this month to £364,895, the biggest fall in August since 2018.
And earlier this month, the estate agent, Hamptons said that 50 percent of homes in England and Wales sold following a price reduction in July, up from 47 per cent in June and from 34 per cent in July last year.
But property expert Jonathan Rolande says, despite the growing trend, there are other options available.
He said: “There’s no doubt that lots more people are currently reducing the price of their property.
“In many cases this can be a knee jerk reaction to concerns they have about the property market.
“But in most cases it relates to difficulties which exist in selling a home, which is a headache that can come about for a number of reasons.
“The current up and down nature of the market makes it likely that even more people will be tempted to further reduce prices in the future.
Dropping the price is never pleasant. But in many cases, it can be avoided if the property is presented properly and the asking price when first marketing was correct.”
Outlining things you can do to give your home the edge it needs to sell without dropping the price, Jonathan says:
The Agent: I have lost count of the times where simply changing the agent prompts a sale. That’s because some are much better than others – better office location, better sales staff, better in-house procedures. Mystery shop your estate agent via Rightmove and by phone. Ask for details about homes like yours to see if they respond quickly and try to actually sell it rather than just passively pushing out emails. A good agent should call you promptly and tell you the benefits of the place and gently push for a viewing. If they don’t – fire them.
The Look: Is the property and garden shown to its best ability? Try to remove signs of everyday life such as children’s toys, washing up, toothbrushes in the bathroom, that kind of thing. AirBnB is the gold-standard for property photos, take a look there for inspiration. Make sure the garden is tidy, swept and maintained-looking.
The Marketing: Take a look at the marketing, online, in the office window and the details themselves. Are they perfect? Are photos clearly out of date – a scorched summer lawn in December isn’t a good look! Does the house look clean and tidy? The photos are the most important aspect, make sure they are good – you can pay for your own professional pictures if need be.
The EPC: Would a few simple changes push you up from say a Band D to a C? Sometimes a few LED bulbs might do the trick. A re-inspection will cost about £50 and a new, higher EPC rating will massively increase saleability in these days where energy efficiency is so important.
The Odd jobs: When you get a viewing, a leaking tap, blocked gutter or a small patch of damp will help put the buyers off, get them fixed.
The Board: Put a board up, it will help to sell the home 24 hours a day, 7 days a week.
The Socials: Ask the agent to advertise the property on Facebook, the best platform for most properties. It will cost around £20 for good coverage, and offer to pay if they are reluctant. Letting thousands of local people know its on the market might just sell it.
Jonathan adds: “If you have tried these and the property is sticking, then it might be the right moment to consider a price cut.
This is where you will need to work with your estate agent. They will know exactly what the local market is like, demand from buyers, competition from other properties and much more besides. If the market is static, a price cut may be enough, if it is dropping you may need to cut a few times. As a rule it is better to cut hard and once than to chase the market downwards – that looks desperate.
And the best way to avoid having to reduce the price at all? Put it on the market at the right price in the first place! Whatever the market, at the right price everything will sell.”
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