The top reasons that sellers think they don’t need to reduce their property price
Are you trying to sell your home but not seeing the volume of interest you'd hoped for? It might be time to consider this as your next step…
It's a harsh truth - a bitter pill to swallow - to realise that your property is overpriced. You had valuations and were shown evidence of properties that you thought compared well with yours. You and your agent worked together to fine-tune the marketing strategy. It was fail-safe. Guaranteed success. You had expected a steady flow of viewings and a few offers to negotiate with.
But what should you do when there is no interest after the first month or so?
Sadly, when trying to sell a home, many sellers can feel strong resistance towards price alterations. It can be viewed as lost cash, and there is almost a sense of hope that the price reduction isn't inevitable, that something else can be done before giving in to the dreaded price reduction. Sellers will often argue that there have been no viewings, so really, there has been no feedback to suggest that the price is too high. They'll compare their property with others on the market, but through the rose-tinted lens of the love they feel for the place they've called home for many years.
But, after all other avenues have been followed and there is nothing else to try, it's often time to admit defeat. It's not that something went wrong, that the agent messed up the valuation or that you've been greedy. There's always a certain amount of optimism when a property is initially marketed, but when there is no interest, it can be somewhat of an anticlimax.
So, what are the tell-tale signs that you need to reduce?
No viewings or enquiries - the first four weeks of marketing for a new property are always the busiest. This is when the mailouts are sent, and the promotion of a new instruction online and on social media is most prominent. These first four weeks are where the property will have the most exposure. So, if this exposure doesn't result in viewings, then this is usually a good indicator that something is wrong. For some reason, your property isn't enticing a property searcher to contact the agent and arrange an appointment to come and see it in real life. Ideally, your property should compel them to view so much that they are desperate to arrange an appointment. If this isn't happening, then you need to reassess the strategy.
Some viewings, but little or no feedback - if you've had a few lacklustre viewings, but they gave no feedback, those viewers are not interested. Would you return a call if the only message you had to provide was negative? No, probably not. And so, your agent's voicemails to the viewers will go unanswered, and their feedback weighs heavily in their silence.
Properties that you compare yourself to are selling - if you are comparing your property to others on the market, and those homes are selling before yours, you might be comparing yourself to the wrong properties. Buyers will search for properties within a price range. So, if you appear to be overpriced within that price range, the buyers will likely just view and subsequently buy a different property they perceive to be of better value.
It sounds harsh, and perhaps it is, but most people will be generous with where their property sits within the market rather than realistic. After all, you love your property. You chose to buy it, have created the lovely home that it has become, and have endless memories in that home. But that is not important to a buyer. If they think you have over-egged your price, they won't even waste their time coming to view.
It's a common misconception that a viewer will simply offer less if they think the price is a little high, but this is just not the case. Time is precious, and viewing properties is a time-consuming process. A new potential buyer will only take the time to view the properties that really stick out to them, and one of the first reasons a property is disregarded is the price.
So, if your property selling experience sounds like the bullet points above, it might be time to reassess your marketing with your agent and consider whether it is time to reduce the price. There is no shame in adjusting your price. Yes, there is resistance because you essentially lose that money, but it is really just a number. It isn't actual money until the sale has been completed, and that can't happen until you have an offer from a buyer.
And once you alter the price, you will hit a new price bracket, with new buyers searching for their dream home. You will also receive a boost in exposure from the additional promotion that comes with a new price.
It might be the key to unlocking your sale and finally getting moved.
If you're trying to sell your home and are struggling with viewing figures, why not give our team of property experts a call. They will take a good look at your property and marketing so far and advise on your best course of action to get your property sold. Give us a call today.