Should I Drop My Asking Price?
There are many homeowners out there that have been on the market for a while and are wondering why their house hasn't sold. Perhaps this is you? Perhaps you are frustrated and feel stuck? Usually when you ask an estate agent why your home isn't selling, they will attribute the reason to one of the following:
1. Current market conditions
2. The time of year
3. Your asking price
The first two reasons are convenient external excuses that are often used that cannot be controlled or change by you or your estate agent. Please rest assured that it is perfectly achievable to sell a home regardless of the time of year or market conditions. It all depends on the amount of effort your agent puts in to selling your home.
The one thing that you and your estate agent do have influence over is your asking price. Therefore, your estate agent will often tell you to reduce it to sell your home. You won't be alone in thinking that dropping your price is the answer. However, reducing your price down and down, over and over, can have an adverse impact on your property sale.
Remember, your estate agent most likely advised you to market your home at that price in the first place. If your estate agent blames one of the three reasons above when you ask why your home hasn't sold. Ask them what else (apart from reducing the asking price), they can do to sell your home.
So, why would you want to avoid dropping your asking price?
A buyer’s perception can become distorted when they see a house on the market for a while and it's price coming down and down. They begin to get suspicious. They wonder what is wrong with the property. A buyer will question why someone else hasn't snapped it up. Surly there is something going on with the property that is preventing it from selling? These (often unjustified) thoughts prevent them from taking things further with your home. Many won't even view a home if they are thinking these things.
Getting into price reduction is a never-ending path to an unknown destination. Where will it end? At what price will it sell? Who knows.... It is frustrating enough when a seller is struggling to sell their home, it even more frustrating not knowing the financial implications of this. Once you get into price reduction it is difficult to get out of it.
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