Should I Drop My 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.
Dropping your asking price can damage your relationship with your estate agent. Whilst estate agents are human and don't always get things right, they should always tell you the true market value of your home right from the start. It is so important that you launch to market with the correct asking price. If you have been on the market for a few months and they are pressing you to drop your price, it is questionable if they valued your home correctly to start with. How does this leave you feeling about your agent? How would your agent respond to you if you refused to drop your price? This difference of opinion can have an effect on your relationship with them.
Reducing your asking price over and over indicates a lack of confidence to your buyer. Both you and your estate agent should be confident in your asking price and be able to justify why it is it is at that level. Buyers can easily pick up on a lack of confidence in supportingthe asking price. They are far more likely to try and chip you further if they see you are open to reducing it.
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Last Update : Feb 09, 2018
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|Item Owner : Malcolm White|
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