“Drop the price”. It’s the favourite estate agent response when you ask them why your home isn’t selling. Sound familiar? Not only is price rarely why the reason your home isn’t selling but reducing the price could actually have a negative effect. Believe it or not there are still plenty of properties in the Bishop’s Stortford area that just aren’t selling.
Here’s 3 good reasons NOT to drop your asking price:
- Very few people buy based on price – did you know that only 2% of buyers purchase properties based on just the price? People buy based on DESIRE! You don’t buy ‘a three bedroom semi-detached house in Bishop’s Stortford’ you buy a family home where you’ll create a lifetime of memories together. You get the picture.
- It devalues your home – what impression do you get of an item reduced in a sale; Cheap? Worthless? End of the line? Damaged? Unwanted? Well that’s exactly what potential buyers will think when they see your property come down in price. Worse still, when you reduce your price, thousands of emails go out to the buyers registered on Rightmove that are looking for a property like yours with the message ‘Reduced Property in…’ alerting them to the fact you’ve had to drop the price.
- You could end up dropping it further – for those buyers out for a bargain, a reduced property could be an easy target for even further reduced offers. Out of sheer desperation you might even consider a very low offer and you won’t get the true value of your property.
Do you have a property that isn’t selling? Know someone who’s property has been stuck on the market for far too long? Then get in touch! Email your Rightmove link to angela@thepersonalpropertyshop.co.uk and I will happily give some FREE pointers to help you get your property sold.