Should You Drop the Price or Your Agent if Your Home’s Not Selling
If your dreams of a speedy property sale have hit the skids, it’s time to change strategies. Read on to discover the best way to get your sale back on track.
No one likes admitting they’ve got something wrong. But if your home has been on the market for some time and interest has gone cold, it’s time to reassess the situation. Before you can determine your next move, you need to identify if:
· The price is too high and you need to reduce it; or
· Your agent isn’t up to scratch and you need to replace them.
Consider dropping the price if:
- Lots of buyers have viewed your property, but there have been no offers.
- An open house generated lots of footfall – and raised eyebrows at the asking price.
- Something has changed in your local area that has negatively influenced the market, such as a controversial building project getting the go-ahead.
- A buyer withdraws an offer because their lender thinks the property is overvalued and won’t greenlight a mortgage deal.
- The asking price breaks the ceiling for your road/local area. Unless there’s something exceptional about the property (for example, it’s much bigger than neighbouring ones), the price could be unrealistic. Recent interest rate hikes mean buyers are cautious about over-extending themselves.
- You need an urgent sale for personal or work reasons and a cash buyer is driving a hard bargain.
Consider dropping your agent if:
- Your home is well presented but you’ve not had much buyer interest.
- The marketing is lacklustre. The photos look amateur, and your agent is less active on social media than your great granny.
- They’re slow to return your calls and always seem to be full of excuses.
- You’re underwhelmed by their people skills and drive.
But wait, there’s one more important thing…
While a modest reduction might be justified in some circumstances, if a drastic price drop is required, you’re entitled to ask how your agent got it wrong in the first place (and are they the person to turn things round now).
In some cases, a seller might need to drop their price and their agent to get their sale moving again.
Contact us here at Millbanks for an honest valuation and no-nonsense selling advice.