A Price Reduction Can Give a Listing New Life

Nobody likes reducing the asking price.

It can feel as though you are giving something away.

But if the original price is stopping buyers from engaging with the property, a reduction can sometimes create exactly the activity you need.

The book describes how interest in a listing tends to fall after its initial period on the market.

The property is no longer new.

Buyers who were already looking may have seen it several times and decided it was too expensive.

A change in price can put the property back on their radar.

It can create a new burst of clicks and enquiries and may also bring the home into the search range of buyers who previously never saw it.

This is why I would rather review pricing early than allow a property to sit for months without activity.

If you have set targets for the first few weeks - perhaps a certain number of viewings - you have something useful against which to judge the response.

If the interest is much weaker than expected, speak to your agent.

The market may be telling you that the price needs adjusting.

Changing the price is not necessarily an admission of failure.

Sometimes it is simply the action that gets the marketing moving again.