Does your property need a price adjustment?
When it comes to selling a property, everyone hopes the process will be quick, smooth, and simple, with the property attracting the best price possible.
But what if things start to languish and stall? What if the initial momentum of the first open homes starts to wane and interest in the property begins to dissipate?
Well, it could mean your property needs a price adjustment, so let’s look at the signs that might be the case and what you should do to reignite the selling momentum.
Pricing strategy
Pricing a property correctly from the outset is key to ensuring a smooth and swift sale. But sometimes that’s easier said than done.
After all, the market can shift, as can economic conditions, government legislation and buyer sentiment, which might mean the price people would have been willing to pay last week, last month or last year simply isn’t the case right now.
And if that’s the situation you find yourself in, it’s important to recognise the signs and adjust accordingly.
Why? Because if your property sits on the market too long, the sales campaign can seriously run out of puff.
So, what exactly are the signs an adjustment is needed?
Signs you need to readjust
There are a number of signs that your property might not quite be sitting at the pricing sweet spot. They include:
Lack of initial interest – If your property fails to garner interest at initial and subsequent open homes, that could be a sign it’s priced incorrectly.
Feedback – One of the biggest indicators a property is priced too high is feedback from potential buyers. If one buyer indicates it’s priced too high, that’s one thing but if it’s a couple or a few, that’s a sentiment worth taking into account.
Comparable properties – If there are other properties currently on the market that are similar to yours, priced a little lower and selling, that’s a definite indicator you need to alter your expectations.
Reigniting interest
If it’s becoming clear your property needs a price readjustment, it’s important to take action quickly.
Often in real estate sales, the first 28 days are critical as this is anecdotally the period when a property will attract the strongest interest.
A good agent will be monitoring this interest, seeking feedback, watching the market and advising you if they believe a readjustment is in your best interests.
And remember, as tough as it might be to cop a price reduction, it could save you money and stress in the long term.
If you decide to readjust, a great agent will then use this to maximum advantage, going out to the database of people who inspected the property to let them know there’s been a price reduction.
How we can help
If you’re considering buying or selling a property and seeking to understand the current market conditions, why not chat with one of our friendly agents to understand how we can help?
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