How to avoid dropping your asking price

While selling your home in Chichester can be an emotional process, it also needs to be a practical one and you’ll want to achieve as high a price as possible. However, there has been a recent increase in sellers dropping their asking price once on the market.

There could be several reasons for this. A sudden change in circumstances may mean sellers need to move more quickly than originally planned. Perhaps the home has been lingering on the market for some time and the vendor needs to drum up interest by tempting buyers with a lower price. Maybe survey results have shown that expensive work needs to be carried out, meaning the value of the property has taken a hit.

We know that getting the sales figure right the first time is the best way of avoiding having to reduce the asking price, so here’s our list of top tips to help you beat the drop.

Start with a realistic asking price

Being realistic about how much your property could achieve is absolutely key. Some sellers will want to try and ‘break the price ceiling’ in their road or area – sometimes out of greed - but ideally, you want to price your home at, or just below, the highest price paid in your area.

Properties that are overpriced generally hang about on the market for a lot longer and, inevitably, buyers will question why no one has snapped them up. As a result, you’ll either receive low offers, or none at all, which may force you to consider making small drops in price. Importantly, each price drop will be a red flag to a potential buyer – especially if they’re watching your property on the portals, as it’s noted when a property’s price has been reduced.

Get expert advice

Looking on sites such as Rightmove and Zoopla for similar properties in your locale can give a good indication of how much your property is worth, but the best thing you can do is speak to an experienced estate agent in Chichester. Not only will they have very specific knowledge about the values of the properties in your area, they will also be able to advise whether it’s worth having certain works done. That extension you’re considering may not add any overall value but some simple repainting and DIY might just do the trick.

The objective opinions and experience that an agent can offer means you’re much more likely to market your house for the right price from the very beginning of the process. Research by Rightmove reveals that sellers are twice as likely to sell if their property is priced right the first time – and will sell more quickly than an overpriced home.

Advertise with ‘offers in excess of’ (OIEO)

Once you’ve spoken with an experienced estate agent, you may feel the valuation is lower than you’d hoped for. Subsequently, you may want to consider advertising your property with ‘offers in excess of’. This means even though it’s advertised at the lower end of what you’d hoped to achieve, you may find a higher number of potential buyers are interested and therefore bring in offers closer to the preferred value.

Get your property in shape

First impressions count – and your home is no exception. Even if a potential buyer falls in love with your property, they’ll still be working out how much they have to spend to make repairs or redecorate. If the work required is very involved or expensive, buyers may pass on your property in favour of one that’s less hassle and more ‘move in’ ready. The net result? You may have to lower your asking price to accommodate its current condition

Before you put your house on the market, it’s essential to spend time making it look as good as possible. This means decluttering, deep cleaning and making your way through that all-important DIY list.

If you’re interested in finding out how much your home in Chichester could potentially be worth, we offer a no-obligation valuation service. We’ll offer you honest advice to make sure you get that all- important price right at the very beginning of your sales journey.