Price Reduction And Switching Agents
Introduction
Is your home listed on the market but receiving little or no buyer interest or offers? If so, a price reduction alone may not be enough. Here I go over why you may need to effect a price reduction whilst also switching to a new agent.
A price reduction alone may not be enough
If your home is currently listed on the market and has so far been met with little or no buyer interest or offers, it may have become apparent to you, especially if it’s been on the market for quite some time, that the market sees a discrepancy between the asking price and the value on offer. Simply put, the market disagrees with the asking price.
Even though a price reduction in such circumstances may be necessary, if it is reduced via your current agent, your home will almost certainly become or remain stagnant and stale on the market, as the time value of your home on the market will continue to diminish, not to mention that social proof affirmation will increasingly work against you! This of course should be avoided!
Simply put, a price reduction alone may not be enough!
Effecting a price reduction whilst also switching to a new agent
On the other hand, if you effect a price reduction (or a market reposition, as I prefer to see it as), whilst also switching to a new agent, this problem will not matter.
Why not?
Because as far as the property portals (such as Rightmove and Zoopla) are concerned, your home (marketed with a brand new listing under a brand new agent) would be treated as fresh and brand new to the market, and at a more attractive (or saleable) price that will appeal to a fresh and more appropriate segment of buyers (i.e. the right type of buyers / our likely buyer pool) on the market!
Getting in touch with me
If you are finding yourself in such a situation and need help, or if you have yet to list your home and want to speak to an agent beforehand, click here to get in touch with me and I’ll be delighted to discuss with you further!
I invite you to join me in the next section, where I cap off my discussion on pricing with a few final thoughts.