Reducing The Asking Price Of Your 2-Bed London Flat
A lot of the time, reducing the asking price for your 2-bed London flat could seem like the only option to get your home sold…
However, is reducing the asking price for your flat the right way to go?
Here are some things for you to think about:
Your estate agent should be keeping you updated
Your estate agent will have initially used comparable sold data to price your property and will have explained to why they feel that your property is worth ‘X’…
Your estate agent should be keeping you up to date with:
How many online viewings/ portal viewings your property has had (if applicable on the portals!).
How many physical viewings your property has had.
Crucially, what the feedback was from each viewing.
Look at the price bands of online portals such as Rightmove and Zoopla
Rightmove has wider price bands (for example, £1,250,000 - £1,500,000, £1,500,000 - £1,750,000, etc) and you must make sure that you position your property in alignment with these price bands.
Zoopla is much better at having close price bands (for example, £1,200,000 - £1,300,000).
For example, if a prospective buyer’s maximum price point is £2,000,000 and you price your 3-bed property at £2,050,000, then they will not find it easily on Rightmove, but may well find it on Zoopla.
“Your estate agent will have initially used comparable sold data to price your property and will have explained to why they feel that your property is worth ‘X’…”
Speak to your estate agent about what else could be done
Encourage your estate agent to explain to you how effective their marketing is working…
What are they doing to market your 2-bed flat?
Have they changed the order of the photos on the online portals?
Could they take different photos altogether - e.g. lifestyle photography?
IF you do drop your asking price, make sure that you drop it by at LEAST 10%
This is a significant amount and is large enough to make potential sit up and take notice, especially if they have set up an ‘alert’ on your 2-bed property on the online portals.
2-bed home buyers sometimes look at properties that are 10% above their price point, too, so you’re giving yourself more of a chance of reaching more potential buyers for your 2-bed home.
At the end of the day it could be best to sell at a lower price and move on
If you are looking to buy a new home, changes are that if it is a “Buyers’ Market” where you are seller, then it will in all likelihood be a “Buyers’ Market” where you are looking to buy.
If you sell for less than you were expecting to pay, you will probably be able to get a discount when purchasing your next home.
Have you been asked to reduce your asking price by your current estate agent?
If so, did you reduce your asking price or did you refuse?