Have you seen this man?

lower your asking price or not


If your agent suggests that you lower your home's asking price, should you take it on the chin? There ARE ways to establish if your home is pitched at the right value and if your agent is giving you the right advice.

First things first, a good agent will get you the best price the market will bear. They will keep communication fluid between you and market your property at every chance.

Is your agent marketing your property well? You need to know if your agent is doing a good job, so we suggest you make sure your home is advertised on all the major property portals (such as Rightmove, Findaproperty, Primelocation and Zoopla). Has your agent advertised your home in the local press and displayed it in the shop window? These marketing strategies generate viewings but your agent should ALSO be phoning suitable applicants on their database and encouraging them to see your home as soon as possible.

Are there enough good quality photos? We know from experience that 812 pictures produce maximum click-throughs on the Internet. If there are only 2 pictures, you simply aren't grabbing people's attention.

Have you had enough viewings to test the market effectively?There is no definite number we can give to answer this question, as viewing totals vary according to your location and the time of year. For those in our area, we would advise that if 1015 viewings have taken place, you're advertised properly but are yet to receive an offer, you can start to question the asking price.

How long have you been on the market? If you've been on for a month, then you have been seen by all of the hot buyers (those already under offer and cash buyers) looking to buy at that time. There should be a glut of viewings for the first 2 weeks of marketing and then things will likely slow down as your agent chases new buyers entering the market and registering with them.

Can I hold out for a better price? If you can afford to hold out for a better price, then spring and autumn are the best times to try this. But beware, you could miss an opportunity to sell if you hang on too long, as far fewer buyers will be around at certain times of year and you risk appearing 'stale.' We think it's far better to lower the price slightly after a month rather than drop it dramatically following 6 months. You know how people huddle around a clothes rail at the beginning of seasonal sales? It's exactly the same with houses. Marketing for longer than necessary might encourage further offers on your (now reduced) price. Those 'in the know' can track your entire marketing history on sites like property-bee.com and propertysnake.co.uk . Every home currently for sale in the UK is listed on both, with full date histories (when homes are taken on and off the market, including returners) alongside all price reductions.

But my estate agent told me it was worth this price, are they wrong? When you first invited estate agents to value your home, did you ask at least 3 for an opinion? If there was a difference of opinion, did you begin marketing at the highest price suggested? There's no harm in trying, but be realistic. Many homes are reasonably straightforward to value; estate agents use the figures from recently agreed selling prices of similar properties in your road or area. See recent sales for yourself at nethouseprices.com all sold prices are taken direct from Land Registry figures. Surveyors use these figures to qualify mortgage valuations, so essentially, if a similar property to yours sold last month for 30k less, your asking price needs trimming down. Be objective about your home and ask you agent to tell you straight how marketable it is. A good agent will give you an honest valuation AND also advise on any improvements you could make to maximise value.