Welcome back to the weekly property problem page with Tim and Julia Haycocks, owners of Stowhill Estates Berkshire. This week we’re tackling the elephant in the room – what happens when a home isn’t selling?
“Our agent keeps asking for price reductions. Are they just chasing an easy sale?” PR, Hurst
Short answer, possibly; but maybe let them explain before reaching any conclusions because the longer answer is, not necessarily.
Sometimes a price reduction is the right advice. If your home has had good exposure, the right buyers have seen it, feedback is consistent around price and comparable homes are selling for less, that all provides evidential proof that should not be ignored.
But price should not be the only lever. This is where sellers like you can understandably get frustrated. The agent launches with confidence, then a few weeks later the only plan seems to be,“Let’s reduce it.”
Before reducing, ask what else has been reviewed. Photos, video, wording, buyer targeting, follow-up, feedback and search brackets all matter. Sometimes the answer will still be a price change, but it should come with evidence and a proper plan.
A good agent should be able to say, “Here is what the market is telling us, here are your options, and here is what I would do.” Not just, “Let’s drop it and see what happens.” Let’s be honest, if you make a property cheap enough, you could sell anything. That doesn’t mean it’s the right thing to do.
So, should you accept a request for a price reduction straightaway? Absolutely not and certainly not without something to prove why it is needed. Is it the wrong thing for your agent to have suggested? Also no, you have to view it on its merits and always remain pragmatic. But remember it is your choice and if the evidence doesn’t back up the suggestion, you’re not obligated to do anything you don’t want to.
Tim & Julia
“We’ve had plenty of viewings but no offers. What’s actually going on?” KS, Wokingham
Owners, Julia & Tim Haycocks
On the face of it, the marketing sounds like it’s working but nothing is turning into an offer. That must be really frustrating for you and there could be a few things at play.
Never forget that selling a house is competitive. One home is up against another. Buyers have choice and will plump for the option that gives them the fewest compromises and the best value, based on whatever it is they’re looking for.
Buyers can be serious and financially capable, yet still hesitate because of interest rates, lending conditions, economic uncertainty, government decisions or general confidence. Some of those things are outside your control so don’t beat yourself up about it.
Believe it or not, it is possible to represent a house too well in marketing. That can lead to disappointment when people come to view it in person. Misleading things like wide-angle lenses making rooms look bigger or avoiding showing that third bedroom in desperate need of redecoration aren’t particularly helpful when somebody walks through the door in real life and can see them for themselves. Are buyer expectations being set and managed by the online content?
Look for patterns. Are buyers raising the same concerns? Comparing you with better-value homes? Nervous about monthly costs? Waiting to see what happens next? Or do they have issues with particular aspects of the property?
The fact that you are getting people through the door is great. If that isn’t converting to offers however, have an honest conversation with your agent about why not.
Lastly make sure you’re also having an honest conversation with yourself. How are you presenting the property for viewings? Is it being shown at its best? Does it smell nice? Is it warm? Is it tidy? Is it clean? Have children and pets been relocated? Was it easy to park? Did it create a great first and last impression? Putting your best foot forward can be the difference between success and failure.
All the best.
Tim & Julia
Phone: 0118 207 30 30
berkshire@stowhillestates.com
WhatsApp: 07346 134548 www.stowhillestatesberkshire.co.uk
