Price Reductions

Price reductions

What do you think if you see a property with a reduced price? Far too often people assume that there must be something wrong with the property! That is a very negative way of responding. The likelihood is something much less sinister. You should always be open minded when dealing with property.

There are many potential reasons for a property having its price reduced.

Buyers should put themselves in the vendors shoes. They should consider the circumstances behind the scenes that may prompt a reduction. So, if you see a reduced-price property, bear in mind the following, rather than thinking the worst.

Deadlines

A vendor is selling because of a job transfer. Or they’ve already purchased another home. If this is the case, the need to sell becomes more urgent. Dropping the price may generate the interest needed to find a buyer quicker.

Improvements

feedback from viewings is vital. If buyers feel they need to do some work on the property, this information is important to react to. A vendor may not have the funds to put fresh paint on the walls, clean the carpets, and add curb appeal themselves. In this case a price reduction may turn a buyer on the fence into a buyer making an offer.

 

Competition

It is important to keep an eye on the competition, as the property market can change. Agents should bear in mind what comparable homes have sold for and what’s still on the market? Are there new listings since a vendor’s property came to market? Comparable data might show a property price is too steep. So, a reduction is a reasonable option to consider.

 

Be Positive

More often than not there is a reasonable explanation for a property price reduction. If you think along the positive lines then you may be in luck to snap up a property at the right price for you.

 

Examples

Check out these two properties which have been reduced, for very logical reasons:

Reduced Property Click here to see this reduced property

Reduced property Click here to see this reduced property

 

Blog written by Sharon Westman