1 in 8.3 Thanet Sellers Lower Their Asking Price Each Month: Mastering the Art of Strategic Pricing
Why Price Reductions Are Increasing in Thanet
As the property landscape in Thanet continues to evolve, many homeowners who have been on the market for a while find themselves navigating the complex decision of when and how much to reduce their asking prices to attract buyers.
With properties on the market rising from 1,833 in August 2022 to 2,886 in August 2024, competition has intensified, making strategic price adjustments more crucial than ever.
Mastering Property Portal Price Bands
Understanding and utilising price bands on portals like Rightmove, Zoopla, and OnTheMarket can significantly enhance the visibility of your property listing. Positioning your property’s asking price strategically within these bands can draw more views and ultimately increase your chances of achieving a sale.
The Importance of Rightmove Alerts
To capture buyer attention, price reductions should be at least 2% on Rightmove and OnTheMarket, or 3% on Zoopla. This ensures that your property appears in buyer alerts, reigniting interest and potentially drawing in more viewings.
Current Trends in Price Reductions
Statistics show that an average of 1 in 8.3 Thanet homes (12.1%) undergo price reductions each month over the last five and a half years. This highlights the importance of setting a realistic price from the outset to stand out in a crowded market.
- 2019: 13.0% of listings reduced prices monthly.
- 2020: 8.6% reduced prices monthly.
- 2021: 8.8% reduced prices monthly.
- 2022: 13.1% reduced prices monthly.
- 2023: 15.7% reduced prices monthly.
- 2024 YTD: 14.2% reduced prices monthly.
The Ideal Pricing Strategy for Thanet Homes
Properties priced too high at the outset tend to linger on the market, requiring further reductions. In contrast, homes priced realistically from the beginning are more likely to attract offers quickly, reducing the need for significant price cuts.
Six Things to Consider for a Price Reduction
1. **Lack of Viewings:** If few viewings occur in the initial weeks, it may be time to reconsider your pricing.
2. **Viewings But No Offers:** If you’ve had viewings without offers, your price might be a sticking point.
3. **Low Offers:** A series of low offers can signal that buyers see the price as too high for the property.
4. **Market Saturation:** Assess how similar homes are priced in your area to ensure your property is competitive.
5. **Seasonal Adjustments:** Adjust pricing strategies based on seasonal market activity.
6. **Feedback from Viewings:** Consistent feedback about the price is a clear indicator that adjustments are necessary.
Expert Advice for a Competitive Market
If you're considering a price reduction or planning to list your property soon, consulting with an expert can offer insights tailored to your situation. Contact Cooke & Co for a no-obligation consultation and a fresh perspective on your property strategy.
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About Cooke & Co
Cooke & Co has been providing estate agency services in Thanet since 1992, covering Margate, Broadstairs, Ramsgate, and surrounding areas.
Contact us:
- Margate Office: (01843) 231833
- Ramsgate Office: (01843) 851322
- Broadstairs Office: (01843) 600911
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