House Not Selling After Price Reduction, What Can I Do?

When it comes to selling your home, you always strive for three things. A good price, as little stress as possible, and the chance to sell your house fast. Occasionally though, there are bumps in the road that slow the process down or see it cause much more hassle than you may have liked.

In March 2024, Rightmove conducted some research and discovered that it is taking a seller an average of 71 days to find a buyer for their home. A further report from Zoopla at the end of 2023 showed that it can take anything from 17-34 weeks for the entire process to complete. This is assuming you have priced your property fairly though. Buyers are being smart, and picking off the best value properties, leaving sellers who think they can eke out a few more pounds due to the nicer front garden or better driveway waiting for a sale that may never come.

This may encourage you to lower the price to try and keep up with the Joneses, but sometimes this isn’t enough. So, what can you do if you’ve reduced the house price but it’s still not selling after this reduction? Firstly, take a breath and don’t worry. Then, look at the market conditions as they are now. Are people buying? Factor in differences for your area, (they may buck national trends) and then assess your property. Have you got a realistic listing price for the condition of the home and what it offers?

How much should you reduce your house price by to sell it?

This would depend on how long your property has been on the market for and whether you have already lowered the price at all. Let’s assume you have kept it at its original price and are struggling to find a seller despite other homes in your area selling well.

If you have noticed other homes are selling for a comparable price to yours, you could consider a small reduction of 1-3% first. This may not seem much but once you reduce by 2% or more, you can see your listing get a little more coverage on the portals like Rightmove as it now falls into the price range of a wider list of buyers.

If you have seen that your price is some way above the others in the area, you may need to look at a more notable change and this could be anywhere in the region of 5-10%.

Just be prepared though for the inevitable negotiation an interested party will likely try. This could mean that a 3% reduction falls closer to 5% and a 10% reduction moves closer to 12 or even 15%.

You should also look at where the reduction places your price point. We all know the trick of stores listing items with a 95p or 99p value in them rather than rounding it up to the next pound. The same happens in property. Dropping your house price from £400,000 to £399,950 could have a huge impact on the chances of selling.

What should you do if your house isn’t selling after you’ve lowered the price?

As we said in the intro, take a deep breath first and don’t panic. A few simple changes may be all you need to speed up the process and secure the sale.

• Look at how long your home has been on the market. Has it been longer than comparable properties in the area?
• Have you been told the price may be a little high by potential buyers or property experts? Do your own research on similar properties to see how much difference there is between your property and others.
• Look at how many viewings you have had. If it is proving popular but with no offers coming in, the price is likely too high. If the viewings aren’t getting booked, it could be your property isn’t desirable, you could have picked the wrong time to sell or you may have grossly overpriced the home.
• Visit local estate agents to browse what else is selling and for how much.

Once you have done this. Look at the key selling points of your home. A reduction may not be necessary. Have you or the estate agent put together photos that really highlight the best aspects of the home? At the same time, double check for any minor or major repairs that you may have glossed over. If these issues can be rectified, you may be able to keep the house at the same price and find a seller. Then finally reassess the market again. Is it a buyer’s or seller’s market? A buyer’s market means there are plenty of properties available, there just aren’t enough people looking to buy. A seller’s market is the opposite, there is lots of demand but not enough property to match it. It’s in a buyer’s market that you should look at reducing your price to attract people. In a seller’s market, you can normally sell for close to or over the asking price.

How soon after listing should you reduce the asking price?

Once you have assessed all the aspects we mentioned above, you could consider reducing the price. In December 2022, an article from This is Money stated that you could be looking at reducing the price by 10% in as little as five weeks after you listed it. This does seem drastic though and the same article indicates, as we have, that several considerations must come into play. This not only includes those we mentioned earlier but also such aspects as the time of year. Autumn and winter for example are typically quieter times in the housing market and the summer months when gardens become a vital selling tool tend to be more active. So, by factoring in time of year, the economy and the aspects we touched upon earlier, it can be best to wait it out and not reduce the price at all. If your timing was off, it would be unfortunate to reduce the price now only to find out that the market has become more favourable just a short while later. If you have attempted all these things, you may have to bite the bullet on lowering the price.

If lowering the price is still slowing down the chance of a sale, you could speak to Bettermove. Our route to sale is seamless, fully managed, and free. Operating as cash house buyers, we can purchase your home from you in just a matter of days or present it to a select group of high-net worth investors looking to snap up property fast. We also make sure the additional stress of cost is removed by making it that we sell your house for free with no hidden surprise charges. Stop waiting for your home to sell and get it sold within days with Bettermove. Call us today to get started.