Do you need to drop the price? And if so, by how much?

In the affluent Colchester areas, where the average property is over £300,000, it typically takes 201 days and a drop in price of £48,000 to find a buyer for a house valued at £800,000.

We can do much better!

The longer it takes to sell a house, the harder it becomes to find a buyer without having to drop the price aggressively - we can't argue with this.

What we disagree with, is dropping a price unnecessarily.
Of course, if you let an estate agent drop the price, it will sell eventually!

It's not uncommon for an estate agent to propose a higher valuation than you were expecting to secure you as a client. Then when it takes a while to sell, they'll persuade you to drop the price, when realistically, this is where your valuation should have been sitting all along.

The correct price should be established once. It’s the estate agent's job to sell as they promised. With the right marketing and strategy, including high-quality images that reflect the superior quality of your home, this can be achieved. You should choose an agent that can do this.

We can do much better.

The longer it takes to sell a house, the harder it becomes to find a buyer without having to drop the price aggressively - we can't argue with this.

What we disagree with, is dropping it unnecessarily.

Of course, if you let an estate agent drop the price, it will sell eventually!

It's not uncommon for an estate agent to propose a higher valuation than you were expecting to secure you as a client. Then when it takes a while to sell, they'll persuade you to drop the price, when realistically, this is where your valuation should have been sitting all along.

The correct price should be established once. It’s the estate agent's job to sell as they promised. With the right marketing and strategy, including high-quality images that reflect the superior quality of your home, this can be achieved. You should choose an agent that can do this.

According to our research, estate agents typically charging 1.5% commission fees are content to slash your biggest asset by 6% to get a sale.

If you're thinking of taking their advice and dropping your price, then perhaps you should first consider trying a different agent. One who is more likely to match the quality of their marketing to the real value of your home.

Time to start again?

What should you do now?