1 in 8.1 Gravesend Home Sellers Lower Their Asking Price Every Month

As the property market in Gravesend evolves, many homeowners on the market for a while face the decision of when and how much to reduce their asking prices to attract buyers.

With the number of properties for sale in Gravesend increasing from 447 in August 2022 to 705 in August 2024, competition is fiercer, making strategic price adjustments more crucial.

Mastering Property Portal Price Bands for Optimal Exposure

Understanding and using price bands on portals like Rightmove, Zoopla, and OnTheMarket can greatly increase your property's visibility. These bands are predefined price ranges buyers use to filter search results. Setting your asking price at a threshold, such as £300,000 instead of £299,950, will place your property in more searches, attracting a broader audience.

The Importance of Rightmove Alerts

To reappear in Rightmove and OnTheMarket email alerts, homeowners need to reduce their asking price by at least 2%. For Zoopla, the reduction must be 3%. This helps recapture the attention of active buyers.

Current State of the Gravesend Property Market

Many Gravesend home movers believe there are more price reductions happening now than in previous years. In 2022, there were an average of 53 price reductions per month in Gravesend. Today, that number is 96. Over the last five and a half years, 12.3% of Gravesend homes, or 1 in 8.1, have reduced their asking prices each month.

The data reveals the following trends:

• 2019: 15.3% of the 628 properties on the market reduced their prices monthly.
• 2020: 10.6% of the 545 properties reduced their prices monthly.
• 2021: 9.2% of the 482 properties reduced their prices monthly.
• 2022: 11.2% of the 465 properties reduced their prices monthly.
• 2023: 13.9% of the 626 properties reduced their prices monthly.
• 2024 (so far): 14.4% of the 666 properties reduced their prices monthly.

The Ideal Pricing Strategy for Gravesend Homes

Pricing your property correctly from the start is key to a fast and successful sale. Overpriced properties tend to stay on the market longer, often requiring larger price cuts later. In contrast, realistically priced homes attract quicker offers, reducing the need for further reductions.

If you’re considering a higher initial asking price, be ready to adjust it within the first 2 to 4 weeks to avoid your property sitting stagnant on the market.

Six Things to Consider for a Price Reduction

1. Lack of Viewings: If your property hasn’t had many viewings in the first few weeks, review your photos and description on the portals. If they’re up to standard, consider reducing the price.

2. Viewings but No Offers: If you’ve had viewings but no offers in the first 30 days, the price may be the issue. Research shows many buyers avoid making offers they feel could offend.

3. Low Offers: If you’re getting low offers, remember that a property is only worth what a buyer is willing to pay, not necessarily what you or an estate agent think it’s worth.

4. Market Saturation: Look at the number of homes similar to yours on the market, especially those that are "sold subject to contract" (STC). Adjust your price to stand out.

5. Seasonal Adjustments: Be mindful of seasonal trends in the Gravesend property market. A different strategy may be needed during slower months, like November and December.

6. Feedback from Viewings: Consistent feedback about your asking price during viewings is a clear indicator that adjustments are needed.

Leveraging Expert Advice

Navigating the Gravesend property market can be complex. Seeking expert advice tailored to your situation can provide clarity. Choose a consultant who offers honest advice, even if it’s not what you want to hear.

Are you currently on the market in Gravesend and considering a price reduction? Or are you planning to list your property soon? For a no-obligation consultation and a fresh perspective, feel free to contact us.

Together, we can position your home effectively to attract buyers and secure a successful sale.