1 in 3.9 Shoreham-by-Sea Home Sellers Lower Their Asking Price Every Month
As the property market in Shoreham-by-Sea evolves, many homeowners find themselves facing the tough decision of when and how much to reduce their asking prices to attract buyers.
With an increasing number of homes on the market, rising from 181 in August 2022 to 295 in August 2024, competition has become fiercer, making strategic price adjustments more essential than ever.
Mastering Property Portal Price Bands for Optimal Exposure
Understanding and using price bands on portals like Rightmove, Zoopla, and OnTheMarket can significantly enhance your property's visibility. These predefined price ranges are often used by buyers to filter search results. Placing your asking price within one of these bands can attract more views, generate more interest, and ultimately increase your chances of making a sale. For instance, setting your asking price at £300,000 instead of £299,950 puts your property in the £280,000 to £300,000 and £300,000 to £325,000 search categories, attracting a broader audience.
The Importance of Rightmove Alerts
The timing of price reductions is crucial for capturing buyer attention. To ensure your property reappears in Rightmove’s email alerts, you’ll need to reduce the price by at least 2%. OnTheMarket also requires a 2% reduction, while Zoopla needs a 3% drop for your property to be re-notified to potential buyers.
Current State of the Shoreham-by-Sea Property Market
Many Shoreham-by-Sea sellers have observed that price reductions seem more frequent than a few years ago.
In 2022, the number of properties for sale in the area was much lower, and naturally, fewer price cuts occurred. Now, with the number of properties rising, we are seeing an increase in price reductions.
On average, there were 55 price reductions per month in Shoreham-by-Sea in 2022, compared to 70 per month in 2024. Over the past three months, the average price reduction has been 6.3%.
Approximately 1 in 3.9 homes (25.7%) in Shoreham-by-Sea have reduced their asking price every month over the last five and a half years.
Yearly Breakdown of Price Reductions:
- In 2019, 24.5% of the 261 properties on the market reduced their asking price.
- In 2020, 24.3% of the 294 properties reduced their asking price.
- In 2021, 28% of the 209 properties reduced their asking price.
- In 2022, 29.9% of the 185 properties reduced their asking price.
- In 2023, 23.8% of the 269 properties reduced their asking price.
- So far in 2024, 22.3% of the 312 properties have reduced their asking price.
This trend highlights the importance of setting a realistic price from the outset to stand out in a crowded market.
The Ideal Pricing Strategy for Shoreham-by-Sea Homes
Pricing strategy is critical to the speed and success of your sale. Homes priced too high tend to linger on the market, requiring steeper reductions later on to generate interest. By pricing your property realistically from the start, you are more likely to receive offers quickly, reducing the need for significant price cuts.
For homeowners who initially choose a higher price, it’s crucial to be prepared to adjust swiftly. A reduction within the first 2 to 4 weeks can keep your property from stagnating, while waiting too long may harm your chances of selling promptly.
Six Key Considerations for a Price Reduction
Lack of Viewings:
If you’re not getting many viewings, review your photographs and listing details on property portals. If they’re up to standard, it might be time to reconsider your asking price and speak with your agent about attracting more interest.
Viewings but No Offers:
The average UK viewing-to-offer ratio is 8 to 10 viewings per offer. If you’ve had plenty of viewings but no offers within 30 days, price might be the sticking point. Some buyers may hesitate to make an offer they feel is too low, so it could be time to adjust your price.
Low Offers:
If you’re consistently receiving low offers, market conditions or your home’s condition could be contributing factors. Remember, a property is worth what someone is willing to pay, not what you think it’s worth or what your agent suggests.
Market Saturation:
Look at how many similar homes are on the market. Are they sold subject to contract (STC)? These should have more influence on your decision than properties still on the market. Adjusting your price to compete can make a difference.
Seasonal Adjustments:
Keep seasonal trends in mind. Strategies that work in peak months may differ during slower periods like November and December.
Feedback from Viewings:
If multiple viewers have commented on the price, it’s a clear signal that adjustments are needed.
Leveraging Expert Advice
Navigating the complexities of the Shoreham-by-Sea property market can be challenging. Seeking advice from property experts, like our team, can help tailor your strategy to current market conditions. We offer honest, no-nonsense guidance that’s focused on achieving results.
If you’re considering a price reduction or thinking of listing your property, contact us for a no-obligation consultation. Together, we can ensure your home is positioned to attract buyers and achieve a successful sale. Please get in touch with Nick Williams, our Shoreham Director, and the friendly team at our Shoreham-by-Sea Property Hub. We’re here to help you find your dream home in this coastal town—call us on 01273 661577 today or click here to drop us an email.