Your search results

When Should You Consider Lowering the Price of Your Property That Has Been on the Market for Months?

Posted by Jayson Ang on December 3, 2024

| All, Blog Posts, Opinion, Selling Tips

| 0

TLDR

Selling a property can be challenging without the right price strategy. Adjust your asking price to attract more buyers and avoid long market stays. Overpricing can deter potential buyers, but minor reductions can improve search visibility. Regularly reassess your listing’s age and market trends to stay competitive. Establish a clear timeline for price adjustments to avoid impulsive decisions. Be mindful of policy changes like ABSD rates, which can impact buyer behavior. Acting swiftly on initial offers might prevent lower subsequent offers. Strategic planning and market understanding are key to securing your dream property.

After what feels like an eternity, not a single soul has presented you with a tempting offer. And let’s face it, you can’t move on to your dream property until this one is off your hands. Perhaps it’s finally time to take a leap of faith and reduce your asking price?

We know, in a market where replacement properties cost a fortune, it’s hard to let go of your desired profit. But consider this – settling for a slightly lower amount now could mean the difference between securing a more ideal home or no sale at all.

Let’s see what advice some seasoned agents have for those moments when it’s necessary to adjust your expectations.

1. Adjust Downward to Align, Despite Your Aspirations

Starting with a steep asking price is a common pitfall, as it can immediately turn off potential buyers and discourage any further negotiations. Yet, some sellers insist on aiming for the stars and refuse to budge, unaware of the lost opportunities.

For instance, a recent case involved a two-bedroom unit sold by a colleague in 2023. Against his advice, the seller stubbornly set an asking price 20 per cent higher than similar units in the condo. The first two interested viewers never returned, likely assuming their offer would be dismissed without consideration. Finally, the seller relented and agreed to match the prices of other listings.

Miraculously, within a month, the condo was snapped up at a price close to the original asking, thanks to shrewd negotiations. Lesson learned: starting too high can ultimately lead to settling for less.

2. Consider Adjusting the Price for Better Search Visibility!

In today’s market, the majority, if not all, of home seekers rely on property portals rather than the traditional newspaper classifieds to find their dream abode. If you’ve dabbled in these portals, you’re well aware of the plethora of filters at your disposal – from leasehold or freehold options to specific construction dates. And among these filtering options, the ever-popular filter for price reigns supreme.

But here’s something to consider: if your flat is listed at $505,000, but a potential buyer sets the filter to $500,000 or below, your listing may be ousted from their search results. To increase your chances of being seen, it may be wise to adjust your price by a mere $5,000 to align with the search system.

(On a related note, for all you buyers out there, it might be beneficial to set the filter slightly higher – say, at $550,000 if your budget is $500,000. This way, you won’t risk missing out on fantastic listings that may just be a smidge above your set limit).

3. Adjust Pricing According to Listing Age

Navigating through property listings can be tricky, especially in smaller developments with limited transactions. Often, the only other unit available in your project is either significantly larger or smaller, making it difficult to find a fair comparison. In such cases, it may be more beneficial to look at units of similar size in nearby projects. However, it is ideal to find close comparisons to your unit, and take note of the “listed on” date of these properties.

According to M, if your listing is one of the oldest in comparison, it could be a sign that your asking price needs to be adjusted. This can also create assumptions among potential buyers and their agents, leading to lowball offers.

It is important for agents to keep track of the average days a property stays on the market, specific to the property type and area. This information can serve as a benchmark, and if your listing exceeds this average, it may be time to consider lowering the price. Discussing this with your agent beforehand can prepare you for any necessary adjustments.

4. Implement a Strategic Lowering Approach, Not Intuition!

Working closely with HDB upgraders, I’ve noticed a common mistake pointed out by my colleague – one that plagues those who attempt to sell their own flat without proper guidance. It’s the failure to establish a clear timeline for price adjustments.

When our clients entrust us with their sale, we carefully assess their time frame and strategize accordingly. If there’s no response after a couple of weeks, we make a calculated price reduction. And if still no takers, we adjust once again, and so on.

But for those who brave the selling process alone, they often rely on their gut feeling. This ad-hoc approach can be taxing and lead to impulsive decisions. Instead, having a structured timeline in place can help alleviate the stress and guide rational choices.

Of course, this timeline is determined by various factors like ABSD remission (if purchasing before selling) and competition for a new property. While there’s no one-size-fits-all formula, it’s crucial to remember that the shorter your runway, the quicker you may need to adjust your price.

5. Decrease in Asking Price After Policy Adjustments

Deciding on whether or not to lower the price of a property can be a daunting decision, as the timing of a policy change, such as an increase in ABSD rates, can be uncertain.

While there may be a desire to hold out for a higher price, particularly after viewings have taken place, it is important to pay attention to the level of interest after the policy adjustment.

In some cases, it may be wise to lower the price before the situation deteriorates. According to ST, this was the case for one of his clients during the July 2018 cooling measures.

“Following the rise in ABSD rates, many potential buyers chose to adopt a wait-and-see approach. Despite receiving an offer slightly below their desired price, the seller refused to budge. However, as time passed and interest dwindled, they were forced to settle for an even lower offer in order to proceed with their own property purchase.

In hindsight, had they accepted the first offer, they would have been in a much better position. Thus, it is sometimes necessary to readjust our expectations before things worsen.”

Should You Buy, Sell or Wait?

If you’re reading this, you must be trying to figure out the best course of action right now: is it the right time to buy or sell?

It’s difficult to give an exact answer since everyone’s situation is unique and what works for one person may not necessarily work for you.

I can bring you a wealth of on-the-ground experience and a data-driven approach to provide clarity and direction. From beginners to experienced investors, our top-down, objective approach will help you on your real estate journey.

I can help you by:

Offering Strategic Real Estate Advice – I can help create a comprehensive plan to guide you through your property journey.
Connecting Your Home with the Perfect Buyers – Through stunning visuals, an effective communication strategy, and an in-depth knowledge of the market, we’ll ensure your home is presented in the best possible way to fulfill your goals.

You May Also Like …

All Buying Tips

Is 2024 the Perfect Moment to Refinance Your Home Loan? Discover What Homeowners Should Consider!

Jayson Ang – July 20, 2024 –

TLDR The article covers the shift to SORA for home loan rates, urging consideration of refinancing options amidst rising rates....

All Blog Posts Buying Tips

What Hidden Costs Are There When Selling Your House?

Jayson Ang – July 7, 2023 –

TLDR When selling your house, be prepared to cover expenses such as outstanding home loans, legal fees, property agent commissions,...

Mandarin Top 5

5 Factors : Why Now Is The Perfect Time To Invest In Singapore Property

Jayson Ang – May 12, 2024 –

Investing in property is an excellent way to build wealth and secure a stable source of passive income. If you...

Mandarin Top 5

5 Singapore’s Best Property Investments for 2023: Where to Find Growth and Income

Jayson Ang – March 20, 2024 –

The Singapore property market has long been a sought-after investment destination, with its stable economy and growing population making it...

Mandarin Top 5

Introducing Top 5 Power Property Tips

Jayson Ang – May 14, 2023 –

Hello, everyone! We are excited to welcome you to our blog posts! On this blog, we will be sharing daily...

All Buying Tips

Strategies for Overcoming ABSD and Acquiring Multiple Properties in 2023 (Revised)

Jayson Ang – August 15, 2023 –

TLDR When it comes to navigating the Additional Buyers Stamp Duty (ABSD) in Singapore, there are legal strategies available to...

All Buying Tips Opinion

Leasehold vs. Freehold Condos in Singapore: A Decade of Data

Jayson Ang – December 14, 2025 –

TLDR In Singapore’s property market (2014-2024), leasehold condos often outperform freehold in short-term holding (around 10 years) due to lower...

All Buying Tips Opinion

Pitfalls of Owning a Boutique Condo: 5 Insider Insights You’ll Wish You Knew Earlier

Jayson Ang – May 19, 2024 –

TLDR When considering boutique condos, be mindful of potential drawbacks such as dominating families influencing rules, lack of privacy due...

Mandarin Top 5

Building A World-Class Nation: Top 5 Facts About Singapore’s Developed Infrastructure

Jayson Ang – July 23, 2023 –

Building A World-Class Nation: Top 5 Facts About Singapore's Developed Infrastructure Singapore is known for its high standard of living,...

Mandarin Top 5

Top 5 Singapore Must-Dos: Unforgettable Experiences Await!

Jayson Ang – June 29, 2025 –

Singapore, a vibrant city-state known for its diverse culture and world-class attractions, offers an array of unforgettable experiences for both...

Mandarin Top 5

Top 5 Secrets : Foreign Investors Are Rarely Told About Singapore’s Real Estate Market

Jayson Ang – November 19, 2024 –

Singapore's real estate market has been a popular choice for foreign investors due to its stable economy, strategic location, and...

All Buying Tips Opinion

Buy a $1M Resale HDB or a $1M Resale Condo?

Jayson Ang – August 19, 2023 –

TLDR When comparing a million-dollar HDB flat to a private property of the same value, the HDB flat offers more...

All Buying Tips Opinion

7 Essential Considerations to Keep in Mind When Assessing a Floor Plan for a New Condominium Development

Jayson Ang – March 6, 2024 –

TLDR When selecting a property unit, carefully examine the floor plan beyond aesthetics. Consider non-living spaces like ledges and void...

All Buying Tips

Your Key to a Happy Retirement in Your HDB? Let’s Unveil The Mystery Behind the Lease Buyback Scheme!

Jayson Ang – March 30, 2024 –

TLDR The Lease Buyback Scheme (LBS) is gaining traction among older Singaporeans looking to boost their retirement income by selling...

Mandarin Top 5

Top 5 Factors to Look for in a Property Developer

Jayson Ang – March 13, 2024 –

With a highly competitive property market, it's crucial to choose a property developer that you can trust to deliver quality...

All Buying Tips Reports Selling Tips

A Timeline of Property Cooling Measures in Singapore Through the Years

Jayson Ang – August 6, 2025 –

TLDR Since 2009, Singapore has implemented over 15 rounds of property cooling measures to curb speculation and keep homes affordable....

Mandarin Top 5

Top 5 Best Urban Hiking Trails in Singapore

Jayson Ang – April 8, 2025 –

Singapore, known as the Garden City, is a bustling metropolis that offers a multitude of parks and nature reserves for...

All Buying Tips

Multiple Property Ownership in Singapore: A Different Landscape in 2025

Jayson Ang – July 22, 2025 –

TLDR Owning multiple properties in Singapore in 2025 is tougher due to higher Additional Buyer’s Stamp Duty (ABSD), stricter Loan-to-Value...

All Buying Tips Opinion

Three Singaporeans Share Their Experiences of Co-Owning a Property with Friends

Jayson Ang – March 18, 2025 –

TLDR In Singapore, some individuals venture into property investments with unrelated partners, driven by opportunities and personal circumstances. Jim, leaving...