In short
- If 2–3 weeks bring no viewings or offers, the price is most likely too high.
- One noticeable cut works better than several small ones.
- Cut so the listing lands in a new price filter.
- Before cutting, check the photos and text: the problem may lie elsewhere.
Signs the price is too high
- People view the listing but don't call
- There are viewings, but nobody makes an offer
- Buyers compare it with a cheaper flat in the same building
- Similar flats nearby sell, yours doesn't
- The buyer's bank values the flat below the agreed price
When to reduce your flat's price
Interest peaks in the first weeks. If no serious buyers appear in that time, waiting usually doesn't help: the listing gets old, and buyers start to think something is wrong with the flat.
Before you cut, check everything else. If the photos are dark or the text doesn't answer the main questions, start there.
How much to cut
Small cuts, like € 500 or € 1,000, are barely noticed by buyers. They don't change where you sit in the price filter, and several small cuts in a row look desperate.
One clear cut works better: it brings the price closer to deal prices and puts the listing under a new price threshold, such as below € 100,000 or € 80,000.
How to work out the new price
- Find deals for similar flats in your building and area over the last 12 months.
- Compare their price per m² with yours.
- Look at which competitors are on the market now and at what price.
- Choose a price within the market range that puts you in the buyer's filter.
What not to do
- Don't remove and relist the flat to look new: buyers notice
- Don't cut the price by a small amount every week
- Don't tell buyers you are in a hurry: it changes the negotiation
- Don't compare with what you paid: the market doesn't care
Common questions
How long before I should cut my flat's price?
If 2–3 weeks bring no viewings or offers, it is time to act.
By what percentage should I reduce the price?
Enough to bring it within deal prices and under a new filter threshold. Small cuts rarely change anything.
Is it better to cut the price or wait for a buyer?
If similar, cheaper flats are on the market, waiting usually ends with a bigger cut later.
Sources
- Nekustamā īpašuma tirgus pārskati · Valsts zemes dienests
This article is for information only and is not legal, financial or tax advice. It may contain mistakes or be out of date, so check it against official sources or with a specialist before you decide. m²cena accepts no liability for any loss or damage arising from the use of the information in this article.