SALES NEWS: Analysis shows the ‘right’ asking price is absolutely vital
A survey by Rightmove reveals that homes with realistic asking prices typically sell faster than properties that ‘try it on’ with ambitious prices.
Rightmove is Britain’s biggest property portal and analyses around 100,000 homes for sale each month, assessing their asking prices, their time on the market, and how much they eventually sell for: East of Exe advertises all of its clients’ properties on this site.
The portal says that as spring approaches the housing market is very price-sensitive, with most agents reporting that buyers are reluctant to pay more than they consider a fair price. Even a five per cent ‘over-pricing’ can persuade buyers not even to view a property.
It suggests some sellers think there is no problem in ‘starting high’ and reducing the asking price later; however, Rightmove says its figures show that a more realistic asking price ensures greater interest much more quickly. It gets people ‘though the door’ to view the property and, in some circumstances, can even produce competitive bids from buyers.
“Over-pricing loses you that vital initial interest and impetus, and buyers often have reservations about a property that has not sold as quickly as others or has had a price reduction” warns Rightmove.