In the ever-evolving landscape of property prices, we can now witness a welcome moderation in the market. While the demand for properties continues to flourish, it is crucial for sellers to approach their initial pricing with sensibility and realism, as it directly impacts the likelihood of successful sales.
Compelling data sourced from Rightmove sheds light on an interesting correlation: properties that undergo a price reduction are shown to be 10% less likely to receive offers. Furthermore, these properties tend to linger on the market for an extended duration, surpassing twice the average time it takes for them to be marked as “Sold Subject To Contract” (SSTC).
Following a period characterized by a rapid surge in property prices, it is not uncommon for sellers to harbour overly optimistic expectations. However, seasoned and knowledgeable agents are well-versed in the art of accurately pricing properties according to the current market conditions.
Recent research conducted by Zoopla unveils a fascinating statistic: the average reduction on the initial asking price at the point of sale amounts to 3.8%. Remarkably, more than 40% of sellers in recent times have accepted offers that fall 5% or even further below their original asking price. These findings, supported by #Dataloft, Rightmove, and Zoopla, highlight the fluidity of the property market and the importance of setting realistic price expectations for optimal outcomes.
To maximize your chances of a successful sale in this dynamic market, ensure you work with experienced agents who possess comprehensive knowledge of current market conditions. By adopting sensible and realistic initial pricing strategies, you can significantly enhance the prospects of securing an offer swiftly and efficiently.
