Rightmove have done extensive research into the effect that asking prices have on a property’s likeliness to sell.
Approximately 300,000 properties were brought onto the market this summer.
By September, 63% of properties that remained at the same price and hadn’t been reduced had reached Sold Subject to Contract (SSTC).
Whereas out of the 300,000 properties, only 32% of those that had come down in value had reached SSTC within that same timeframe.
This study confirms what we’ve long since known, that the asking price set for your home is a key determining factor in how it performs on the market.
When priced right the first time, Rightmove’s findings were that a house sold 26 days faster, on average.
As your leading local agents, we can ensure that your home is competitively priced.
Resident data expert at Rightmove – Tim Bannister – had the following to add: “This analysis shows just how vital it is that sellers listen to their agent when they recommend the asking price that the property should be listed at.
“If sellers are serious about selling, then starting with too high an asking price can cause unnecessary delays, and also make it a lot less likely they will actually find a buyer in the end.
“The temporary stamp duty holiday means more sellers are in a hurry to get a sale through conveyancing, and with this also taking longer at the minute a realistic asking price could soon end up being the difference between completing in time or losing out on the savings.”
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We appreciate how demotivating it can be to experience delays when you’re excited to progress your property move.
That’s why our valuations take into consideration a number of different variables, such as the condition of your home and properties in your area, making us the experts who can confidently evaluate your home’s worth the first time.
