How important is your marketing price?
Why optimistically pricing your home could cost you thousands of pounds
We all want to get the best possible price for our home, so instructing the agent who gives you the highest price can be enticing but can be costly. In a bid for your business, you could be told what you want to hear without any comparable evidence backing up the suggested figure. But ‘testing the waters’ at a higher level wouldn’t do any harm, would it?
A recent Rightmove study suggests it does exactly that:
-You are approximately 10% less likely to go sold subject to contract
-Properties that have been reduced take over double the time to sell to be marked as SSTC than non-reduced.
-Homes that have been reduced are significantly more likely to fall through
So, what’s the alternative?
Price your home so it’s in the market, not sitting above it. The job of your agent is the market your home beautifully, then create the most competitive environment possible, as this is when we see the best prices achieved and you’re more likely to have your pick of the buyer. To decide the price of your home, consider what has sold recently, the current market conditions, and what you’re competing against.
This aligns with what Land Registry tells us too; between days 8-14 a seller is likely to achieve 102% of their asking price on average, whereas if they go beyond 3 months, they are likely to achieve just 95% of the marketing price.
If you have some questions or need advice on how to maximise exposure of your home to reach the most potential buyers, one of the team would be more than happy to help.
