In today's market, where property prices have moderated, the significance of setting sensible and realistic initial prices cannot be overstated. Failing to do so can impact not only the speed but also the success of a sale. According to data from Rightmove, properties that undergo price reductions have a lower likelihood, by 10%, of receiving offers and spend more than double the time on the market before being sold subject to contract (SSTC).
This highlights the crucial role that pricing plays in capturing buyer interest and fostering a sense of urgency. It also highlights the importance of accurately determining the property's value from the outset. In the aftermath of a period characterised by significant price increases, sellers often find themselves grappling with overly optimistic expectations. However, using an experienced and knowledgeable estate agent who possesses the expertise to gauge the pulse of the market accurately is more important than ever. By leveraging their insights, agents and sellers can align their pricing strategies with current market conditions, ensuring a realistic approach that enhances the chance of a timely transaction.
If you are considering a move now or in the future, book a free valuation and find out the current market value of your property.