New research has found properties priced correctly the first time are twice as likely to sell than those which have to be reduced in price due to an inaccurate valuation.
A Rightmove study of 300,000 newly listed homes across four months revealed that those that needed to be reduced had a 32% chance of finding a buyer within the study timeframe, compared to a 63% chance if priced right from the start.
On average, an incorrectly priced home takes 26 days longer to sell than one which is priced right first time. The average time to find a buyer (if a property is priced right) is currently 21 days, rising to 47 days if it needs to be reduced.
The new research serves as a warning to sellers who are not following advice from agents in a bid to cash in on increasing property prices, only to find that their home takes longer to sell or has to be reduced.
With the stamp duty holiday ending in March 2021, pricing your property correctly from the outset and getting a timely sale will allow a more efficient conveyancing process, which is currently taking longer than usual due to the high volume of sales being achieved.
Rightmove’s Director of Property Data, Tim Bannister, said: “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.
“A good local agent will be able to look at a number of things before valuing a home, such as the condition of the home and comparable properties, making them the experts at getting the price right first time.”
Valued right first time
At Redbrik, we provide expert, accurate valuations which give your property the best possible chance of selling quickly. Our Property Consultants are continually monitoring the market to ensure they are valuing properties as accurately as possible, considering several factors including market trends, area demand and recent sales nearby.
We pride ourselves on our low withdrawal and fall-through figures, which we have reduced to 15% lower than the national average. This is thanks to our talented team marketing, negotiating and nurturing successful sales every day. For an expert valuation or your property, or If you have any questions about the current property market, please contact your local team.
Chesterfield: 01246 563 060
Crystal Peaks: 0114 361 1000
South West Sheffield: 0114 399 0567
North West Sheffield: 0114 312 2071