Posted on Thursday, July 13, 2023
- Property prices have moderated and while demand remains across the market, sensible and realistic initial pricing impacts on sales success.
- Data from Rightmove indicates that properties that experience a price reduction are 10% less likely to go under offer. They are also on the market for more than double the time, before they go SSTC (Sold Subject To Contract).
- After a period in which property prices have risen sharply, sellers can be overly optimistic in their expectations. Experienced and knowledgeable agents will price the property for the current market.
- Latest research by Zoopla indicates that the average reduction on initial asking price at point of sale is 3.8%, although more than 40% of recent sellers have accepted offers of 5% or more below. Source: #Dataloft, Rightmove, Zoopla