It is no surprise that homes that are priced ‘right’ sell more quickly. Such homes currently sell 26 days quicker than homes that have experienced a price reduction, according to new research by Rightmove.
Correctly priced properties are nearly twice as likely to be Sold Subject to Contract within four months of listing than those that have had their asking price reduced, 63% and 32% respectively.
It is estimated that around 16% of properties currently on the market have experienced a price reduction, properties reduced on average by 5% from their initial asking price.
Although sales volumes have risen since the market reopened, transactions in August up over 15% on July (HMRC), volumes remain lower than a year ago. Sellers who are serious in their intentions to sell are well advised to listen to their agent’s advice on local market pricing.
Source: Dataloft, Rightmove, based on 300,000 newly listed properties.