This week we received an email from Rightmove with some facts and figures regarding pricing. Rightmove don’t usually send out specific emails with data like this and coincidently it’s a topic we’ve been meaning to write about.
When we attend a market appraisal we do our homework about what has sold recently in the area, what is on the market and specifications of the property that will contribute to the price. Oftentimes the Vendor will invite us and another agent to make sure the price is right. The outcome isn’t always so straightforward; you see there are a number of agents with a reputation for over-valuing. So why do they do this? Surely they’re right; it’s their job and they are experts? No, not always the case; the reason you might find an agent telling you what you’d like to hear is because it will make you feel good about them. It will make you question why the other agent doesn’t love your home as much as they seem to. You will start to dream about what you might do with the extra imaginary £30,000 or so you’ve been quoted. DO NOT FALL FOR THIS SALES TACTIC.
The email we received from Rightmove this week contains fantastic information like this:
“ - Slower rate of price increases make it riskier for sellers to over-price their property:
- Analysis shows sellers are 40% more likely to sell if priced right when they first come to market.
- Three quarters of agents surveyed by Rightmove report price-sensitive markets with buyers reluctant to enquire if property is priced just a few percent too high”
When considering the price your property will go on the market for look at what else is available. Would you choose your own home as a buyer over others currently on Rightmove…if the answer is no then you need to reconsider your budgets.
We have found similar findings to Rightmove here at William’s Way. When properties are over priced potential buyers are reluctant to even view or enquire. We cannot stress how important it is to price your home correctly. Do not fall for the flattering agent; it will do more harm than it’s worth. In the current market properties are selling quickly, anything that is not selling will lead to questions.