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Home sellers cut asking prices on 3,000 properties a day


  • September saw the highest number of price reductions since September 2011
  • Homes that don’t need a price reduction find a buyer in 39 days on average vs 119 for homes that are reduced
  • Homes are 13% more likely to sell if they don’t need a price reduction

Full article


Also featured on the BBC

BBC article

 

“Once a home has been on the market for a while and then has a price reduction, some buyers start asking questions, even when there is nothing wrong with the property. In a market with so much choice, first impressions matter.”

Colleen Babcock
Property Expert

Commentary from agents

Katie Griffin, Director at Sawdye & Harris

A good valuation should be evidence-led, locally informed and backed by experience. The aim is not to tell a seller the highest number; it is to advise them on the price and marketing strategy most likely to generate genuine competition and achieve the strongest possible result

 

Craig Webster, Managing Director at Tiger Sales & Lettings

Getting the initial price right is so important because you are only new to the market once. When a property first launches, that’s when you have the greatest opportunity to capture the attention of active buyers who have been waiting for something like it.

 

Dr John Boyle, Director of Research & Strategy at Rettie

Setting a realistic asking price is one of the most important factors in achieving a successful sale, although that responsibility sits with both sellers and agents… Ultimately, homes priced in line with market reality are more likely to attract interest and achieve a successful outcome. 

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