When it comes to putting a property on the market, there are a number of things which can be done to increase the value and help it sell – from painting your front door to weeding the garden.
However, it seems there’s another tactic that will help your house sell quicker – listing a property at the right price the first time around.
Research from property experts Rightmove found that sellers are twice as likely to find a buyer for their home if an offer is accepted on the first listed asking price.
Their study looked at 300,000 homes that went on sale between 13 May and 31 July. It found that 63% of the homes that did not reduce their price were under offer or sold subject to contract. But only 32% of homes that had at least one reduction were marked as under offer or sold.
Data showed that houses marked at the right price the first time around will, on average, get an offer accepted 26 days more quickly than those that have had at least one reduction.
If a property is priced correctly, the average time to find a buyer is currently 21 days – rising to 47 days if it needs to be reduced. So having a property on the market for the wrong price could add weeks, even months, to your selling process.
Tim Bannister, Rightmove’s director of property data, said: ‘This analysis shows just how vital it is that sellers listen to their agent when they recommend the asking price.
‘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.’
Currently on Rightmove, one in six properties have had at least one reduction since May – but this is an improvement as it’s 18% less than this time last year. London is the only region with more reductions in house prices than last year – having risen from 19% to 20%.
Tim added: ‘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.’
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