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Price right first time

Why it’s crucial you price your property right first time to sell

In today’s price-sensitive housing market, pricing your property right at the outset will massively increase your chances of finding a buyer.

Originally posted: 30th October, 2023

The importance of attracting immediate buyer interest cannot be underestimated

In today’s price-sensitive housing market, pricing your property right at the outset will massively increase your chances of finding a buyer.

The importance of attracting immediate buyer interest cannot be underestimated; new Rightmove data shows that if a property receives its first buyer enquiry on the first day of marketing rather than after two weeks, it is 60% more likely to find a buyer.

Buyers are still active for the right property, at the right price (the number of buyers enquiring about each home available for sale is 8% up on the more normal pre-pandemic market of 2019, says Rightmove), but sellers need to grab attention with a competitive price from the very first day of marketing, as beginning too high and reducing the price later damages the chance of a sale.

Pricing competitively more important

Rightmove reports that the proportion of homes that are finding a buyer has fallen from eight in every ten at the height of the lockdown frenzy, to a sales rate of six in every ten, which makes pricing competitively more important to really stand out.

The number of sales agreed is 17% lower than this time last year, as those sellers who are finding it difficult to adjust their price expectations to the current housing market activity levels are finding that their properties are being left on the shelf.

Stand out from the crowd

Tim Bannister, Rightmove’s Director of Property Science, said: “In a market that agents describe as the most price-sensitive ever, buyers are likely to be on the look-out for homes that they feel represent excellent value, and to attract one of these motivated buyers, sellers need to price right first time. If similar nearby properties for sale appear overpriced, serious sellers have an opportunity to stand out from the crowd with a more competitive price and attract immediate buyer interest that our research shows significantly increases the likelihood of finding a buyer.”

Accurately priced properties succeed in securing a buyer in less than half the time that it takes those that require a reduction, and when they do find a buyer the sale is also 50% less likely to fall through, says Rightmove.

Work with a trusted local estate agent

This highlights the great importance for serious sellers of working with a trusted local estate agent to get the price right first time, rather than testing with a higher price and mistakenly thinking that they can just reduce later without damaging their chances of a sale.

“The market is more price sensitive than it’s ever been, making pricing accurately so crucial,” said Tim Bannister.

Good value pricing

He added: “Being too optimistic with the asking price causes a double-whammy for sellers– not only do they inevitably have to reduce the price of their home anyway, but they often put off potential buyers with too high an initial asking price and then struggle to recapture this attention when it’s reduced. Sellers who price realistically or even a little modestly, often find they are met with more than one buyer who is attracted by the good-value pricing, and then suddenly they have competition to buy the property which typically results in a higher agreed price. It’s been a bit of a rollercoaster market this year but certainly right now confidence is returning and we’re heading back to more normal, cyclical patterns. If sellers price right, there are buyers out there for them.”

Thinking of moving? We’ll help you price right first time

If you are thinking of moving, Preston Baker Estate Agents will help you get the price right first time, to attract buyers and sell your home.

We will give you a free, no obligation valuation.

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