As we creep closer to the end of this year’s third quarter, companies release more and more findings and insight on their respective markets to help paint an objective view of trends.
Rightmove has released new findings suggesting that properties will be more likely to find a buyer if the initial asking price hasn’t changed.
Following 300,000 properties posted between May 13 and July 31, Rightmove found that sellers had a better time finding a buyer if they refrained from lowering or upping their initial asking price. In fact, 63% of the properties without reduced asking prices were marked under offer or sold subject to contract.
Tim Bannister, director of property data, for Rightmove, said:
“This analysis shows just how vital it is that sellers listen to their agent when they recommend the asking price that the property should be listed at. 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 in the end.”
Bannister explained that reductions should happen when there is a lower demand for housing. As housing demands are up and inventory has yet to meet those demands, keeping the initial asking price is paramount.