The importance of setting a realistic asking price
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The importance of setting a realistic asking price
Recent analysis from comparison site Zoopla has shown the benefits that are reaped when a property is priced correctly rather than over-ambitiously, with overvalued properties taking up to two months longer to sell.
In addition to a longer sale period for properties which are overvalued, the research also found that by dropping the price in order to attract buyers, these properties also achieve an average asking price of £12,000 less than their more accurately valued counterparts.
“Our research highlights the importance of accurate pricing and reveals the areas where there is the healthiest alignment between a seller’s expectations and what a buyer is willing to pay for a property,” said Charlie Bryant, managing director of Zoopla.
“When a home is valued too ambitiously at the start, or simply overpriced, the sales process can be derailed. Homes can languish on the market for much longer than they should and the vendor loses control of the sale, often leading to price reductions,” he pointed out.
“The English and Welsh average sold price, amounts to 96.3% of the asking price, indicating a market realism, and moreover a market that is transacting good values, despite wider macro-economic and political concerns,” he added.
“The London market is no different," says Jonathan Singer, Sales Director at Greenstone. He continues “ marketing price has never been so key, this is certainly not the market to start with a high, over-ambitious asking price, planning to negotiate down if needed. We carefully analyse how much your property should achieve and create a clear and focused marketing plan with a realistic asking price that will generate footfall, and it is working."
This research shows the important part which an estate agent plays in those initial meetings, with an over-valuation extremely attractive at first, but damaging in the long-run. If you are thinking of selling your property, then complete your own research so that you can have open and honest conversations with your agent in order to list at a realistic value.
For more information or to discuss your property in more detail, please email
jonathan@greenstone.com
or call his DDI
0203 7800 193.
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