PRICE IT RIGHT!

• Price it right. Price sensitivity is increasingly evident in the property market Therefore understanding local market conditions and pricing realistically are essential to achieve a sale. Price it right! Zoopla report that while 59% of listings in February had no price reduction, four in ten did.
• 8–14 days is the optimum listing duration for agents to achieve the best possible price for your home, according to research of over 6,500 agents by HomeOwners Alliance.
• If a property remains on the market, buyers may fear it is overpriced.
• The latest survey by RICS indicates that the average sale is currently being agreed within a 5% margin of asking price. Source: Dataloft, Zoopla https://www.zoopla.co.uk/, HomeOwners Alliance

In this blog we are going to talk about the pricing of property. Always a sensitive subject. However, one here at Town and Country Herts and Essex that we never shy away from.

Avoid price reductions..

Many homeowners still remember vividly how hectic the 2021/2022 marketplace was. There were countless stories of people paying over the asking prices. Many recall how their neighbour sold in a matter of days and how 6 people wanted it. Sadly, too many estate agents who are desperate for listings will tell a homeowner want they want to hear, not what they need to hear. Today’s marketplace very different. Last Spring, buyers were plentiful. This spring they are not, and if you want to get moved, it is important that we all understand this.

Property price growth has slowed across Hertfordshire and Essex. August 2022 was deemed to be the peak of the market. So since then prices have dipped by around 4%. However, some people are pricing their homes as if property prices are still increasing!

Would it surprise you to know that there are currently 422 homes for sale in Harlow? Over 100 of these homes have been for sale for longer than 57 days (the national average). That is more than 25% of the homes on the market. Even more concerning is that 141 of these properties (33.41%) have had a price reduction!

Over pricing is dangerous..

What’s even more concerning is the amount of property being reduced in price in the first 2-4 weeks of coming to market. I draw your attention the the fact that: 8–14 days is the optimum listing duration for agents to achieve the best possible price for your home. The “let’s stick it on for xyz and see” is bad practise. There is more than enough data and evidence to strongly suggest that and agent who “sticks it on for xyz” (knowing full well it has been over priced), will not achieve as high a selling price as the agent who shows the owners exactly what their property is worth and why and lists it price correctly.

Pricing sensitivity is becoming increasingly evident in the property market. Understanding local market conditions and pricing realistically is essential to achieve a sale. Town and Country Herts and Essex take market research very seriously.

Town and Country Herts and Essex are here to help. Please feel free to call 7 days a week ’til 10.00pm

01279 295524 / 07703 782973