According to the February House Price Index Report from Rightmove.co.uk, sellers are 40% more likely to sell their property if priced right when they first come to market.
75% of buyers reported that they were reluctant to even inquire about a property if priced just a few percent too high, therefore, your buyer may not bother enquiring about your property if you do not price it right to start with.
According to Rightmove.co.uk
The lowest annual increase since 2013 gives warning to over-pricing sellers
- The annual rate of increase lowest since April 2013 at +2.3%, though overall demand remains strong:
- Rightmove traffic at record January levels, with visits up 3% on January 2016’s buy-to-let boosted period
- Investor sectors understandably quieter than this time last year on the number of properties coming to market and number of properties sold
- The slower rate of price increases makes it riskier for sellers to over-price their property:
- The analysis shows sellers are 40% more likely to sell if priced right when they first come to market
- Three-quarters of agents surveyed by Rightmove report price-sensitive markets with buyers reluctant to inquire if the property is priced just a few percent too high
- Price of property coming to market up 2.0% (+£5,986) this month, the smallest price rise at this time of year since February 2009
Link to full Rightmove.co.uk report http://www.rightmove.co.uk/news/house-price-index/