The portal tracked over 300,000 homes between May 13 and July 31.
Rightmove claims that properties are more likely to find a buyer if the initial asking price hasn’t been altered.
The portal tracked more than 300,000 homes that were first put up for sale between May 13 and July 31 and found that sellers are twice as likely to find a buyer for their home if the asking price it is first listed at does not have to change. Out of all properties put up for sale that were not reduced, 63% of them have been marked under offer or sold subject to contract. In contrast, only 32% of properties in this cohort that have reduced their price have gone on the be under offer or sold subject to contract.
Thoughts from Mike Ford, Edison Ford’s MD
“It’s absolutely crucial to get the price right, as shown by the above report. It’s one of the reasons why we opt for using ‘Offers in excess of’ in our marketing. We favour this solution when marketing a property as is it ensures the price is not marketed too high and at a realistic level and maximises the level of interest generated. It gives any potential buyer a guide price and encourages a higher offer. We use this methodology on a regular basis with positive effect, unlike other agents in the area who simply over-value your property to peak your interest in listing with them. Ultimately, the price is reduced only a few weeks later where the initial interest is lost. The first couple weeks of a property’s marketing is the most pivotal.