Selling a home is a significant undertaking that involves careful planning and strategic decision-making. One of the most critical aspects of the selling process is determining the right price for your property.
Setting the right price from the beginning or agreeing on a solid pricing strategy with your estate agent is paramount for a successful and timely sale. In this article, we will explore the importance of getting the price right and provide advice on how to navigate the initial stages of listing your home for sale.
Setting the tone from the start
The first 30 days on the market are crucial in shaping the trajectory of your home sale. This initial period sets the tone for the entire selling process. If an offer fails to materialise within this timeframe, it may be an indication that the property is overpriced. Buyers are often most active during the initial weeks of a listing, making it imperative to capture their attention with an attractive and competitive price.
Understanding Rightmove data
Recent data from Rightmove sheds light on the significance of early interest in a property. According to their findings, if a property fails to attract an enquiry within the first two weeks of marketing, there is a more than 50% chance that a price reduction may be necessary later in the selling process. This underlines the importance of making a positive first impression and engaging potential buyers from the outset.
Adapting to market dynamics
In the ever-changing property market, it's challenging to fully predict what will happen with property prices over the coming months. As a result, sellers are advised to remain vigilant and proactive in their approach to pricing. While setting an initial price, it's crucial to be flexible and open to realigning the price if a strong level of interest is not generated within the first 14 days of marketing.
The 14-day rule
The 14-day rule is a practical guideline derived from behaviour of potential buyers. If there is not a substantial level of interest in the property within the first two weeks, it may be an opportune time to revisit and adjust the pricing strategy. This proactive approach allows sellers to stay ahead of the market and increases the likelihood of attracting serious buyers.
Collaborating with our knowledgeable agents to navigate these nuances is key to achieving the optimal outcome when it comes to selling your property.
Author:
Jimmy Waight
Head of Sales
