Scenario
—You set a high initial asking price (above ‘Market Value’) in the hope it attracts a high offer.
—No one makes you an offer so you sit and wait
—While you sit and wait, your overpriced home helps make more competitively priced property look better value for money – you actually help others to sell before you! Remember Rightmove is also a price comparison site
— Eventually, you decide to make a small price reduction You wait but it does nothing so you reduce the price again. This continues until you reach the point where your property is priced at ‘Market Value’ – It should now sell but it doesn’t.
— The problem now is because so much time has passed, and the property has been overexposed to the market, the home is perceived as a stale listing.
— Naturally, buyers start to think “What’s wrong with this property?” – They have lost confidence your home is a ‘good buy’ and continue to stay away reluctant to view and offer…
—To generate offers from serious buyers you have to reduce your price below the current “market value” to neutralise the negativity now attached to your property.
—As improbable as it seems, properties initially priced above the correct‘ Market Value’ tend to sell for less than they could have if their original prices had looked more attractive to buyers in the first instance.
Create a competitive environment and achieve the best price.
