It can be difficult to decide what price to market your property at, but if you’re looking to sell your property fast you would be wise to make sure you don’t overprice it when listing it for sale, as this could mean it actually takes longer to sell.
New research from Zoopla, reported on by Moneywise, has found that setting the price too high can mean it takes up to two months longer to sell than a property that has been accurately priced.
Overpriced homes are those that sellers have to reduce the asking price of at least once before sale, while accurately priced homes sell with no reduction.
Spokeswoman for Zoopla Laura Howard said: “Entering the market fresh with a price that’s too high is not just a gamble that might not pay off, it can actually be detrimental to the selling process.
“Sellers of Oxford homes that have been overpriced for example, are being forced to wait at least an extra two months for an offer, compared to a reasonably priced property in the area.”
When deciding on a price to set, you need to work out what you’re likely to get for it but also think about how fast you want to sell the property, as this will have an impact as well.
Always do your own research of both how much local properties have sold for and how much they’re listed for initially as well. And don’t forget that negotiation is presumed and buyers will assume that space has been left for this in the asking price.