Sellers are being warned not to risk over-pricing during the autumn market, following new research from Rightmove which finds that 62% of home-hunters simply won’t view a property they consider to be over-priced, even if it ticks all the boxes on their wish-list.
Rightmove’s research finds that only 38% of home-movers would actually go and view a property they consider to be over-priced before deciding whether to put in a lower offer.
Rightmove director Miles Shipside said: “It can be tempting for sellers to price high on the assumption that they are giving themselves room for negotiation.
“However, our findings indicate that this can be a risky business and is likely to deter some six in ten potential buyers who might otherwise have visited the property without hesitation.
“Price is obviously a critical issue for both buyers and sellers in the current market, but it’s much harder for a potential buyer to fall in love with a property if the asking price deters them from even setting foot through the front door.”
Among the 62% of respondents who would not go and view a property they felt was over-priced, only one-third (20%) would ask the estate agent if the vendor would accept offers under.
Rightmove carried out the research as part of its ‘Market Intelligence’ campaign aimed at providing sellers and landlords with the right market intelligence for their local market, including local price data.
The Market Intelligence campaign takes users on an interactive tour of their local area, using a feed from Google Street View and the latest property market trends, data and prices.
Now entering its third and final month, the campaign has had over 350,000 visits to the campaign homepage.
However, there remains no getting away from the fact that there is a huge price gap between sales prices and asking prices.
Rightmove’s current average asking price for a property new to the market is £234,858. The latest national house price survey, from Halifax, puts the average sales price in September at £159,486.