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With the housing market slowing, sellers are advised to be realistic with their asking prices if they want to attract buyers.
Latest research by GetAgent.co.uk suggests more needs to be done to stop the practice of over-pricing homes to win instructions.
According to real estate agent comparison sites, only 36% of homes that have decreased in value on the current market are listed as sold-on-contract (SSTC) homes.
GetAgent analyzed current market inventory levels by looking at both the total percentage of homes for sale that have discounted prices on the current market and the percentage of discounted homes that actually attracted buyers.
The figures show that across England, an estimated 34% of total stock for sale, excluding homes already marked as sold with contract terms, experience a reduction in their asking price since being put on the market. Showing.
The level of discounts on offer prices for shares on offer is fairly consistent across the market, with the highest level in the East Midlands at 37% and the lowest level in the North West at 31%.
But while lowering the asking price may be a common tactic to increase buyer interest, GetAgent’s figures show it doesn’t necessarily secure a sale.
Of homes put up for sale that saw asking prices reduced across the English market, only 36% found a buyer and were marked sold under contract.
The proportion was slightly higher in the South West, where 40% of all homes sold at reduced prices and found buyers, while in London the proportion fell to just 30%.
Colby Short, co-founder and CEO of GetAgent.co.uk, said: For buyers, falling prices make a property less attractive, often resulting in a lower sale price than if it had been priced properly from the start. For sellers, these unrealistic expectations often mean disappointment with the results, even when the real estate agent has done a very good job.
“Unfortunately for both agents and vendors, vendors choose agents primarily based on the valuations offered and the fees charged, which often leads to overvaluation of the property and ultimately no By using performance data to prove your agent’s superior quality, they can build trust from the start, price your property accordingly, and be fair for the work they complete. You can charge a fee.”