In the world of real estate, pricing a home correctly from the start can make all the difference. According to Tim Bannister, an expert from Rightmove, homes that are priced appropriately initially are not only more likely to sell, but they are also more likely to sell quickly. This backs up claims from local agents who have noticed a divide in the market, with some properties being overpriced and struggling to attract interest, while others are priced competitively and attracting multiple potential buyers.
On average, homes that are priced competitively from the beginning secure a buyer in just 27 days. This is less than half the time it takes for homes that require a price reduction after being listed on the market, which typically take 66 days to find a buyer. So, getting the pricing right from the start can significantly speed up the selling process.
Current data shows that the number of available properties for sale is 10% lower than it was in 2019. This suggests that many potential sellers are choosing to wait until market conditions improve before putting their homes up for sale.
Typically, August is a slower month in the property market as many people are on vacation. However, this year, the market has experienced an even slower period than usual. The last time such a significant drop was seen was in December of last year when mortgage rates increased following the mini-Budget.
Mortgage rates had begun to decrease earlier this year, but persistent inflation has caused expectations for the Bank Rate to rise. As a result, lenders are being forced to factor in higher interest rates.
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