Houses that are marketed at the advised initial asking price are more likely to sell faster than those that need to be reduced…
The Stamp Duty Holiday ends in six months, on the 31st March 2021, and if you’re hoping to move before the stamp duty deadline, we’d like to share some brilliant, eye-opening advice with you.
Data analysts have studied 300,000 newly-listed homes across a four month period, and have found that sellers are twice as likely to find a buyer fast based on the initial asking price (a 63% chance of success). Whereas, if a home’s asking price had to be reduced, there was a one in three chance of finding a buyer (32% likelihood).
Furthermore, studies have revealed that the average time to find a buyer if a property is priced correctly from the start is currently 21 days. This timeframe could more than double if the property needs to be reduced, which is why making sure your home’s first asking price is a reasonable one could easily shave off half the time it takes to sell it, and ensure you benefit from the Stamp Duty Holiday.
And, with property surveyors and conveyancing taking longer than usual due to current restrictions, data expert Tim Bannister agrees, and goes as far as to claim that pricing your property right could be the difference between completing a sale before the Stamp Duty deadline or not.
Bannister goes on to say: “This analysis shows just how vital it is that sellers listen to their agent when they recommend the asking price that the property should be listed at. If sellers are serious about selling, then starting with too high an asking price can cause unnecessary delays, and also make it a lot less likely they will actually find a buyer in the end.
“The temporary stamp duty holiday means more sellers are in a hurry to get a sale through conveyancing, and with this also taking longer at the minute a realistic asking price could soon end up being the difference between completing in time or losing out on the savings.
“If prices have gone down in an area it’s understandable that a seller will be hesitant or may not be able to afford to put their home on for a lower price than they bought it for. But in the busy market we have right now there will also be some sellers who may think it’s worth a punt to ask for their home to be put up for sale for the same price as their neighbour across the road, when their neighbour may have extra room or their home may be in a better condition.
“A good local agent will be able to look at a number of things before valuing a home, such as the condition of the home and comparable properties, making them the experts at getting the price right first time.”
Contact us today for more details of how we can help ensure your property sale goes through in a timely manner…
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