Being obsessed with Rightmove and the properties that launch onto the market is for some of us in estate agency world a hobby, for many an obsession. And this obsession sometimes helps you to see local changes happening before your eyes. And this week I saw a lot of homes for sale being reduced in price. Far more than I have noticed this year.
With price sensitivity increasingly evident in the property market, understanding local market conditions and pricing homes realistically is essential to achieve a sale. Zoopla reported that while 59% of listings in February had no price reduction, four in ten did nationally.
So what’s happening here in in Peterborough (PE1 to PE7) right now (21/04/2023), well;
In the last 12 months we had 6629 homes listed on Rightmove and 2310 price reductions, that’s 35% of the homes priced professionally which have been reduced due to no viewings / offers.
This year (1/1/2023 to 21/4/2023) we had 2136 homes listed on Rightmove and 1021 price reductions, that’s 48% of the homes priced professionally which have been reduced due to no viewings / offers.
And this week (17/4/2023 to 21/4/2023) we had 113 homes listed on Rightmove and 82 price reductions, that’s 73% of the homes priced professionally which have been reduced due to no viewings / offers.
So, what’s happening?
– Well, the market has moved.
– And estate agents that only use the comparable method of pricing a home are finding it is not working.
– The buyer demand levels in 2023 have fallen since 2022. So buyers just have more buying power.
Here at Tortoise Property:
We have only reduced 16% of the properties we have priced professionally in the past year (22/4/2022 to 21/4/2023 – 6 reduced prices out of 36 new instructions). We believe price reductions should be used as a strategic marketing solution, as part of a plan set from the launch of a property, rather than a tool used as a last resort.
So we use a check and balance approach to valuing a property (click see to see our method): The guide to valuing a property
This enables us to establish a marketing range that supports our marketing plan for the sale of your home.
If you want to learn more about how we outperform the local market through professional pricing and marketing, take a look at how we do this here:
https://www.tortoiseproperty.co.uk/selling.html
Reference information available upon request: hello@tortoiseproperty.com
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