Real Estate Market Shift: Over 75% of Agents Report Property Sales at Reduced Prices
Over 75% of Properties Selling Below Asking Price, Think Estate Agents Offers Innovative 9-Step Strategy
It seems like the current real estate market is experiencing some changes in terms of property prices and sales. According to a recent poll of Dataloft Inform subscribers, more than 75% of agents are stating that properties are selling at a reduction from the initial asking price. This indicates that realistic pricing is crucial for sales success, as many vendors may have been overly optimistic considering the current market conditions.
Rightmove, a popular property listing website, reported that the average asking price of newly listed properties increased by 1.8% between April and May. However, despite this slight increase, more than 50% of agents claim that properties are selling with a price reduction of up to 5% from the initial purchase price. Additionally, 23% of agents indicate that the price reductions are even more substantial.
Comparing the current situation to previous months, there has been a notable shift. In November, half of all agents reported that properties were selling at the asking price, while in February 2022, many properties were selling above the asking price. These changes reflect the evolving nature of the real estate market.
At THINK estate agents, we offer a 9-step strategy to ensure that your home gets exposure to active buyers in the market. Our approach does not solely rely on Rightmove to facilitate the sale. If you are interested in learning more about our services, you can contact our property experts on 01925 290290.
