Pricing Strategy: Should You Start High or Be Realistic?
One of the biggest decisions when selling your home is setting the asking price. Many sellers wonder whether they should price high to leave room for negotiation, or be realistic from the start. Let's explore both approaches.
Starting with a Higher Price
Some sellers choose to list above market value, thinking they can always reduce the price later if needed. However, there are a few things worth considering.
When your property first appears on Rightmove, it gets marked as "new to market" and receives maximum visibility. Buyers searching in your area often have alerts set up, so this initial period tends to generate the most interest and viewings.
If the asking price is significantly above what buyers expect for similar properties, many will simply move on to the next listing. You only get one chance at being "new to market."
Properties that remain unsold for extended periods can also develop a perception issue. By the time a price reduction happens, some potential buyers have already mentally crossed it off their list.
Taking a Realistic Approach
Pricing based on what similar properties have recently sold for in your area is the alternative strategy, and it has several advantages.
Buyers today are well-informed. They can easily research recent sales on your street and surrounding roads. When they see a property that's priced in line with the market, they're more likely to arrange a viewing because it feels like a genuine opportunity.
Multiple viewings in a short space of time can create natural competition. When buyers know others are interested, they're often more motivated to make their best offer quickly.
There's also the time factor. Every week on the market is another week of mortgage payments and utility bills, plus delayed plans for your next move.
Understanding Buyer Behaviour
It's natural to worry that realistic pricing might invite lower offers. However, experienced buyers often target overpriced properties with reduced offers because they can see the seller has misjudged the market. Properties that are clearly priced fairly tend to receive more serious offers closer to the asking price.
Making Your Decision
There's no one-size-fits-all answer, but most property professionals will tell you that accurate pricing from the outset tends to result in quicker sales and often achieves a better final price than starting high and reducing later.
The right pricing strategy depends on your specific property, your local market, and your timeline for selling.
If you're thinking about selling and would like to understand what your property might achieve in today's market, we're here to help. Book your in-person valuation or give us a call for a friendly chat about your options.
