The Hidden Trap of...

The Importance of Getting Your Asking Price Right

Setting the right price for your Rugeley property is crucial to attract the right buyers. An inflated price can limit interest and keep potential buyers from even viewing your home. Buyers have budgets and are quick to move on if a property doesn’t fit. If priced too high, your home might sit on the market, which could lead to price cuts and create skepticism among buyers.

Setting a realistic price from the start increases the chance of a quicker, smoother sale with motivated buyers. Recent analysis shows that homes sold within the first 25 days have a 94% chance of completing, while those that sit on the market for over 100 days – often due to high initial pricing – see that chance drop to 56%.

More Homes for Sale Means More Choices for Buyers

It’s a promising time for the UK property market overall. More properties are selling, but the number of available homes has also increased. Nationally, there are 65.4% more homes for sale compared to three years ago. While this doesn’t mean house prices are dropping, it does give buyers more choice, leading to balanced negotiations and fair value for both parties.

Rugeley’s Property Market in Focus

Here in Rugeley, there has been a steady increase in the number of properties for sale, rising by 74.3% over the past three years. With more homes on the market, buyers have more choices, which keeps price growth balanced. This benefits both sellers and buyers, ensuring fair value across transactions.

The Potential Pitfall of Overpricing

Overpricing – even by just 10-20% above market value – can cause your home to sit on the market, missing that critical initial buzz when a property first lists. In Rugeley, we’ve seen an increase in properties priced too high, often pushed by agents focused on gaining listings rather than sales. This can lead to homeowners having to adjust prices down the line, which can be disheartening and even cause you to miss out on other opportunities.

Studies show that homes priced correctly from the start tend to sell faster and for a better price than those initially listed high and reduced later. Setting a realistic price is more important than ever, especially as Rugeley’s market stabilizes.

What’s Ahead for Rugeley’s Property Market

While we may not see dramatic price increases in the near future, there’s also no sign of significant drops. Economic factors like a stable labor market, flexible work trends, and demographic shifts are all set to keep the market active. As mortgage rates are expected to dip below 3.5% by the end of 2025, buyer interest may increase, giving the market a positive boost.

Looking to Sell in Rugeley? Let’s Talk

If you’re considering a move, I’d be happy to offer a free, no-obligation valuation or market appraisal of your Rugeley home. My goal is to help you achieve the best possible price with guidance tailored to today’s market, giving you the greatest chance of a successful sale.