Rightmove Price Bands – How Does It Work?

When it comes to the time of your life where you want to sell your house, whether that’s being the first, 5th or 100th time, the price you sell it at can be the leading factor on if your house will sell. If you pick a price that other people wouldn’t go for with your property, you could be facing nuclear winter of waiting for viewings and could possibly end up not actually selling at all. However, thanks to the glorious house selling website known as Rightmove, you don’t have to worry about a thing, as Rightmove guides you through everything, and helps you to sell your house at the best price possible for you.

So why are the Rightmove Price Bands much better, and so important in selling your property?

Rightmove’s Price Brands are important as they allow your to see when you set your listing price that you make sure to have the price that is true to your property and maximise chances of a sale. The way that Rightmove organises it is, for example: £150,000 – £200,000 or £200,000 to £250,000. If your house was priced at £200,000, your house would appear in both categories and you would have a much bigger audience viewing your house online.

So, how exactly are Rightmove’s Price band organised, and how do they increment?

• No minimum to £50,000.
• £50,000 to £120,000: £10,000 increments.
• £120,000 to £125,000: One £5,000 increment.
• £125,000 to 170,000: £10,000 increments.
• £170,000 to £175,000: One £5,000 increment.
• £175,000 to £300,000: £10,000 increments.
• £300,000 to £500,000: £25,000 increments:
• £500,000 to £700,000: £50,000 increments.
• £700,000 to £1,000,000: £100,000 increments.
• £1,000,000 to £2,000,000: £250,000 increments.
• £2,0000,000 to £3,000,000: £500,000 increments.
• £3,000,000 to £5,000,000: £1,000,000 increments.
• £5,000,000 to £10,000,000: £2,500,000 increments.
• £10,000,000 to £20,000,000: £5,000,000 increments.

How to price your house on Rightmove into the price bands:

As previously answered above, the best price for your house is between two categories. Your best chance of getting a sale is by placing your property at the top band of what tier you think your property would be in, and therefore you are automatically put in the tier above that too. This obviously creates a vast audience, and increases your chances of your home being found significantly.

For example, rather than placing your price at £199900, place it at £200000. Even though £190000 sounds cheaper, you are losing out what could be double your current audience.

Property buyers will often (using Rightmove) search on both ranges £150k-£200k and £200k-£250k. This is likely because they have a small amount of leeway over the top of their budget, e.g they can afford up to £260k.

The reason for this is most likely because they usually know that they can pull the price down a bit once the sale is in action.

If your house price is £199900, it will only be seen in the £150k to £200k category. This means that you could be missing out on those buyers that have a budget of £200k and more.

However, if you change your price to £200k, it will now appear in both categories. This means that your house is now visible to those who can afford houses up to £200k, and people who can afford £200k and above.

What if you are selling your house and had no viewings?

If you have listed your house, and not had any or barely any viewings, this is very likely because your house is in the incorrect Rightmove Price Band. Not only should you aim to price your house around its size, location and condition, but you should also think about the likely searches people would find in that Price Band on Rightmove as well.

E.g. If your house has been priced at £255000 and a lot more amounts of homebuyers are searching in the range of £200k to £250k, you are missing out on this target market. However, if you reduce your houses’ price to £250k, you will be included in that category too. Plus you can always add extra charges at the end to get it back up to £255k!

Stamp Duty Price Bands:
When your property has been priced, and you are ready to sell, you must keep Stamp Duty Price Bands in mind too, as they are very important. Currently, because of Covid-19, SDLT rates have reduced, until the 31st of March 2021.

The table below gives an illustration of the SDLT rates that will be applied  from 1st April 2021:

Property or lease premium or transfer value                                              SDLT rate
Up to £125,000                                                                                                  Zero
The next £125,000 (the portion from £125,001 to £250,000)                2%
The next £675,000 (the portion from £250,001 to £925,000)              5%
The next £575,000 (the portion from £925,001 to £1.5 million)           10%
The remaining amount (the portion above £1.5 million)                         12%

Luckily, the extra amount that the buyer pays in Stamp Duty when a property is moved into a higher band, is the higher rate that Stamp Duty’s excess in price over the lower band.

Overall, Rightmove is likely one of the most tip-top at Price Bands, and organising house prices into tiers or categories. They allow you, the seller of the property to be introduced to a larger audience then usual, and it gets your house out there and seen by thousands of homebuyers.

Thanks for reading, happy selling!

The post Rightmove Price Bands – How Does It Work? first appeared on Ready Steady Sell.

source https://www.readysteadysell.co.uk/rightmove-price-bands-how-does-it-work/