46% properties are advertised above price, study shows – 06/30/2023 – Market

A study with advertisements from 24 cities in the states of São Paulo, Rio de Janeiro and Minas Gerais points out that 46% of the properties advertised for sale are listed with prices above the ideal. Only 10% of them, however, are purchased with this overprice, according to a survey by QuintoAndar.

For the researchers, the result shows that overestimating the value of the property alienates potential interested parties.

“Selling a property is not a frequent event in people’s lives, which raises a lot of doubt when finding a value that is fair for the buyer and profitable for the owner”, says QuintoAndar data specialist Pedro Capetti.

With numbers of contracts closed between July 2022 and April 2023 by the real estate platform, the analysis also indicates that properties advertised for sale underwent price adjustments, on average, three times. The frequency increases as time passes, as a strategy to try to close the sale.

However, changing the price of the property should not be seen in a negative way. Even if the number of people viewing the property decreases over time, the number of scheduled visits remains practically the same, points out the study.

Currently, out of every five visits scheduled on the QuintoAndar website, four are in properties that have been listed for more than eight weeks.