Date Published 01 May 2024
The aim of every seller is to secure the best possible price for their property, and many are tempted to enter the market with a value higher than that advised by their agent...
But what's there to lose ?! Well, a lot.
Here are six reasons not to overprice your home...
1. Your property is likely to take longer to sell
Data from industry-leading portals such as Zoopla shows that overpriced homes can take up to 10 weeks longer to sell across the UK, compared with accurately priced properties
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2. Fewer buyers will see your home
Most buyers use property websites like Zoopla or Rightmove when searching for a new home – and one of the key search filters is the maximum price they want to pay.
If you price your home too high then it'll appear in fewer searches and bypass many potential buyers. If the price is unrealistic then it'll also compare unfavourably to homes listed in the same price bracket that have been realistically priced, putting it at the bottom of their list.
3. Buyers can be suspicious
While it may be tempting to test the waters with a high price, with the thought that you can discount it later if it doesn't sell, this approach is likely to trigger suspicion among potential buyers.
4. Even if someone offers at a high price, there could be problems ahead
The buyer is likely to have a valuation survey carried out by their mortgage lender – and if it returns a value significantly below the offer you have accepted that could put their mortgage offer at risk. They may try to negotiate a discount or pull out of the sale altogether.
5. You can waste your chance of a first impression
Buyers prefer properties that are fresh on to the market, rather than those that have been listed for some time. If you price your home right you may have several buyers interested at the beginning, which could naturally push up the price if it progresses to a bidding war.
If your home is priced too high, you may not get this interest in the first place.
6. You run the risk of losing the home you want to buy
If you have already had an offer on the home you want to move to accepted, you risk losing it if your current property takes too long to sell.
A good estate agent will be honest with you; telling you what want to hear won't get a property sold any quicker. So find an agent you can really trust to tell you the truth.
