Why Overpricing Your Home May Leave You Out Of Pocket

As a seller, it is always very tempting to accept the highest estate agent’s valuation price that  you receive. However, there are plenty of reasons why you need to try and avoid overpricing your home initially.  Overpriced homes more often than not end up selling for less than they otherwise might have.

Why should a buyer buy your house if it is more expensive than a similar house. This simply makes no sense and your property is highly unlikely to sell until such time as any competing homes have sold. By that time your house may have been overexposed and be “going stagnant” on the market.

Competition between buyers will create drive to up your price, whereas time on the market will drive it down.

“But we can always take an offer!” The issue with this is that if only a few buyers see your house, the chance of an offer being received is reduced. If it is priced wrong this will also attracts the wrong buyers, who’s expectations are too high and are therefore unlikely to offer at all. People tend to buy a property at the top end of their price range; so your likely buyer pool is people looking in a lower price range than your property, not a higher one.

Intense buyer activity in the early days of marketing is the key to achieving the highest price for your property, and our job is to help you stimulate such activity.

You must be realistic and competitive. Quote the right price and stick to it, and you should readily secure the highest price for your home.