When it comes to selling a property, understandably one of the key things sellers want is the best price possible for their home, but there’s always a fine line between getting a realistic price and overpricing in the hope that someone loves your property so much that they’ll be willing to pay it. We discuss today why you shouldn’t ever knowingly overprice your home.
Here at Bromley Property Company we AWAYS try to be realistic on price when we come to value your property, and never say what we think you want to hear, simply to get your business. Indeed, we’ve valued properties in the past where the vendor has then gone to another estate agent who has promised them the earth with regards to what their property is worth, only to have them come to us a few months later when their property fails to sell at the promised price, or when the other estate agent has quickly suggested a reduction in price after only a couple of weeks.
Mortgage lenders can also spot an overpriced property a mile away, and you may find that your buyers have trouble obtaining a new mortgage if the valuation comes back lower than the sale price.
It’s all about balance…
If you start off with an asking price that is too high, the chances are your property won’t sell quickly, and the listing can become tired after sitting on the market for months. Even with a price reduction, the property runs the danger then of losing its ‘buzz’ as it did when it was ‘fresh’. Agreeing on a realistic asking price from the outset can lower the chances that potential buyers will pass it by. That’s not to say though that properties on with us don’t occasionally get reduced. It could be that the property is slightly more challenging to sell due to location, an ‘awkward’ garden or quirky layout, and then the price may drop to reflect these challenges, OR that the seller wants a really quick sale and they themselves want to price dropped in order to get moving faster.
Having a property lingering on the market for a long time (especially during turbulent times) can bring a lot of unwanted worry. You may find that cutting the price is a worthwhile sacrifice to avoid the hassle of keeping your home immaculate for weeks/ months and conducting viewings.
Agree the price of your property for a quick sale, and it could generate some real excitement!
