Why you need to think twice before overpricing your property
Selling your home?
Great timing – it’s the best sellers’ market of the last 10 years. And, according to figures released by property website Rightmove, the average asking price of UK homes has reached an all-time high, rising by 0.8% (that’s more than £2,484).
Add to this the fact that estate agents are reportedly listing more properties as sold than they actually have for sale, and it doesn’t take a rocket scientist to realise it’s a fantastic time to sell.
Of course, hearing reports of booming markets and rising property value is hugely reassuring if you’re putting your house up for sale. It offers encouragement that you’ll receive a good price…but there’s also a danger it may make you a little too optimistic.
Are you tempted to nudge the asking price just a touch higher?
If the thought has crossed your mind, we’d urge you to proceed with caution. Whilst it may currently be a sellers’ market, buyers still expect value for their money, and inflating the value of your home by too much may result in pricing yourself out of the game.
Why overpricing is problematic
Yes, it’s a great time to sell but you’re not the only one to think so. Early signs indicate that as people continue to be encouraged by buying incentives and the easing of lockdown restrictions, even more property owners are looking to put their home on the market. The result? Competition will increase.
For potential buyers to bite, your home needs to represent good value for money. And as more properties enter the market, your home will fall by the wayside if it stands outs as being overpriced.
You never get a second chance to make a first impression and inflating the asking price can lose that initial interest from buyers. If property sits on the market for too long, that too can work against it, prompting reservations and making people question what the problem is.
It’s important not to lose sight of the end goal – you want to sell your home. Keep in line with valuation advice and be reassured that asking for a fair price is still banking you a better deal than this time last year – even last month!
With the average time for a home to sell standing at just 50 days – 12 days faster than this time last year – one thing we do know for sure is that buyers are impatient. Keen to keep the ball rolling and seal the deal.
To make sure things run smoothly, and prevent and costly delays, make sure you have as much as possible organised and at the ready – including lining up a removal firm to help shift your belongings and a reliable conveyancer to assist with the legalities.
Get in touch
And that’s where we come in. Here at GD Property Solicitors, we have a team of highly experienced, professional conveyancers, who will assist with the sale of your property from start to finish.
We pride ourselves on taking the hassle out of the buying and selling process and can help with a wide range of issues for both residential and commercial properties.
And, in your quest to receive the maximum value for money, you’ll be pleased to know that we offer fast, competitive quotes – with no hidden fees, no sneaky added extras and certainly no obligation.
Alternatively, if you’d like to speak to a member of the team you can email us at email@example.com or call 0161 7101786.