Reasons to not overprice
7 reasons why you should NEVER overprice your property in Shropshire.
It can often be difficult to make the decision to move, especially when you have put so much effort into upgrading your home. You may have painstakingly stripped paintwork, grafted over your garden or spent thousands on a new kitchen or bathroom. All this work has made you come to the conclusion that your home is worth more than what it has been valued at, but please be warned – here are just seven reasons you should NEVER overprice your property in Shropshire.
1. Slower to sell
When someone is looking to buy a property they tend to research the local market to get an idea of what they can afford. Therefore, if they see a house in Shrewsbury, or Ludlow, for example, that doesn’t match their findings, they may instantly reject it as overpriced. This is why overpriced properties sit on the market longer than those that are priced to sell.
2. Missing buyers
As the majority of people start their search do so online, they will use tools that allow them to filter those properties that are within their budget. Their maximum price could be below the figure you are seeking for your property, and thus you will miss many potential buyers as your home won’t feature in their search.
3. Raising suspicions
We completely understand why you would want to test the water by initially overpricing your property, because as you see it, you can always reduce the price further down the line. But a home that has been overpriced and then reduced will trigger suspicions in the minds of potential buyers. This is because a property that’s been on the market for a long period of time must have something wrong with it, mustn’t it?
4. It’s worth what it’s worth
Should you find yourself in the lucky position of finding a buyer willing to purchase your overpriced property, your troubles may not be over. When their mortgage lender conducts a valuation survey, they could decide your home is worth less than the offer accepted. If this is the case, the buyer must negotiate a discount with you or may decide that they no longer want your property.
5. Old news
Active buyers are hungry; they have subscribed to emails to ensure they are informed as soon as a new property hits the market. You have only one chance to make that lasting first impression, the one that sees them click through and, with excitement, call to organise a viewing. Properties that have been on the market for a while don’t have the shine that new listings have, and if you grab the attention of one, there could be others, and your home could be sold quicker than you think.
6. Not good business
At Samuel Wood we work in the local property market every day, we know honestly how much your home is worth in the market right now and what to do to get it sold. When we value your home, we take many things into account, but at the end of the day we want to achieve the best price possible for you. If you decide to ignore our years of experience, it isn’t good business, and you may find that the best estate agents will decide not to sell your home.
7. What about your next home?
Just as you’re looking to sell your home, you’ll also be wanting to buy one. You may even have found your dream home and already be imagining what it would be like to live there. But what if you have overpriced your property, and consequently it’s taking a long time to sell, and the dream home you have your heart set on is now lost to another buyer?
Be realistic
It’s fantastic that you’re championing your property and you believe it’s worth more due to what it means to you. But please listen to your chosen estate agent, as the advice they give you will always be in your best interest, as they also want you to achieve the highest possible price.
Are you interested in knowing what your home is worth? Call our team at Samuel Wood on 01743 272710.