Beware of Over-pricing..

Everyone thinks their home is worth a bit more, don’t they?

The kitchen you refitted or the garden you landscaped, and the “potential” every owner insists buyer’s will see.

But here’s the hard truth.

Buyers don’t pay for your memories.

They pay for their upcoming reality.

When a property is overpriced, you don’t just waste time, you lose momentum.

Your best buyer’s see it first, compare it, and move on..

By the time you reduce, those buyers have already bought something else.

In fact, homes launched at the right price from day one sell faster and achieve closer to asking price than those that start too high and chase the market down later.

Overpricing doesn’t protect your equity, it erodes it.

So before you list, ask your agent to show you not just what’s on the market, but what’s actually sold.

That’s where the truth lives.

Here are the stats to back this up:

Stat 1 – after analysing over 2 million house sales, correctly priced properties often agree a sale within 25 days and have a 94% chance of that sale completing (i.e. you moving). After 100 days, even if the home does sell (which is slim), the chance of your sale getting to  completion (and you moving home) drops to 56%.

Stat 2 – only 53% of homes that come onto the market end up selling and moving

Stat 3 – 42% of the homes sell within the first 28 days, 71% of sales take place within 63 days, and by 100 days,  78% of sales have been agreed.

Stat 4 – starting with a realistic price is further backed up with data that shows millions of homes that have sold since 2001, aside from the Covid year, British homes have typically sold within about 0.9% to 1.3% of their ‘final’ asking price.

This again shows how vital it is to price realistically from the start.