Are You Selling a House That’s Too Overpriced?

If you are not a property sales expert, judging the correct price for selling a house can be very tricky. Choose a price that is too low and you may sell quickly but be disappointed with your return, choose a price that is too high and you run the risk of your property failing to sell at all. By far the safest way to ensure a quick and easy sale with a return that satisfies your requirements is to set the correct price in the first place. We have some house selling tips for you that will help you to work out whether or not you are selling a house that is too overpriced.

Do some neighbourhood research

You can learn a lot from a bit of basic local research, all of which can be done from anywhere that you have an internet connection. Most neighbourhoods will have some price variation depending on a range of factors including size, exact position, garaging and outdoor space but in general, if your property is listed a considerable amount higher than your neighbours’ comparative properties, then you are likely to have overpriced.

house selling tips

Once you have done your research, if you still have concerns about comparative property prices, our best advice would be to talk to your established, local estate agent who will be able to explain any unusual price variations in your property area.

Keep a check on prospective buyer interest

One clear sign that you have overpriced when selling a house is that prospective buyer interest is low. One of our top house selling tips is to judge this in a number of different ways. Your estate agent should be able to give you information on and reasons for:

  • The amount of internet traffic your property has attracted.
  • The number of viewings your property sale has attracted.

Check up on feedback from viewings

One of the roles of a good estate agent is to ensure that they collect and closely examine feedback on all property viewings. If you feel that your property is not selling quickly enough then make sure you ask about this feedback. It may well give you enough information about the pricing level you have chosen for your property. If you have concerns in this area, have a conversation with your estate agent who will either advise you to drop the price or explain where other issues might exist.

house valuation

Be realistic about low offers

Low offers are always disappointing but don’t be tempted to dismiss them out of hand. Although you might not want to sell your property for less than you originally planned, you would be wise to take note of the type of offers your property sale is achieving. If you have received several, similar low offers this may be an indication that you need to work with your estate agent to review your property pricing.

Check on local property sales

Of course, there may be other reasons besides price, when you are selling a house that your property isn’t selling as quickly as you would like. One quick property-selling tip to check on this is to investigate how quickly other comparable properties in your neighbourhood are selling. Do bear in mind however that in order for this comparison to be effective you need to be realistic about any differences between your property and those of your neighbours. These differences might include:

  • The style of the properties
  • Any newer renovations
  • Higher or lower end internal finishings
  • Property size (room numbers and floor size)
  • Different types of plots (corner, more private, quieter etc.)

property sales

Consult a property sales expert

By far the best way to ensure that you achieve the right property pricing strategy from the start of your property sale is to consult with an estate agent who knows your area and its property sales history well. An established, local estate agent will be able to explain any pricing discrepancies and, maybe more importantly, work with you to achieve an asking price that both suits your needs and reflects local market values.

Some estate agents will enhance price suggestions in order to attract your business but it can be a mistake to go with a higher price if it is not a realistic one. When selling a house, it is experience that counts not over-enhancement.

At Arlington Residential we provide free, no-obligation market appraisals, which offer you the benefit of our 30 years plus property experience in North West and Central London. Our understanding of this niche property market is second to none and we would be pleased to advise you. Get in touch today by visiting our contact us page to find out more.

“The Information on this site is provided for information purposes only. The Information is not intended to be and does not constitute financial advice or any other advice.”

IF YOU WOULD LIKE TO SPEAK TO OUR TEAM ABOUT HOW WE CAN HELP YOU WITH YOUR PROPERTY SALES, RENTALS OR INVESTMENTS

CALL OUR TEAM +44 (0)20 7722 3322

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