Despite the recent General Election and the Euro Football tournament, Rightmove https://www.rightmove.co.uk/ have recently stated that the vast majority of people have been getting on with their house-move, and in June, the number of sales being agreed is 12% ahead of last year which is very encouraging. The average time to secure a buyer is now back to a less than 60 days after the peak of 84 days(!) in January.

Further good news for home-movers is that the financial markets expect that the first Base rate cut will be in August or September. Although this expectation could change it is a boost for home-movers as we move towards what could be a very buoyant Autumn Market. If you are considering selling your home, then now is the time to arrange a market appraisal so you are ready to launch in time for the seasonal market bounce.

In North Leeds, well priced properties are moving quickly - last week, David Phillip Estate Agents sold a property within 7 days on Wellhead Close in Bramhope that was priced realistically but competitively so, if you are considering selling, it is key that your home isn’t overlooked in favour of something priced correctly.

We frequently see properties overpriced on Rightmove, these can often be ‘vendor-led’ prices and therefore are not surprised when they fail to sell and have to have one or more price reductions – particularly at the top end of the market.

Below are the 8 good reasons not to overprice your home, (most of them are common sense too!)

Your property could take longer to sell

Homes that are overpriced can take more than two months longer to sell compared to accurately priced properties according to Zoopla.

Fewer buyers will see your home

Most buyers use property portals like Zoopla and Rightmove to kick start their search for a new home, and one of the key search filters is the maximum price you want to pay.

As a seller, if you price your home too high, it is likely to appear in fewer searches and bypass many potential buyers, it may also compare unfavourably to homes listed in the same price bracket that have been realistically priced – and that is a big chunk of the market.

Buyers can be suspicious of properties that can be on the market too long

While it may be tempting to test the water with a high price, or list at ‘offers over’ reasoning that you can always discount later, if your home does not sell, this approach is likely to trigger suspicion among potential buyers. People tend to be wary of properties that have been on the market for too long, assuming there must be something wrong with them.

Bear in mind also, that a price reduction will be noted next to the home for sale on the property websites.

Offers over

Some agents will advise you market your property at ‘offers over’, however through experience this may dissuades people from looking at your property – buyers fear that they will be outpriced and therefore don’t even bother viewing – if the property had been listed at a ‘guide price’ then people know more realistically what they are likely to pay – this also means that your home is likely to get more viewings too generally resulting in more offers, and therefore potentially a price over the marketed guide price.

Sometimes agents may put in an inflated offer to secure the property instruction, only to reduce and re-negotiate further down the line – at this time other interested parties may have moved on to another property.

You can create problems further down the line

All properties need a valuation survey carried out by their mortgage lender, and even if you have found a buyer at an inflated price, then it may return a value below the offer accepted (de-valued) – at this point the buyer may try to negotiate a discount or even pull out of the sale altogether. If the buyer does pull out, then you may need to re-advertise your house arising even more suspicion.

You can waste your chance of a first impression

Buyers prefer properties that are fresh on the market rather than those that have been listed for some time – and you only get one chance to make a first impression. If you price correctly then you may have several buyers interested at the beginning which could push up the price naturally.

If you have priced your house too high in the first place then you may not get this interest.

The market may change

Sellers who overprice their homes, risk the local property market changing while they wait to sell. The market may adjust, and if your home has had a price that has been inflated then this could potentially cause problems further down the line.

Homes that have to be discounted can take up to 2 months longer to sell, that could be enough time for the market to shift down a gear.

You run the risk of losing the home you want to buy

At David Phillip Estate Agents, we are finding that people who have sold their property and ready to proceed are in a much better position to have an offer accepted on their dream home. Currently the position of the buyer is as important as the offer being asked. Property chains can be long and complex and not everyone will be prepared for you to find a buyer at your overpriced asking price.

You may be hit with higher Estate Agency fees

Given the time it takes for overpriced homes to sell, you may decide to instruct a new agent in the hope that they might be more successful in finding a buyer – at David Phillip Estate Agents, we have sold properties unsuccessfully listed by other agents, but our fees need to be paid too, this can put the overall price up. Unlike other agents, we do not tie you into lengthy contracts as we are confident in our ability to market and sell your home – as long as your property is priced correctly.

At David Phillip Estate Agents we have 100% sales valuation accuracy according to @All Agents, the property industry’s biggest review site. We are not surprised that home-movers have given us this score, David Phillip has over 30 years’ experience and knowledge selling properties in North and West Yorkshire, we also subscribe to some of the Industry’s best pricing portals to add extra weight to our valuation.

Add this expertise to our beautiful marketing, our extensive database of people looking to move and our clean sweep of 5 star reviews and you have the perfect formula for selling your home.

So, if you are considering selling and would like a no-obligation, accurate valuation from an Estate Agent selling houses in North Leeds, then call David Phillip FRICS 0113 4676 400. https://davidphillip.co.uk/valuations/

David Phillip Estate Agents 86, Leeds Road, Bramhope, Leeds LS16 9AN 

Covering Leeds, North Leeds, Bramhope, Adel, Cookridge, Pool-in-Wharfedale and Otley.