We are often asked "what is the biggest mistake sellers can make?" Overpricing is what we tell them. At David Phillip Estate Agents we always advise pricing your home competitively but realistically. We don't want you to make the same big mistake many sellers do. David Phillip has been pricing properties for over 30 years and so you can be sure of an accurate valuation.

The Spring Property market will always prove to be busy in North Leeds. Well-priced properties will
move quickly, it is key that your home isn’t overlooked in favour of something priced correctly.
We frequently see properties overpriced on Rightmove and therefore are not surprised when they
fail to sell and have to have a price reduction. Don't make this mistake when selling your home.
So, here are 8 reasons not to overprice your home, (most of them are common sense too!)

Your property could take longer to sell

Overpriced homes can take more than two months longer to sell compared to accurately
priced properties according to Zoopla. Overpricing is the biggest mistake a seller can make.

Fewer buyers will see your home

Most buyers use property portals like Zoopla and Rightmove to kick start their search for a new
home. One of the key search filters is the maximum price you want to pay. As a seller, if you are overpricing your home, 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. That is a big chunk of the market.

Buyers can be suspicious of properties that have been 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. They assume there must be something wrong with the property.
Bear in mind, 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’. Through experience, this
may dissuade 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, generally resulting in more offers, and therefore potentially a price over the guide
price.
Sometimes people may put in an inflated offer to secure the property, 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. Even if you have
found a buyer at an inflated price, then the survey may return a value below the offer accepted. 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 fresh properties on the market rather than those that have been listed for
some time. 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 the price naturally.
If you are overpricing your home in the first place, then you may not get this interest.

The market may change

Sellers who are overpricing 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 may cause
problems later 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 find that people who have sold their property and are ready to
proceed are in a much better position to have an offer accepted on their dream home. We are
currently taking offers from people who are proceedable. Property chains can be long and complex,
and not everyone will be prepared for you to find a buyer.

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, 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 sell – as long as your property is priced correctly.

Check that your agent knows the area

Overpricing is the biggest mistake sellers make. You should always use an Estate Agent who knows the area in which your house is located. Similar properties on different streets in a village or a town demand different prices, using an agent that doesn’t know the area and has merely looked at a Zoopla price guide for comparisons and you may come unstuck by having a severely overpriced property

The biggest mistake sellers make? Overpricing.

So if you are considering moving home and would like a free market appraisal, choose an Estate
Agent who has over 30 years’ experience and knowledge selling properties in North and West
Yorkshire, call 0113 4676 400.

86, Leeds Road, Bramhope, Leeds w: davidphillip.co.uk
Selling properties in North Leeds and covering Leeds, North Leeds, Bramhope, Adel, Cookridge, Pool-
in-Wharfedale and Otley