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!)
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.
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.
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.
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.
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.
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.
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.
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.
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.
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
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
The momentum in sales market activity over 2024 has spilt over into 2025, with property
coming to market increasing by 1.7% (+5,992) this month to £366,189. This is the largest jump in
prices at the start of the year since 2020. Zoopla expects that the average UK house price is
set to rise by 2.5% by the end of the year. With this in mind, David Phillip completes his Property Market Review, January 2025.
According to Rightmove, a record number of new sellers have come onto the market since Boxing Day. This is giving buyers the highest level of choice at the start of the year since 2015. This
has also contributed to an encouraging start to 2025 buyer activity.
Zoopla show sales agreed are up 12%, as some buyers attempt to beat the reduced stamp duty deadline at the end of March. The number of new properties coming to the market is 11% ahead of the
same-start-of-the period last year and the number of sales agreed over the same period is
also up by 11%. Rightmove has recorded its busiest start to a year for Mortgage in Principle
applications, which is evidence of buyer intent.
Although the start of the year has been very promising there are a couple of uncertainties
ahead. These include the pace and number of interest rates drops ahead, (potentially reducing
mortgage rates!). Rightmove’s weekly mortgage tracker shows that the average five-year
fixed mortgage rate is now at 4.75% compared with 4.78% last year. The market needs a
boost for this momentum to be sustained. This will come in the form of early and ongoing bank rate cuts.
The markets are still banking on a cut this month.
It is now too late for buyers to agree and complete on a property purchase before the end of March in 2025, in order to pay lower stamp duty. Annual earnings growth remains over 5% , a factor playing a key role in re-setting housing affordability. Over a fifth of renters want to buy a home, having seen the cost of rent rising rapidly over the last two years.
The first few weeks of each year tend to indicate how the rest of the year will
unfold. 2025 has started better than both 2023 and 2024. This bodes well for market activity
over the rest of the year. This is also supported by evidence of more people looking to move.
A healthy stock of homes for sale will keep price rises in check. Zoopla are forecasting
that average UK house prices will rise by 2.5% in 2025, with 5% more sales taking place
than last year. Rising incomes and base rate cuts are set to continue improving housing
affordability over 2025.
In terms of price rises for a Property Market Review (Zoopla’s analysis is based on a range of indicators including affordability of homes, how quickly property is selling, how much asking prices are being cut
to attract demand and how many homes have been on the market for more than six months
– these factors have been collated and ranked across 120 postal areas of the UK to create
an overall ranking of the areas with the best prospects for 2025) based on the above
intelligence, Leeds is second only to Newcastle as the English location with the best chance
of house price growth in 2025 which is very encouraging particularly for North Leeds (LS16).
If you are considering selling your home in 2025 and would like a free market appraisal,
contact David Phillip FRICS on 0113 4676400.
Website
David Phillip Estate Agents selling homes in North Leeds and Wharfedale and covering
Bramhope, Cookridge, Adel, Pool-in-Wharfedale and Alwoodley.
Here are a few Moving Day Essential tips to make your first day in your new home much easier:-
1. Turn on the utilities and transfer gas, water and electricity – after all you want to ensure you get the best deal for your utilities. Switching to a fixed deal now will help protect you from higher bills. However we know that utility bills can change quickly, so it is hard to predict whether fixing now or sticking with a standard variable tariff will save you money in the long run.
2. Pets - Thinking about every member of the family is essential on moving day. Moving your pets into a new home can be a difficult experience. The new surroundings can be scary and unfamiliar. Firstly, put pets, blankets, boxes, food and toys in a separate box and take them into a room away from noise and commotion so that they feel safe. Secondly, take them for a walk around their new garden on their lead so they get used to the new space. This will reduce the possibility of your pet bolting out of the front door.
3. Set up the security system – if your new home already has an alarm fitted this will be easy to activate. If your security system uses cameras, they may be wired to work on Wi-Fi, so ensure you have established the internet as a Moving Day Essential. In addition, some digital doorbells will also run over Wi-Fi.
4. Change the locks on the doors. Call a locksmith, and get extra keys cut. You have no idea how many strangers may have keys to your home!
5. Re-direct your mail – it’s very easy to do online.
6. Order a shop online and have it delivered on moving-in day. Furthermore don’t forget to have food and drinks in for any friends or family who are helping you move. Alternatively, work out where your nearest takeaway is. Afterwards, treat yourself to a bottle of champagne to celebrate. A toast certainly is a Moving Day Essential.
7. The first piece of furniture to set up should always be the bed. Therefore make sure you have pillows and bedding unpacked early – you will be exhausted after such a hectic day. Don't forget to pack an overnight bag with all your essentials.
8. Without a doubt, you will probably feel pretty grimy at the end of the moving day. Ensure you have everything you need for the bathroom in one box. Think towels, soaps and lotions, plus a nice relaxing candle.
After the removal day is over, enjoy your beautiful new home and look forward to all the great experiences and memories you will have there.
If you are considering doing lots of work to the property after it has been completed, if you would like to know how much value it has added call David Phillip FRICS to arrange a free market appraisal.
David Phillip Estate Agents, 0113 4676400, 86, Leeds Road, Bramhope, Leeds
w: davidphillip
Selling homes in North Leeds and Wharfedale, covering Bramhope, Adel, Cookridge, Pool-in-Wharfedale and Otley
With more competitive interest rates than this time last year, a growing number of properties coming to the market AND a rush from many buyers and sellers to beat the rise in Stamp duty (which commences on 1st April in England and Northern Ireland), now is a great time to sell your home.
The stamp duty holiday was introduced in the mini-budget in 2022. This meant that there was no stamp duty for first-time buyers on the first £425,000 of a property’s value. This was increased from £300,000. The impact of this was likely to affect around one in five first-time buyers, though this will vary significantly across the country.
The overall mix of market conditions has also provided extra confidence and affordability
that people were waiting for before making their first or next house move.
Jason Tebb, President of On the Market says “A dip in transaction numbers in November
compared with the previous month is always concerning as transactions are a better
indicator of market health than house price fluctuations. However, the numbers need to be put into context as buyers and sellers brought forward transactions to October amid concerns as to what the Budget might hold boosting activity that month."
Jason points out that two rate reductions in the second half of last year had bolstered buyer and seller confidence “with further cuts expected this year, there is cautious optimism which bodes well for the Spring market."
“While some lenders have reduced their fixed-rate mortgages this month, helping ease affordability, an increased stock means buyers have more choices so are in a stronger negotiating position."
“The full impact of the Budget has yet to be factored in, and therefore, a true indication of
where we are at would be around Spring, once the stamp duty holiday comes to an end“
January and February are also considered traditionally a great time to put your property on
the market. These months traditionally see lower supply, although the end of the Stamp duty holiday has reversed that trend, with a faster demand and faster selling times. They also see a smoother transaction time and serious buyers - this is why now could be a great time to consider making a house move.
Once the post-Christmas holiday is out of the way, children are back at school (plus the barrage of snow this year), people looking to move home become motivated to make a move before property transactions begin to move upward.
Zoopla have predicted that areas in the North also have the best prospects for house price growth. This includes Leeds which is cited as one of the cities most likely to see above-average rises in value this year. Zoopla has placed Leeds as second only to Newcastle as the English location with the best chance of House price Growth in 2025.
Zoopla’s analysis is based on a range of indicators including the affordability of homes, how quickly property is selling, how much asking prices are being cut to attract demand and how many homes have been on the market for more than 6 months.
These factors have been collated and ranked across 120 postal areas of the UK to create an overall ranking of the areas with the best prospects for 2025.
Richard Donnell, Executive Director at Zoopla commented “The housing market returned to
growth in 2024 with more sales and higher prices as mortgage rates fell. We expect average UK house prices to increase by 2.25% in 2025"
David Phillip at David Phillip Estate Agents commented “We have seen a vast improvement
in the market already this year, not only in terms of the number of properties we are listing
but also the number of motivated buyers in the North Leeds area. Since the start of January, we haven’t sold anything at less than the asking price and over two-thirds of our properties have been sold at above the asking price.”
If you are considering selling your home, now may be the perfect time to arrange a free
market appraisal with David Phillip FRICS.
Call 0113 4676 400
86, Leeds Road, Bramhope
w: davidphillip.co.uk
e: info@davidphillipestateagents.co.uk
We look forward to hearing from you.
Successfully selling houses across North Leeds and Wharfedale, covering Bramhope,
Adel, Cookridge, Alwoodley, Pool-in- Wharfedale and Otley
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