Here are some reasons why you should not overprice your property.

24th August 2023
Home > News > Here are some reasons why you should not overprice your property.

 

Whether you’re renting or selling your property, it can be tempting to put it on the market for a slightly higher price in a bid to get more money. At first glance, it might seem like a clever solution – especially with so much demand around. But, in reality, overpricing a property can do more damage than good. Here, we reveal why you shouldn’t overprice your property. 

You could miss the initial buzz

It’s no secret that when a property is first listed on a market, that’s when it’ll probably get the most attention and online views. If you overprice during this critical period, you could miss out on attracting genuine interested individuals. After all, many people set their search depending on a specific budget and won’t look at properties that go above it. Overpricing your property could mean that it doesn’t show up on their searches. 

You could lengthen the entire process

If your property is overpriced, and both renters and buyers see this, it’s likely that your property could sit on the market for much longer compared to if it was priced accordingly. What’s more, a property that sits on the market for long periods of time only makes people wonder whether there is something wrong with it and this could put them off viewing it. This can mean that overpriced properties take longer to sell or rent. In addition to this, in the case of buying an overpriced property, a mortgage lender may not agree with the inflated price causing issues with the appraisal. In this event, either the price must be reduced, or the sale might not happen at all. 

You could make the whole process more stressful 

Ultimately, overpriced properties are more likely to stay on the market which can make your entire process more stressful. With an effective pricing strategy from the start, however, you can avoid this. What’s more, you could also create a level of distrust between you and the individual interested in the property as they may wonder what else is being misrepresented.

Finally, it’s not uncommon for overpriced properties to eventually have to be reduced in price, selling at a lower price in the long run, which means you could actually get a reduced profit in the end. For this reason, working with a reputable estate agent to price your property perfectly is always the best idea. So, whether you’re after a property appraisal or just have a question about why you shouldn’t overprice your property, why not get in touch with our professional property experts today?


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