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?


Share this article

Related News

Mortgage Valuations Explained: What, Why, and How Long

  Mortgage valuations are standard procedure when buying property, but their purpose can be confusing and will often cause buyers to question aspects of the process. Today’s post aims to answer those queries for you. Let’s dive straight in, shall we? What is a mortgage valuation? Sometimes referred to as a valuation survey, mortgage...

Read More
Can a Tenant Leave Early?

As a landlord, when a tenant expresses their desire to leave before the end of their rental agreement, it can present several challenges if you decide to grant their request. It is crucial to be aware of your rights and responsibilities as a landlord before making a decision. Consider the following steps to take when a tenant wants to terminate their rental...

Read More
Your Dream Home - How to Make it a Reality

  We all have a mental picture of our ideal dream home - some of us may even be lucky enough to already live in it! For those of us still trying to make that particular dream become a reality, plenty of things can stand in the way of that happening. Day to day life is, according to the old phrase, "what happens while you're making other plans" and it...

Read More
Do you know the difference between a market appraisal and a valuation?

Do you understand the distinction between a market appraisal and a valuation? Typically, when you're contemplating selling a property, you'll hear about scheduling a "valuation." However, in some instances, it might be referred to as a "market appraisal." Let's delve into the disparities between these two terms. Suppose I intend to sell a property; should I...

Read More
Stay up to date with our latest news