When it comes to selling your home, setting the right asking price is one of the most important decisions you’ll make. It’s natural to want the best possible return, and some sellers are tempted to “start high” in the hope that buyers will negotiate down.
But in reality, overpricing your property can work against you and may even result in you walking away with less than if you’d priced realistically from the start.
Here’s why overpricing your house could be a costly mistake:
1. You’ll Attract Fewer Buyers
Most buyers begin their property search online, using filters to narrow down their budget range. If your home is priced above where it should be, it won’t even appear in their search results—reducing the number of viewings right from the start.
And fewer viewings usually means fewer offers.
2. Your Home Could Stay on the Market Longer
Properties that are overpriced tend to sit on the market for weeks, even months. The longer a listing lingers, the more buyers begin to suspect there’s something wrong with it.
This loss of momentum can be damaging, as fresh new listings always get the most attention in those crucial first few weeks.
3. Buyers Are Well-Informed
Today’s buyers have access to sold prices, market reports, and online tools that make it easy to spot when a home is overpriced. If they feel the asking price is unrealistic, many won’t even book a viewing.
4. You May Achieve a Lower Price in the End
Ironically, by starting too high, you could end up selling for less. A property that’s reduced multiple times often attracts lower offers, as buyers assume the seller is keen (or desperate) to move.
Pricing correctly at the outset can generate more interest, more viewings, and potentially multiple offers—helping you achieve the best outcome.
5. Mortgage Valuations Can Block a Sale
Even if a buyer agrees to pay an inflated price, their mortgage lender will carry out a valuation. If the valuer believes the property is worth less than the agreed figure, the mortgage may be refused, putting the whole sale at risk.
6. The Power of Competitive Pricing
When a property is priced fairly, it creates competition. More buyers view it, more offers are made, and in some cases, this can even drive the price above the asking figure.
The goal is to attract attention and get buyers through the door – not price yourself out of the market.
Final Thought
Overpricing might feel like a way to give yourself ‘wiggle room,’ but in reality, it can backfire and lead to a slower, more stressful, and less profitable sale.
At Bowdens, we use our local expertise, in-depth market knowledge, and years of experience to advise you on the best pricing strategy for your home. Our aim is always the same: to help you secure the right buyer, at the best possible price, in the shortest possible time.
📞 Thinking of selling? Contact us today on 01954 710700 or email [email protected] – we’d love to guide you home.