Over price your property and you could increase your properties time on market by at least an extra 50 days!
We’ve touched before on the dangers of allowing estate agents to over price your property, and now a study by an estate agent has confirmed that dropping the price of your property can increase the amount of time it’s on the market by at least an additional 50 days.
Danny Luke, Managing Director of Quick Move Now – the UK’s leading cash home buyer, commented:
This study further underlines the importance of being realistic about the true value of your property and pricing it accordingly. We often have customers coming to us who are struggling to sell a property having reduced the price several times, who are feeling very disheartened. An estate agent has over-inflated their expectations in terms of their property’s value so each time they reduce the price they feel they’re ‘losing’ money and are still struggling to sell, but the reality is that a property is only ever worth what someone is willing to pay for it – if you’ve not found a buyer willing to pay the higher asking price then the property is not worth that price.
A property listing gets around 80% of its views in the first two weeks, so if your property is overpriced at the start it will put a huge number of potential buyers off, many of whom will not reconsider the property even when the price is reduced because they already have a negative impression of the property and you as a vendor.
Many estate agents will suggest an inflated asking price in order to ‘test the market’ and see what sort of reaction they get from prospective buyers – they want to make as much commission as possible so it’s in their interest to chance their luck – but if you’re serious about finding a buyer for your property you should ask the estate agent where they would position the property in order to secure a buyer within 4-6 weeks as this will make them more likely to give a realistic valuation.
If you’re struggling to find a buyer for your property, Quick Move Now could offer you a guaranteed cash sale and have the money in your account in as little as 7 days. Fill out the form below for your free, no-obligation cash estimate.