Overpricing your home could mean you sell for less than it otherwise might have.

By Shaun Adams Subscribe to newsletter

Overpricing your home could mean you sell for less than it otherwise might have.

Buyers buy by comparison.  Why should they buy your house if it is more expensive than a similar alternative?

You cannot easily change the area your house is in, the size or the condition.

You can declutter completely and make sure the marketing is on point. You can also make sure yours is the most attractively priced home in your price band.

When house prices are falling, sellers need to be ahead of the curve to get the best price. Our research says a property will get the best offers on the first three weeks of marketing. If you price too high and don't get many viewers you will miss this golden time and then be on the slippery slope of repeated reducing which can make a property look stale.

Your property is on the market in competition not in isolation

As an example, if someone had a crystal ball and it predicted a house would sell for £475,000 but the owner didn't know this. The agent may recommend an asking price of £475,000 (which it would sell at) but the seller wants to initially try £500,000. When launched to market buyers feel at £500,000 they can buy slightly better so don't view it. After a month the seller reduces to £475,000 but those buyers discounted it at the start and may not come back to it. Another month passes and the owner drops the price to £450,000 and after a viewing, they accept an offer of £445,000.

The alternative may have been the seller was grateful of the agent's honest  advice and ignored the agent who suggested more (to win the business) - the seller launched to market at £475,000, had five viewings in the first week, two offers came in and the owner accepted £477,000!

Reducing the price and it remains on the market could mean buyers think there is something wrong with it. Buyers prefer properties that are fresh on the market.

As your estate agent, we really want to get you a buyer at the highest price possible in a reasonable timescale. We are paid experts to discuss with you what other properties are selling for, we will show you others that have been stuck on the market and unsold. We will give you guidance on the best price to set for a maximum price. An agent who advises on price without backing up their reasons with comparable evidence may be tempted to suggest a higher price to win the business - this will definitely result in a much lower selling price after a much longer wait.

If you haven't sold and prices are still going down, look at all competing properties that are equal to yours, yours needs to be the best in your price band. You need to compare areas, condition and size. Your marketing needs to shine. Your price needs to be better than the others to make yours top of the list.

If you haven't sold - let's talk and we can give you some honest advice.