Why it Pays to be Sensible with your Asking Price

When it comes to choosing estate agents, one of the most obvious differences people notice is the asking prices which agents recommend. 

It’s easy to be swayed by the temptation of asking for a higher price, which is why some agents make a habit of overvaluing properties to ensure they win the instruction. 

It’s really important not to fall into that trap! 

The consumer watchdog Which did some research recently and found that estate agents who overvalue properties actually leave sellers worse off because they have to make huge price cuts to eventually sell their home. 

Figures released by Which showed that one in five properties in England and Wales had to be reduced by at least 5% before being sold. 

Sensible pricing is so important for a number of reasons. Unrealistic pricing will put off potential buyers in the first place – meaning you miss out on the spike of interest when a property first goes on the market. 

If you then need to reduce the price, buyers will know that you have been on the market for some time and will be more desperate to sell – so your bargaining power reduces too. 

So when you are comparing estate agents, make sure you talk to them in some depth about how they have come to their valuation – and remember that higher is not always better.

To find out how much your property is worth, why not book a valuation now?