How overvaluing your property could cost you in the long run

Selling your home can be a daunting and stressful process at the best of times. Choosing the right price might seem like the easy part. You have done your research and you have studied the market; you think you have it right, but then there is that thought – you just might be able to get a bit more.

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Inflating a price

Buyers will often search for properties online, through specific property websites or a property news blog that relates to their desired area. These sites often work through certain price bands. If you inflate your price too high, you risk your property not registering on a buyer’s search.

Creating delays

A change in house price can create a delay if you are involved in a chain. Overvalued homes risk adding up to two-month delays to sale completion, according to Which? magazine. An overvaluation, even if the sale is not involved in a chain, will lead to reduced interest, less viewers and likely lead to a drop in the listed price, all of which could be avoided by being realistic.

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Using agents

Estate agents want to sell your property, but remember that not all want to sell with your best interests at heart. Some will happily just make the sale in order to make their own commission and reach their targets. Make sure you work with someone who is trustworthy, with whom you can forge a good working relationship. Remember that professionalism goes a long way in securing a good sale.

Researching the current market, your area and understanding the type of buyers who are likely to be interested goes a long way. Information can be found via estate agents, a property news blog or even word of mouth from your neighbours. Remember, if you are going to use a property news blog, that it covers your type of property and region.

It is not an understatement to say that overvaluation can harm your property sale potential in a number of ways. The financial benefits of a good and realistic price will ensure a solid and promising sale process. Altering a price can leave you financially out of pocket if your expectations are too high. Importantly, leaving it too long to sell your property might mean that you miss out on the opportunity to buy your dream home.