Want to sell your house fast and for the best price? Of course you do! But in this market, bungling the asking price could cost you dearly. New research reveals that overpriced homes are twice as likely to be taken off the market before they sell!

Remember the crazy pandemic property boom? Well, some sellers are clinging to those inflated prices, and it’s a big mistake. Research from property website Rightmove, looking at five years of sales data, shows that overpriced homes are languishing on the market.

“We’re hearing that some sellers…are being over-optimistic on the price they think they can achieve,” warns Tim Bannister, a property expert at Rightmove. The problem? Buyers aren’t biting, leading to…

• Twice the risk of your home being taken off the market
• Sales dragging on for months longer
• Ultimately selling for less than if you’d priced it right from the start

Slashing the Asking Price – The Sooner, The Better

So, your home’s not flying off the virtual shelves? A price cut might be needed, but don’t delay! Rightmove’s data is clear:

• Reduce within 2-4 weeks: Nearly 60% of homes go on to sell.
• Wait 8 weeks or more: Only 53% sell – that’s a big drop in success!

Go Big or Go Home: Make Your Price Cut Count

A tiny price drop won’t cut it. If you want to attract fresh buyers, estate agent Jonathan Handford recommends a substantial reduction: “I’d recommend reducing it by at least 5 to 10 per cent depending on the initial pricing.”

Why You Need to Be Price Savvy

1. Buyers Can Sniff Out an Overpriced Property

Think you can trick buyers? Think again! “Buyers can easily spot an overpriced listing and will likely skip over it entirely,” says Handford. By the time you lower the price, your property looks stale, making buyers suspicious.

2. Mortgage Lenders Are Watching

It’s not just buyers who are wary of inflated prices. Mortgage lenders and solicitors are now scrutinising sales to protect buyers from overpaying. If they think the price is dodgy, your sale could collapse.

Top Tips for Avoiding a Price Disaster

• Do your research: Check what similar properties in your area are selling for.
• Listen to your estate agent: Don’t just go with the agent who promises the highest price – choose one who backs up their valuation with data.
• Be realistic: The pandemic boom is over. Adjust your expectations and price competitively.

The bottom line? Pricing your home realistically from the start is the key to a smooth and successful sale.