‘Over-priced’ property deters two-thirds of home-hunters

Rightmove director Miles Shipside advises: “It can be tempting for sellers to price high on the assumption that they are giving themselves room for negotiation. However, our findings indicate that this can be a risky business and is likely to deter some six in ten potential buyers who might otherwise have visited the property without hesitation. Price is obviously a critical issue for both buyers and sellers in the current market, but it’s much harder for a potential buyer to fall in love with a property if the asking price deters them from even setting foot through the front door. After a lull in activity over the summer, and with less than 100 days until Christmas, sellers will need to gather the right market intelligence and think carefully about their pricing tactics if they are to stand the best chance of moving during this autumn season.”

Among the 62% of respondents who would not go and view a property they felt was over-priced, 20% stated they would make an enquiry to the estate agent to find out if the vendor would accept offers under. This would indicate that, for sellers, prior discussion with your agent about how much you are prepared to negotiate is important.

Shipside adds: “Pricing appropriately for your target market is a major part of the equation when it comes to enticing buyers in. We urge sellers to do their homework and research comparable house prices so they have all the intel before they come to sell. Sellers are also advised to remember that the property must also be presented to showcase its full potential and to work with their agent to promote it well to attract as much interest as possible.”

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One thought on “‘Over-priced’ property deters two-thirds of home-hunters

  1. John Michael

    Quite often we come across agent who are notorious for over valuing property to get the instruction on, this practice should be outlawed. Telling homeowner that they can achieve an over inflated sale price helps no one, apart from giving the agent greater property stock presence. Is it the agent with the most stock, the most successful agent? That can be the perception of the general public. So what happens, the agent over values the property, ties the homeowner into a lengthy 20 week contract only to suggest a price reduction at a later date. This may prevent the property from being sold in the best market conditions. We all know this is common practice. I commend Rightmove for withdrawing old sold property stock that has been continuously advertised, along with rental properties that have since been let. Wouldn’t it be great if overpriced property stock could be removed……………..

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