Bartlett and Partners explains the top mistakes you should avoid in your home selling journey
Selling a property and moving house can be quite stressful, with tons of decisions to make.
By Heather Nicholls
21st Sep 2023 | Property News
Selling a property and moving house can be quite stressful, with tons of decisions to make. Over our 30 years of helping people move, We have witnessed people making costly mistakes and poor decisions, resulting in wasted time and thousands of pounds down the line. So, here are our top 5 mistakes to avoid when selling a house.
Mistake 1: Pricing too high
Why: Selling a house can be tricky, right? We all want to get the highest price, and that's totally understandable. But here's the thing... sometimes the lowest priced properties actually sell for the highest price. And the ones with the highest price? Well, they tend to sell for less. Crazy, huh?!
Let us explain. When a property looks like a great deal, everyone wants a piece of it. That means more competition and the price shoots up to its true market value. Think of it like an auction or even eBay. On the other hand, if you've done your research and you choose to price your property higher than it's worth, it can backfire. Potential buyers may pass it by, thinking it's too expensive compared to similar options. And if your property sits on the market for too long, people start wondering what is wrong with it. It becomes less desirable.
Guess what happens next? You'll have to lower the price. But going from £1,000,000 to £975,000 might not cut it. Now your house is seen as stale, and you've missed out on the prime time for attracting competing offers. So you end up having to go even lower, maybe £960,000 or £950,000, just to breathe some life back into the marketing and catch the attention of potential buyers who missed it the first time. It all started with the thought of aiming a bit higher, but it could end up costing you £30,000 or £40,000, plus two months of wasted time.
Remember, it's hard to under-price a property (unless you choose to sell to the first viewer!), but it's quite easy to over-price it and lose out on crucial early interest. So be careful!
According to Which?, sellers lose £4,300,000,000 a year to overvaluing and homes with a 5% price cut take 2 months longer to sell.
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