The High Cost of Overpricing: Navigating Property Valuation with Greater London Properties
Rightmove published research which supported evidence that a property is far more likely to sell for its highest value if buyers are ‘bidding up’..
When selling your home, setting the price too high can seem like a good strategy to start negotiations, but it often backfires. Overpricing can lead to a longer time on the market, which might make potential buyers wary, suspecting there might be something wrong with the property. This scenario frequently forces sellers to reduce the price, which can damage the home's perceived value and even lead to selling below market value.
Greater London Properties emphasizes the importance of honest and transparent pricing right from the start. Accurate valuations not only attract a wider pool of potential buyers but also encourage a competitive environment that could push the sale price higher, ultimately benefiting the seller.
Trusting in a realistic valuation aligns with our core values and ensures the best possible outcome for your property sale. By focusing on genuine value and maximizing visibility, your property is more likely to achieve a favorable sale price, demonstrating the advantage of an honest approach in the property market.
In fact, Rightmove published research which supported evidence that a property is far more likely to sell for its highest value if buyers are ‘bidding up’. What this means is encouraging mass viewings, potentially final bids, negotiating and encouraging buyers to offer higher hence creating competition and achieving the maximum price for your home.
Zoopla’s CEO announced figures that backed Rightmove’s evidence that properties that went under offer in less than 3 weeks achieved ABOVE their listed price. In addition to this, they provided figures to show that 60% of properties on the market for more than 60 days were removed and listed with a different agent with at least a 10% price reduction. Over three quarters of these went Under Offer in 4 weeks.
We would love to chat to you about your property sale, please feel free to give our team a call on 0207 734 4062.
Warmest Regards
Rob Hill, Director
Greater London Properties