08 September 2020



If you’re planning on putting your property on the market, there’s one key piece of advice to remember.

It’s not a slick statement from a TED Talk or the title of a trendy self-help book. It’s an age-old saying that your grandmother probably used: “If it’s too good to be true, then it probably is.”

Sellers should keep this in mind when looking for an agent to sell their property.
Please beware of estate agents inflating prices to persuade you to sign a sole agency agreement and lock you in. They’re not helping you, and it can have a disastrous impact.

Here are five reasons why overvaluing your property can prove costly.

1.    Lengthy delays

Moving home, especially if you are in a chain, can be a convoluted process at the best of times. 

Starting on the wrong foot, with a totally unrealistic price, complicates things. 

According to consumer watchdog Which?, overvalued homes take on average up to two months longer to sell than other properties. 

In most overvaluation cases, reality kicks in after a month or two, and the seller ends up dropping to a more realistic price (the price they probably should have asked for initially). All overvaluing achieves is a delay.

2.    It deters buyers

If you or an agent over values your property, expect viewings to be slow or non-existent.
A considerable amount of information about property sales is available online these days, meaning most buyers know what property in their desired area is worth. They can spot a rip-off and will steer clear or drive a hard bargain.

Buyers also tend to filter their online property searches by price, so if you’ve inflated the asking price, it might not even register in their search.

3.    It messes with your next move                                                   

Imagine this: you find your dream home, make an offer, and it’s accepted. Hurrah! Now, all you must do is sell your existing property. The problem is the over-the-top asking price deters buyers, leaving you in limbo.

Soon, the impatient owners of your dream home ditch you for a buyer who is ready to move and you’re back to square one.

4.    Your mortgage deal is threatened

When lenders calculate how much you can borrow, they factor in what you expect to get for your existing property. So, if an agent promises to get £300,000 for your home, and you wind up dropping to £240,000, it leaves a black hole in your finances.

All your calculations are now in tatters, and you must start again with downgraded expectations. 

5.    Trust is key

For most people, selling a home is the largest financial transaction of their life. It’s essential to go through the process with someone you trust – not someone who has trapped you into a lengthy agreement by deliberately misleading you. 

Before you commit to an agent, do some research of your own.

As The GOOD Estate Agent for North Nottinghamshire I promise to give you honest, expert advice about selling your home. 

Call me or message me or drop me a note:
Tel: 01777 237310 or 07981 744003


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