We’re having some very frank and honest conversations with property sellers recently.
Rightmove have stated that 70% of all properties listed for sale in the UK last year did not sell. And that’s because, like it or not, they were priced too expensively. Expensive meaning that despite any ‘wants and needs’ the perception of buyers in the market is that the figure that those 70% want to achieve is simply too high.
Much of the fault lies in estate agents overvaluing in order to con flatter you in to instructing them over and above their competitors. It’s a despicable tactic and one which is very prevalent in our industry. It gives home owners false hope and really buggers their budgeting, so to speak.
But you have a responsibility too.
If you paid a particular sum for your property at market peak in 2006/2007 and now seek more or even the same, then unless you live in central London you are being unrealistic.
If houses near to you that are similar are priced lower than yours, then you are priced too optimistically especially as their prices may also be too high if they remain unsold after a time.
We are very candid about pricing. We are great at what we do and provide the absolute maximum advertising exposure possible.
But even 180 million buyer searches a month won’t mask a price tag that canny buyers can see is unrealistically high.
Price well and prosper.