New analysis from quick buy firm We Buy Any Home shows that overpricing a property to win an instruction is now backfiring for sellers across the country. As your local estate agent, here is what the figures show and what it means for anyone thinking of selling.
The research found that 36.2% of homes put up for sale in the last year needed at least one price cut, up from just 8.1% in 2023. On average, sellers end up reducing their price by £34,000 to secure a buyer, with each further reduction adding around £12,000 in lost value and up to 10 extra weeks on the market if the price is cut three times or more.
We Buy Any Home chief executive Elliot Castle says overpricing has become common because agents are letting vendors set unrealistic expectations rather than pricing to the true market. He points out that the first three weeks of a listing are crucial, as this is when a property attracts the most attention from serious buyers.
At Drivers & Norris, accurate valuations are at the heart of what we do. We would rather give you an honest, well researched price from day one than win an instruction with a number that will only be cut later. A property priced correctly from the start attracts stronger interest, sells faster and puts you in a better negotiating position.
If you are thinking of selling and would like an honest, up to date valuation, get in touch with the team.
Source: Estate Agent Today
— Drivers & Norris