Why overpricing your property is a bad idea
Thinking about selling your property in Kings Lynn? Hold on, before you make any moves, let's delve into why overpricing might not be the wisest choice, particularly in today's market.
Here are three compelling reasons why you should steer clear of overpricing:
- Longer Time to Sell
- Lower Chance of Selling
- Higher Risk of Sale Falling Through
Let's unpack these points:
1. Longer Time to Sell: If your property is tagged with an exorbitant price, it's likely to linger on the market for an extended period. Potential buyers will compare it with other properties and if yours doesn't measure up, they'll pass. This results in your property sitting unsold for a considerable time, which is not an ideal scenario by any means.
Did you know? Homes priced too high take 2.5 times longer to sell. Data from Rightmove.
2. Lower Chance of Selling: Incorrect pricing from the outset can significantly reduce your chances of making a sale. Picture this: your property remains listed for weeks with minimal interest. When you finally decide to lower the price, it might be too late. Prospective buyers may have already formed negative opinions, making it challenging to regain their interest.
Fact Check: After six weeks, interest drops, making it harder to sell even after a price drop.
3. Higher Risk of Sale Falling Through: Even if you manage to secure a buyer for your overpriced property, there's a heightened risk of the sale collapsing before reaching completion. Surprising as it may seem, data suggests that buyers are more likely to withdraw from a deal if they perceive the property as overvalued.
Did you know? Overpriced properties are twice as likely to experience a sale falling through.
In conclusion, if you're considering selling your property in Kings Lynn or elsewhere, it's crucial to price it accurately from the outset. Avoid the pitfalls of overpricing by seeking expert advice and ensuring your property is priced competitively.
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For professional guidance on pricing your property, contact us today. And don't forget to follow us on Facebook and Instagram @myhouseonlinekingslynn for more tips and updates!
