Why Overpricing Your Home Can Cost You More Than You Think
When it comes to selling a property, it’s completely natural for homeowners to want to achieve the highest possible price. However, one of the most common and costly mistakes we see is overpricing at launch.
While it may seem harmless to “test the market”, overpricing can actually result in fewer viewings, longer time on the market and a lower final sale price.
First Impressions Matter More Than Ever
The majority of buyers begin their search online. Within seconds, they decide whether a property is worth viewing. If a home is priced above comparable properties in the area, buyers will often scroll past it entirely, assuming it offers poor value.
The most crucial period of marketing is the first 2–3 weeks. This is when your property is new, highlighted on portals like Rightmove and attracts the most attention. Overpricing during this window can mean missing out on motivated buyers who are actively searching and ready to proceed.
Overpriced Properties Attract the Wrong Buyers
An inflated asking price doesn’t just reduce interest, it can attract buyers who aren’t truly in a position to proceed. This can lead to:
-
Time-wasting viewings
-
Unreliable offers
-
Increased risk of fall-throughs later on
By contrast, a correctly priced home attracts serious, proceedable buyers who understand the market and are ready to move forward.
Price Reductions Can Create Doubt
Once a property has been on the market for some time without interest, price reductions often become unavoidable. Unfortunately, this can raise questions in buyers’ minds:
-
Why hasn’t it sold?
-
Is there something wrong with it?
A reduced price can also weaken your negotiating position, with buyers often expecting further reductions.
The Risk of Achieving Less Overall
Counterintuitively, properties that are priced correctly from the start often achieve stronger final sale prices. Competitive pricing can generate multiple viewings, increased interest and in some cases, competing offers.
Overpriced homes, on the other hand, frequently end up selling for less than their true market value after prolonged marketing and negotiation.
The Importance of an Accurate Valuation
At James Dean, we base our valuations on:
-
Current market conditions
-
Recent comparable sales
-
Buyer demand in your specific area
Our aim is always to help you achieve the best possible result, not just the highest headline price.
In Summary
Pricing your home correctly from day one:
-
Maximises early interest
-
Attracts the right buyers
-
Reduces time on the market
-
Helps protect your final sale price
If you’re considering selling and would like honest, evidence-based advice on pricing, our team would be happy to help.
