Buying August 27, 2024
     

How to spot an overpriced property

You may have found an ideal property, and you can feel yourself falling for it but there is a niggling question at the back of your mind, and you ask yourself - Is this property priced correctly? Sometimes, it’s hard to know where to start. Exploring these questions may help you find the answer.

Has the property been on the market for long?  

 

If a property has been on the market for a long time, it could be a sign that the property is overpriced. To check this, you can also take a look online and find out when the property was listed. It can take one or two months to sell a property so there is no need to be alarmed if you see a home listed for a little longer than this. Properties are unique and the speed at which they sell depends on many factors. 

How does it compare to other properties in the area?  

Today, thanks to instant valuation tools and lots of online sources to check the value of similar properties and sold prices, you can quickly get an idea of what a property is worth. Take a look at what other properties in the area are selling for and consider the condition of each property. 

Does the property need money spending on it?  

Properties that need money spending on them will have more potential to add value. The vendor will realise this but it’s important to understand the true costs of making the required improvements. Costs can escalate quickly and sometimes a seller will not fully appreciate this and, as a result, set their asking price too high. 

Where is the property located? 

Location is as important as the property itself and properties in desirable locations tend to sell quickly. Local market knowledge is key to understanding this. Properties in good neighbourhoods, in beautiful locations, and in up-and-coming areas will fetch better prices. Although the latter is something to watch closely, you may be able to make a shrewd move for a little less by buying in an area that is on the up. Properties for sale in less desirable parts of town should be priced accordingly.

What’s happening in your local market?

Talking to your local agent, having a look online at local data and getting to know an area will all help you discover the right price. Moving involves making a lot of big decisions, and you don’t want to overpay for a property when you could use the money to decorate it. Getting a feel for the area by walking and talking and perhaps having a drink in the local pub is always worthwhile. Ultimately, if you have found the right place, the positive consequences for your life can be immeasurable.

 

 

Contact us  

Do you need guidance on making an offer on the right property? Contact your local Guild Member today.  

 

 

2025 outlook: save on Stamp Duty before it's too late

Stamp Duty on second homes: all you need to know

Moving House in Northern Ireland: Cookstown

   
 

Newcastle Office
119-121 St George's Terrace
Jesmond
Newcastle upon Tyne
NE2 2DN
0191 240 3333

js@sarahmains.com

Low Fell Office
4 Beaconsfield Road
Low Fell
Gateshead
NE9 5EU
0191 487 8855

lfs@sarahmains.com

Whickham Office
8-10 The Square
Whickham
Newcastle upon Tyne
NE16 4JB 

0191 488 9999
ws@sarahmains.com

About Us

Sarah Mains Residential Estate Agent | Branches throughout Newcastle and Gateshead. 

Open 9am to 5pm Monday to Friday and 9am to 1pm Saturdays

2021 © Sarah Mains Residential Sales & Lettings. All rights reserved. Terms and Conditions | Privacy Policy | Cookie Policy | Complaints Procedure | CMP CertificateDisclaimer
Sarah Mains Residential Ltd. Registered in England & Wales.  Company No: 04324202.  Registered Office Address: 8-10 The Square, Whickham, Newcastle Upon Tyne NE16 4JE . 
Sarah Mains Residential (Whickham) Ltd. Registered in England & Wales.  Company No: 05774118.  Registered Office Address: 8-10 The Square, Whickham, Newcastle Upon Tyne NE16 4JE . 
Sarah Mains Residential (Newcastle) Ltd. Registered in England & Wales.  Company No: 04919065.  Registered Office Address: 8-10 The Square, Whickham, Newcastle Upon Tyne NE16 4JE . 

Update Cookies Preferences