Is Your Low Fell Home Priced Too High?

Is Your Low Fell Home Priced Too High?

Property Sarah Mains 10th May 2023

Have You Fallen for an Overvaluation? Here’s Why It Could Delay Your Property Sale 

 

When you’re selling a property, getting a valuation is the first step. You need to know what a home is worth before you can plan your next move, but what if the value you’re given is completely inaccurate?

 

If your property has been intentionally overvalued (priced more than it’s worth), it’s probably down to the agent hoping to win your business and bag more commission once sold. Of course, if the overvaluation was what the agent genuinely believed it to be worth, ultimately, the price might have to be reduced for sale. 

 

Whatever the reason, time and time again, properties are put on the market at an over-inflated price. Sellers are forced to lower the asking price or have to accept a much lower offer. So, why do people still fall for overvaluations? 

 

1) Flattery

 

Of course, it feels great to think your home is worth a huge amount. All the years you’ve spent living there, making improvements – to you, your home is priceless. But you’re not a property professional. You’re emotionally attached to the memories of a property and can easily be blindsided by a high valuation. Unfortunately, falling for flattery can tie you into a contract, delay the sale of your home and stop you from moving on.  

 

2) What the overvaluation represents 

 

More money means more opportunities for your next home. It could represent an extra bedroom, a bigger garden or two bathrooms instead of one. When a property has been overpriced, you could be lulled into a false sense of security about what your buying power is. 

 

Yes, you’ll still need a mortgage and to sort out your finances, but if you think you’re going to achieve more than you originally thought, it’s only natural to set your sights higher. 

 

3) Lack of research 

 

Selling a property isn’t as simple as contacting an agent, setting a price and getting viewings. You need to know what’s on the market, how much similar properties in the area have been sold for, how long properties take to sell and so on. If you don’t research the local market, there’s no way of knowing whether your property has been valued accurately. 

 

4) Naivety 

 

If you get a couple of agents round and one gives you a much bigger number than the other, you’ll probably go for the one that is promising a higher return. But are they the right agent for you? Have you spoken to other local agents? What’s their success rate? What are their terms and conditions? 

 

All good agents know that those coming in with overvaluations and inflated promises very rarely deliver. An ethical and experienced agent will give you an honest and accurate property valuation based on hard evidence that clearly demonstrates the value. They will compare similar properties, similar sizes, and similar styles too, giving the most realistic figure. They may suggest making small improvements to add value or to make the property more appealing. What they won’t do is promise you something that is unrealistic and leave your sale in limbo for months to come. 

 

Are you looking to sell your home? At Sarah Mains Residential, we pride ourselves on providing accurate, well-researched valuations. Get in touch with our team today on 0191 487 8855.

 

   
 

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 .