Think we overpriced our house

redshoes22 · 2021-09-17T10:56:23+00:00

We put our house up on Thursday and only have 2 viewings booked in for Saturday. My partner insisted on going 10k above estate agent (220 rather than 200-210) because he said there's no house for us to move to so we might as well see as there are no other houses in that price range up at the moment. A great house is coming on the market next week and it'd be good to put offer in. Is it embarrasing to drop our asking price a week after going up or do i have to live with it for a bit now?

friendlycat · 17/09/2021 12:32

I'm sorry to say but this is where I really don't understand over pricing a house. In this day and age with Rightmove data it is so easy to see when something is valued high in comparison to other properties and those that have recently sold. Years ago this wasn't the case but most definitely is now.

Your listing will currently show that your house is potentially overpriced by 10% if your EA has given pricing of 200 - 210k and all it is going to do is reduce the pool of potential people who will view.

Wait to see what the feedback is on Saturday and go from there, but accept that the house that is coming on the market may well go under offer if it is priced correctly to sell.

If both viewings state overpriced that is your answer and reduce next week to what the EA had originally advised. The other problem is people searching on rightmove and putting in their maximum of £200k don't even see your property as it is priced above.

Orchid1967 · 17/09/2021 13:01

@friendlycat

I'm sorry to say but this is where I really don't understand over pricing a house. In this day and age with Rightmove data it is so easy to see when something is valued high in comparison to other properties and those that have recently sold. Years ago this wasn't the case but most definitely is now.

Your listing will currently show that your house is potentially overpriced by 10% if your EA has given pricing of 200 - 210k and all it is going to do is reduce the pool of potential people who will view.

Wait to see what the feedback is on Saturday and go from there, but accept that the house that is coming on the market may well go under offer if it is priced correctly to sell.

If both viewings state overpriced that is your answer and reduce next week to what the EA had originally advised. The other problem is people searching on rightmove and putting in their maximum of £200k don't even see your property as it is priced above.

When houses are the same within say a 1/4 radius of the one being valued it is easy to value houses. Houses that have had extensions and improvements to a much higher standard are so much harder to value. Estate Agents are reporting a distinct lack of property for sale and as a result, when they know they are competing with other estate agents to get the 'instruction' to sell, they overvalue, then when not sold say something like 'the market has declined in recent weeks, so we need to reduce your asking price' is a common tactic.

Get other agents round to value the property (min of 3) and see what they says.
What you can achieve for your property is determined by the laws of supply and demand. Your property may, in a buoyant market be worth say £200,000 but if their is no demand, then it wont sell, even if you reduce the price.

mobear · 17/09/2021 17:36

Could you change it to "offers in the region of" and instruct the real estate agent to say you'd take £210,000 - it might be less obvious on the listing that it's been changed. I wouldn't personally change it after a week otherwise, I'd give it at least a month, and then perhaps the agent can explain you're keen to sell because you have your eye on another property now, so you've dropped the price.

aLittleL1fe · 17/09/2021 18:03

If you haven't viewed the 'great house' I'd do that first.

BeautifulandWilfulandDead · 17/09/2021 18:18

This is a poor marketing strategy. It would have been much better to put it on for £200,000 and get the viewers in. You still don't have to take an offer you don't want. Area dependent, but houses tend to either move very quickly or hang around. If something hasn't caught someone's eye the first time they see it on Rightmove, they are unlikely to view. Yes, if you see the house you want to buy, drop the price, get it in that lower bracket and hope you entice the viewers in.

Original poster

redshoes22 · 17/09/2021 18:50

Ahhhh cringing a bit at myself now, thanks for the advice 😬😅

OP posts:

OakPine · 17/09/2021 20:10

Yes, you probably have, but it's done now, so a lesson for next time.

Don't worry too much though. You've got 2 viewings booked in which is great. If they show any interest, then maybe your agent can negotiate on price.

I wouldn't change the price after a few days. If you change the price then it shows up as "reduced" on Rightmove for example.
Best of luck!

Bluntness100 · 17/09/2021 20:20

Don’t do offers in the region of, it’s an even worse marketing strategy than you’re let’s over price it one

Just drop the price.

mareep · 17/09/2021 20:40

Wait it out. We put ours on the upper end of estate agents valuations, 25k over what we expected. We had two people view and both ended up offering asking. You simply don't know.

GreenClock · 17/09/2021 20:40

Ask your agent to let the two viewers know that you’re open to offers. One of them might offer 200-210.

woodpecker2 · 17/09/2021 20:51

If someone thinks it’s worth less they’ll put in a lower offer I don’t think it will make much difference in the long run.

GettingItOutThere · 17/09/2021 21:31

wait for the feedback on viewings. Then drop if needby, you never know one might come in with an offer of 210! be great for you if they did

FourTeaFallOut · 17/09/2021 22:18

It's not so overpriced it would put people off from looking. It's only be a few days. I'd hold your nerve.

FourTeaFallOut · 17/09/2021 22:18

Been

Dailywalk · 17/09/2021 22:41

Sit tight you might’ve fine. I regret taking estate agents ‘advice’ when we sold ours a few years ago. We could have asked for more and definitely got it. I think agent was being snobby because it was ex. council house. As you’ve already got two viewings lined up it can’t have put people off that much.

maofteens · 18/09/2021 08:57

Putting a property on just over a Rightmove price threshold is a mistake in my view. Many will input 200k as the top price, so won't even see yours come up. Some may search the next band, but many others won't.
But it's only been a couple days, see what happens today.

Original poster

redshoes22 · 21/09/2021 13:50

Thanks for all of your responses.

We've had 5 viewings booked in since going up 5 days ago. Two said no because the stairs are too steep and one no over parking. Are these signs it's over priced and people making excuses or should I hold me nerve? We're not in massive rush but i don't want to be one of those houses that sits on the market forever.

The estate agents are great, doing a lovely job promoting it.

OP posts:

GreenClock · 21/09/2021 14:06

I think if people thought it were overpriced they’d say so. There is no need to make up an excuse.

Steep stairs would put off some people for sure, and parking issues definitely would.

CrotchetyQuaver · 21/09/2021 14:11

Sit it out, it's early days yet. Wait and see what happens. I'm selling my mothers old bungalow, my brother added £5k onto the estates agents highest valuation. Nobody who viewed and gave feedback mentioned the price, they were all valid non wishy washy reasons for it not being right for them, but never price. We got 2 offers in the end, the one going through and hopefully exchanging contracts is imminent was for full asking price.

Saz12 · 21/09/2021 14:50

Some will rule out steep stairs due to age (eg small children visiting or living there, frailty etc) even if it was an absolute bargain they’d not be able to live there. Others wouldn’t mind as a compromise. Same for parking.

Cactu · 21/09/2021 16:44

Things like parking or the stairs being weird are factored into the price though. So really the viewers are saying it’s overpriced for what the house is. If it had parking and a lovely hallway it would be worth more money.

Shellfishblastard · 21/09/2021 17:30

I’ve only sold one property but was advised by the estate agent to advertise for lower than we wanted in order to attract viewers.

We were nervous about this but it worked well - we sold within 6 days and received an offer for what we were looking for.

Shellfishblastard · 21/09/2021 17:31

I am in Scotland and it was for offers over

PoshWatchShitShoes · 21/09/2021 19:04

We went with estate agent price suggestions when we sold twice previously. I knew they'd underpriced those properties, especially when both went to sealed bids within 1 week.

Next time I'll go with my gut and price accordingly.

Agree it's too soon to drop your price. Just see what the feedback is after the viewings.