Six clear signs that the asking price for your London home is too high

Published: 19/02/2021

To say it has been a challenging twelve months would be an understatement, and there have been highs and lows when it comes to the property market in London. Regardless of the market conditions, it is essential that when selling your home you always get the price right.  In fact, deciding to set the price of your property too high could have several rather unpleasant side effects, and could even be the reason why your house doesn’t sell. So before you fall into any traps, here are six clear signs that the asking price for your home is too high.

1. Because you believe it’s worth it
A mistake many people make when selling their home is deciding on the asking price themselves. You believe it is worth a certain figure, due to the amount you paid for it and the hard work you’ve undertaken adding upgrades, high-quality fixtures and fittings, and you may even have extended it. It can be really tempting to ignore the recommendations made to you by estate agents because this is your home, and you know what it is worth.

Sadly, the property market doesn’t work like that – we wish it did. There is often a ceiling price for what a house can realistically achieve in a particular area, and current market conditions mean the value of your home can fluctuate. At Right Now Residential we want you to achieve the highest possible sales price, and our valuation figure is based on research, expertise, and knowledge in the current market what buyers will be willing to pay.  We negotiate strongly, ensuring that we have done everything we can to get your house sold for the highest possible price.

2. Swayed by the big bucks
At Right Now Residential we believe in an honest and straightforward approach. We know our expertise and the experience of our clients, together with our local knowledge, is why we are considered one of the best estate agents in London. The valuation we give of your home is not inflated in any way to win your business. As difficult as it may be when deciding on an estate agent to sell your home, don’t be swayed by the big bucks, take all aspects of their service and their experience of selling local properties into account.

3. The price is not right
Another trap you can fall into if you’re swayed by the big bucks is the scorn of the savvy buyer. Buyers today know their way around the property portals; they know what reports to review and how to look up Land Registry details, and they know an overpriced house when they see one.  No matter how stunning your home looks in the marketing materials, if a buyer’s research tells them it is overpriced they will simply stay away.  Do you want to take that gamble?

4. Viewings are down
Your house is on the market, you have seen it on the property portals and you wait with anticipation for the virtual and physical views to start racking up. The minutes pass, the hours tick by, and the days turn into weeks, and that initial excitement begins to turn into dread. The viewings you have had have started to dry up, and you are wondering what you can do to turn things around. You may wish to lower the asking price now, but sadly the damage has already been done.

5. Less than expected
Lowering your asking price may attract buyers, but again you’ll be hit with the curse of savvy buyers. They will know that the asking price has been lowered and, as such, will tend not to make a competitive offer.   Buyers will be expecting to negotiate to get a good deal, and if you are receiving offers that are significantly lower than expected, this is certainly a sign that your home is overpriced.

6. You’ve been left on the shelf
Selling your home can take time, but the longer it sits on the market the less attractive it becomes. The optimum time for selling your home is when it is first listed, therefore you need to have everything correct from the start.  If after six weeks things have become stale, it is very difficult to reinvigorate the same momentum. None of us at Right Now Residential want your house gathering dust, which is why we never want to see it left on the shelf.

When placing your home on the market in London it is essential that you get the price correct from the start, so you don’t fall into any of these traps. If you want your home sold and not just listed, then you need to use an estate agent who understands the importance of valuing your home correctly.