Selling Your Home? Here's Why You Need to Get the Price Right

They say fortune favours the brave, so should you try your luck and ratchet up the asking price of your property?

Selling Your Home? Here's Why You Need to Get the Price Right
In a word, no! Overinflating your asking price is never a good idea – especially in a shifting market.
 
The only thing it's guaranteed to do is increase the time it takes to sell your property.
 
Here's why.
 
You'll deter genuine buyers
Most buyers start their property search online by filtering homes according to price. Many genuine buyers won't even see your property if you've priced it too high.
 
Buyers do their homework
With so much property information available online, buyers are price savvy. If you’re asking price is much higher than similar local properties, buyers will spot the anomaly – and view the properties that offer better value.
 
Lenders could refuse a mortgage
Before a lender approves a mortgage, they carry out their own valuation. They'll refuse the mortgage application if they think the property is overvalued. This means your buyer will either ask for a price reduction or withdraw from the sale.
 
Market shifts
If your property is languishing on the market because it’s overpriced, there's a risk house prices drop across the board. If this happens, you'll have to accept an even more significant price reduction to secure a sale.
 
You lose out on your next property
If you've found a property to buy, the people you're in a chain with could grow impatient if you can't progress the deal. The sale could collapse, and you'll lose out on the home you had your heart set on.
 
There's a difference between being optimistic and unrealistic. Contact us today for a no-nonsense property valuation.

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  Hello, my name is Abigail, and I am the Grey in Grey & Co. I started working here in 2002 as a Junior Negotiator and have worked my way up the ranks since then. I took over running the company in 2014 and have been enjoying the roller coaster that is leadership ever since.   During my 20 plus years at Grey & Co I have dealt with the sale of over £100,000,000 worth of property and overseen the management of assets worth £250,000,000 for clients around the world.   I also had the pleasure of working with my father, the founder of Grey & Co, for 15 years before he sadly passed away and from him, I learnt the work hard ethic and our values today are still the ones that he founded the company on all those years ago.   Be Remarkable, Be Passionate, Be Humble and Be Better.   As a community centric boutique family agency, you couldn’t find a better partner to take with you on your property journey.

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