If 2023 is the year you move house, you’re probably wondering how much to sell your current home for. Knowing how much you could get for your current home will help you decide how much you can spend on your next one. But how do you know you’re selling at the right price? Should you ask for a lot and cross your fingers? Or ask for a little and expect a quick sale? 

In this blog, we look at over- and under-valued properties and why the right price is really the best. 

Should I ask a high price for my property?

In general, we would define a high price as above average for the location. Of course, some houses are in better repair than others, and might have been extended. This means that two houses next door to each other might command different prices. But if you hope to sell your house for considerably more than one of the same size in the same street, there are some potential problems you should be aware of. 

While you might have a stroke of luck and get the high asking price, it’s more likely that the property will take longer to sell. On average, a UK property might be on the market for two to three months before it sells. If it’s on the market for longer than that, it’s usually because the asking price is wrong. 

Over-valued houses and property portals

High house prices also create problems on property portals like Right Move. If someone decides they want to buy in your postcode, they’ll put that information in, along with the typical price band for the area. But if your property is outside that price band, it won’t appear in the search and your property won’t get the attention you were hoping for. 

Property portals also make it easier for buyers to find out average prices for your area. If everything else in the street has sold for about £350,000 and you’re asking for £400,000, buyers will know it’s unrealistic. Remember that areas also have a big influence on house prices – your house might have a brand new kitchen but that doesn’t make it any nearer to the train station. 

The psychology of over-valued houses

The psychology of high house prices is interesting too. If you need your buyer to offer the high asking price so you can afford your next property, it could be that you’re about to over-extend yourself financially. If that’s the case, it might be time for a more realistic outlook. 

If the house price is too high, you could end up lowering it. But this might make buyers suspicious – what’s wrong with it that it didn’t sell sooner? And if buyers are aware of the original, unrealistic price tag, the price reduction might make you look desperate, or be a sign that you don’t know what you’re doing. This could lead to unrealistically low offers.

Should I ask a low price for my property?

Many of the problems with over-pricing property also apply to under-pricing it. Buyers looking on property portals might miss your property because it falls outside the price band they were looking in. Again, buyers might ask what’s wrong with the property because you’re selling it for such a low price, or they might see desperation and try and take advantage. 

Your current neighbours won’t thank you either – if you successfully sell for a low price, it will be harder for them to ask the correct price if they decide to sell their own properties. 

Sell your Guildford property at the right price with Cobbles

We pride ourselves on selling Guildford property for the right price. This means a prompt sale for sellers like you, as well as the right return on your investment to put towards your next property. To find out more about how we value and market our properties, get in touch today on 01483 457 000 – we’d love to hear from you.