Selling a house is the biggest financial deal many people will ever make. Understandably, sellers want to get the best possible price; new research1 has cautioned, however, that aiming too high is not without risk.
Discount dangers
Analysis by Rightmove of sales over the past five years has revealed the risks associated with pricing your house too high. On average, if a home doesn’t sell and later needs to be discounted, it will then take longer to sell and be more likely to remain unsold. It will also be twice as likely that the sale will fall through.
Is the price right?
The research warned that many sellers continue to ask for more than their home is worth. “We’re hearing that some sellers have struggled to adjust from the pandemic frenzy market mindset, into the calmer market mindset of the last 18 months or so,” explained Rightmove’s Tim Bannister.
Instead of pushing for extra gains, the report urges sellers to listen to the advice of their estate agent. By coming to market at a competitive price, sellers reduce the risk of having to face the consequences of lowering the asking price.
1Rightmove, 2024
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.
