Overpricing your home when selling is not advisable.

The danger of an ambitious asking price isn’t necessarily that your home won’t sell. It’s what can happen to its value, its market position and your onward plans while you’re waiting for the right buyer to appear.

There is a conversation I have regularly around the kitchen table.

We’ve discussed the property, looked at comparable sales, considered the competition, talked about current buyer demand and arrived at what I believe is a sensible and achievable asking price.

Then comes the inevitable:

“But another agent said we could achieve more.”

And I completely understand why that figure is tempting.

If you’re selling your home, naturally you want to achieve the highest possible price. You’ve invested money, time and emotion into it. You may already have your eye on your next property, and every extra pound makes a difference.

But there is a distinction between an asking price that sounds attractive and a pricing strategy that actually puts you in the strongest position to sell.

And it’s an important distinction.

Because the biggest mistake isn’t necessarily asking too much. It’s believing that asking too much comes without consequences.

“We can always reduce it later.”

It’s probably one of the most reassuring phrases in estate agency.

Start high. See what happens. If the interest isn’t there, we can always adjust.

On the surface, it sounds perfectly reasonable.

But what if the market has already made its judgement?

When a property first launches, it has something incredibly valuable: the attention of buyers who are actively looking, waiting for something new to come to market.

Your property is fresh. It has visibility. It has the opportunity to generate excitement, attract competing buyers and, importantly, create a sense of urgency.

That initial window matters.

Buyers who have been searching for weeks or months know the local market. They know what else is available, what has recently sold and, often, what represents good value.

If your property launches above where the market believes it should be, you risk losing those very buyers.

And reducing the asking price later doesn’t necessarily recreate the excitement you could have generated in the first place.

The £4,800 question.

There is some particularly interesting national data worth considering.

Analysis of approximately two million UK property data points from TwentyEA and Sprift, identified a notable difference between properties that sold without an asking price reduction and those that required one.

The findings suggested:

0.2%

Average discount

Properties sold without an asking price reduction

7.7%

Average discount

Properties sold following an asking price reduction

£4,800

The additional negotiating difference on a £300,000 property, comparing the average discount from the final asking price in the two groups.

Based on the reported 1.8% versus 0.2% discount from final asking price.

Put simply, buyers appear to negotiate differently when a property has already been reduced.

Of course, these are national averages, not a guarantee of what will happen to any individual property. There are many variables, including location, condition, demand and the circumstances of the seller.

But the principle is worth understanding.

A price reduction doesn’t always mean the end of the negotiation. Sometimes it is the beginning of another one.

Time is the enemy of price.

There is another statistic that I find particularly interesting.

According to the same analysis:

• Properties selling without an asking price reduction took an average of 24 days to agree a sale.
• Properties requiring a reduction took an average of 103 days.

That’s an additional 79 days.

Almost three months of uncertainty before a buyer has even been secured.

Now, let’s take the statistics away from the spreadsheets for a moment.

What does that actually mean for the person selling?

Perhaps they’ve found their next home, but someone else gets there first.

Perhaps they’re trying to coordinate a school move.

Perhaps they’re relocating for work, dealing with a family change or simply desperate to move on to the next chapter of their lives.

Those additional weeks aren’t just a statistic.

They’re real people, real decisions and real plans being put on hold.

And there is no point in achieving an asking price that looks impressive on paper if the strategy behind it compromises the move itself.

Getting an offer isn’t the same as getting moved.

One of the other findings in the analysis deserves attention.

Separate data from TwentyEA suggested that where a property agreed a sale within 25 days, 94% of those sales went on to exchange and complete.

Where it took 100 days or more to find a buyer, that figure fell to 56%.

That’s a considerable difference.

It doesn’t mean every property that takes longer to sell is overpriced, nor does it mean a quick sale guarantees completion.

But it does reinforce something we should never lose sight of as estate agents.

Our job isn’t simply to get a property sold subject to contract.

It’s to get our clients moved.

A SOLD board is a great photograph.

A completed sale is the result that matters.

So, how do we approach pricing at Daniel James Residential?

At DJR, I would much rather have an honest and occasionally uncomfortable conversation at the beginning than a series of difficult conversations six weeks down the line.

Our approach is built around a few simple principles.

1. Evidence before ambition.

We look at what has actually sold, what is currently competing for attention and what buyers are prepared to pay. Not just the highest asking price we can find on Rightmove.

2. Positioning matters.

Your asking price needs to attract the right audience. We want buyers comparing your home favourably against the alternatives, not scrolling past it because they believe it’s overpriced.

3. Presentation creates desire.

Advertising creates visibility, but presentation creates desire. Professional photography, thoughtful marketing and a clear understanding of what makes your home special all play their part.

4. Buyer competition is where the magic happens.

We want to create the conditions for more than one interested buyer wherever possible. That’s considerably more powerful than relying on one buyer to negotiate against an inflated asking price.

5. We don’t leave you guessing.

We monitor enquiries, viewing feedback, online engagement and buyer behaviour. If the evidence suggests something isn’t working, we address it. We don’t simply keep telling you to wait another fortnight.

A final thought.

If you’re choosing an estate agent, don’t just ask them what they think your home is worth.

Ask them why.

Ask what evidence supports their valuation, which properties you’ll be competing against and what their strategy will be if the market doesn’t respond.

Most importantly, ask yourself whether you want an agent who tells you the highest number at the kitchen table, or one who is prepared to give you the advice you actually need.

At Daniel James Residential, we don’t believe in winning instructions by overpromising.

We believe in honest advice, considered pricing, exceptional presentation and a strategy designed around achieving the best possible outcome for our clients.

Your home deserves more than an attractive asking price. It deserves a properly considered plan to get you moved.

People first. Property second.

Daniel James
Director | Daniel James Residential

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