Could asking too much for your home actually cost you more in the long run?
For years, we became used to hearing stories of homes selling within days, buyers competing against each other and properties achieving well above their asking price. It was an extraordinary period that shaped expectations across the country.
Today, the market feels rather different.
Buyers are still out there and good homes are still selling. Estate agents are still busy. Mortgage lenders are lending. Yet one thing has changed significantly. Buyers have become far more selective, and they are doing their homework before making an offer.
Recent research suggests that almost half of homes listed over the past three years failed to sell, with unrealistic asking prices being one of the biggest reasons. Many sellers who eventually completed a sale first had to reduce their asking price, sometimes more than once.
It raises an interesting question.
Are some homeowners still pricing their property based on yesterday's market rather than today's?
Of course, selling a home is emotional. It is often the place where families have grown up, memories have been made and years of investment have been poured into improvements. It is understandable that owners place enormous value on their property.
The challenge is that buyers don't buy memories. They buy value.
That is where experienced estate agents earn their reputation. A good valuation is not simply about telling a homeowner the figure they hope to hear. It is about understanding the local market, recognising current demand and recommending a realistic price that encourages interest from day one.
Getting that balance wrong can prove expensive.
A property that sits on the market for months often attracts questions from buyers. Has something been found during a survey? Is there a legal issue? Why hasn't anyone bought it? Ironically, a home that starts too high can eventually sell for less than one that was priced correctly from the beginning.
Joining Gareth Wax and Hamish McLay, Rowan Waller brings years of experience helping buyers and sellers through changing markets. Together, we'll discuss how expectations have evolved, what buyers are really looking for today and whether accurate pricing has become more important than ever in achieving a successful sale.
We will also be discussing whether competition between estate agents sometimes creates another problem.
When several agents are invited to value the same property, is there a temptation for one to suggest the highest figure simply to win the instruction? If that happens, who really benefits when the inevitable price reductions begin?
Technology also plays its part.
Online valuation tools are incredibly useful as a starting point, although they can never replace genuine local knowledge. Two seemingly identical homes on the same road can have very different values depending on condition, outlook, parking, extensions and countless other factors that no algorithm can fully appreciate.
This is where local expertise continues to matter.
We also want to hear from buyers.
Are you finding properties that appear overpriced? Are you becoming more confident in making offers below the asking price? Or are you waiting for reductions before arranging a viewing?
Perhaps the biggest question of all is whether today's market has quietly shifted.
Are we moving away from a seller's market and into one where realistic pricing has become the single biggest factor in achieving a successful sale?
It's a conversation that affects everyone involved in moving home. Whether you're buying, selling or working within the industry, understanding today's market has never been more important. We look forward to hearing your thoughts and experiences as we discuss The High Price of Overpricing.
We would love to hear your experiences and opinions before, during and after the programme.
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