How to Tell If Your Property Is Overpriced
Advice from Alasdair Morrison & Mundys | Newark & Southwell Estate Agents
When you’re selling your home, pricing it correctly is absolutely critical. Price too low and you risk leaving money on the table. Price too high and your property may sit on the market with little to no interest. At Alasdair Morrison & Mundys, we frequently help sellers in Newark and Southwell find that sweet spot—where value meets market demand.
If your home has been on the market without much movement, it might be time to ask the difficult question: Is my property overpriced?
Signs That Your Property May Be Overpriced
Here are some clear indicators that your property might be listed above its market value:
1. Lack of Viewings
In the first 4–6 weeks, your home should attract multiple viewings—especially when it’s freshly launched. If you’re not seeing consistent interest early on, this could be a red flag that the asking price is too ambitious.
2. Minimal Agent Contact
Your estate agent should be updating you weekly with feedback and insights. If their calls become infrequent or there’s little to discuss, it may be due to a lack of buyer engagement caused by overpricing.
3. No Offers
Even if offers fall short of your asking price, they indicate market activity. If you’ve received zero offers—or not even a cheeky low bid—it suggests buyers aren’t seeing value.
Why Overpricing Backfires
Overpricing often leads to stagnation. As your property lingers on the market, it risks going stale. Potential buyers may wonder what’s wrong with it. Worse, you may be forced to reduce the price later, which can make the listing seem even less appealing.
What to Do if Your Home Isn’t Selling
If you suspect your property might be overpriced, take the following steps:
Review with Your Agent
Sit down with your estate agent to assess what’s working—and what’s not. Their market expertise will help clarify how your property compares to similar listings in Newark and Southwell.
Reassess Your Pricing Strategy
Be open to realistic feedback. Align your pricing with current buyer expectations and local market conditions.
Relaunch with a Bang
Consider reintroducing your home to the market with refreshed photos, a stronger listing description, and a compelling new asking price. This can reignite buyer interest.
The Truth About Underpricing
Many sellers fear underpricing their property, but here’s the truth: the market often self-corrects. If your price is attractive, you’ll generate high demand, multiple offers, and potentially even a bidding war—sometimes achieving a higher final price than you anticipated.
Final Thoughts from Alasdair Morrison & Mundys
At Alasdair Morrison & Mundys, we work closely with sellers across Newark, Southwell, and surrounding areas to ensure accurate pricing and successful outcomes. If your property has been sitting with little interest, don’t wait—let our experienced team review your listing and help get your move back on track.
Contact us today for expert advice or to book a no-obligation valuation.