Don't just go for the estate agent with the highest valuation

When it comes to selling your home, it’s completely natural to want the highest possible price. After all, your property is likely your most valuable asset. The higher the price, the more equity you have, which can either release cash, allow you to purchase a higher-value property, or reduce your mortgage with your onward move.

But getting the pricing strategy right for your sale is critical, and mistakes can cause problems before you’ve even got started.

So when one estate agent suggests a higher valuation than the others, it can be incredibly tempting to choose them.

Here’s the truth: the highest valuation is not always the best strategy — and overpricing your home can actually cost you money in the long run.

Let’s explore why getting the price right from day one is so important.

When your property first launches on property portal websites like Rightmove and Zoopla, it appears as a new listing. It is also the time when your agent will tease the property on their social media pages and promote it to buyers in their database. This is when it gets the most attention.

But if your property is overpriced, this initial boost of marketing is wasted, and you can not get that ‘new property’ benefit again. If it is overpriced, your launch to the market will be flat and disappointing, buyers might not even click to see the beautiful photographs or read the carefully crafted written description because they have made an almost instant decision that the price is too high, and it is very difficult to get those buyers to look at your property in more detail after they have discounted it.

However, if your property is priced correctly, you will see quick interest from serious buyers, resulting in strong early offers.

Most property searches begin online, and buyers will search within pre-set price brackets. It is important to align your property price with these brackets, as even a small overvaluation can push it into the wrong category.

For example:

With fewer people seeing the property online, you will have fewer viewings and less interest. And without viewings, you won’t receive offers, no matter how beautiful your home is.

When a property sits on the market too long, buyers start to ask questions - Why hasn’t it sold? There must be something wrong with it. Perhaps they will accept a lower offer?

Eventually, after months without serious interest, you will likely begin to consider reducing the price. And this is where your initial marketing price mistake will become clear. Because the marketing has gone stale, you will have to reduce the price enough to make an impact. This could mean you actually reduce the price below your true market value to attract buyers.

You won’t know that you’ve made this mistake until it’s too late. Hindsight is a wonderful thing, and you will regret not starting your marketing with a strong, realistic launch price.

Multiple price reductions signal to buyers that you are a highly motivated seller, which may mean they can bag a bargain. The fact that you are struggling to sell your property could also indicate to a buyer that it might not be appealing, and that they might struggle to sell it in the future.

Buyers who previously dismissed the property, but have not found anywhere else to buy, may reappear - but they will have certain expectations.

Reductions create doubt, whereas a strong opening price gives an air of confidence that attracts buyers.

So, if marketing a home is made so much trickier when the price is too high, why would an estate agent quote a higher figure? Surely, they are making their own job harder?

Yes, that is the case. But if you, as the homeowner, are swayed by the higher figure and are willing to sign a fixed contract, that agent will have maybe 16 weeks to sell the property or convince you to reduce the price to the correct market value.

Some agencies are set up with a commission structure, and perhaps the valuer is targeted to get properties on the market, not to sell them.

There is likely to be competition between agents in the area, and they are fighting for market share of properties available - again, this is about them having your property on their books, not about helping you move house.

A professional agent should base their valuation on recent comparable sales, current buyer demand and market conditions, as well as the property condition, location and your personal circumstances, not just optimism and their commission bonus.

Pricing correctly doesn’t mean underselling your home.

It means:

In many cases, well-priced homes generate multiple offers, which can sometimes lead to achieving above the asking price.

That’s far more powerful than starting high and negotiating down.

Your home is worth what a buyer is prepared to pay in today’s market, not what sounds best at a valuation appointment.

Choosing an agent who gives honest, evidence-based advice (even if it’s not the highest number) can make the difference between a smooth, timely sale and months of frustration and price reductions.

Get the price right from day one, and you give your property the best possible chance of success.

If you’d like a realistic, data-backed valuation and a strategy designed to maximise your sale price, we’d be delighted to help. Just give us a call.

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