Why Overpricing Your Home Could Cost You Thousands – June 2025 Update
Overpricing Your Home Could Cost You Thousands
Why getting your price right from day one is the smartest move you can make
At Joe Wood Property Team, we speak to lots of homeowners every month who are thinking of selling — but one common pitfall we see time and time again is overpricing.
And look, we get it. You want the best return. Maybe you saw a similar home go for more last year, or you’re hoping to “try high and see what happens.”
But in the current market — where buyers have more choice and more tools at their fingertips — overpricing your home can actually leave you with less.
Let’s break it down.
📊 What’s Happening in the Local Market?
Before we talk strategy, it’s important to understand the local landscape. Here’s a snapshot of our area over the last 4 weeks:
- 69 New Listings
- 32 Sales (lowest month this year, down 40% from April)
- 43 Price Reductions
- 361 Homes currently on the market (highest since Nov ‘24)
- 45 average listing views per property (up slightly from 42 in April)
What does that tell us?
There’s more choice for buyers — and fewer sales happening.
That’s a classic sign of a buyer’s market, where pricing and presentation make all the difference.
❌ The Higher You Go, The Colder It Gets
When your home is priced too high:
You get fewer views and fewer physical viewings.
The right buyers never see it — they’re not searching in that price range.
It sits. And when a home sits on the market too long, buyers start to wonder what’s wrong with it.
Eventually, most overpriced homes need to reduce their asking price. And once that happens, it can send the wrong message. Buyers may think you’re getting desperate — which often invites cheeky low offers and slows momentum even further.
“The longer your home sits, the less confidence buyers have in the price.”
🧠 Buyers Buy Based on Perceived Value
Buyers aren’t just comparing bricks and mortar — they’re comparing value for money. If your home is listed at £25,000 more than a similar one down the road, even if it’s bigger or newly painted, they’ll often skip it entirely.
Why? Because it feels overpriced.
Even the best homes struggle to attract offers if they don’t seem fairly priced. That’s where your agent's local knowledge and pricing strategy really matter.
🕒 The First Few Weeks Matter Most
Your first few weeks on the market are your golden window. That’s when:
Your property is fresh.
Buyer interest is at its highest.
You’re most likely to generate multiple viewings — and possibly even offers.
And here’s where the data speaks volumes:
📈 Homes that find a buyer within the first 30 days complete the sale over 90% of the time.
📉 Homes that don’t find a buyer for 3 months or more only complete 50% of the time.
(Source: TwentyEA)
That’s a huge gap — and a clear reason why your pricing and launch strategy need to be spot on.
🧮 Why the Numbers Work Against Overpricing
With 361 homes currently available and only 32 sales last month, buyers are taking their time and being selective. You’re not just competing with similar homes — you’re competing with price reductions.
In fact, 43 price reductions in the last 4 weeks shows just how many sellers had to course-correct. It’s better to get it right the first time and sell with confidence.
✅ So, What’s the Smart Play?
It’s simple:
Price it right, from the start — based on real, local market data.
Work with an agent who knows what’s actually selling (and what isn’t).
Stage and market the home properly to stand out from the competition.
At Joe Wood Property Team, we don’t just stick your home on Rightmove and hope for the best. We launch properties with intention, strategy, and a clear plan — tailored to your home and your goals.
📞 Ready to Chat?
Whether you’re just starting to think about selling, or already partway through the journey, I’d be happy to offer honest, local advice.
📲 Call or WhatsApp me – Joe – on 07896 486 927.
Let’s have a chat, no pressure, and get your property plans moving in the right direction.
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