Over-priced homes deterring buyers - Mortgages - News - Moneyfacts


Over-priced homes deterring buyers

Over-priced homes deterring buyers

Category: Mortgages

Updated: 04/10/2012
First Published: 04/10/2012

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

House sellers are running the risk of losing viewings and potential sales by pricing their homes too high.

Research by the property website Rightmove found that 62% of house hunters would not view a property if they considered it to be over-priced, even if it met all their requirements.

Many vendors are placing high asking prices on their home in a bid to achieve the highest equity they possibly can, whilst leaving some room for negotiation.

Tough conditions in the housing market have seen many people fall into negative equity, whereby their home is valued less compared to what they originally purchased.

Miles Shipside, director at Rightmove, said: "Price is a critical issue for both parties in the current market but it's much harder for a potential buyer to fall in love with a property if the asking price deters them from even setting foot through the front door.

"We urge sellers to do their homework and research comparable house prices so they have all the intel before they come to sell."

What Next?

Find the best mortgage rate - Compare best selling mortgages

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Halloween horrors that put people off a home

Halloween is just around the corner, and many people will be getting their homes ready for a night of spooky fun. However, if you’re trying to sell your home, there are some real-life horrors that could put people off…

Londoners could be saving for a century to buy

We all know how expensive property can be in London and how tricky it is to get on the ladder, but the figures could still come as a shock, with a study finding it could take more than a century for the typical Londoner to save a deposit.

85% of remortgagors benefit from lower rates

Mortgage rates are among the lowest ever recorded, and in the case of fixed rates, they just keep falling! This means it’s never been cheaper to fix your mortgage rate for the long term, and unsurprisingly, remortgagors are taking advantage.