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Over-priced homes deterring buyers

Over-priced homes deterring buyers

Category: Mortgages

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

MONEYFACTS ARCHIVE
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 It is now over 6 months old so the content may be out of date.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."

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