The Biggest Mistake Cirencester Sellers Make Before They Even Go on the Market
Hi, I'm Liz Cannon.
Welcome to the first edition of The Cirencester Property Update.
Every week I'll be sharing my thoughts on what's happening in our local property market. Sometimes it'll be aimed at buyers, sometimes sellers, landlords or tenants, but my aim is always the same – to give honest advice and hopefully help people make better property decisions.
This week I wanted to talk about something I see time and time again.
The biggest mistake many sellers make isn't choosing the wrong estate agent, forgetting to tidy the house before photographs are taken or even poor marketing.
It happens long before any of that.
It's setting the asking price too high.
Now, before anyone thinks I'm suggesting you should undersell your home, that's absolutely not what I mean. Every homeowner wants to achieve the very best price possible. I know I would if I were selling my own home. However, there's a big difference between achieving the best possible price and simply asking the highest price.
Today's buyers are incredibly well informed. Before they've even booked a viewing they've usually looked at every comparable property online, checked recent sold prices, compared floorplans, reviewed EPC ratings and often noticed how long similar homes have been sitting on the market. They know what represents good value, and they also know when something feels overpriced.
One thing I've learnt over the years is that the first few weeks after a property comes onto the market are often the most important. Your property is new, it appears in buyers' Rightmove alerts and it's when people who've been waiting for the right home are most likely to arrange a viewing. In fact, around 62% of homes that successfully sell find a buyer within the first eight weeks. If you've priced your home too high during that period, you may miss the buyers who were most motivated to move.
The market has changed over the last few years. Buyers have more choice and they're taking a little longer to make decisions. That doesn't mean homes aren't selling – they absolutely are – but buyers are comparing properties more carefully than ever before. If two similar homes are available and one is priced more realistically, it's usually the one that attracts the first wave of viewings.
We often talk about sellers "chasing the market". A property launches at an optimistic asking price, viewings are slower than expected and a few weeks later the price is reduced. Then it's reduced again. Eventually it reaches the level where it probably should have started, but by then many buyers have already dismissed it because they've seen it online for months. Unfortunately, that can lead people to wonder whether there's something wrong with the property, even when there isn't.
Something many people don't realise is that realistic pricing can actually help you achieve a better result. A well-priced home tends to attract more viewings, which creates more interest. More interest often leads to competition, and competition can produce stronger offers than a property that has been sitting on the market with very little activity.
Of course, pricing is only one part of the equation. Professional photography, accurate descriptions, floorplans, virtual tours and good communication all play an important role. At Cannon Estates, we believe every property deserves the same high standard of marketing, whether it's a one-bedroom apartment or a substantial family home.
If you're thinking about selling over the coming months, don't assume that the highest asking price will automatically produce the highest selling price. In my experience, the best results come from realistic pricing, excellent marketing and strong negotiation.
If you'd like an honest opinion about what your home could achieve in today's Cirencester market, I'd be delighted to help. Sometimes a straightforward conversation at the beginning can make all the difference to the outcome.