New research has discovered that overvalued homes in Guildford take 44 days longer to sell compared to accurately priced ones – that equates to 60 vs 16 days.
The finding is part of wider research by online property site Zoopla that has revealed the impact that overpricing property has on 'time to sell' across England and Wales - in some areas an overpriced property can take an extra two months to have an offer accepted, compared to a reasonably priced one in the same location.
On average, across the South East sells in 54 days, with those correctly priced flying off the market in just three weeks. For those with an inflated price tag, it can take well over two months. In London, a reasonably priced property sold in a speedy 24 days, with those looking for more cash taking a whopping 84 days.
Laura Howard, a spokesperson for Zoopla, said: “The analysis only goes to prove what every good agent already tells us - that pricing your home realistically results in a better chance of a quicker sale.
“Entering the market fresh with a price that’s too high is not just a gamble that might not pay off, it can actually be detrimental to the selling process.”
If you are looking to find out more about how to price your home as well as the performance of your local market, use Zoopla’s house price tool or talk to local agents.
