Buying

How to spot an overpriced property

Posted on: Monday, July 1, 2024

You may have found an ideal property, and you can feel yourself falling for it but there is a niggling question at the back of your mind, and you ask yourself - Is this property priced correctly? Sometimes, it’s hard to know where to start. Exploring these questions may help you find the answer.

Has the property been on the market for long?

If a property has been on the market for a long time, it could be a sign that the property is overpriced. To check this, you can also take a look online and find out when the property was listed. It can take one or two months to sell a property so there is no need to be alarmed if you see a home listed for a little longer than this. Properties are unique and the speed at which they sell depends on many factors. 

How does it compare to other properties in the area?

Today, thanks to instant valuation tools and lots of online sources to check the value of similar properties and sold prices, you can quickly get an idea of what a property is worth. Take a look at what other properties in the area are selling for and consider the condition of each property. 

Does the property need money spending on it?

Properties that need money spending on them will have more potential to add value. The vendor will realise this but it’s important to understand the true costs of making the required improvements. Costs can escalate quickly and sometimes a seller will not fully appreciate this and, as a result, set their asking price too high.

Where is the property located?

Location is as important as the property itself and properties in desirable locations tend to sell quickly. Local market knowledge is key to understanding this. Properties in good neighbourhoods, in beautiful locations, and in up-and-coming areas will fetch better prices. Although the latter is something to watch closely, you may be able to make a shrewd move for a little less by buying in an area that is on the up. Properties for sale in less desirable parts of town should be priced accordingly.

What’s happening in your local market?

Talking to your local agent, having a look online at local data and getting to know an area will all help you discover the right price. Moving involves making a lot of big decisions, and you don’t want to overpay for a property when you could use the money to decorate it. Getting a feel for the area by walking and talking and perhaps having a drink in the local pub is always worthwhile. Ultimately, if you have found the right place, the positive consequences for your life can be immeasurable.

Contact us

Do you need guidance on making an offer on the right property? Contact your local Guild Member today. 

Recent News

How to tell if an area has a good community spirit

The best places to live in the UK

How to buy a forever home

Read What Our
Customers Say

The team were awesome throughout all aspects of the house purchase (Wendy, Nikki & Tom) especially as we needed a quick completion (under a month from viewing to moving in). Every question was answered and they were always super responsive and never left us hanging. I would thoroughly recommend from the purchase side and therefore from the selling side, as assuming the vendors of the property we purchased were thankful for a quick turnaround too. Thank you team H&O.

Trevor Olney-Jones

Highly recommended!

Holland and Odam offer an honest, friendly, speedy and effective service. They are very well established, cover a wide area, and have an extensive team of expert advisers who will bend over backwards to assist.

Having worked with them for several years, I can say that Holland and Odam are a pleasure to work with.

Ian Threlkeld

Jack at Holland and Odam recently helped me sell my house, and I couldn’t be happier with the service! From start to finish, he was professional, knowledgeable, and genuinely invested in achieving the best outcome. Jack kept me updated every step of the way, answered all my questions patiently, and his expertise in the local market ensured we achieved a fantastic price. The whole team at Holland and Odam were efficient and friendly, making what can be a stressful process feel smooth and straightforward. Outstanding service!

Daniel Lee

We had a fantastic experience throughout the sale process with the Holland & Odam team. Their communication and approach was invaluable and all aspects of the services provided were delivered professionally and to a high standard. Thank you for all your help and guidance.

Paolo Del-greco5

My sisters and I found Holland and Odam’s approach as estate agents excellent. They were friendly and approachable . Very professional keeping us informed at every step of the process. Good communication throughout the sale of the house. I would throughly recommend their services.

Benita Griguoli

How Much is Your Property Worth?

Book a Valuation