Why Overpricing Your Home Could Cost You More Than You Think
“If it sounds too good to be true… well, you know the rest.”
It’s a phrase we often use when giving advice about money or big decisions. But when it comes to selling your home – something most of us only do a handful of times in our lives – even the most level-headed seller can fall into the overvaluation trap.
Selling is emotional. You’ve got plans riding on the move, and of course you want to achieve the highest possible price. But sometimes, chasing an inflated valuation can do more harm than good.
At Putterills, we believe in giving sellers across Hertfordshire a clear, realistic picture of their home’s market value – and here’s why that matters.
What is an overvaluation?
An overvaluation happens when an estate agent prices a property well above its true market value.
It can be tempting to choose the agent who suggests the highest figure. After all, why wouldn’t you? But as many sellers have discovered, starting too high can stall your sale and reduce the final price achieved.
Why overvaluing your property can backfire
1. You lose valuable time
Every week your property sits on the market without serious interest is time you can’t get back. In Hertfordshire, overpriced homes often linger for months, while well-priced homes can generate competition and sell quickly.
2. It disrupts your moving plans
An inflated figure can give you false confidence. You may begin house-hunting or even making offers based on a budget you’ll never actually achieve, which can put your onward move at risk.
3. Buyers may assume “something’s wrong”
A property that’s been on the market too long can raise red flags for buyers. Even if the only issue is the price, the stigma can be enough to turn people away.
4. Competing homes look better value
Buyers today are well-informed. They can see exactly what similar homes in Welwyn, Hitchin, Knebworth, St Albans and beyond have sold for. If your home appears overpriced, they’ll simply focus on better-value alternatives.
5. Mortgage lenders may step in
Even if a buyer offers the higher price, their lender might not agree. If the property is “downvalued” during the mortgage process, the buyer may have to renegotiate or withdraw altogether – creating delays and stress.
6. You miss the right buyers entirely
Many buyers filter online searches by maximum price. If your home is listed above that threshold, it won’t even appear in their results – meaning you could miss serious, motivated buyers.
How to protect yourself as a seller
Ask for evidence – A reputable estate agent should always provide recent comparable sales in your area to support their valuation.
Be cautious of long contracts – If an agent wants to tie you in for 20 weeks or more, ask why. Often, it’s because they expect the property will need a price reduction later.
Trust your instincts – If the valuation seems wildly above your expectations, question it.
The Putterills approach
At Putterills, we are committed to achieving the best possible price for your home, but we will never mislead you with unrealistic figures just to win your instruction.
Our valuations are built on:
- Local market knowledge and decades of experience across Hertfordshire.
- Up-to-date comparable evidence from the Land Registry and active buyer data.
- A structured five-step process for sale that creates competition, maximises interest and helps secure the strongest buyer at the best price.
We know you only get one chance to launch your home to the market – and we’ll make sure it’s the right one.
If you’re thinking of selling and would like a free, no-obligation market appraisal, our team would be delighted to help.
