Don't Fall for It! Why Overvaluing a Property Can Spell Disaster
The Truth About Property Overvaluations – What Sellers in Hull & East Yorkshire Need to Know
If it sounds too good to be true… well, you know the rest.
It’s a saying we’ve all used when giving friends or family advice about money or business. 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 a property is emotional. You’ve got big plans riding on the sale, and naturally, you want the highest possible price. But sometimes, an inflated valuation can do more harm than good.
At Beercocks, we believe in giving sellers across Hull and East Yorkshire a clear, realistic picture of their home’s market value – and here’s why that matters.
What is an Overvaluation?
An overvaluation is when an estate agent prices a property well above its true market value.
Recently, BBC Radio 4’s You and Yours shared the story of Wendy, who was helping to sell her mum’s home to cover care fees. Three agents valued the property at £500,000, £550,000 and £670,000. Hoping to achieve the best outcome, Wendy chose the highest valuation.
Three months later, after just one viewing and no offers, they dropped the price by £100,000. Still no sale. They’ve now switched agents and gone back to market at a realistic price – but lost valuable time.
Why Overvaluing Your Property Can Backfire
1. It Wastes Valuable Time
Every week your property sits on the market without interest is time you can’t get back. In Hull and East Yorkshire, overpriced homes often linger for six to nine months, leaving sellers stuck and frustrated.
2. It Skews Your Moving Plans
A high (but unrealistic) valuation can distort your budget. You might start looking at more expensive properties or even make offers based on a sale price you’ll never achieve – leaving your next move in jeopardy.
3. It Damages Buyer Perception
When a property’s been on the market too long, buyers start wondering what’s wrong with it. Often, the only “problem” is the price – but the doubt can be enough to turn people away.
4. Competing Homes Look Better Value
Today’s buyers are savvy. They can see exactly what similar homes in Hull, Beverley, Cottingham, Brough and beyond have sold for. If your property is overpriced, they’ll simply focus on ones that represent better value.
5. Mortgage Lenders May ‘Downvalue’
If a lender believes the price is too high, they may refuse to approve the full mortgage amount. This can force the buyer to pull out or renegotiate – derailing the sale.
6. You May Miss Serious Buyers Altogether
Buyers often set online search filters based on budget. If your home is listed well above their maximum, they won’t even see it – let alone book a viewing.
How to Protect Yourself as a Seller
Ask for Evidence – A reputable Hull or East Yorkshire estate agent should be able to show you recent comparable sales that justify their valuation.
Be Wary of Long Tie-In Contracts – If an agent wants to lock you in for 16–24 weeks, ask why. Sometimes it’s because they know the price will need to be reduced later.
Trust Your Instincts – If the figure seems wildly above your expectations, dig deeper.
The Beercocks Approach
At Beercocks, we’re committed to securing the best possible price – without misleading sellers. Our valuations are based on solid market evidence, years of local experience, and a clear understanding of buyer behaviour in Hull and East Yorkshire.
We’ll never inflate a valuation just to win your instruction, because your sale deserves more than guesswork.
If you’re thinking about selling and want a free, no-obligation market appraisal, get in touch with our team today.
Do you know someone who might benefit from this advice? Share this article with them – it could save them months of wasted time and frustration.
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