In January 2025, we completed the sale of 10 Waveney Grove, Newcastle-under-Lyme, as part of a deceased estate. The bungalow was somewhat dated at the time, and the buyer had plans to modernise and sell on. Having been impressed with Follwells during the purchase, the new owner invited us back to carry out a market appraisal for re-selling.
Using our expertise and knowledge of the local market, as well as taking into consideration recent sales we’d handled, we recommended an asking price of £265,000 – £270,000. Another agent recommended a significantly higher asking price which, understandably, proved tempting to the seller and they instructed the other agent to market the property at the higher price.
Following three months of very limited interest, the seller came back to us asking if we would take on the marketing of the property in line with our initial recommendations. This week we have exchanged contracts on the sale of this property at £265,000. The seller, Tracey, commented:
“After initially signing with another estate agent to sell our 2 bedroom bungalow it soon became apparent that we were just another customer with little to no proactive communication coming from them. Viewings were not followed up as we expected, and it was clear they had considerably overpriced the property.
“After several months we went back to Follwells to ask if they could support us with our sale and they were happy to do so. A more realistic price was agreed and within weeks we had viewings booked and 2 offers made on the property. Every step of the way they have kept us informed and have proactively pushed the deal forward at every opportunity to ensure a speedy completion. I would have no hesitation in recommending John, Helen and the Follwells team.”
This highlights the importance of an accurate and sensible valuation. When an ‘expert’ comes into your property and tells you they can achieve £25,000 more for your property, it’ll probably prove too tempting to refuse. In reality, this often just leads to a delayed sale.
People often think that listing at a higher price leaves more room for negotiation or that, no matter what the asking price, buyers will offer below. In the current market, we’re finding that asking for more doesn’t necessarily mean achieving more. Properties that come to the market at a sensible and attractive price will generate strong levels of interest and, in many cases, multiple offers.
Put yourself in the buyers shoes. If you see a property arrive on the market that ticks your boxes and is priced attractively, you’ll be eager to view as soon as possible. If there’s a lot of interest in the property you’ll be approaching the viewing thinking ‘how am I going to get this property?’ There is competition for it and you want to secure an acceptable offer.
However, if you see a property come to the market at an inflated price, you’re far less likely to view it initially. The price might be reduced a month later, maybe even reduced a second time. If you go to view the property at this stage, you’re more likely to be thinking ‘why hasn’t it sold?’ ‘How much more can I get off it?’
In the first scenario, the vendor is on the front foot. They have lots of interest in their property and likely eager buyers in competition with one another. In the second scenario, the vendor is on the back foot. They have limited interest and the viewer is in control of the narrative.
High asking prices are always tempting as a seller but, in our experience, rarely lead to a higher priced sale and often damage the ability to achieve the best price.
Contact Follwells today
We have over 30 years’ experience valuing and selling homes in Newcastle-under-Lyme and Stoke-on-Trent. Achieving the best possible sale price for our clients is our priority, so we pride ourselves on accuracy. Use our handy online valuation tool to instantly find out how much your property is worth or book a face-to-face valuation by contacting us on 01782 615530 or email@follwells.co.uk.
