4,822 Gravesend Homeowners Fallen Foul of Estate Agents ‘Overvaluing’ in Last 5 Years

If you’ve ever considered selling your Gravesend home, you may have felt the temptation to list it at a higher price, hoping for a bigger payday. After all, who wouldn’t want to maximise the return on their largest tax-free investment?

However, this approach has a downside that many Gravesend homeowners - and even some estate agents - overlook: the risks and costs associated with overpricing/overvaluing your property. Recent data shows that homes priced too high take much longer to sell and are far less likely to complete the sale successfully. Let's dive into why correct pricing is essential to ensure a smooth and profitable sale for your Gravesend property.

Overpricing: A Common Pitfall in Gravesend’s Property Market

In recent years, the Gravesend property market has seen a surge in home prices, leading to fierce competition among estate agents. During the peak of the market in 2021, many Gravesend agents achieved top prices for properties, often receiving multiple offers in a matter of days. It became the norm for a Gravesend home to sell quickly and for prices that exceeded expectations.
However, this boom came with unintended consequences. As fewer Gravesend homes came onto the market, some agents became desperate to secure listings. To win over potential sellers, many estate agents started overpricing properties (or, sometimes described as, overvaluing), offering inflated appraisals that gave homeowners unrealistic expectations. While this might sound like a winning strategy to get more money for your home, it has caused significant distress and delays for many Gravesend homeowners.

The Impact of Overvaluing: Longer Sale Times and Increased Risk

So, why are so many properties in Gravesend still on the market after all this time? It often boils down to one thing: overvaluing. When a property is priced too high, it doesn’t attract serious buyers. Instead, it sits on the market for an extended period, leading to frustration for both the homeowner and the estate agent. Ultimately, it gets withdrawn from the market unsold.

So, let us look at the over-valuing statistics for Gravesend since 2019.
Gravesend – DA11/12:
• In 2019, 47.0% of the 2,133 properties that left Gravesend estate agent books, exchanged and completed. The remaining 1,131 (or 53.0%) Gravesend homeowners came off the market unsold.

• In 2020, 64.3% of the 1,704 properties that left Gravesend estate agent books, exchanged and completed. The remaining 767 (or 45.0%) Gravesend homeowners came off the market unsold.

• In 2021, 64.3% of the 1,959 properties that left Gravesend estate agent books, exchanged and completed. The remaining 699 (or 35.7%) Gravesend homeowners came off the market unsold.

• In 2022, 64.8% of the 1,853 properties that left Gravesend estate agent books, exchanged and completed. The remaining 653 (or 35.2%) Gravesend homeowners came off the market unsold.

• In 2023, 49.9% of the 1,833 properties that left Gravesend estate agent books, exchanged and completed. The remaining 918 (or 50.1%) Gravesend homeowners came off the market unsold.

• In 2024 (YTD), 49.5% of the 1,294 properties that left Gravesend estate agent books, exchanged and completed. The remaining 654 (or 50.5%) Gravesend homeowners came off the market unsold.