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Are you concerned about the growing gap between asking prices and eventual sale prices in the housing market? In this video, I dive into why the gap between asking prices and final sale prices can reach as much as 17%—way beyond the average 4% reduction most sellers expect. I'll guide you through the key mistakes that lead to houses being significantly overpriced and, more importantly, how you can avoid them.

One of the biggest reasons properties sell for much lower than their asking price is estate agents purposely overpricing homes to win business. They tell homeowners they can sell their property for far more than it's actually worth, only to suggest a price reduction later. By then, you've already signed a long, 26-week contract, and you're stuck with them whether they deliver or not. Overpricing wastes valuable time, and eventually, you'll have to drop the price to match the market reality, losing momentum and buyers' interest.

How to Avoid Being Trapped in a Long Contract:
The best way to avoid this situation? Simple—don't sign a long contract. Instead, negotiate a four-week rolling agreement with your estate agent. In those four weeks, you’ll quickly know whether they're generating interest in your property or not. If the estate agent insists on a longer contract, it's a red flag. They either know they’ll struggle to sell your house or their service won’t live up to expectations.

At Power Bespoke, we do things differently. Our clients can terminate our services with just one minute's notice, which keeps us fully accountable and ensures that we’re always delivering the best results.

Why Long Contracts Harm Sellers:
Long contracts give agents a license to be lazy, and that’s why 76% of people don't trust estate agents. Once you’re locked into a long agreement, some agents might take their foot off the gas. Worse, you’re stuck with them for months even if they provide poor service or fail to generate buyer interest.

Key Takeaways:
Don’t sign a 26-week contract – ask for a short, rolling agreement instead.
Ensure your estate agent provides detailed, comparable data for pricing your property realistically.
Be cautious if an agent quotes a significantly higher price than others—overpricing can lead to a big reduction later.
Check for red flags in the contract, especially terms that prevent you from switching agents easily.
If you’ve experienced this issue with estate agents, share your story in the comments below. Let's start a conversation about trustworthy estate agents and how you can protect yourself as a seller.

Don't forget to like and subscribe for more tips on navigating the housing market and ensuring you get the best possible deal when selling your home!
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