It may be surprising to know that buyer demand for properties is actually 20% higher than pre-pandemic 5 year averages. It can be difficult to forget how erratic and chaotic the last two years have been and how skewed some of our outlooks can become. It is very easy to get carried away with what was unprecedented interest, offers and sales levels, and now that the market has softened the trap of over pricing your property looms large.
We all know that last year saw a ten percent rise on average in property prices but pricing a property at the top of the relevant range for your property and then adding a perceived increase on top may leave you isolated and facing the very real option of reducing your property price and selling for lower than you should.
The market has seen several instances of high end pricing in order to secure instruction only to then experience the inevitable price reduction weeks later due to a distinct lack of interest. Some agents want to increase stock levels to supply the levels of buyer demand, but this overpricing only leads to the detriment of the vendor, and some want you signed up to secure the fee they receive whether they sell it or not – their own version of commisery.
What I would say is that with tighter financial reins come more astute purchasers. People will still pay good and fair prices for property but are becoming wise to property marketed higher than a normal market would dictate.
Don’t avoid marketing though. In fact, now is still a great time to move with buyers still on the look out for property and viewing diaries still booked up. Why wait for the New Year? The last few months have shown us the unpredictability of the economy but the property market continues. By arranging a free and no obligation valuation with Poole Townsend we can best guide you on the most effective way to market your home to achieve the best price possible.