Mind The Gap
No I am not talking about jumping on or off a tube train in London. The gap between sellers and buyers has always been there but it is worrying that in a tough market it isn’t getting smaller it’s getting bigger.
It is interesting to note that recent research shows that half of those people planning to buy within the next 12 months believe that prices in their chosen area are higher than their expectations. By contrast only a third of sellers hold the same view. It goes without saying that this difference in opinion could lead to a decline in sales.
Of course there has always been a difference of opinion between buyers and sellers but your house is only worth what someone is prepared to pay.
With the summer holidays an almost distant memory this may well be the time to seriously think about putting your house on the market. The autumn is traditionally a very good time to sell. Families have returned from holiday, back to school and back to work. Normality sets in.
If you want to stand a chance of selling your home think of the buyer. To attract a buyer and lets face it there is not that many of them about, you must be prepared to have your house marketed at a realistic price. Rightmove recently reported that UK asking prices over the summer had dropped on average by 2.4%. If your property has been on the market over the summer or even longer and still not selling, it is time to seriously consider a price reduction in readiness of the Autumn market.
The average time across the UK a house is on the market is just over 90 days so any vendor who has their house on the market and wishing to sell before the festive season begins need to get their skates on and tempt a buyer.
Always remember a small reduction now may prevent a drastic reduction later.
It takes two to tango
Sellers need to adjust their expectations and buyers need to realise that offering low unrealistic prices only causes offence to the seller and both parties end up pricing themselves out of the market.