Lots of viewings and low offers but nothing acceptable: what is going on?

Q.  I have been marketing my home for sales for the past six months but have still not managed to have one acceptable offer come through. I have had lots of viewings and plenty of ridiculously low offers but still nothing. My agent says we need to reduce the price again, but I am reluctant since I am already now marketing lower than others sold for six months ago. Can you shed any light on what is going on?

A.  Your problem is not uncommon right now, sadly the market has taken a tumble and reflecting back on what other similar properties sold for six months ago will not help you in moving forward. Several things have contributed to the decline but mainly the uncertainty surrounding Brexit still seems to be the one dominating factor. I do believe that until that is sorted we are going to remain in this unsettled place. Bottom line is, and the good news is there are still plenty of buyers out there, but they are also incredibly educated as to market conditions. The internet has given buyers the power to understand how much a property is really worth. Sites now display the original sale price of property and also anything that has been recently sold too. So, it’s easy for even the most inexperienced buyer to gain a good idea of what something is worth as opposed to what a seller may think its worth and be marketing for. What you need to be clear about now is how much are you invested in selling the property? Do you need to sell right now? If not take it off the market for a couple of years to let everything settle, I can guarantee if you wait a couple of years you will achieve a better price. However, if you are also buying in this market then there is no point in delaying your move and ultimately what you lose at this end you will gain at the other end. If you are selling for less, you will also buy for less. I know it hurts really bad to see how much money you have lost in the last six months but that is simply how the market operates, it sails to dizzy heights and then falls hard, but the one thing I know for sure is it will always rise again. So, get real, if you want to sell right now listen to your agent, work with them not against them, as long as they are a credible agent they will always have your best interests at heart and be looking to achieve the best price they can for you. So, if they advise you to reduce its because they know they can sell it for you if you trust them. In times like this I know its easier to think you know best but honestly take advise from the professionals on the ground, we know what’s really going on and we want to help secure you a sale as quickly as possible for the best price possible.

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