North Devon Sellers Struggling to Adjust Their Expectations Are Losing Out in the Current Market
In the ever-evolving world of UK real estate, staying ahead of the curve can make all the difference. In today’s market, the key to success for home sellers lies in their ability to adapt to changing conditions. I know this from personal experience, as some of you know, I have being selling a property this year myself.
The latest data from property platforms like Rightmove and Zoopla paints a clear picture: sellers who adjust their expectations and align their asking prices with the current market are the ones emerging as winners.
This echoes the advice I have been giving on social media and to clients for the last 12 months but I appreciate it’s easier said than done.
Rightmove’s recent House Price Index reports a concerning statistic: the number of sales agreed is 17% below the levels seen at the same time last year. But why is this happening?
The answer lies in the struggle of some sellers to adjust their price expectations to match current activity levels. In this fiercely competitive market, these sellers find that their homes are left on the shelf, unsold and overlooked.
Zoopla adds to this narrative with a forecast of falling house prices continuing into 2024.
Additionally, Lloyds Banking Group suggests that prices may continue to slide into 2025. In light of these predictions, it’s becoming increasingly apparent that those who hold on to inflated price expectations are putting their home sales at risk.
Despite these headwinds, there is a silver lining for sellers who are willing to take action.
Zoopla reveals that buyer demand remains resilient, even as mortgage rates have risen. In fact, 32% of active buyers are cash-only, a promising sign for sellers who are willing to adapt to the current market conditions.
So, what’s the key takeaway from these reports?
The time for sellers to adjust their asking prices is now. Those who get “ahead of the curve” and align their prices with the current market are not only more likely to sell their homes, but they can also retain much of the increased value that was built during the buoyant post-COVID market in 2020 and 2021.
This market isn’t kind to those who hold onto unrealistic price expectations. Sellers must be proactive and realistic in their approach, ensuring that their asking prices reflect the current state of the housing market.
By doing so, they can avoid the pitfalls of unsold homes and dwindling property values, while securing a successful sale and moving on to secure a great purchase.
I speak from personal experience too. I recently took my own advice and reduced the marketing price for a second time on my property, to ensure it stayed aligned with the market. On this occasion by around 8%. Within 2 weeks I had secured a full asking price offer from a proceedable buyer.
In this dynamic real estate landscape, adaptability is the name of the game, and those who embrace change will undoubtedly come out on top.
As ever, if you want to discuss your situation or have any questions just get in touch, I am always here to help.
Nic Chbat – Director
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