Wednesday 23 May 2018
I think I need to talk about the market. I generally stay away from making predictions and I won’t change that policy now, however I think it is important to acknowledge that we are seeing growing caution from buyers, but it is also important to highlight that we are also seeing growing determination to participate. Sound confusing? Let me explain.
The first, and perhaps most important thing to highlight is that buyers are still out there, active in the market. They haven’t disappeared but they have become more determined to find a property, that they pay the right price and that it represents a good deal.
Buyers are determined to find a property and do a deal.
But what that also means is that there is significant work to be done to get the deals negotiated. That’s the job of the agent but of course it involves setting the right expectations with both buyers and vendors.
Buyers need to feel confident that they are paying the right price. They have grown sensitive to paying too much but remain determined to secure a property and ready to pay true value.
For vendors a successful sale will be founded on setting exactly the right price expectation right from the start. This is not the time for testing the market with an ambitious initial listing price because buyers are hyper sensitive to overvaluations. Right now buyers won’t enter the door let alone enter negotiations if a property is priced too ambitiously.
In this market our team remain focussed on providing the right advice to our vendors and potential buyers on property pricing and value based on our long-term experience in the markets we have successfully serviced for many, many years. Our teams support vendors to negotiate with confidence the divide that often exists between price ambitions, buyer belief and value.
Equally that experience allows our team to outline with confidence the long-term value in residential property. They can present the numbers and the facts to buyers so they can move forward to make a deal knowing they are making a sound property investment decision.
It requires determination to get a deal, but our team have it and continue to achieve great results for our clients.