As an experienced estate agent who has worked through many challenging markets, I would like to share with you something a former colleague told me when I was a young whipper snapper that has stood me in good stead throughout my property career.
It is a simple fact of life in the property market that is often avoided or over looked by sellers or agents as it doesn’t fit with what they hope or wish for.
It is this:
“ The value of a property is only ever what someone is willing to pay for it! ”
Now I know that seems obvious and people will often quote this fact to me, but i’m afraid there are still many many people trying to sell currently who are not willing to accept this reality, or have not been advised of it.
For clarification the price of a property is not and will never be:
- What you want to achieve for it.
- What your estate agent “valued” it at
- What you “need” to achieve
- What your neighbour is asking for theirs
- What a friend says
- What you’ve spent on it
Now I apologise if the tone of this blog sounds a little harsh or if I am teaching people to suck eggs but I feel it is worth spelling out in this market.
Sellers currently have a very simple choice to make if they wish to move, either accept the new reality of what someone is prepared to pay you for your home or stay put for the time being.
Remember if you are buying on as well then any perceived loss you may feel will most certainly be recouped on the property you buy and thus your new view of what you are willing to pay.
Selling property is a simple process, no matter what market you are in, but unfortunately too many people listen to outside factors rather than work with a trusted experienced agent who knows their market inside out.
If you would like to find out what your home is actually worth then you need to market at a realistic asking price that will attract attention and invite offers, at that point you will know. An experienced agent will advise you with what that price should be rather than tell you a price they think you would like to hear.
These are tough times but I have worked in harder and if you want to move you still can, as long as you get good advice and accept this simple fact of life when selling property.
For a no obligation chat about your home or your circumstances give me a call on 01795 533577 or email info@saxonshore.co.uk We are also always happy to talk to people who may have their home listed with another agent. Any advice will always be highly confidential and talking to us is not a breach of your contract.