Every morning we study the housing market, and what is currently standing out more than anything is the number of price reductions which have taken place over the last 6 weeks or so. Obviously everyone wants to create a sale and it’s that time of year when some properties have gone stale, having been on the market since the spring, or longer. Whilst we understand that the market is likely to be telling you that a property is overpriced, there’s normally a very good reason why. So before making that price reduction, consider whether we could make a difference instead – we normally can!
Good feedback from your viewers will help – although the all too common ‘its not for us’ comment doesn’t help anyone! If you are getting feedback such as ‘its just too much work for us…’, ‘it’s dated…’, ‘the layout doesn’t work for us…’ , ‘its very dark…’ or ‘we liked parts of it…’, then please do give us a call and we will be very happy to provide a consultation. Very few reductions of a guide price over £500,000 price are less than £50,000 – for a fraction of that we can help improve the property and prevent you from having to drop your guide price.
A good example is a property we worked on recently. The house had been on the market, standing empty, for over a year. The current agent suggested a £50,000 price reduction to get things moving so the vendors asked another agent to advise and they suggested that Lemon & Lime should get involved. The property was fully decorated, covering up dated décor and giving it a clean and fresh feel. We then furnished it throughout and it went back on the market for the original guide price. It still needed the kitchen and bathrooms updating but a buyer came along pretty quickly who was happy to make those changes knowing that the rest of the house looked fantastic.
Another recent example was property which had been lingering on the market for just over 12 months. The vendors asked for advice from other agents who all suggested reducing the price between £55,000 to £100,000. The vendors chose the agent who told them to leave the guide price as it was but to consult Lemon & Lime. They spent about £3,500 ‘dressing’ the property and achieved a sale, close to the guide price, within 6 weeks.
It’s obvious that the market is short of available stock at the moment and evidence suggests that prices are falling. No one wants to be sitting on a stale property which ends up selling for far less than the original guide price. Agents and home owners are both left with far less in their pockets and for those who are going on to buy the next property, the prospect is less exciting. We are here to help you achieve the best possible price – a little investment can often provide an excellent return and get you moved on to the next stage.
We very much look forward to hearing from you.