I was contacted by a property seller today who asked our advice on what to do about the fact that she has been on the market for months without any interest in her house and now really needs to sell.
‘Slash the price’, I said. It’s a buyers’ market and set to become more so with increasing numbers of properties coming to market and in contrast to static buyer demand and mortgage strangulation.
I checked on the competition in her area and noted 156 similar properties for sale within one mile of her property at a similar price to her’s at £99,000. Some are £10,000 cheaper for much the same home.
The previous day she had spoken to her ‘High Street’ agent who had suggested that she reduce by £50.
It’s exactly this sort of cowardly and misguided ‘advice’ that has led to there being literally millions of houses and flats on the market at the wrong price leading to the lowest transaction levels for years but, ironically, caused by the agents themselves and their lack of realism.
Many traditional agents try to argue with me over the superior knowledge and professionalism of High Street agents compared to agents like eMoov that happen to work from a nice office complex and with UK coverage. High Street bods scramble to convince one and all that their expensive office in town is somehow a guarantee of ‘expertise’ and therefore justifies the £3000 plus that they charge. Utter cobblers.
That justification was not exactly evident today, was it?