Realism Rewarded

6th March 2008

The ‘doom and gloom’ mongers would have us believe that the housing market is at worst in intensive care if not totally dead.

However, I am pleased to report that February has seen a marked increase in new properties coming onto the market.  More significantly, our sales this month are the best since June 2007.

So what has caused this significant improvement in house sales?  Simply put, it is the result of a new air of realism from our selling clients who have accepted that prices which may have been achievable in mid 2007 are now a long distant aspiration.  Smart thinking now dictates that properties should be priced for today’s market to attract buyers. 

The logic of adjusting prices to current market levels applies equally to all property sellers. 

Those with empty properties should immediately adjust to current levels in order to avoid Council Tax payments, ongoing maintenance, and either mortgage payments or lost interest which would be generated on deposit by the sale proceeds.  Over several months this is a considerable sum on money and will not be offset by a rise in the value of the property.

The fall in prices which has been seen in the last 12 months should not deter house sellers wanting to move upmarket.  Whilst it is not always appreciated, they are actually in a better situation now than 12 months ago as the market value of the property they are likely to want to buy has actually reduced by more than the value of their own property. 

It is certainly the case that realism on price will be rewarded in this challenging market.

Dawn Lavelle
Manager
Manning Stainton Wakefield
T: 01924 234 888
F: 01924 234 880