An awkward conversation?

Appraising the market value of a property isn’t an exact science: it’s a professional opinion based ...

Appraising the market value of a property isn’t an exact science: it’s a professional opinion based on years of experience in a local market and projecting where that market is heading.

The property market has changed completely in the last year and it had to. The unsustainable “boom” of 2020 – 2021 saw prices increase by 15% – 20% in our local area as we entered a period of low property offerings and extremely high buyer demand. As we’re about to enter 2023, that is no longer the case. So a potentially awkward conversation may have to be had with a client looking to sell their property in the foreseeable market, but it needn’t be. Professional estate agents should always focus on the best outcome for their clients and manage expectations, whether that’s an awkward conversation or not, because anything less would be disingenuous.

The reality is we can’t advise on marketing values like it’s 2021. The market has rebalanced to 2019 levels so over-egging the initial listing price will, in most cases, result in a property languishing on the market and requiring a series of price reductions before an offer can be agreed. Again in most cases, had the property been listed at a figure that reflects the current market, it would have had an offer agreed in a more timely manner and potentially for a higher figure. Experience has shown this, in many situations, to have been the case.

Despite the endless pessimistic news being peddled by the media, the property market is still in a good place, with buyer demand remaining high. So if you are considering marketing your property in the near future, please engage with an estate agent that will be honest with you and understands how to navigate the current market.