The last few months has seen a softening of the real estate market. Auction clearance rates are down and properties are taking more time than previously to sell. This is good news for buyers, who are now a bit spoilt for choice, but it is certainly not doom and gloom for sellers. This softening might almost be considered a realignment to where the market might be sitting had there not been an unprecedented period of growth (huge demand with limited supply) during 2017 and earlier this year. We are now seeing the upward pressure this put on pricing beginning to relax.
The market ebbs and flows in cycles and this market is one we are very familiar with. A successful sale is still achievable but factors such as pricing, presentation and duration of marketing campaign all play a far more significant role. The property must be priced correctly to maximise the number of potential buyers it attracts, it must be presented in the best way possible so as to set it apart from its competition and the marketing must be geared to a longer, but not necessarily more expensive campaign. Print advertising might be run fortnightly rather than weekly to lengthen the campaign, social media and digital marketing might be utilised more often than it has needed to be and our sales team will actively continue to seek out buyers from our extensive database.
Our aim is to exceed expectations, both in terms of price and service, whatever the market conditions.
Until next week,
Nick Lord