When you are buying/selling, the property price reports can only really help by giving you an idea of how confident buyers are.  For example, if they are reporting a fall in property prices, then buyers will react as follows:-

1. Take longer to look around more properties
2. Usually offer less than the asking price (for example 95% or less of the asking price)

This means as a seller:-

1. It may take you 8-12 weeks to sell your home rather than 6-8 weeks (which would be in a normal/fast market).

2. If you over price your property versus others on the market, then you are unlikely to get any viewings.

3. You may need to accept a lower offer than you'd originally hoped for.

4. It might be worth considering part exchange via a new build if you need to move quickly, or only accepting offers from cash buyers. 

5. May not be worth offering on other properties until you have secured a buyer that has sold their property/cash buyer.

If property price report headlines are showing property price increases, then buyers will react as follows:-

1. Will view less properties and offer on properties they like more quickly
2. Usually offer nearer to the aksing price (for example 95% or more of the asking price)

This means as a seller:-

1. If priced right, you should be receiving offers within 6 weeks of marketing the property
2. You are more likely to get offers near to the asking price
3. You should probably start looking at properties you'd consider buying while you are selling as long as people are regularly veiwing your property within the first few weeks of advertising

In summary:-
Property price reports usefully indicate the selling/buying environment, but little notice should be taken from them for a specific property's price.

To find out more about how we can support you during your property project visit our Introduction page in the Essentials section.

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For more information about how membership can help support you throughout your property project, please email: enquiries@designsonproperty.co.uk or call us 0845 838 1763. We'd love to speak to you!

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NALS Conference Chair 2016

Kate's Consumer Portal

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