Please take a look at this video for a virtual tour of the stunning Samphire apartments in Padstow.
The UK’s leading property portal, Rightmove, has said that the average asking price for homes being put up for sale fell by 1.7% this month – the first time since January of this year. It also warned that people hoping to sell their homes would have to cut their asking prices further if they wanted to be successful. Unfortunately, would-be sellers here in the South West are not exempt as they contend with a market that continues to stagnate. There are a number of reasons for this current slump in the housing market ranging from the euro credit crisis, the distraction of the impending Olympics and even the weather has something to answer for! But it seems optimistic asking prices are also contributing to the downturn. A high volume of property remains ‘stuck’ on the market and a proactive approach must to be employed if this is going to change.
This property in Crabtree Lane Bodmin has had 14 viewings, 75% of which have been with clients unable to sell their own property.
However, it’s not all doom and gloom! There are motivated, proceedable and market savvy buyers out there and if you want to entice them towards your property, the pricing needs to be competitive and realistic. It is a buyers market but if you do manage to sell you instantly become a proceedable buyer yourself and any ‘hit’ you feel you may have taken on your own property can be clawed back when purchasing.
The current market conditions cannot last forever and, certainly here in North Cornwall, we are fortunate that many people continue to relocate to the area or purchase holiday homes which in turn drives our market forward and I have full confidence that by the autumn our market will be up and running once again.
Figures released this week report that the UK saw just 869,000 house sales in 2011, a fall of 1% on the previous year and around half of sales recorded 5 to 6 years ago. So what does this mean for you? Should the short lived moment of optimism for the housing market recovery be replaced with uncertainly once again? Statistics such as this are useful but can also be misleading and certainly when based on a national scale. You’ve seen the news, you’ve read the articles, you’ve talked to the ‘experts’, you may have even read a blog or two! With contrasting media comment, opinion and reporting, who should you believe?
I’ve no doubt the market has been turbulent for several years now and will continue to be for sometime to come. As I mentioned in a previous blog back in October, there had been encouraging signs of recovery for the housing market in North Cornwall and the last four months of 2011 proved that with impressive levels of sales and one of our busiest periods for 5 years. I won’t lie to you and say that 2012 has started with a bang, its going to be a slow burner for the coming weeks but I fully expect the local market to be up and running again by the spring with a raft of new properties available and motivated proceedable buyers waiting in the wings. Indeed, we have seen a large number of potential purchasers registering recently looking to buy but with so much sold before Christmas there is a real shortage of quality property on offer.
The market seems to have levelled out in recent months and certainly prices won’t fluctuate too much in the short to middle term so if you are thinking of selling, maybe now is the time. A lot is said about buyers having confidence in the market and the phrase ‘buy with confidence’ is used frequently. But now the time has come to ‘sell with confidence’ as well.