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.