We almost sold last year but sale fell through. This time we have sold but it has taken over 3 months and largely down to our excellent solicitor and Laura at Chamberlains Newton Abbot. She chased all the relevant parties to secure the sale and earned the company it’s fee. I just hope she got a good commission, she deserves a bonus! Not all the sales team were so helpful.
Now that silly season is over and people are settling back in after vacations, if you are contemplating or trying to sell or let a property it’s a good time to take stock of the situation and plan the way forward.
October and November are usually active months for property so it’s a good idea to make the most of them and try to get your property sold or let before Christmas when the market usually stalls.
With the current economic climate, uncertainty over Brexit, levels of Stamp Duty Land Tax and the punitive added taxation for investors and second home buyers, residential property – particularly in London and the South East – is going through a period of readjustment.
It has become apparent over the last few months that even slightly overpriced properties have struggled to achieve sales or rentals. Although there are numerous other forces at work, the internet may also have some part to play. This tool can prove a powerful friend but also a brutal enemy. With the transparency provided by the property portals it is almost impossible to hide the promotional record of a property, thus allowing anyone who is interested to establish the first date of advertising, any price reductions and other information that may give prospective interested parties historic data to use when considering an offer, or during negotiations.
In a rising market these facts may not be so important, but during periods of stagnation or falling price levels, they may be used as a weapon to beat prices down. Consequently during these cycles of hesitation it is essential to make sure that all marketing is strategic, well considered and engineered.
It is certainly not all doom and gloom, as irrespective of the world events and economic ” bulls and bears”, people need to buy, sell, rent or let for various reasons. As a result, there will always be successful deals, although currently perhaps not at the prices or volumes previously enjoyed.