Autumn Sales & Dangling Christmas Baubles!
Firstly, apologies for the word “Christmas” being used before Mid November. Within this industry though the “Christmas Effect” often generates the same response as the “Autumn Sale”. And it does happen early.
There are a multitude of reasons why people want to sell. For those who genuinely want, or need, to sell (not because they “may” want a change or they have seen only one unique property they want) then having a sale agreed before the next calendar “milestone” seems to be a much needed psychological box ticked.
With over 37% of properties (nationwide) being reduced from the initial listing (our average sits currently at 8.8%) this Autumn Sale has hit a 5 year high. Why?
Once again, over eager pricing to win the instruction or the clients desire to ride the high price wave experienced by neighbours in the Spring could be the most obvious motivations.
The simplest explanation to the dangers of over valuing are easily explained . If I value your home at £400,000 and you want the house marketed at £425,000 (and we both agree the launch marketing is perfect!) then if no one comes, we know the launch price was wrong.
It is, honestly, as simple as that.
At £400,000 (if my appraisal was correct) more than one buyer may well be interested and we secure £410,000. At £425,000 if we then have to reduce, the buying public are aware of the reduction and what comes next are even lower offers than the reduced figure.
So with Christmas around the calendar corner, now must surely be the time to consolidate. A rebrand and a sensible asking price will surely be recipe needed to generate the sale price you need.
Leaving you free to think about what to buy your Children and your Aunts, what food you’re preparing, whose house you are going to on Boxing Day, whether Mable prefers Sherry or Port and whether Santa is actually a good or bad influence etc etc……………..