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Don’t let your home turn into stale bread…

Yes, you heard us right!

There’s no question that the COVID-19 pandemic triggered a rollercoaster of changes across many industries, and the housing market was no exception.

Three years later, though, we can’t help but feel the media’s current frenzy surrounding the current housing market is unwarranted. 

Whilst the pessimistic headlines might have you worried that selling your house right now is the equivalent of trying to sell ice cream on a winter’s day – the reality is that there is still a huge supply and demand requirement which is driving the property market forward. . 

Nevertheless, there are certain factors to take into account when putting your house on the market in our post-covid era. Most essentially, ensuring that you are marketing your property with a realistic asking price. 

Don’t get taken in by dishonest estate agents…

It’s one of the oldest tricks in the books that, during times of difficulty, unscrupulous estate agents will suggest inflated house prices in order to make you (as a seller) happy, thus winning your business. 

As a seller, you’re often emotionally invested in the value of your property, so it makes sense for you to strive for the highest possible price. 

But, what are the consequences of going for a dishonest, albeit flattering, home valuation? 

Missing out on the initial “buzz” of buyer interest when your property is first listed

Your house being on the market for much longer than necessary.

Needing to make seemingly endless reductions.

Wasting a great deal of your time. 

Ending up with a much lower offer than you would’ve received, had you been realistic when bringing it to market.

According to Propertymark, a huge 71% of agents are currently unrealistic in their price evaluations.  Meanwhile, a crazy 23% of properties are currently withdrawn from the market.

We don’t believe these two figures are unrelated. 

It’s important to be realistic…

Let’s make some things clear, the property market has changed, and despite what your estate agent may be telling you, burying your head in the sand and ignoring the facts isn’t going to sell your house any sooner. 

3 hard truths about the property market right now 

Property has fallen in value.

Houses need to be priced competitively. 

Automated valuations are almost always incorrect because they use historical data, rather than analysing the current market.

Whilst we can’t control the current market, we can control the marketing of your property – and this starts with being honest and transparent with you regarding a realistic asking price. 

If your property is overpriced, then it will discourage potential buyers from even taking an interest in your home – no matter how wonderful it is. 

Think about it, would you ever pay £12 for a £10 note? No. But would you ever pay £8 for a £10 note? Absolutely – in fact, you’d probably have to fight off others for it, thus creating more activity and interest. And the more interest in your property, the more potential you’ve got to drive your asking price higher, anyway. 

Why “testing the waters” with a higher asking price is a terrible idea

One of the first things a buyer typically asks is, “how long has it been on the market for?” – because people want to know what others think of the property. If a home has been on the market for months and months, unsold and with little interest, it creates doubt in the mind of buyers…

“What’s wrong with it?” “What have others noticed that has turned them away?”  “Why isn’t it selling?”

Meanwhile, if a property is fresh on the market with lots of interest and attention from other buyers, you’ve got a home that is highly desirable and should make a sale relatively quickly. It also gives you scope to ask for more, should you have so much interest that you want to. 

Property in these circumstances are currently selling within two or three weeks – imagine that?!

The fresh bread vs. stale bread analogy

1. Imagine an agent decides to sell fresh bread rolls that they have bought from a bakery for £1 each…

2. If the agent tries to sell the rolls at £1.20 each, it is likely not many of them will sell, as buyers can go across the road and spend £1 on the same thing…

3. By this point, the agent is left with yesterday’s bread rolls that are no longer fresh – and so they have to be reduced to 80p. However, the fresh bread is still available across the road for just £1…

4. Now, the agent is left with 2-day-old stale bread that is only worth 60p, as they had been greedy at the start, and now the demand for these bread rolls is lowered. 

You see, there is little point trying to “test the waters” by putting your house on the market for a high price, with the scope to reduce it later down the line – as you’re missing out on the opportunity and leverage that comes with having a fresh, hot, tasty property. Instead, you may find your house has gone stale. 

The solution?

Here at Fardella & Bell, Estate Agents Burnley, we are transparent about what we can and can’t do for you. We aren’t fairy godmothers who can create high-flying, cash buyers for you out of nowhere – but we can be strategic, responsive, and realistic when marketing your property, to get you the best sale possible. 

Whilst some agents are desperate to get your business, we’re desperate to help you move. 

We’ll never do you the disservice of valuing your home way above its market value – because we’ve had enough experience in this industry to know that it doesn’t serve anyone. We pride ourselves on our authenticity, transparency and reliability – and our clients love us for it. 

To find out more about how we’re raising the standards for estate agents across Burnley and the surrounding areas, check out our previous blog post here. 

Alternatively, if you’re looking to sell your house in Burnley, Clitheroe,  Padiham, Ribble Valley or the Pendle area- give us a call on 01282 968 668 or get in touch here!

Love from Team F&B