Selling property in an uncertain market
- 20th April 2010
- Selling Property News
ludlowthompson comment and advise on recent media reports on supply and demand for the property market.
Sales Property Market for London - April 2010
by Suzanne Gray, Director of Sales at ludlowthompson estate agency
"In London, it is not true that we now have an oversupply of properties. And it is not true that properties outstrip the number of buyers. It is true that we have seen property stock levels for sale increase. Indeed ludlowthompson for sale property listings are double that of December 2009.
"This increased choice of property for sale has slowed down the decision making of buyers. Also with the imminent general election bringing uncertainty of bank rates and tax levels, we are starting to see some slow down in buyer activity. So 'offers' are slower than they have been in previous months.
"Once the election is over we are confident that movement will once again return to the property market - for now, it's just as if someone has pressed the 'pause button'."
So how does a homeowner sell right now?
Suzanne Gray says: “It is important your estate agent is best placed to react to market conditions. Right now the ability of your estate agent to attract more buyers is key. This involves high profile marketing and a service that takes the pain out of looking for a property. With fewer properties on the market, buyers will want quick up to date information and regular updates.
Suzanne Gray continues: “Sellers should press their estate agent to demonstrate that they are getting more than card in the window and board outside a property. Even a glossy magazine/newspaper ad + web listing isn’t enough in today’s digital market place. Offering sophisticated online services and longer opening hours make it easier for buyers. People should be able to contact and communicate with estate agents in their chosen time frame. The information buyers receive should allow them to clearly narrow down and compare a choice of properties against their needs.”
If you want to sell your home, ludlowthompson says to make sure your estate agent can offer these helpful tools for home buyers –
- The property details show more than just a few photos and description e.g. Journey times to work by train, tube, bus, walking & cycling from each property
- The estate agent can take viewing requests online / has a Call Me facility
- Offers an online account with property rating and comparison tool
- Access to progress updates 24/7 with real-time information
- A dedicated property consultant and online services
- Mobile property alert updates for those on the move
- Open longer hours at least until 8pm during the week
Sellers should ask their estate agent how they will gain exposure to a relative smaller pool of home buyers.
FREE & INSTANT PROPERTY VALUATION
IN JUST 60 SECONDS