“Homeowners waiting 10 months for sale”?

There were two reports in The Times newspaper this week that really caught my eye.
On Wednesday it was reported that analysis by Which? showed that 1 in 5 vendors had to reduce their asking price by more than 5% to achieve a sale.  When eventually sold, these properties took 64 days on average longer to sell.
Then on Saturday, The Times reported that some homeowners were waiting 10 months to sell, with London and the North East picked out as trouble spots.
So what is the state of play here on the Island?
Well firstly, I have had a look at the statistics for Trigg & Co for 2016 to see how we compare.  Last year we achieved on average our sales at 97.9% of the asking price, which I think says much about our whole approach to valuation and home selling.  When we appraise a property for a vendor and provide a marketing price, we provide factual evidence of other sales and the current market conditions to back up our ££ figure.  It is very tempting for vendors to choose the agent who quotes the highest price and the smallest fee, but that rarely proves to be the wisest economic choice.
Even worse in my view is the agent who lets you decide on your own valuation and charges you an upfront fee to list your home.  What incentive do they have to give you the right advice and then work hard to earn their fee?  Very little in my view.
The Island market remains very strong for properties that are brought to market at the right price.  February has been another very strong sales month here at Trigg & Co with at least one house being sold every day so far – and more stock wanted.  We are so confident of achieving a sale for our clients that we are running our unique ’90 Day Challenge’ again this year – where we reduce our fee by 50% if we don’t achieve a sale within 90 days of instruction.
So don’t believe everything you read in the press – even in a high quality newspaper like The Times.
Not all markets are the same and certainly, not all estate agents are the same.
If you would like an updated valuation for your home at any time or would like to discuss the Island market, please give us a call on 01983 525710 and we will be delighted to help.  No fuss, no obligation and no charge.
Have You Been Around ‘Coppins Bridge’ This Week?
The landmark building on Coppins Bridge has gone Yellow for a month or two!  We hope that our great offer doesn’t prove too distracting as you sit in the traffic jams!
Best regards,
Keith
Keith Trigg
MANAGING DIRECTOR