Tim Waring reveals why it's not all about the price when selling a home

Price is a key component to any property transaction, and I suspect at the forefront of many mindsat present, given what seems to have been a constant flow of interest rate increases.Whilst the result in some elements of the market is hesitation, other sectors remain remarkably resilient, albeit somewhat different to the excesses of the last 12–18 months.Talk of the market’s demise is greatly exaggerated to paraphrase Mark Twain‘s famous quote. A period of realism is perhaps a more appropriate definition as to where the Yorkshire residential property market is heading.Whilst price might be the key component to achieving a sale, it is only as strong as the weakest link.

This is what I believe is being increasingly overlooked by those involved with the home selling process, be that buyers, sellers, agents as well as other stakeholders, notwithstanding all having a vested interest in wanting a transaction to actually complete.

As arguably one of Yorkshire’s most experienced estate agents, who also happens to be a chartered surveyor and RICS registered valuer, it constantly baffles me how and why this amalgam of stakeholders can variously make the whole process so complicated at times with resultant stress and frustration for those involved.

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What my long-standing involvement in the property world has taught me is that price is rarely the sole route to securing a sale, witness the increasing number of price reduced homes listed on the likes of Rightmove and OnTheMarket that remain unsold four to six weeks later. Perhaps the price was wrong from the outset begging the question whether it was agent enthusiasm or an owner’s ambition.

Tim WaringTim Waring
Tim Waring

Meanwhile other fundamental issues are overlooked. Incomplete chains, cash buyers who aren’t, unnecessary delays with paperwork quickly come to mind.

In a changing market, it is incumbent on an agent to have the confidence and knowledge to advise and manage the expectations of both buyer and seller, and sometimes others. Openness and candour do not necessarily come naturally to some in an industry widely known for its enthusiasm.

If your house is untidy and looks unkempt, your selling agent should tell you. If you have a maintenance issue, your selling agent should tell you. Just two examples of many, but they could be more important than a change of price, at least in the short term.

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And when a hard-nosed buyer makes an 11th hour attempt to renegotiate the price, your agent should be strong enough to question how said buyer would react if at the receiving end of such tactics, especially if there is no justification.

I might be old-school in my approach at times, but there are few things that happen in the property world that I have not seen before. In years past, I have lost instructions by saying what I genuinely think.

However, when a client thanked me earlier this week with the added comment that my approach made a refreshing change, I am hopeful going forward others will think likewise. So, if you are thinking of selling, or want a second opinion as to why you are not doing so at present, do get in touch.

Tim Waring, Prime Residential, GSC Grays, [email protected], tel: 01423 590500