Why realism is the watchword for buyers and sellers this summer

It’s now high summer (well it will be in four weeks’ time), gardens are in full leaf, blue sky and sunshine have finally arrived to show Yorkshire at its very best and it’s the prime time for selling.

As such it is logical, and almost expected, that a raft of positive adjectives can define this time of year. Optimism is certainly one that comes to mind plus other more candid expressions traditionally associated with the industry.

So, it might surprise you that I believe realism should be added to this descriptive amalgam as well.

The head of marketing for a major international brand once told me in my formative years that the right commodity, offered at the right price to the right market in the right manner, will always sell.

Whilst this may have been said some time ago, those wise words still hold true today. It therefore baffles me why some individuals currently involved in the property market are choosing to ignore the reality of their situation.

Just because you purport to be a cash buyer does not entitle you to a substantial discount, especially when it transpires your own cash is being topped up by funds from a lender, otherwise known as a mortgage.

So don’t be surprised if an owner politely says no to your early enthusiasm and reduced offer, if they have only been on the market for two weeks. You are unlikely to be the only interested party even though your competing prospective buyers may be in a chain of associated sales.

If you have decided to offer your home for sale, it is of course your prerogative to decide the asking price, however robust this might be.

However, if you have not sold after say three months, the reality of your situation means a price revision is probably the only way forward, much as you might tell your agent that you do not have to sell and are happy to wait.

This is particularly relevant if your property has some form of Achilles heel in terms of its market appeal.

Just because you decide to take a longer-term view does not mean an issue that might be constraining your sale will disappear, especially when the longer a property is for sale at its original price, the less the rate of enquiry.

It is often said that early interest is often best interest. So, whilst it may be simplistic advice, whether you are already on the market or now considering selling, does your home look at its best?

If not do something about it. Are you quoting the correct price?

Consider an agent’s track record, experience and style of marketing. The international brand mentioned is as strong as ever. They continue to “get it ri ght”.

Tim Waring FRICS, Prime R esidential GSC Grays, [email protected]