Selling a home in a tough property market can be frustrating; certainly if having to market the property lower than its perceived worth. However, whilst it is tempting to advertise a home at a price easily achieved just a few years ago, this is usually the wrong thing to do.
Setting a fair market price is where a local estate agent should be able to advise on. It is all too easy to agree with a vendor, and set an unrealistic price just to secure the instruction but, it will rarely result in a sale. An agent who explains this to a vendor is likely to be far better at clinching a sale in any case.
Going further than this, the best estate agents will also have the knowledge and confidence to advise a vendor to wait if the market price is not what is wanted. For many homeowners, this is often the exact right route to take, if selling is not absolutely necessary.
If this is the case, with such a vibrant lettings market, renting out a property until the market recovers is by far the better option. Many estate agents will be able to advise on both conditions in the local area. If a property owner is in the fortunate position to be able to hold on to their property for a couple more years, there could be a tidy profit to be had.
If a sale is necessary though, biting the bullet and dropping the price slightly is the best way forward. A good property will always find a buyer and, well managed by the estate agent, could well get close to the price that was originally wanted in the first place.
At Meet My Agent, we help property owners find the best estate agents in their area to work with. Providing advice for landlords and sellers, inviting our members to leave their own estate agents reviews, and with all the necessary contact details, we help homes sell.