Is now the Time to Sell your Property?

With real estate prices throughout the UK now falling, there is an ongoing concern that aspiring vendors may have missed their window of opportunity for selling their property while also maximising its remaining value. More specifically, house prices slipped back from record highs in September, with the average cost of real estate plummeting from £273,000 to £274,000 in just a single month.  This represents a significant drop, while the fourth quarter forecasts for the UK suggest that this trend is likely to continue at least until the beginning of 2015. This is arguably bad news for home-owners, while it is also forcing potential buyers to turn to the rental market and reputable agents such as Featherstone Leigh.

Appraising the Market: Should you Stick or Twist as a Home-owner

At face value, it appears as though home-owners may have missed the opportunity to sell their home at its highest possible price point. While this may be at least technically true, however, it ignores the fact that price points across the UK had reached excessive levels, meaning that many potential buyers had been pushed mercilessly to the side-lines. This trend even extended outside of London, which typically decouples from the rest of UK during times of growth and mirrors nationwide trends as the market begins to cool. This is arguably the primary reason for the property market decline, as the demand for housing could no longer support the considerable supply.

With this in mind, the recent market events may have actually boosted your chances of selling your property. Falling prices and a cooling marketplace will shine like a beacon to previously discouraged buyers, and encourage many to resume their search for a high quality and affordable home in their desired location. Modern buyers and consumers in general are increasingly keen to achieve value for their money, and this has simply not been possible in the real estate sector since the beginning of 2014. Now that this has changed, however, there will create be a higher demand nationwide and a larger and more motivated audience at which you can market your property.

The Last Word: Compromise and Opportunity

Ultimately, the changing market dynamics have had a detrimental impact on the potential resale value of your home. This is only in terms of the price that you can place on your property; however, as a slight decline in the value of housing will actually have a positive influence with regards to generating demand and creating buyer competition.

So if you are motivated by the sale rather than greed and willing to compromise on the price that you receive for your home, you can still execute a swift and satisfactory sale in the current market. With prices set to drop further before the markets gather momentum in 2015, however, you should look to act quickly if you are a genuinely motivated vendor.