Rightmove reports home sellers reduce the price
A few weeks ago I was reporting that maybe the bottom of the market was evident, but now Rightmove says that home sellers are reducing prices to move on. This is the first time that prices are reduced this year. But even so the BBC estimates that asking prices are over valued by 16%.
As a seller of your house you need to steal a march by reducing your price now. Do that DIY that has been an eyesore and get people round. If you want to move on seriously, if you want to emigrate, if you want to take the prize job at the other end of the country, do it now. A recent study in Sheffield in May 2011 showed that prices were 16% above the valuations. In other words the valuation shows the mortgage company what they can reasonably get for your house or flat. Not your over inflated asking price, that nobody can get a mortgage for anyway (so the buyer will come back to you demanding that you lower the figures).
This leads to an over supply of property thus putting pressure on to sellers to reduce. And it is no good following the pack – you have to lead the pack if you want to sell. If you wait until the interest rate is going higher then you will be one of thousands desperately trying to sell. If you want to sell NOW then give us a call. We will pay the true asking price right now, the number is 020 7385 4498
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