We are noticing a large increase in viewings and offers on property in general, but this is limited to properties that are "competitively priced" ie, seen as cheap!
Less than 3 weeks ago, we started marketing this house at Our Lady's Road, New Inn, Co Tipperary.
Since then, we have had 11 viewings and 15 offers.
It is now making more than the Guide Price and there are going to be a number of disappointed underbidders.
This has been repeated on numerous occasions this year, in locations all over South Tipperary.
We have sold more homes in the first 4 months of this year than in ALL of last year!
It shows, in this market, pricing is all-important.
When we value houses for sale, we advise the owner to offer the house at a price that will result in a sale.
Perhaps up to 50% of Vendors do not heed that advice.
Their homes remain on the market for longer than they should.
In a falling market, they end up taking less for the house than if it had been priced to current market values initially.
They waste time and cause frustration to themselves and others (and us!).
If selling, it is important to take note of prices achieved, not prices being sought.
Currently, there is a huge variance in some quoting prices and actual prices.
Some agents are "valuing" houses at 2008-2009 levels, not realising that we are in 2011.
These same agents are selling little or nothing at present.
It is important to use an agent that is achieving sales.
Walking the walk, not just talking the talk.
Pat,
ReplyDeleteso what % fall from the top are you now moving houses at? Do you think this is the bottom?
Hi Tom,
ReplyDeleteI have no gypsy blood (that I know of!) so cannot "call" the bottom of the market.
Prices are definitely 35% off peak everywhere and up to 50% off in some locations and market segments.
If these discounts are noted, we are seeing sales.
What is your view?