The property market is currently experiencing a softening of prices, attributed to various factors, one of which is the compounding effect of interest rates. The combination of softer property prices and higher borrowing costs has created a more challenging environment for both buyers and sellers, as they navigate a market that requires careful decision-making.

Taking a closer look at the NR18 market, the numbers reveal an interesting snapshot of the current situation. There are currently 296 properties for sale, indicating a relatively high level of inventory. Since the 1st of June, 56 new listings have launched to market suggesting that sellers are still entering the market. On the other hand, 44 price reductions implies that sellers are adjusting their expectations and aligning with buyers in a more challenging market. Lastly, there have been 30 sales agreed proving ongoing activity, albeit at a slower pace. Overall, these numbers demonstrate the dynamics of a market in transition, where both buyers and sellers are navigating the changing landscape with careful consideration.

So, what does this all mean for sellers currently? Pricing is crucial to achieving a successful sale! Not just for the initial launch of the property, but as an ongoing evaluation. As mentioned above, there are several market factors which you and I cannot influence. On the other hand, there are those we can: Pricing, Marketing, Service, and Communication.

Overriding message - ensure you treat your property as an Asset, not a Liability.

It’s always a pleasure to hear from all of you that read my articles, your support is amazing and valued. If you have any questions regarding your journey as a seller, get in touch today.