Saturday, 5 July 2008

Housing market slows down

In every Saturday edition of the 'Western Morning News' there is a 'Westcountry Homes' supplement which displays details of many of the desirable homes currently up for sale in our lovely peninsula. I've just been skimming through the 48 pages in today's issue, not that I'm in the market as a buyer but it is just interesting to see what is on offer particularly if I am very familiar with the location. One thing pretty obvious to me is the fact that our economy and house sales are very interdependent perhaps more than they should be in this country. It seems to me that vendors are starting to accept that they may have to reduce their asking prices. Interestingly one estate agent is having an open day on four of its properties next Saturday, four properties in which they indicate that the asking price has already been reduced. I wonder how well this idea works in practice, yes it might galvanise potential buyers a bit but I can imagine a few local people just turning up on the day for a nose around, something different to do on a Saturday. From a seller's viewpoint I can see some benefits, if a potential buyer sees others looking around the place while he is there then he could be panicked into making a purchasing decision. I've not been in such a position myself so am just guessing.

I don't usually feel a great sense of sympathy for estate agents but right now things are getting tougher for them and they will have to be increasingly inventive and flexible in their approach.

No comments: