We can tell you one thing for certain – there’s nowhere near as many houses selling as there usually would be at this time of year. We won’t tell you why, because you know and the word itself, let alone the subject matter is boring us all to tears. Life must go on however and many people, some with the means, others by necessity, are buying and selling.
Of all the property types we would like to have a healthy stock of right now, two and three bedroom modern terraced and semi detached houses are at the top of our list. The most recently built homes of this type in places like Norton Fitzwarren and Bathpool will sell reasonably well but the ones that will fly out, as long as they’re not overpriced, are the more mature places closer to the town in the Galmington, Bishops Hull, Holway and Blackbrook areas. The prices will range, depending on size and location, between £175,000 - £250,000 and with demand outstripping supply, prices now being paid for these are the highest ever.
Bungalows, as always, are in short supply and top quality houses in prime town locations and villages will still sell quickly but not at over ambitious prices.
That leads us on to ‘what’s not’ selling. In a rising market, over priced property will sell, albeit later rather than sooner, as prices eventually catch up. That’s not happening now, prices of most types have gone off the boil and in some cases are falling back. The property websites are becoming cluttered with a good many ‘old chestnuts’ where, either because of deluded sellers or over valuing estate agents, no interest is being shown as they have no credibility in the pricing structure.
We so often come across sellers who cannot understand why, after a few months of marketing, their property has failed to attract a buyer and won’t accept it’s because the price is too high. When invited to pass comment, the solution we invariably offer is ‘There’s nothing wrong with your house that price won’t cure!’ Those who follow the advice and make a suitable reduction will sell, those that don’t stay put.
That’s what’s selling and what’s not!