The property market has been a bit of a rollercoaster recently. After some crazy price hikes, things seem to be calming down. But don’t get too excited just yet – for both sellers AND buyers, there’s a new challenge: getting the price right.

You see, inflation, while dropping, is still pushing prices up, even if it’s at a snail’s pace. This means sellers need to be realistic about what their house is actually worth right now.

So, what’s the big deal about pricing?

Well, according to a recent report by Propertymark, houses that are priced too high are taking three times longer to sell than those with a fair price tag. In this market, where everyone’s feeling the pinch, waiting an extra few months to shift your property can feel like an eternity!

And if you think finding a buyer is the hard part, think again. Once you’ve got an offer, you’re looking at an average of 26 weeks until the whole thing is signed, sealed and delivered. That’s over six months!

Why are things taking so long?

There are a few reasons for this go-slow:

• The aftershocks of COVID are still being felt: Remember the stamp duty holiday frenzy? Yeah, that caused a bit of a backlog.
• Fewer people to do the work: From solicitors to surveyors, everyone’s stretched a bit thin these days.
• And of course, price uncertainty: With interest rates still high, buyers are being extra cautious.

All this means that estate agents are feeling the pressure too. It’s taking them over two months on average to find a buyer, and with fees often paid on completion, that’s a long time to wait for their money.

So, what’s the solution?

Well, one option gaining traction is online auctions. These can drastically cut down the selling time, with transactions typically taking just 5-6 weeks. Plus, with everything agreed upfront, there are fewer nasty surprises along the way.

Now, auctions aren’t for everyone, but they could be a game changer for sellers who need a quick and certain sale.

Here’s the bottom line:

The property market is showing signs of life, but it’s still a bit delicate. Getting the price right from the get-go is absolutely crucial, both for sellers who want a speedy sale, and for estate agents who rely on a regular income.