Summer Market Update
The Cornwall property market continued to perform well throughout June, with a healthy number of buyers actively looking to move and hundreds of property sales agreed across the county.
Despite some of the negative headlines that occasionally appear in the media, people are continuing to buy and sell homes, demonstrating that the market remains active.
What has changed over recent years is not the number of buyers, but the way they make their decisions. Buyers now have access to more information than ever before and are able to compare properties instantly. As a result, they are quick to recognise good value and equally quick to overlook properties they feel are priced above the current market.
This means that asking price has become more important than ever. Properties that are priced in line with today’s market conditions continue to attract viewings, offers and agreed sales, whilst those positioned above where buyers perceive value often struggle to generate the level of interest needed to achieve a successful sale.
For anyone currently selling their home, the level of interest being generated provides some of the most valuable market feedback available. A lack of enquiries or viewings does not necessarily reflect the quality of a property. More often than not, it is the market indicating that buyers do not yet feel the asking price represents sufficient value when compared with the alternatives currently available.
The objective is not simply to have a property on the market, but to ensure it is positioned where buyers are encouraged to arrange a viewing. Once buyers are through the door, a home has the opportunity to sell on its own merits.
The observations above are based on what our team sees every day across the local property market. During June, The Mather Partnership agreed more property sales than any other estate agency office in Cornwall, giving our team valuable insight into current buyer behaviour and the pricing strategies that are generating viewings, offers and agreed sales.
As we move into July, the fundamentals of the market remain positive. Buyers are still active, but they continue to be selective. Sellers who remain realistic, respond to market feedback and ensure their property is competitively positioned are giving themselves the best opportunity to achieve a successful sale.
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