Old and dying habits
By Ian Harris of Watsons in Norwich
Data just released shows that asking prices fell in October; that’s now a reported fall in four of the last five months. On the face of it this sounds like bad news but I think it is partly a reflection that sellers are changing their thinking in the way they set their asking price. Traditionally, sellers set their asking prices by taking their valuations and set the highest possible asking figure they could possibly justify (or dream of in some cases), figuring that they would negotiate or the rising market would catch up their asking price in the next few months. In todays market, many vendors realise that people will only view sensibly priced property and if you start overpriced the prospect of a sale will actually diminish with the passage of time.
Ian is on 01603 619916