Market Update

The good news is the market is showing signs of improvement as I’m sure you have probably seen by the sold boards throughout our Island. Our sales have significantly increased compared to last year which is great news. However, like all agents we still have a quite a few properties that are frustratingly not attracting much interest. There are various reasons for this. New listings tend to be more competitively priced than some of the older stock and therefore tend to attract more interest. In addition the property market is still experiencing a supply and demand issue, where there are still far more properties for sale compared to no chain buyers. Most viewers will be selective and only view a handful of properties out of the many properties available within their price range, which obviously dilutes the number of viewings per property due to the massive amount of choice in today’s market.

Competitive pricing is definitely the key to attracting interest in this market and, despite the recent upturn in the market, prices have unfortunately dropped. Having said that, we believe in competitive pricing and not marketing properties at well under market value just to achieve quick sales at any cost, as this is affecting the value of all of our homes at the end of the day. 

Whilst the market is still reasonably buoyant as we head through October it will start to drop off towards the end of November as we head towards the festive period, so now would be a good time to have your property valued by one of our agents to discuss a competitive asking price to compete well with today’s competition.  We have also had some great success with our Virtual Viewing idea and we currently have some great offers on specifically targeted Facebook advertising that we could also discuss with you during the visit.

Please contact any of the Manxmove team if you would like us to arrange to visit your home at a time convenient to you.



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