With the present sellers market being short of stock and manic to say the least some newly listed properties are selling within literally a few days of marketing. So why do local vendors need an agent ? Whilst we are experiencing a lot more privately advertised properties we are also experiencing quite a few of these privately sold homes achieving less than their market value.
With local property values rising at around £1100 a week agents really have to be monitoring the market daily in order to arrive at the correct asking price. Even with most people having easy access to social media sites, private sellers are obviously not able to give properties anything like the marketing that an Estate Agent can. Consequently, homes are being sold without being exposed to the entire market.
We are currently receiving numerous listings from vendors that, having started the sale process, have been overwhelmed by the response, sometimes due to the fact the asking price is wrong.
Last week we had this exact scenario where a private vendor was selling a detached bungalow in Onchan at what he thought was the right asking price of £385,000. We were called in to help following an overwhelming response to a social media advert and this property ended up achieving its true market value of £405,000. The vendor was not only delighted with the price achieved but relieved to be without the stress of dealing with a difficult yet frequent situation where more than one purchaser is interested in the same property. Even when you take agents fees into consideration this vendor in particular was still over £16,000 better off.