ESTATE AGENCY MARKET UPDATE: WHY GETTING THE PRICE FIRST TIME IS KEY
The Edinburgh property market this month is a mix of positive trends and key lessons for sellers. One of the biggest takeaways is that pricing your home correctly from the start can make or break your sale.
PRICE ADJUSTMENT AND MARKET IMPACT
In August, 1 in 5 homes listed for sale had to cut their asking price by 5% or more to attract buyers, according to Zoopla. While this is slightly better than last autumn, when higher mortgage rates led to more price drops, it’s still a significant factor—especially for 1-2 bedroom flats. According to Zoopla, homes with price cuts take more than twice as long to sell compared to those priced right from the start—28 days versus 73 days. The message is clear: nail the price from day one to avoid long waits.
SUMMER SLOWDOWN, AUTUMN BOUNCE
While sales slowed during the summer, we’re expecting a busy autumn. At Umega, we noticed a dip in seller and buyer enquiries in June, but interest has picked up again over the past 6 weeks with an increase in new instructions, enquiries and viewing requests
BUYERS ARE BACK, BUT STILL CAUTIOUS
Buyer demand is 20% higher than this time last year, and new sales agreed are up by 25%. The stock of properties on the market is at a five-year high, giving buyers more options. This means sellers need to stay realistic about their asking prices if they want to make a timely sale and at the risk of repeating ourselves, getting the price right at the very start of marketing, is key.
TAKEAWAY FOR SELLERS
The Edinburgh property market is still thriving, but buyers are price-sensitive. With more homes on the market, sellers need to be strategic. Pricing your home right from the outset can save you time and money, helping you secure a sale faster. So, if you’re thinking of selling this autumn, make sure you work with an agent who knows the market—and can help you set the right price.