Throughout most of my thirty plus years in Estate Agency I have discussed the property see-saw with prospective clients and what it means for them, it is after all just common sense and something that must be discussed before placing a home up for sale. Everyone planning to sell will have to balance on the property see saw, each will have a unique experience and slightly different needs. There are sometimes unexpected results, especially for those who haven’t properly prepared and thought about it.
We all know that a see-saw has two opposite ends, when the weight at either end is equal, like a scale we have balance. When one side outweighs the other we have imbalance. Our property see-saw has at one end the speed you wish to move at, the other is the price you wish to achieve. Market conditions can also affect how the see saw balances so, as with all things property related, it is never just black and white but, everyone selling needs to consider their priority or determine where their point of equilibrium is and it’s best to do this before going onto the market.
There is no escaping the see-saw but riding it is easier for some than others. Those who find it easiest are the people who approach the challenge knowing what they are getting onto. Remember the phrase, Fail to Plan, Plan to Fail? Being aware of the implications make it easier to control the ride.
If, when approaching preparing for selling your home, you have a particular need, let’s say selling especially quickly because you don’t want to miss securing your dream home elsewhere, you have just affected the see-saw balance. The speed side of the see-saw has just risen, the counter effect is that the price side drops. Let’s assume alternatively that you need to achieve a higher price for the market, that will then affect the speed at which you are likely to sell. It’s all common sense but in the hubbub of getting ready to move sometimes it takes a simple conversation to gain a little clarity.
In a fast moving, rising market, the affect of prioritising one or other can have less impact than in a slowing or stable market, obviously, but the affect will still be there.
Gather information, take advice and think about the impact on your move your decisions will make and do it before you get on the see-saw. Plan.
If you need to move quickly, or rather, feel you need to move quickly, look carefully at the effect your decision will have upon your overall ability to move. Will the price you have chosen to aim for hamper or help you achieve your time goal? Stop to consider, will the speed you need to move at allow you to achieve a price that is sufficient for you to be successful and secure the home you need next.
If price drives your decision and raises the bar above normal market conditions can you afford the delay that may ensue? What impact might it have on how people perceive your home? We’ve all stopped at some point and thought, ‘That’s been on the market for ages, what’s wrong?’
There isn’t a magic formula for determining the price of a home, i wish there were, too many factors affect it and the most unpredictable is the human part of the equation, emotion.
Do prepare yourself for the see-saw ride. Get on it with a purpose in mind, knowing how best to balance it to achieve your primary goal. Understanding the impact your decisions have may not change how the see-saw balances for you but, being aware of the impact of your choices makes riding it easier to cope with, you know how to prepare yourself and more of what to expect. Knowledge is everything and for some people, those who don’t consider the effect they have on the see-saw prior to commencing marketing, adjusting balance part way through can have unwelcome effects and it throws some off the see-saw.