Price Reductions Don’t Sell Properties

Gung-ho big optimistic valuation. Excitement from the prospective seller. Huge enthusiasm from the prospective estate agent. Ten–fourteen days later: the market has changed; we need to adjust the marketing strategy, revisit the process, etc.

TW9 1, TW10 6 price reduction numbers according to Rightmove over the last 12 months – Cantell and Co 7.8%, across the Richmond market, the percentage of properties requiring a reduction typically ranges between 25% and 40%.

Looking at the daily reduction data, it begins to feel like Groundhog Day, the same thing has been happening for the last 25 years, the market didn't suddenly change, the estate agent’s optimism diminished and turned to realism.

At Cantell & Co we spend more time talking about where a property will actually sell, rather than give you an inflated marketing price, only to backtrack. Those are normally two very different numbers.

Are we always 100% right? No. Do we get it right more than our competitors? Yes

David Cantell

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