The importance of patience in today's property market...

Selling a property in today’s housing market sometimes requires more than just good timing, strong marketing and a hardworking Estate Agent— it can also require a little bit of patience. Whilst many positive results are being achieved across Perthshire, with higher interest rates, fluctuating house prices, and some economic uncertainties, trying to rush through the process or putting yourself into a more stressful, time-sensitive situation could lead to frustration and potential disappointment.

In contrast to the post-COVID housing boom, when properties were being snapped up almost as soon as they hit the market, the current situation can be quite different and, some might say, back to normal. Back then, a perfect storm of factors created a buying frenzy. The government’s stamp duty holiday, coupled with record-low interest rates and a surge in demand for more space, country living and homeworking, meant homes often sold in mere days or weeks—frequently at prices well above the asking price. The pace of the market left little room for hesitation.

Fast forward to 2024, and the landscape has shifted. Higher interest rates and economic uncertainty have cooled the market to pre-COVID levels for some property types and locations. Buyers can be more cautious and affordability and value for money has become a key concern. As a result, some properties are taking longer to find their buyer.

One of the key reasons patience is crucial in this environment is the reduced number of potential buyers. Compared to the post-COVID rush, there are fewer active house hunters right now. Fewer viewings are entirely normal, and if your house doesn’t sell within the first few weeks, it’s important not to panic. This doesn’t necessarily reflect the desirability of your property; it’s more a symptom of the broader market conditions.

In a slower, more uncertain market, patience allows you to hold out for the right buyer in a better buying position, rather than feeling pressured to accept the first offer that comes your way. It’s important to trust that your estate agent is doing everything they can to promote your property and advise your correctly. While it may feel like nothing is happening when viewings are sparse, experienced agents know how to navigate slower markets and ensure your home gets the exposure it needs.

Additionally, taking time to properly prepare your property for sale is more important than ever. In a competitive and cautious market, buyers are looking for value and quality. Spending time on home improvements, staging, and high-quality photography can make your home stand out, even if it’s taking longer to attract serious offers.

Ultimately, selling a property in today’s market requires an understanding that things might move at a slower pace and a particular focus on marketing it effectively and pricing it correctly for the current marketing conditions – not what might have happened in a more buoyant market previously.

If your property isn’t selling immediately, it doesn’t mean it won’t sell—it just means the market conditions for your specific property or location may require a slightly longer process than before. By staying patient, trusting your estate agent, and waiting for the right buyer, you’ll give yourself the best chance to secure a favourable deal and maximise your property’s value.

In the end, patience often leads to the best outcomes in property sales.

Bringing over 20 years local estate agency experience, Possible are Perthshire's only company who are solely dedicated to selling properties. We cover the entire Perthshire area and over the years have helped hundreds of clients in locations such as Perth, Scone, Bridge of Earn, Auchterarder, Crieff, Blairgowrie, Luncarty, Bankfoot, Pitlochry and everywhere else in between.