August Market Report:

We have a completely mixed bag of events going on for the month of August.

Property instructions have decreased because of the holiday period. The number of buyers has decreased. Many vendors and estate agents are placing unrealistic values on their properties. Property sales have decreased for the month of August. A much higher percentage of property sales are aborting within weeks of going under offer because of mortgage valuations being much less than the selling price or because the purchasers are having second thoughts.

We are also seeing all our property sales for the month of August being much less than the marketing price except for those properties which were valued correctly in the first place or those vendors agreeing to adjust the marketing price to reflect the true market conditions prevailing.

We noted that the majority of potential buyers are now seeking only to buy correctly valued properties or to make offers forcing the price down to a more realisit price. Some potential buyers are to shy to do the latter and will not bother viewing over valued properties.

The last time we experienced this scenario of events was prior to a property slump. Let us hope this is not going to happen and we can all be more realistic.