In the dynamic property market of Finchley, North London, homeowners looking to sell are faced with various challenges, one of which is the practice of gazundering. This term might not be familiar to everyone, so let's clarify: gazundering occurs when a buyer lowers their offer on a property after initially agreeing to a higher price, often close to the contract exchange date. A recent study conducted by Open Property Group has shed light on this phenomenon, revealing some compelling statistics that could impact homeowners planning to sell.
At David Harris & Co, we are local property market specialists, and we’ve helped many homeowners sell their property, so whether you need guidance on a move, or you want to sell your house, get in touch.
According to the study, an alarming 26% of homeowners who successfully sold their property in the past year experienced gazundering. The timing of these occurrences is crucial to understand; while a significant 68% of sellers were faced with this situation over two weeks before the scheduled contract exchange, a concerning 32% encountered it within the fortnight leading up to the exchange.
The decision to accept a reduced offer is not taken lightly, yet a striking 78% of gazundered sellers chose to proceed under these new terms. The reasons behind this decision are multifaceted. The primary motivation, cited by 35% of sellers, was to avoid the delays and hassles associated with finding a new buyer. Additionally, 22% were concerned about compromising their subsequent property purchase, and 14% wished to sidestep the complexities of re-entering the market.
When delving into the reasons why buyers resort to gazundering, the findings are quite revealing. A notable 35% of buyers adjusted their offer based on issues identified during the property survey. Meanwhile, 24% were simply testing their luck with a lower bid, and 16% did not provide a rationale for their decision.
These statistics underscore the unpredictable nature of the property market, highlighting the importance of having a knowledgeable and experienced estate agent by your side. At David Harris & Co, we understand the intricacies of selling your home in Finchley and are committed to navigating these challenges on your behalf.
Our approach is designed to mitigate the risks of gazundering. By leveraging our extensive network and market insight, we aim to attract serious, committed buyers, reducing the likelihood of last-minute negotiations. Furthermore, we provide expert guidance on preparing your property for sale and conducting thorough pre-market evaluations to identify and address potential issues, thus strengthening your position during negotiations.
Selling your home is a significant milestone, and we at David Harris & Co are here to ensure it is as smooth and successful as possible. Our dedicated team is committed to providing you with the support and expertise needed to navigate the market's complexities, ensuring you achieve the best possible outcome for your property sale.
Contact David Harris & Co to sell your property in Finchley in 2024
We have assisted many Finchley homeowners looking to sell their home, and we know what buyers are looking for when searching for a new home. You can take the stress out of connecting with likely buyers by turning to a local estate agent in Finchley.
If you want to make an informed decision in and around Finchley’s property market, we are here for you. If you have any questions about the local market, or you need assistance, please contact David Harris & Co today. Call us on 0208 346 9122.
