It feels as though the market has swallowed the pill on our change of Government and has settled into the New Year with a let’s get on with it attitude. This is translating into many homes coming to the market and for us anyway, a much higher sales volume.
The sticking point however is with reference to the new CVs. The prevailing attitude towards CVs has been that they are less than market value. In the past sellers have generally assumed that they should achieve a price greater than CV and buyers similarly have accepted that market value is most often in excess of the CV.
Currently the jury is out on this. In fact, it would seem the CVs are, in many cases, higher than current market value. This is causing confusion for sellers, while buyers are assuming they will have to pay a figure beyond their perception of value and are not pursuing the interest they may have in a particular property.
Sales evidence over time will heal this wound. In the meantime, the litmus test is always what the buyer will pay. We are finding buyer feedback and the auction process the most efficient way to find the price.
In short every situation is different. In some cases, we are achieving more than current CV, in other less. If you’re wondering where your property sits relative to your CV please give me a call.